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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 consolidated net revenue was ₹1,340.92 crore, up 3.6% year-over-year, with PAT at ₹65.29 crore, up 3% year-over-year, amid headwinds from heavy rainfall, weak demand, and GST transition.
Electronics led segment growth at 5.3% year-over-year, followed by Electricals at 4.7% and Consumer Durables at 1%; all segments reported positive growth.
Gross margin improved to 37.6% from 36.2% in Q2 last year, a 140 bps increase.
The Sunflame merger is progressing, with in-principle approval from the Board, and is expected to unlock synergies and efficiencies.
345,853 equity shares were allotted to employees under ESOS 2013.
Financial highlights
Q2 FY26 revenue increased 3.6% year-over-year to ₹1,340.92 crore; PAT rose 3% year-over-year to ₹65.29 crore.
Gross margin expanded by 140 bps year-over-year to 37.6%; EBITDA margin declined to 8.1% from 8.5% year-over-year.
H1 FY26 net revenue grew 1.3% year-over-year to ₹2,807 crore; PAT for H1 FY26 was ₹139.14 crore, down 14.3% year-over-year.
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
Management expects demand improvement in coming quarters, especially for water heaters and winter products, supported by GST reforms and anticipated consumption boost.
No change in top line or margin guidance; 15% growth target for FY26 now seen as unachievable due to challenging H1 and high base last year.
Gross margin expected to remain stable; further improvement will be limited as most backward integration is complete.
EBITDA margin for FY27 guided at 9.5% to 10%, assuming decent top line growth.
The Board has given in-principle approval for the merger of Sunflame Enterprises Private Limited with the holding company to leverage synergies.
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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