āagman

Not investment advice. Data and computed figures, for information only.

V-Guard Industries Ltd

NSE: VGUARD
₹288.00
−₹6.85 (−2.32%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹12,592 Cr
CMP
₹288.00
52-wk High / Low
₹384 / 285
P/E
33.1
P/B
5.3
Book Value
₹54.3
Div Yield
0.52%
ROCE
18.0%
ROE
14.4%
Face Value
₹1
D/E
0.07

Price−17.3% over 1Y

āagman read

Computed by āagman
Derived from 10 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹93
√(22.5 × EPS × book value per share)
ROIC
12.5%
vs 12.3% sector median
Cash flow to profit
1.49
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+209
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
11.9%
ROE × earnings retention ratio
ROE stability
1.5
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.06DII −0.15
Latest quarter vs the previous one
Cash-accrual divergence
−4.3%
of assets
Low = accruals track cash flow
Strengths
+PE of 33.1x is below the sector median of 38.5x
Watch-outs
−Latest ROCE of 18% trails the sector median of 19%
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 2.6pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,2151,1341,1651,3431,4771,2941,2691,5381,4661,3411,4041,7551,811
Expenses1,1101,0411,0641,2151,3211,1841,1651,3951,3421,2321,2801,5851,620
Operating Profit10592102128156110104143124109123171191
OPM %8.6%8.1%8.8%9.5%10.6%8.5%8.2%9.3%8.5%8.1%8.8%9.7%10.5%
Other Income121435745455−16812
Interest119910986342333
Depreciation20201922222225272627272828
Profit before tax8678761011328579118988577147172
Net Profit6459587699636091746557112130
EPS (₹)1.481.361.341.752.281.461.382.091.691.501.312.572.98

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 10 years + TTM
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,0862,3262,5942,5032,7213,5004,1274,8575,5785,9666,310
Expenses1,8762,1352,3692,2442,4093,1593,8074,4295,0645,4395,716
Operating Profit210191225259312341320428514527594
OPM %10.1%8.2%8.7%10.3%11.5%9.7%7.8%8.8%9.2%8.8%9.4%
Other Income12102024201016332018
Interest2224681640251211
Depreciation162023293949648196108109
Profit before tax204180220250288294256340414408482
Net Profit145135168188202228189258314308365
EPS (₹)3.413.153.924.374.675.284.385.937.207.068.36

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital42434343434343434444—
Reserves5927078579531,1681,3641,5641,7712,0542,329—
Borrowings6714136968503401134165—
Other Liabilities2944144584475946327889361,0981,160—
Total Liabilities9341,1711,3721,4551,8752,1072,8993,1523,3293,698—
Fixed Assets1692182312843704631,2471,3341,3741,524—
CWIP107867201727374921—
Investments8975833633333410181276—
Other Assets6668701,0501,0681,4521,5931,5911,6791,8251,877—
Total Assets9341,1711,3721,4551,8752,1072,8993,1523,3293,698—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity13052156141222−37424393477459
Cash from Investing Activity−106−25−51−11241−121−771−153−97−364
Cash from Financing Activity−16−37−25−91−6−62326−232−378−98
Net Cash Flow8−1080−62257−220−2183−3

Ratios

As of 31 Mar 2026
10 periods
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—26.026.026.026.022.015.018.020.018.0
ROE %—————————14.4
EPS (₹)3.413.153.924.374.675.284.385.937.207.06
Book Value (₹)—————————54.3
Face Value (₹)—————————1
P/E—————————33.1
Div Yield %—————————0.52
NPM %6.95.86.47.47.46.54.65.35.65.2
OPM %10.08.09.010.011.010.08.09.09.09.0
D/E0.010.010.020.010.060.050.310.220.060.07
P/B—————————5.3

Growth

As of 11 Oct 2026
Compounded sales growth
5 years+17.0%
3 years+13.0%
TTM+13.0%
Compounded profit growth
5 years+10.0%
3 years+20.0%
TTM+32.0%
Stock price CAGR
10 years+8.0%
5 years+2.0%
3 years−1.0%
Last year−17.0%
Return on equity
10 years17.0%
5 years15.0%
3 years15.0%
Last year14.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters65.17%65.17%64.31%64.12%62.73%57.22%55.88%55.80%54.48%54.30%53.22%53.22%
FIIs12.52%12.52%11.68%12.38%13.39%14.87%12.67%12.84%13.34%13.43%12.07%12.01%
DIIs10.06%10.06%12.51%11.86%13.44%13.87%17.31%19.10%20.18%20.63%23.39%23.24%
Government————————————
Public12.25%12.25%11.50%11.64%10.44%14.05%14.14%12.27%11.99%11.64%11.32%11.52%
No. of shareholders56,90756,90774,49478,62580,69292,1821,45,1641,23,1311,19,5621,32,9481,33,2571,33,376
Change since Jun 2023 (pp)
Promoters −11.95FIIs −0.51DIIs +13.18Public −0.73

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-RetirementClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationDisclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTMay 2026TranscriptMay 2026PPTFeb 2026TranscriptFeb 2026PPTNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025TranscriptAug 2025PPT

Corporate actions

As of 31 Jul 2026
31 Jul 2026DIVIDENDDividend - Rs 1.50 Per Share—
31 Jul 2025DIVIDENDDividend - Rs 1.50 Per Share—
25 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 1.40 Per Share—
17 Aug 2023DIVIDENDDividend - Rs 1.30 Per Share—
20 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 1.30 Per Share—
28 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 1.20 Per Share—
26 Feb 2020DIVIDEND Interim Dividend - Re 0.90 Per Share—
16 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 0.80 Per Share—
23 Jul 2018DIVIDEND Annual General Meeting/Dividend- Re 0.70 Per Share—
21 Jul 2017DIVIDEND Annual General Meeting/Dividend - Re 0.70 Per Share—
15 Mar 2017BONUS Bonus 2:5—
30 Aug 2016SPLIT Face Value Split From Rs 10 To Re 110 : 1
18 Jul 2016DIVIDEND Annual General Meeting/ Dividend - Rs 2.50/- Per Share—
17 Mar 2016DIVIDEND Interim Dividend - Rs 4.50/- Per Share—
24 Jul 2015DIVIDENDAnnual General Meeting/Dividend - Rs 4.50/- Per Share—
17 Jul 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 4.50/- Per Share—
11 Jul 2013DIVIDENDAnnual General Meeting/Dividend Rs 3.50/- Per Equity Share—
12 Jul 2012DIVIDENDAnnual General Meeting/ Dividend Rs.3.50 Per Share—
13 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.3.50 Per Share—
14 Jul 2010DIVIDENDAnnual General Meeting / Dividend Rs 3 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman