V-Guard Industries Ltd(VGUARD)

NSE: VGUARDBSE: 532953

₹ 265.8-1.34%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 11,613 crNext results: 29 Oct 2026Website: www.vguard.inUpdated: 24 Oct 2026

About

V-Guard Industries is an Indian consumer electrical and electronics company selling wires, cables, stabilizers, inverters, batteries, fans, water heaters, air coolers, pumps, switchgear and kitchen appliances under the V-Guard and Sunflame brands. In FY26 it reported consolidated revenue of ₹5,965.78 crore across four segments. It is the dominant player in voltage stabilizers with a 40 - 45% market share and has been expanding its manufacturing footprint and geographic reach beyond its southern home market.^[1][2][3]

Business segments

Electricals (Wires, Pumps, Switchgear, Modular Switches): 41.2% of FY26 revenue at ₹2,461.08 crore, EBIT margin 11.4%.^[3]
Electronics (Stabilizers, Inverters, Batteries, Solar): 27.5% of FY26 revenue at ₹1,639.58 crore, EBIT margin 17.9%.^[3]
Consumer Durables (Fans, Water Heaters, Air Coolers, Kitchen Appliances): 27.1% of FY26 revenue at ₹1,615.88 crore, EBIT margin 1.6%.^[3]
Sunflame (kitchen appliances brand acquired separately): 4.2% of FY26 revenue at ₹250.23 crore, EBIT margin 5.3%.^[3]

Key operating numbers

Consolidated revenue grew 23.5% YoY to ₹1,810.65 crore in Q1 FY27, with ~14% price growth and ~9% volume growth.^[4]
Gross margin held flat at 36.9% in Q1 FY27 vs 36.9% in Q1 FY26; FY26 full-year gross margin was 36.3%.^[4][5]
EBITDA margin (excl. other income) expanded 210 bps YoY to 10.5% in Q1 FY27, vs 8.8% for full-year FY26.^[4][5]
Stabilizer market share was 40 - 45% in Q3 FY26.^[2]
In-house manufacturing share reached ~65%+ in Q1 FY27; battery in-house capacity covered ~40 - 50% of battery sales as of Q2 FY26, with a plan to reach 70 - 80% over two years.^[4][6]
Core RoCE (excl. cash) improved to 22.9% for TTM to June 2026 vs 17.1% for TTM to June 2025.^[4]
BLDC ceiling fan mix reached ~40% of fan sales in Q4 FY26.^[5]

Customers and distribution

Non-South markets contributed 48.5% of consolidated revenue in Q1 FY27, down from 53.5% in Q1 FY26, as South grew 36.7% YoY vs Non-South's 12%.^[4]
Non-South revenue was 48% of total for full-year FY26, down from 49.3% in FY25.^[5]
Management targets non-South contribution of ~60% of revenues in approximately four years, adding ~5,000 channel partners annually.^[6]
Sunflame's reach expansion focuses on general trade and organised retail over the next 6 - 12 months from Q1 FY27.^[4]

Operations and manufacturing

Phase 1 of battery manufacturing is operational, covering ~40 - 50% of total battery sales volume as of Q2 FY26.^[6]
A Fan manufacturing facility in Hyderabad and a second battery facility in Hyderabad are in the capex pipeline to increase in-house manufacturing.^[2]
Annual capex revised to ₹150 - 170 crore per year for the next two years (FY27 - FY28), up from a prior ₹100 crore signal.^[4]

New categories and expansion

Solar rooftop business is ~18 months old as of Q1 FY27, below ₹500 crore; management expects it to become one of the largest categories within 3 - 4 years, comparable to inverter-battery.^[4][5]
Solar pump B2G business has started with Maharashtra State Government (a few crore in Q1 FY27); first order of ₹4 - 5 crore was secured in Q3 FY26.^[4][2]
Lighting category launch planned for FY27; foundational work largely complete as of Q1 FY27.^[4]
Six categories - Stabilizers, Fans, Inverters, Batteries, Solar Rooftops, Kitchen Appliances - are each seen as capable of reaching ₹1,000 crore revenue over the long term.^[2]
Battery storage (BESS) flagged as the next stage after solar rooftop, targeting residential at ₹1.5 - 2 lakh per household.^[4]

Sunflame integration

Functional integration of Sunflame declared complete as of Q1 FY27; focus shifted to NPD rollout from Q2 FY27 and reach expansion in general trade and organised retail.^[4]
Sunflame revenue grew 18.3% YoY in Q1 FY27 and 8.6% YoY in Q4 FY26, after declining 9.9% YoY in Q3 FY26.^[4][5][2]
Sunflame EBIT margin was 5.3% in FY26; management targets ~12% EBIT in 2 - 3 years and ₹1,000 crore+ revenue scale on a 3 - 5 year horizon.^[3][6][4]

Recent developments

Gegadyne alternate-chemistry battery technology moved from R&D to commercial supplies to small external customers over 8 - 9 months to Q1 FY27; V-Guard expects to begin offering Gegadyne batteries to consumers within 2 - 3 months of Q1 FY27.^[4]
Net cash position surged to ₹669.58 crore as of 30 June 2026, vs ₹155.32 crore a year earlier, with CFO of ₹474.12 crore in Q1 FY27 vs ₹134.45 crore in Q1 FY26.^[4]
Air cooler segment lost market share in Q1 FY27 after V-Guard raised prices ahead of some competitors, compounded by a weak North India summer season.^[4]
Creditor days expanded to 91 days in Q1 FY27 vs 66 days in Q1 FY26, attributed to a one-time shift from imported to domestic copper sourcing.^[4]

Market Cap

₹11,613 Cr

High / Low

₹385 / 261

Stock P/E

32.5

Price / Book

5.0

Book Value

₹54

EPS

₹7.1

No. of Shares

43.68 Cr

ROCE

18.8%

ROE

13.8%

OPM

7.4%

Debt / Equity

0.00

Sales

₹5,966 Cr

Net Profit

₹308 Cr

Promoter holding

53.2%

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V-Guard Industries Ltd(VGUARD)

About

Business segments

Key operating numbers

Customers and distribution

Operations and manufacturing

New categories and expansion

Sunflame integration

Recent developments

Signal history

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