Vardhman Holdings Ltd

VHL

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Market Cap

₹ 1,137 Cr

P/E

4.66

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Vardhman Holdings Ltd, originally a textile company, is now mainly involved in lending and investment activities. It has transitioned its textile business to Mahavir Spinning Mills.

The company, part of the Vardhman Group, had a significant presence in the textile industry, exporting globally and recognized as an Export House in 1990-91.

Post-demerger from Vardhaman Spinning & General Mills Ltd, the company’s major assets include investments in group companies, reflecting its strategic pivot.

The historical transformation from textile manufacturing to a holding firm indicates a shift in business strategy and operational focus.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

1,137 Cr

Volatility

High Risk

P/E Ratio

4.7

Industry P/E

30.0

PEG Ratio

0.1

P/B Ratio

0.3

52W High

5,161.00

52W Low

2,850.10

Sales CAGR

52.89%

-21.27%

7.42%

10Y

0.88%

Profit CAGR

39.55%

-23.85%

2.03%

10Y

-2.94%

ROE

TTM

6.54%

2.79%

4.16%

10Y

7.61%

ROCE

TTM

6.89%

3.55%

5.47%

10Y

8.60%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CENTRUM	29.01	1,340 Cr	—	2.96	0.00	-28.18	8.98	-0.64
JPOLYINVST	1086.00	1,153 Cr	5.23	0.70	0.00	13.47	12.02	13.13
VHL	3574.30	1,137 Cr	4.66	0.30	0.14	6.54	6.89	6.51
GKWLIMITED	1713.80	1,037 Cr	—	2.70	0.00	-1.12	-0.52	-0.91
VLSFINANCE	275.05	969 Cr	—	0.37	0.53	-0.75	-1.07	-0.68
SASTASUNDR	302.40	964 Cr	—	1.41	0.00	-0.30	-4.66	-1.12
HEXATRADEX	161.85	912 Cr	42.52	0.19	0.00	0.45	0.07	0.39

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	5.90	30	7.73	0.07	6.60	7.40	6.57	2.20	3.41	2.75
Expenses	0.47	0.74	0.40	2.72	1.28	2.52	1.40	0.98	0.32	0.36
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financing Profit	5.43	30	7.33	-2.65	5.32	4.88	5.17	1.22	3.09	2.39
Financing Margin %	92.03	97.56	94.83	-3,785.71	80.61	65.95	78.69	55.45	90.62	86.91
Other Income	40	39	47	28	69	57	61	69	60	55
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	45	69	54	26	74	62	66	70	63	57
Tax %	3.10	10.08	1.56	0.62	1.71	20.47	0.86	0.60	1.39	19.78
Net Profit	44	62	54	26	73	49	66	70	63	46
EPS in Rs	137.17	194.03	167.97	80.15	229.24	154.73	206.02	218.51	196.08	144.50
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	68	28	9.05	12	20	33	5.88	15	23	20
Expenses	2.53	3.51	2.97	5.98	2.27	3.07	4.37	4.34	6.18	5.22
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financing Profit	65	24	6.08	6.46	18	30	1.52	11	17	14
Financing Margin %	96.28	87.41	67.17	51.95	88.53	90.71	25.75	70.88	72.86	73.34
Other Income	244	157	196	155	116	429	223	184	256	248
Depreciation	0.04	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00
Profit Before Tax	310	181	202	161	133	459	225	194	273	262
Tax %	2.03	1.33	0.09	0.83	2.78	6.61	-1.56	4.82	5.48	5.56
Net Profit	303	179	202	160	130	429	228	185	258	247
EPS in Rs	—	—	—	500.44	405.87	1,344.41	715.75	579.32	808.50	765.11
Dividend Payout %	0.53	0.89	0.79	0.00	1.23	0.37	0.70	0.86	0.62	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3.19	3.19	3.19	3.19	3.19	3.19	3.19	3.19	3.19	3.19
Reserves	1,244	1,545	1,819	1,994	2,122	2,303	2,774	3,096	3,294	3,537
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	1.96	4.76	2.99	5.48	4.08	1.55	0.68	1.10	0.60	0.53
Total Liabilities	1,249	1,553	1,825	2,003	2,130	2,307	2,778	3,101	3,298	3,541
Fixed Assets	0.98	0.82	3.03	3.05	3.23	3.22	3.21	3.20	3.19	3.19
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	1,776	1,952	1,979	2,167	2,738	3,065	3,270	3,528
Other Assets	1,248	1,552	46	48	147	137	36	32	25	10
Total Assets	1,249	1,553	1,825	2,003	2,130	2,307	2,778	3,101	3,298	3,541

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-34	2.23	5.99	-95	82	-4.99	1.28	-2.89	-5.50
Cash from Investing Activity	36	0.08	-3.45	99	-10	-69	2.05	4.39	4.75
Cash from Financing Activity	-1.14	-1.93	-1.90	-1.92	-0.02	-1.60	-1.59	-1.60	-1.60
Net Cash Flow	0.69	0.38	0.64	2.46	72	-75	1.74	-0.10	-2.36

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%
FIIs	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.06%	0.06%	0.07%	0.07%	0.06%	0.05%
DIIs	0.96%	0.96%	0.96%	0.96%	0.97%	0.56%	0.53%	0.13%	0.06%	0.06%	0.06%	0.06%
Public	24.10%	24.10%	24.11%	24.11%	24.10%	24.51%	24.51%	24.91%	24.97%	24.98%	24.98%	24.99%
Total Shareholders	9,728	9,592	9,426	9,276	9,097	9,185	9,598	9,833	11,119	11,330	11,239	11,194

