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V-Guard Industries (532953) investor relations material
V-Guard Industries Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary30 Oct, 2025
Executive summary
Q2 FY26 saw consolidated net revenue rise 3.6% YoY to ₹1,340.92 crore, with PAT up 3% YoY to ₹65.29 crore, despite headwinds from high rainfall, weak demand, and GST transition.
Electronics led segment growth at 5.3% YoY, followed by Electricals at 4.7% and Consumer Durables at 1%; all segments reported positive growth.
South markets grew 4.3% YoY, non-South markets 2.8% YoY; gross margin improved to 37.6%.
The Sunflame merger is progressing, with in-principle approval from the Board and expected operational synergies.
345,853 equity shares were allotted to employees under ESOS 2013.
Financial highlights
Q2 FY26 revenue increased 3.6% YoY to ₹1,340.92 crore; PAT rose 3% YoY to ₹65.29 crore.
Gross margin expanded by 140 bps YoY to 37.6%; EBITDA margin declined to 8.1% from 8.5% YoY.
H1 FY26 net revenue grew 1.3% YoY to ₹2,807 crore; PAT for H1 FY26 was ₹139.14 crore, down 14.3% YoY.
Net cash position as of 30 September 2025 was ₹92.78 crore, up from ₹4.26 crore a year earlier.
Standalone Q2 FY26 net profit was ₹65.97 crore, up from ₹52.19 crore in Q2 FY25.
Outlook and guidance
Achieving the initial 15% annual growth target is unlikely due to a high base and challenging H1; updated guidance will be provided after Q3.
Management expects demand improvement in coming quarters, supported by GST reforms and anticipated consumption boost.
Hopes for improved demand in H2, especially for water heaters and winter products.
Consumer durables margin expected to rise to 5–6% in 2–3 years from current 1%.
FY2027 EBITDA margin expected at 9.5–10%.
B2B and new category growth strategy?
Sunflame & Battery margin outlook?
Addressing weak demand and inventory?
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Next V-Guard Industries earnings date
Q3 25/2628 Jan, 2026
Next V-Guard Industries earnings date
Q3 25/2628 Jan, 2026
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