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Varroc Engineering (VARROC) investor relations material
Varroc Engineering Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
Q2 FY26 consolidated revenue reached INR 22.7 billion (Rs. 22,073 million), up 6.1% year-over-year, with India operations growing 7.9% despite rare earth supply issues impacting growth by ~4%.
Net debt reduced to INR 3,800 million by Q2 FY26, with net debt to EBITDA at 0.47 and net debt to equity at 0.22.
ROCE improved to 23.6% in Q2 FY26 from 12% in FY23.
Over 14 new patents filed in H1 FY26, bringing the total to more than 130.
Board approved unaudited standalone and consolidated financial results, reflecting the merger of Varroc Polymers Limited.
Financial highlights
Q2 FY26 EBITDA margin at 9.1% (Rs. 2,018 million), down from 9.7% YoY, with PBT before JV profit at 4.1% (Rs. 912 million); PAT was Rs. 633 million.
H1 FY26 revenue was Rs. 42,349 million, up 6.4% YoY; EBITDA at 9.3% margin; PBT at 4% margin.
Net debt at INR 3,800 million; INR 3,680 million reduction in H1 FY26.
CapEx of INR 186 crores (Rs. 1,860 million) in H1, mainly for new Thailand facility.
Exceptional gain of Rs. 612 million from disposal of China JV investment in H1 FY26.
Outlook and guidance
Expecting improved performance in Q3 as rare earth supply normalizes.
Overseas business turnaround anticipated from H2 FY27, with new business wins in electronics and lighting.
CapEx for FY26 to be around INR 500 crores, with next year returning to normal levels of INR 250 crores plus INR 50-100 million for overseas expansion.
Increased R&D investment, especially in China, focusing on lighting, ADAS, and intelligent cockpit.
Ambition to double revenue by 2030 and achieve PBT above 10%.
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Next Varroc Engineering earnings date
Q3 25/269 Feb, 2026
Next Varroc Engineering earnings date
Q3 25/269 Feb, 2026
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Frequently asked questions
Varroc Engineering Ltd manufactures automotive components, including exterior lighting systems, electrical and electronic parts, and polymer products. The company serves global two-wheeler and passenger vehicle manufacturers. It is headquartered in Aurangabad, India, and its shares are listed on the NSE.
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