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jan 08, 2025	Cd equifinance private limited	Bulk	Buy	4,275.53	10.87 Cr	25,423	0.79
Jan 08, 2025	Jyotsna chandravadan desai	Bulk	Sell	4,275.47	10.75 Cr	25,154	0.78

Projection

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Oscillators

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Neutral

Bearish

Neutral

Bullish

Overall

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Bullish

Moving Averages

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	5.90	30	7.73	0.07	6.60	7.40	6.57	2.20	3.41	2.75
Expenses	0.47	0.74	0.40	2.72	1.28	2.52	1.40	0.98	0.32	0.36
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financing Profit	5.43	30	7.33	-2.65	5.32	4.88	5.17	1.22	3.09	2.39
Financing Margin %	92.03	97.56	94.83	-3,785.71	80.61	65.95	78.69	55.45	90.62	86.91
Other Income	40	39	47	28	69	57	61	69	60	55
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	45	69	54	26	74	62	66	70	63	57
Tax %	3.10	10.08	1.56	0.62	1.71	20.47	0.86	0.60	1.39	19.78
Net Profit	44	62	54	26	73	49	66	70	63	46
EPS in Rs	137.17	194.03	167.97	80.15	229.24	154.73	206.02	218.51	196.08	144.50
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	68	28	9.05	12	20	33	5.88	15	23	20
Expenses	2.53	3.51	2.97	5.98	2.27	3.07	4.37	4.34	6.18	5.22
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financing Profit	65	24	6.08	6.46	18	30	1.52	11	17	14
Financing Margin %	96.28	87.41	67.17	51.95	88.53	90.71	25.75	70.88	72.86	73.34
Other Income	244	157	196	155	116	429	223	184	256	248
Depreciation	0.04	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00
Profit Before Tax	310	181	202	161	133	459	225	194	273	262
Tax %	2.03	1.33	0.09	0.83	2.78	6.61	-1.56	4.82	5.48	5.56
Net Profit	303	179	202	160	130	429	228	185	258	247
EPS in Rs	—	—	—	500.44	405.87	1,344.41	715.75	579.32	808.50	765.11
Dividend Payout %	0.53	0.89	0.79	0.00	1.23	0.37	0.70	0.86	0.62	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3.19	3.19	3.19	3.19	3.19	3.19	3.19	3.19	3.19	3.19
Reserves	1,244	1,545	1,819	1,994	2,122	2,303	2,774	3,096	3,294	3,537
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	1.96	4.76	2.99	5.48	4.08	1.55	0.68	1.10	0.60	0.53
Total Liabilities	1,249	1,553	1,825	2,003	2,130	2,307	2,778	3,101	3,298	3,541
Fixed Assets	0.98	0.82	3.03	3.05	3.23	3.22	3.21	3.20	3.19	3.19
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	1,776	1,952	1,979	2,167	2,738	3,065	3,270	3,528
Other Assets	1,248	1,552	46	48	147	137	36	32	25	10
Total Assets	1,249	1,553	1,825	2,003	2,130	2,307	2,778	3,101	3,298	3,541

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-34	2.23	5.99	-95	82	-4.99	1.28	-2.89	-5.50
Cash from Investing Activity	36	0.08	-3.45	99	-10	-69	2.05	4.39	4.75
Cash from Financing Activity	-1.14	-1.93	-1.90	-1.92	-0.02	-1.60	-1.59	-1.60	-1.60
Net Cash Flow	0.69	0.38	0.64	2.46	72	-75	1.74	-0.10	-2.36

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CENTRUM	29.01	1,340 Cr	—	2.96	0.00	-28.18	8.98	-0.64
JPOLYINVST	1086.00	1,153 Cr	5.23	0.70	0.00	13.47	12.02	13.13
VHL	3574.30	1,137 Cr	4.66	0.30	0.14	6.54	6.89	6.51
GKWLIMITED	1713.80	1,037 Cr	—	2.70	0.00	-1.12	-0.52	-0.91
VLSFINANCE	275.05	969 Cr	—	0.37	0.53	-0.75	-1.07	-0.68
SASTASUNDR	302.40	964 Cr	—	1.41	0.00	-0.30	-4.66	-1.12
HEXATRADEX	161.85	912 Cr	42.52	0.19	0.00	0.45	0.07	0.39

Overview

Detailed Summary

Vardhman Holdings Ltd, originally a textile company, is now mainly involved in lending and investment activities. It has transitioned its textile business to Mahavir Spinning Mills.

The company, part of the Vardhman Group, had a significant presence in the textile industry, exporting globally and recognized as an Export House in 1990-91.

Post-demerger from Vardhaman Spinning & General Mills Ltd, the company’s major assets include investments in group companies, reflecting its strategic pivot.

The historical transformation from textile manufacturing to a holding firm indicates a shift in business strategy and operational focus.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

1,137 Cr

Volatility

High Risk

P/E Ratio

4.7

Industry P/E

30.0

PEG Ratio

0.1

P/B Ratio

0.3

52W High

5,161.00

52W Low

2,850.10

Sales CAGR

52.89%

-21.27%

7.42%

10Y

0.88%

Profit CAGR

39.55%

-23.85%

2.03%

10Y

-2.94%

ROE

TTM

6.54%

2.79%

4.16%

10Y

7.61%

ROCE

TTM

6.89%

3.55%

5.47%

10Y

8.60%