Vtm Ltd(VTMLTD)

NSE: VTMLTDBSE: 532893

₹ 43.75-3.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 440 crWebsite: www.vtmill.comUpdated: 24 Oct 2026

About

Vtm Ltd makes textile products, including greige fabric (cloth) from weaving and home-textile made-ups, and reports them as a single business segment. It reported FY26 revenue of Rs 371.98 crore. Exports made up 64.11% of turnover in FY25, and the company calls itself a preferred supplier in niche overseas markets.^[1][2]

Business segments

Home textiles brought in about 192 crores (~52%) of FY26 revenue and greige fabrics about 162 crores (~48%). Made-up sales are now larger than greige sales.^[3]
In FY25, made-ups revenue was 181.51 crore and cloth (weaving) revenue was 152.52 crore.^[1]
The company is run as a single unit making textile products and reports one business segment (FY25 annual report).^[1]

Products and mix

Within home textiles, roughly 50% of sales were commodity products and 50% value-added, as stated on the Q4 FY26 call.^[3]
The company focuses on high value-added, non-commodity products, drawing on its weaving and design expertise (FY25 annual report).^[1]

Operations and capacity

Overall company efficiency was about 80% in FY26. Greige fabrics usually runs at 80-83% utilisation because of small-batch orders.^[3]
The company is selectively outsourcing commodity home-textile items to improve cost and flexibility (Q4 FY26 call).^[3]
In FY25, 4 ITEMA Rapier looms (190cm) with Leno attachment were imported from Italy at a cost of Rs.3.63Cr.^[1]
In FY25, rooftop solar capacity was raised to 908 KW (DC) at a cost of Rs.210 Lakhs, and 1760KW of ground-mounted solar was installed in Tuticorin district.^[1]
Inventory rose from about 92 crores to about 150 crores in FY26, with inventory turnover at 122 days. Management has hired an industrial engineering consultant and is applying lean practices.^[3]

Key operating numbers

Order backlog stood at 6.5 million units as of 31 May 2026.^[3]
Volume sold to Quince grew 15% in FY26. Management expects 15-20% volume growth with Quince in FY27, based on current orders.^[3]
Export incentives (duty drawback plus RoDTEP) were 4.5% in FY26.^[3]

Customers and exports

Quince is the primary US customer. The company gave it an 18% price discount when US tariffs were 50-60%, and the discount still applies with tariffs at 10%. Talks to reduce it are ongoing (Q4 FY26 call).^[3]
Made-up sales outside the US were only about 16-17 crores in FY26, roughly 10% of export volume.^[3]
Export turnover was ₹22,088.34 lakhs in FY25, or 64.11% of total turnover. FOB export earnings were Rs.21,183.88 lakhs.^[1]
A third-party logistics facility lets the company ship goods directly to customers without middlemen (FY25 annual report).^[1]
The company is onboarding new customers in the UK, Europe, the Middle East, Japan and Australia, and is exploring the domestic Indian market (Q4 FY26 call).^[3]

Expansion and capex

Looms added in FY26 come into full production during Q1-Q2 FY27. No further capex is planned for FY27.^[3]
Management sees a peak revenue potential of 500-600 crores, given the right product mix, full use of outsourcing and better price realisation (Q4 FY26 call).^[3]

Recent developments

In FY26, US customers took a tariff-discount hit of about 20 crores and chargebacks of about 8 crores. Raw-material costs also rose by 15%.^[3]
FY26 included a 2.3 crore mark-to-market forex loss on PCFC loans and higher gratuity provisions under the new labour code.^[3]

Market Cap

₹440 Cr

High / Low

₹103 / 31

Stock P/E

58.1

Price / Book

1.6

Book Value

₹31

EPS

₹1.1

No. of Shares

10.06 Cr

ROCE

5.4%

ROE

3.6%

OPM

5.3%

Debt / Equity

0.24

Sales

₹372 Cr

Net Profit

₹11 Cr

Promoter holding

75.0%

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