V Guard Industries Ltd
NSE:VGUARD

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V Guard Industries Ltd Logo
V Guard Industries Ltd
NSE:VGUARD
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Price: 332.6 INR -1.41% Market Closed
Market Cap: 145.1B INR

V Guard Industries Ltd
Investor Relations

In the dynamic landscape of India's consumer electrical and electronics market, V-Guard Industries Ltd. stands as a formidable player, weaving a narrative of innovation and adaptation. Founded in 1977 by Kochouseph Chittilappilly, the company has been on a transformative journey from its humble beginnings as a stabilizer manufacturer. Over the years, V-Guard has diversified its portfolio, encompassing an array of products that cater to the energy needs and lifestyle requirements of modern households. The company's current suite of offerings spans across voltage stabilizers, inverters, batteries, kitchen appliances, water heaters, pumps, and even solar water heaters, each designed to address specific customer pain points and improve the overall utility experience.

The company's financial model thrives on its ability to balance quality with affordability, a crucial factor in gaining and sustaining the trust of the Indian consumer. By maintaining an extensive distribution network across urban and rural landscapes, V-Guard ensures its products are accessible to a broad demographic, enabling consistent revenue streams. Furthermore, innovation lies at the heart of its operations, with a robust emphasis on R&D to develop energy-efficient and technological advanced products. With a keen eye on market shifts and consumer preferences, V-Guard effectively leverages its brand reputation to capture substantial market share among an increasingly competitive field, thereby securing a lucrative and sustainable business model.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Oct 30, 2025
AI Summary
Q2 2026

Modest Revenue Growth: V-Guard reported Q2 consolidated net revenue of INR 1,340 crores, up 3.6% year-on-year, with modest growth across segments due to weak demand, heavy rains, and GST transition.

Margin Performance: Gross margin improved to 37.6% (up 140 bps YoY), but EBITDA margin slipped to 8.1% (down 40 bps YoY) due to low top-line growth.

Segment Trends: Electronics grew 5.3% YoY, Electricals grew 4.7%, and Consumer Durables grew 1%. Stabilizer revenues declined, while Inverter and Solar grew well.

Cost & Inventory: Wires segment benefitted from inventory gains due to rising copper prices, but volume growth was weak. High inventory remains in certain fan categories.

Sunflame Progress: Sunflame saw 3.4% revenue growth and margin recovery, with management targeting 12% EBIT margin in 2-3 years through integration and efficiency gains.

Outlook & Guidance: Management withdrew its earlier 15% growth guidance for the year, citing continued headwinds and unclear demand recovery.

CapEx Plans: Planned capital expenditure of INR 120–130 crores for this year and next, focusing on R&D, factories, and backward integration.

Key Financials
Revenue
INR 1,340 crores
Electronics Segment Revenue Growth
5.3% YoY
Electricals Segment Revenue Growth
4.7% YoY
Consumer Durables Segment Revenue Growth
1% YoY
Sunflame Revenue Growth
3.4% YoY
Gross Margin
37.6%
EBITDA
INR 109 crores
EBITDA Margin
8.1%
PAT
INR 65 crores
CapEx
INR 120–130 crores (per year)
Electronics Segment Margin
17–18% (normative)
Sunflame EBIT Margin Outlook
12% (target in 2–3 years)
Consumer Durables Margin
Current around 1%
Other Earnings Calls

Management

Mr. Mithun K. Chittilappilly
MD & Executive Director
No Bio Available
Mr. Sudarshan Kasturi
Senior VP & CFO
No Bio Available
Mr. Ramachandran Venkataraman
COO, Business Responsibility Head & Whole Time Director
No Bio Available
Mr. Vikas Kumar Tak
Company Secretary & Compliance Officer
No Bio Available
Mr. Antony Sebastian K.
Executive Director
No Bio Available
Mr. Atul Shekhar Singh
Chief Information Officer
No Bio Available
Roopak Ahluwalia
Sr GM & Head of Legal
No Bio Available
Mr. Nandagopal Nair
Vice President of Brand & Communications
No Bio Available
Vikram Singh
Sr General Manager & Head Sales, Marketing
No Bio Available
R. Balaji
Asst Vice President of Marketing
No Bio Available

Contacts

Address
KERALA
Kochi
42/962, Vennala High School Road, Vennala
Contacts
+914843005000
www.vguard.in