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V-Guard Industries
V-Guard Industries (532953) investor relations material
V-Guard Industries Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary29 Jan, 2026
Executive summary
Q3 FY26 consolidated net revenue rose 10.6% year-over-year to INR 1,404 crore, led by double-digit growth in the electrical segment, supported by higher copper prices and volume growth.
Electrical segment revenue grew 26% year-over-year, while electronics segment revenue was flat at INR 286 crore, and consumer durables grew 4.6% year-over-year.
Sunflame saw a 9.9% year-over-year revenue decline, but operational integration is complete and sales integration is underway.
South markets grew 20.1% year-over-year, while non-South markets grew 3.3% and contributed 44.6% of total revenues.
Board approved unaudited financial results, key director appointments, and in-principle merger of Sunflame Enterprises Private Limited.
Financial highlights
Gross margin for Q3 FY26 was 35.7%-35.9%, down 70-100 bps year-over-year; EBITDA (excluding other income) rose 18.3% year-over-year to INR 123 crore, with margin improving to 8.8% from 8.2%.
An exceptional item of INR 22.11 crore was recognized for employee benefit obligations due to new labor codes, impacting PAT.
Consolidated PAT was INR 57 crore, down 5.2% year-over-year due to the one-time charge; underlying PAT grew 22% year-over-year.
Net cash position as of Dec 31, 2025, was INR 293.68 crore, up from INR 27.72 crore a year earlier.
9M FY26 net revenue was INR 4,210.51 crore, up 4.2% year-over-year; 9M PAT down 11.9% year-over-year.
Outlook and guidance
Management expects strong results in the upcoming summer season, with double-digit growth anticipated in electronics and ECD segments in FY27 due to a low base and new categories.
Double-digit EBITDA margins are expected if growth returns and raw material inflation normalizes by FY27.
Board approved in-principle merger of Sunflame Enterprises Private Limited to leverage synergies.
Future financial impact of New Labour Codes?
Detail Sunflame merger synergy benefits.
Justify Dr. Reena Philip's director appointment.
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Next V-Guard Industries earnings date
Q4 25/2614 May, 2026
V-Guard Industries
Next V-Guard Industries earnings date
Q4 25/2614 May, 2026
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