V-Marc India Ltd(VMARCIND)

NSE: VMARCIND

₹ 263-8.11%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,854 crUpdated: 24 Oct 2026

About

V-Marc India Ltd manufactures electrical cables and wires - spanning high-tension (HT) cables, low-tension (LT) cables, and building wires and industrial cables - from three facilities in India, selling through B2G, B2B, and B2C channels. The company entered export markets for the first time in FY26, generating Rs 626 Mn, and is targeting further penetration into Europe, the USA, and MENA countries.^[1][2]

Revenue channels

Q1 FY27 consolidated revenue reached Rs 5,555 Mn, up 102.4% YoY from Rs 2,744 Mn in Q1 FY26, with broad-based growth across B2G (+61.1%), B2B (+91.3%), and B2C (+99.3%) channels.^[2]
Building Wires & Industrial Cables grew 256.5% YoY to Rs 2,466 Mn in Q1 FY27 from Rs 692 Mn in Q1 FY26, becoming the largest product segment by revenue.^[2]
HT Cables grew 115% YoY and LT Cables grew 110% YoY in H1 FY26, leading segment growth that half-year.^[3]
FY26 marked the maiden year of exports, contributing Rs 626 Mn in revenue; Q1 FY27 shows exports as a live ongoing revenue line.^[2]

Products

Portfolio spans HT cables, LT cables, and building wires & industrial cables, addressing power transmission, distribution, and end-use wiring applications.^[4][3]
Company developed MVCC Accessories up to 33kV through internal R&D as an exclusive single-point compatible solution to complement its MVCC cables.^[5]

Manufacturing operations

Three manufacturing facilities with installed production capacity of 212,600 circuit km as of Q1 FY27, up from 169,020 ckm in FY25 (+25.8%).^[2]
Second e-beam machine commissioned and a third manufacturing facility became operational by Q1 FY27.^[2]
One facility is located at Haridwar; a strategic land parcel adjacent to it was acquired for expansion, with the new site targeted for completion in H2 FY26.^[4]

Key operating numbers

Gross margin was 19.6% in Q1 FY27 vs 23.1% in Q1 FY26 (-350 bps), reflecting input cost pressure; EBITDA margin was 10.7% in Q1 FY27, down 40 bps from 11.1% in Q1 FY26.^[2]
Debtor days 85 days, inventory days 93 days, and payable days 54 days in FY26.^[2]
ROCE 35.0% and ROE 34.6% in FY26.^[2]
Debt/Equity ratio was 0.7x in FY26, improved from 0.9x in FY25; finance costs rose 54.8% YoY to Rs 159 Mn in Q1 FY27.^[2]

Distribution and customers

Dealer network stands at 1,200+ covering 25 states and union territories as of Q1 FY27, up from 950+ dealers across 19 states in FY25.^[2][4]
Export expansion targets Europe, USA, and MENA; a dedicated export team has been established at the Mumbai office with 6-10 international exhibitions planned in FY27.^[2]
Raw material price volatility (copper, aluminium, steel, PVC) is mitigated via MoUs with suppliers, price escalation clauses for large orders, and commodity exchange hedging.^[5]

Expansion and capex

Long-term capacity target of 10 lakh circuit km by FY30, approximately 5x the 212,600 ckm installed base as of Q1 FY27.^[2]
Incremental capex programme of approximately Rs 500 crore through FY30 to fund the 5x capacity expansion.^[2]
FY27 revenue growth target of 40%+ reaffirmed, with a sustained 40%+ growth aspiration over the next 3-5 years from the FY27 base.^[2]
FY27 EBITDA margin targeted at 11-12%, broadly in line with FY26, supported by operating leverage, richer product mix, and backward integration.^[2]

Recent developments

In October 2024, the company completed a preferential allotment of 16,35,000 equity shares at Rs 286.44 per share, raising Rs 4,986 lakhs for business expansion and general corporate purposes.^[5]
H1 FY26 revenue reached Rs 6,915 Mn, a 100% increase over Rs 3,452 Mn in H1 FY25 and 24% higher sequentially over H2 FY25's Rs 5,597 Mn.^[3]

Market Cap

₹3,854 Cr

High / Low

₹406 / 88

Stock P/E

46.9

Price / Book

16.2

EPS

₹6.8

No. of Shares

14.65 Cr

OPM

10.0%

Sales

₹1,797 Cr

Net Profit

₹100 Cr

Promoter holding

64.9%

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