V-Marc H1 exports reach Rs 181 crore, 2.9 times FY26 total

V-MARC India Limited reported Rs 181 crore of export revenue in H1 FY27, 2.9 times its Rs 62 crore exports for full-year FY26 and equal to 14.2% of half-year revenue. V-Marc said building wires and low-tension cables currently lead its overseas sales, while certifications are underway to support exports across more product segments.

How much did V-Marc export in H1 FY27?

V-Marc exported Rs 181 crore in H1 FY27, compared with Rs 62 crore for the whole of FY26, its first year of exports. The H1 FY27 amount was 2.9 times FY26 exports and represented 14.2% of Rs 1,275.4 crore revenue from operations during the six months ended September 30, 2026.

The export run rate increased in the second quarter. Q2 FY27 exports were Rs 118 crore, up 89% from Q1 FY27, meaning Q2 contributed the larger share of the Rs 181 crore H1 figure. Overall Q2 revenue was Rs 719 crore, up 29.6% sequentially and 72.6% year on year.

The comparison shows that V-Marc exceeded its FY26 export revenue within the first six months of FY27. Management did not disclose export sales by country, customer or product line, so the transcript does not quantify the geographical or product-level sources of the Rs 119 crore increase over FY26.

Which V-Marc products are being exported?

V-Marc currently exports more building wires and low-tension, or LT, cables than other product types. Management said it plans to push products across all segments after certifications now underway are completed, but did not specify the certifications, markets or timing involved.

Building wires and industrial cables generated Rs 485 crore, or 38% of H1 FY27 revenue, and grew 181% year on year. LT cables contributed Rs 204 crore, or 16% of revenue, with year-on-year growth of 29%; these combined domestic and export segment figures do not show how much each category contributed to overseas shipments.

High-tension, or HT, cables were V-Marc's largest overall segment, producing Rs 585 crore in H1 FY27, or 46% of revenue, after 62% year-on-year growth. However, management identified building wires and LT cables, rather than HT cables, as the products currently moving more in exports.

How significant are exports in V-Marc's revenue mix?

Exports were V-Marc's third-largest reported customer channel in H1 FY27 at Rs 181 crore, after government sales of Rs 453 crore and business-to-business, or B2B, sales of Rs 432 crore. Government, or B2G, revenue rose 86.9% year on year, while B2B revenue increased 75%.

Exports, at 14.2% of H1 revenue, were also close to dealer sales of Rs 207 crore. Dealer sales, also called business-to-consumer, or B2C, revenue, rose only 3% year on year, whereas export revenue reached Rs 181 crore after Rs 62 crore in the preceding full year.

The four reported channel figures total Rs 1,273 crore, close to H1 revenue from operations of Rs 1,275.4 crore. B2G and B2B together accounted for about 70% of revenue, and management did not separately disclose export margins, export receivable days or export-related working-capital requirements.

What is required for V-Marc to widen exports?

V-Marc needs to complete certifications before it can expand exports across all product segments, according to management. Its current export mix is led by building wires and LT cables, while management said certifications would allow a broader push without giving a date for completion.

The certification process accompanies a wider product programme in FY27. Management said V-Marc had recently expanded into HT cables and expects to become eligible for a 66 kilovolt rating within the current financial year; the call did not state whether that eligibility is an export certification.

V-Marc is also using electron-beam, or e-beam, irradiation technology in wires and flat cables for different applications. Management said its e-beam product development supports B2C innovation, but did not quantify e-beam sales or say whether e-beam products contributed to the Rs 181 crore H1 FY27 export total.

What cash and capacity factors accompany export growth?

V-Marc's export expansion occurred alongside higher working-capital deployment in H1 FY27. Inventory increased by Rs 222 crore to Rs 488 crore at September 30, 2026, and inventory days rose to 70 from 54 at the end of FY26; management did not attribute the increase specifically to exports.

Receivable days improved to 78 from 85, but net working capital rose to Rs 406 crore at September 30 from Rs 251 crore on March 31. The working-capital cycle lengthened by seven days to 58 days, contributing to an operating cash-flow outflow of Rs 45.7 crore in H1 FY27, compared with an inflow of Rs 114 crore in FY26.

V-Marc spent Rs 106 crore on capital expenditure in H1 FY27 and reported Rs 57 crore of capital work in progress. Borrowings excluding lease liabilities rose to Rs 359 crore at September 30 from Rs 213 crore in March, while management said its second-half priority was to bring inventory to the required level and convert growth into cash.

Conclusion

V-Marc's Rs 181 crore H1 FY27 export revenue has become a meaningful part of its sales mix after the business began only in FY26. The channel accounted for 14.2% of Rs 1,275.4 crore revenue and surpassed the prior full-year export total of Rs 62 crore, while building wires and LT cables were the principal current export products.

The next issue to watch is completion of the certifications management says will enable exports across more segments. Management's stated H2 FY27 focus on reducing inventory from 70 days and converting growth into cash will also be relevant after the Rs 45.7 crore operating cash-flow outflow recorded in H1 FY27.