Varvee Global Q4 FY26: Revenue Surge, Debt-Free Balance Sheet, and a Hard Pivot Beyond Denim

FY26 revenue from operations was Rs. 628.00 million, up 47.90% YoY from Rs. 424.53 million.

Q4 FY26 revenue from operations was Rs. 233.84 million, up 211.70% YoY from Rs. 75.03 million. Q4 FY26 EBITDA was Rs. -58.89 million versus Rs. -516.98 million in Q4 FY25.

Yes. FY26 EBITDA was Rs. 53.66 million compared with an EBITDA loss of Rs. -899.01 million in FY25.

The presentation states a deliberate move beyond core denim toward higher-value non-denim fabrics, including shirting and suiting, with denim capacity being diverted toward non-denim.

The company states it increased non-denim capacity by 50%, from 12 lakh metres per month to 18 lakh metres per month (announced January 5, 2026).

FY26 shows non-current borrowings of Rs. 0.97 million and current borrowings of Rs. 27.80 million, down from Rs. 486.87 million and Rs. 455.72 million respectively in FY25.

The presentation states India Ratings and Research assigned an IND BB/Positive issuer rating on January 28, 2026.