VTL · Textiles · filed 6 Nov 2026
Vardhman Textiles Ltd. reported revenue of ₹2,793 cr for July to September 2026, +15.5% on the year and +5.5% on the quarter.
Operating profit (EBITDA) was ₹553 cr, a margin of 19.8%, +606 bps on the year and +261 bps on the quarter. Operating costs grew +7.4% against revenue growth of +15.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹364 cr, +92.3% on the year and +27.8% on the quarter, with earnings per share of ₹12.58. Profit before other income, one-offs and tax grew faster, at +101.4%; other income, one-offs or tax held the headline back.
Of the 19 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Vardhman Textiles Ltd. ranks 12th on revenue growth; the sector median is +17.7%. Its margin moved +606 bps on the year against a sector median of +78 bps.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,504 cr | ₹1,295 cr | ▲ 16.2% |
| Inventory | ₹3,263 cr | ₹3,582 cr | ▼ 8.9% |
| Cash | ₹46.5 cr | ₹39.8 cr | ▲ 16.9% |
| Bank balances | ₹122 cr | ₹37.4 cr | ▲ 227.5% |
| Long-term borrowings | ₹1,099 cr | ₹1,231 cr | ▼ 10.7% |
| Short-term borrowings | ₹697 cr | ₹624 cr | ▲ 11.7% |
| Trade payables | ₹440 cr | ₹448 cr | ▼ 1.8% |
| Net block | ₹5,159 cr | ₹5,016 cr | ▲ 2.8% |
| Capital work in progress | ₹635 cr | ₹586 cr | ▲ 8.3% |
| Equity | ₹10,707 cr | ₹10,188 cr | ▲ 5.1% |
| Total assets | ₹13,775 cr | ₹13,343 cr | ▲ 3.2% |
Receivables at 50 days of sales (+1 days against the last year end). Inventory at 109 days of sales (−26 days).
Other matter 1: “We did not review the interim financial results of one subsidiary included in the consolidated unaudited financial results, whose interim financial results reflect the total assets of Rs 385.03 Crores as at September 30, 2026, total revenues of Rs 113.38… Read in full
We did not review the interim financial results of one subsidiary included in the consolidated unaudited financial results, whose interim financial results reflect the total assets of Rs 385.03 Crores as at September 30, 2026, total revenues of Rs 113.38 Crores and Rs 191.63 Crores for the quarter and half year ended September 30, 2026, total net profit after tax of Rs 5.92 Crores and Rs 22.14 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. Nil and Rs. Nil for the quarter and half year ended September 30, 2026, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax of Rs. 10.66 crores and Rs. 18.93 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. 0.02 Crores and Rs. 0.03 Crores for the quarter and half year ended September 30, 2026, as considered in the Statement, in respect of one associate, whose financial statements have not been reviewed by us. These interim financial results have been reviewed by other auditors whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiary and associate, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “The consolidated unaudited financial results includes the interim financial results of one subsidiary which have not been reviewed by their auditors, whose interim financial results reflect total revenue of Rs. 2.47 crores and Rs. 4.25 for the quarter and half… Read in full
The consolidated unaudited financial results includes the interim financial results of one subsidiary which have not been reviewed by their auditors, whose interim financial results reflect total revenue of Rs. 2.47 crores and Rs. 4.25 for the quarter and half year ended September 30, 2026, total profit after tax of Rs. 2.53 Crores and Rs. 3.92 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. Nil and Rs. Nil for the quarter and half year ended September 30, 2026, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax of Rs. 6.33 crores and Rs. 13.89 Crores for the quarter and half year ended September 30, 2026 and other comprehensive income of Rs. Nil Crores and Rs. Nil for the quarter and half year ended September 30, 2026, as considered in the Statement, in respect of two associates, based on their interim financial results which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, the above said interim financial results are not material to the Group.
Filing p. consolidated limited review report p.1-2
Approved allotment of 1,32,200 equity shares of face value ₹2 each under Vardhman Textiles Employee Stock Option Scheme. (p. results filing note 4)
Tax: Consolidated tax expense of ₹118.41 crore (current tax ₹109.72 crore, deferred tax ₹8.69 crore) on Profit before tax of ₹477.17 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Textiles Segment Revenue Share | 96.1% | — | — |
| Textiles Segment Result Margin | 17.42% | 16.4% | 11.09% |
Worked out from filed numbers. Textiles Segment Revenue Share: Textiles segment revenue ₹2,792.59 crore / Total segment revenue (₹2,792.59 + ₹113.38) ₹2,905.97 crore * 100 = 96.10% · Textiles Segment Result Margin: Textiles segment result ₹486.34 crore / Textiles revenue ₹2,792.59 crore * 100 = 17.42%
Textiles segment margin expanded to 17.42% in Q2 FY27 (vs 11.09% in Q2 FY26) supported by stable cotton prices and healthy capacity utilization.
Operating profitability expanded by +633 bps YoY due to favorable raw material dynamics and operational efficiency.
Read using the Consumer discretionary and retail framework (from the listed sector). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Textiles | ₹2,793 cr | ▲ 15.5% | ₹486 cr | ▲ 81.5% |
| Acrylic Fibre | ₹113 cr | ▲ 26.8% | ₹5.5 cr | ▲ 486.0% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹2,417 cr | ₹2,648 cr | ₹2,793 cr |
| YoY | — | — | +16% |
| EBITDA margin | 13.8% | 17.2% | 19.8% |
| Other income, % of PBT | 20% | 19% | 17% |
| Exceptional items | — | — | — |
| Tax rate | 24% | 25% | 24% |
| Net profit | ₹189 cr | ₹285 cr | ₹364 cr |
| YoY | — | — | +92% |
| Core profit YoY | — | — | +101% |
| EPS | ₹6.55 | ₹9.85 | ₹12.58 |
| Flags | · | · | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Vardhman Textiles Ltd. reported revenue of ₹2,793 cr (+15.5% on the year) and net profit of ₹364 cr (+92.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +101.4% on the year, against +92.3% for reported profit.
None of the 13 checks that could run raised a question.
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