V-Guard revenue rises 38% as four segments expand in Q2

V-Guard Industries Limited reported consolidated revenue from operations of Rs 1,852.89 crore for the quarter ended September 30, 2026, a 38% increase from Rs 1,340.92 crore a year earlier. V-Guard recorded year-on-year revenue growth in Electronics, Electricals, Consumer Durables and Sunflame, while profit for the period rose 71% to Rs 111.67 crore.

How much did V-Guard's quarterly revenue and profit grow?

V-Guard's consolidated revenue from operations increased by Rs 511.97 crore, or 38%, year on year in the quarter ended September 30, 2026. Revenue was Rs 1,852.89 crore, compared with Rs 1,340.92 crore in the quarter ended September 30, 2025, and was also above Rs 1,810.65 crore in the preceding quarter ended June 30, 2026.

Total income, which includes other income, reached Rs 1,866.54 crore in the September 2026 quarter, versus Rs 1,345.83 crore a year earlier. Other income was Rs 13.65 crore, compared with Rs 4.91 crore in the September 2025 quarter. Total expenses increased to Rs 1,716.80 crore from Rs 1,260.75 crore, leaving profit before tax at Rs 149.74 crore against Rs 85.08 crore.

Profit for the period was Rs 111.67 crore, up from Rs 65.29 crore in the comparable quarter, an increase of Rs 46.38 crore or about 71%. Basic earnings per share were Rs 2.54 in the September 2026 quarter, compared with Rs 1.49 a year earlier. The quarter's profit was lower than Rs 130.25 crore in the quarter ended June 30, 2026, when revenue from operations was Rs 1,810.65 crore.

Which V-Guard segments drove quarterly revenue growth?

Electricals remained V-Guard's largest reported segment by quarterly revenue, at Rs 794.25 crore for the quarter ended September 30, 2026, and grew 41% from Rs 562.62 crore a year earlier. The segment includes PVC insulated cables, switch gears, pumps, modular switches and lighting, according to the company's segment definitions.

Electronics delivered the fastest percentage revenue increase among the four segments. Its quarterly revenue rose 60% to Rs 510.24 crore from Rs 319.07 crore in the quarter ended September 30, 2025. V-Guard defines this segment as stabilizers, digital uninterruptible power supply systems, or UPS, and solar inverters; its revenue was lower than Rs 658.46 crore in the preceding quarter.

Consumer Durables revenue increased 20% year on year to Rs 475.22 crore from Rs 396.09 crore. This segment includes water heaters, fans, kitchen appliances and air coolers. Sunflame revenue rose 21% to Rs 76.08 crore from Rs 63.14 crore; the business includes products sold under the Sunflame and Superflame trademarks.

V-Guard reported Rs 2.90 crore of inter-segment revenue in the quarter ended September 30, 2026, reducing total segment revenue of Rs 1,855.79 crore to consolidated revenue from operations of Rs 1,852.89 crore. No inter-segment revenue was reported in the corresponding September 2025 quarter, when total segment revenue and revenue from operations were both Rs 1,340.92 crore.

How did V-Guard's segment earnings change?

V-Guard's total segment result increased to Rs 191.64 crore in the quarter ended September 30, 2026 from Rs 130.91 crore a year earlier, a rise of Rs 60.73 crore. After Rs 2.95 crore of finance costs and Rs 38.95 crore of net other unallocable expense, profit before tax was Rs 149.74 crore, compared with Rs 85.08 crore a year before.

Electronics segment result rose to Rs 81.43 crore from Rs 54.86 crore, while Electricals increased to Rs 84.24 crore from Rs 65.01 crore. The Consumer Durables result increased to Rs 22.40 crore from Rs 6.91 crore. These three segments contributed to the increase in total segment result despite a decline in Sunflame's result.

Sunflame's segment result was Rs 3.57 crore, down from Rs 4.13 crore in the quarter ended September 30, 2025 even as its revenue increased by Rs 12.94 crore. The quarter-on-quarter comparison also shows a lower total segment result of Rs 191.64 crore against Rs 218.88 crore in the quarter ended June 30, 2026, alongside lower Electronics revenue of Rs 510.24 crore against Rs 658.46 crore.

What do V-Guard's half-year results show?

V-Guard's revenue from operations for the half year ended September 30, 2026 was Rs 3,663.54 crore, up 31% from Rs 2,807.00 crore in the year-earlier half. Half-year profit for the period rose to Rs 241.92 crore from Rs 139.14 crore, an increase of Rs 102.78 crore or about 74%.

All four businesses also recorded higher revenue for the six-month period. Electricals contributed Rs 1,464.37 crore, compared with Rs 1,087.32 crore a year earlier, while Electronics generated Rs 1,168.70 crore against Rs 855.36 crore. Consumer Durables increased to Rs 891.93 crore from Rs 745.67 crore, and Sunflame rose to Rs 141.77 crore from Rs 118.65 crore.

The half-year profit before tax was Rs 321.61 crore, compared with Rs 183.34 crore in the half year ended September 30, 2025. Total expenses increased to Rs 3,367.26 crore from Rs 2,633.82 crore, while total income rose to Rs 3,688.87 crore from Rs 2,817.16 crore. Basic earnings per share for the half year were Rs 5.51, compared with Rs 3.17 in the prior-year period.

What changed in V-Guard's cash flow and balance sheet?

V-Guard generated operating cash flow of Rs 458.35 crore in the half year ended September 30, 2026, compared with Rs 195.08 crore in the corresponding prior-year period. Cash generated from operations rose to Rs 529.75 crore from Rs 246.73 crore, although the company reported a Rs 280.82 crore increase in inventories versus a Rs 2.11 crore increase a year earlier.

Investing cash outflow was Rs 333.10 crore, compared with Rs 119.05 crore in the prior-year half, including Rs 240.19 crore spent on net purchases of current investments. Capital expenditure on property, plant, equipment, intangible assets and related development items was Rs 94.69 crore, compared with Rs 84.99 crore a year earlier.

Cash and cash equivalents stood at Rs 90.86 crore on September 30, 2026, up from Rs 46.92 crore at March 31, 2026. Total assets were Rs 4,276.27 crore, compared with Rs 3,713.72 crore at the March year-end, while total liabilities increased to Rs 1,713.19 crore from Rs 1,340.67 crore. Inventories rose to Rs 1,304.75 crore from Rs 1,023.93 crore over the same period.

Conclusion

V-Guard's 38% year-on-year revenue increase in the quarter ended September 30, 2026 was spread across all four reported operating segments rather than originating in one business. Electricals produced the largest segment revenue at Rs 794.25 crore, Electronics recorded the fastest growth at 60%, and consolidated profit for the period rose to Rs 111.67 crore from Rs 65.29 crore.

The disclosed matter to watch is the proposed merger of Sunflame Enterprises Private Limited with V-Guard. The board gave in-principle approval on July 29, 2025, subject to necessary approvals, and V-Guard said the proposed transaction is intended to take advantage of synergies with the holding company.