V-Marc FY26: Revenue nearly doubles, PAT rises 2.8x as capacity and exports become the next levers

FY26 consolidated revenue from operations was Rs 17,973 Mn, EBITDA was Rs 2,008 Mn and PAT was Rs 1,001 Mn.

EBITDA margin increased to 11.2% in FY26 from 10.7% in FY25, and PAT margin increased to 5.6% from 4.0%.

Standalone FY26 product mix was High Tension Cables 47.1% (Rs 8,467 Mn), Low Tension Cables 15.0% (Rs 2,704 Mn), and Building Wires & Industrial Cables 37.8% (Rs 6,800 Mn).

Management stated a target of 40%+ revenue growth in FY27 and an EBITDA margin target of 11%+ (also reiterated as 11-12% band).

FY26 marked the maiden year of exports with revenue of Rs 626 million. The company stated it has set up a dedicated export team in Mumbai and plans to participate in 6-10 international exhibitions in FY27.

The company stated an incremental capex programme of approximately Rs 500 crore through FY30 and a target to scale installed capacity to over 10 lakh circuit kilometres by FY30.