Announcement
Announcement Under Regulation 30 - ESG Rating 11 Aug - CRISIL retained V-Guard’s ESG rating as Strong; score improved to 68 from 63 for FY2026.
Source: Bse
V-Guard Industries Limited (VGUARD)
Micro CapConsumer stocks · Micro cap · NSE
V-Guard Industries Limited, founded in 1977, manufactures and markets light electricals and consumer durables. Products include stabilizers, UPS, wires, pumps, switchgears, water heaters, fans, and kitchen appliances. It has diversified from a South-dominant player to expanding rapidly in non-South geographies, with ~48% revenue from non-South in FY26.
₹285.1
-2.50 · -0.87%
Market cap ₹12,896 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result29 Jul, 07:00 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 -9.7% / mo · MACD − · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 28
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VGUARDD candles · FIT view-13.3%Latest close ₹285.10 on 2026-10-19
Bar
-0.9%
RSI
32
MACD hist
-0.75
52W pos
2%
2026-10-19O ₹287.70H ₹288.00L ₹283.00C ₹285.10Vol 2.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VGUARDNifty Consumer DurablesNifty 500
- VGUARD
- -5.3%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +0.3 pp
Chart stats
19 Oct 2026- From 52W high
- -25.8%
- 52W range position
- 2%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.78x
- Avg traded value
- ₹9.8 Cr
- 20D price channel
- ₹283 - ₹328.5
₹384
₹283 - ₹384
₹8.4
Latest completed session
20-session average
26.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +23.5% · PAT +75.7% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model-9.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +24% YoY · PAT +76% YoY · margin expansion · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,811 Cr | +23.5% | +3.2% |
| EBITDA | ₹191 Cr | +54.0% | +11.7% |
| Operating margin | 11.0% | +300 bps | +100 bps |
| PAT | ₹130 Cr | +75.7% | +16.1% |
| PAT margin | 7.2% | +213 bps | +80 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.90
- P/B
- 5.43
- EV/EBITDA
- 18.58
- Market Cap
- 12896.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 18.40%
- ROA
- 9.87%
- Dividend Y
- 0.52%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 54.00×
- Altman Z
- 9.19
- Book Value
- 54.30
Cash Flow
- FCF Yield
- 0.74%
- FCF Positive Y
- 8/5
- OCF
- 459.00 Cr
- EPS TTM
- 8.36
Shareholding
- Promoter Hold
- 53.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 6,310+5.8% vs prev
Net Profit
₹ CrLatest: 308-1.9% vs prev
Return on Equity
%Latest: 700+5191.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.7% over last month) — short-term momentum negative.
- RSI(14) at 32 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
35
RS percentile
Stage 1 Base / Transition
1M return
-12.4%
3M return
-5.3%
6M return
-14.4%
1Y return
-24.7%
RS 1D
+1
RS 20D
-10
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 9.6% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 79.27+0.15%
RS vs Nifty 50079
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth10/25
Quality9/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Quality contributes 9/20 to the score.
Main drags
- Fair-value margin of safety is negative at -9.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
33.9
PB
5.4
EV/EBITDA
18.6
ROE
14.4%
ROCE
18.4%
FCF Yield
0.7%
Debt/Equity
0.1
MoS
-9.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-9.2%
Previous: -9.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
39
39
39
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹101.06
-182.1% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹261
-9.2% MoS
PEG
2.42
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANYAVAR
Micro
Vedant Fashions Limited
Retail
match 108
56
31.8
18.8%
+4%
FAIR VALUE
WESTLIFE
Micro
WESTLIFE FOODWORLD LIMITED
Retail
match 106
24
—
-3.8%
-576%
OVERVALUED
RELAXO
Micro
Relaxo Footwears Limited
Retail
match 104
25
38.8
8.3%
-860%
OVERVALUED
VIPIND
Micro
VIP Industries Limited
Retail
match 101
16
—
-92.4%
—
OVERVALUED
SWANDEF
Small
Swan Defence and Heavy Industries Limited
Retail
match 101
24
44.4
-124.0%
-33%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T14:42:24.165Z
Management commentary snapshot
V-Guard reports robust Q4 FY26 performance with consolidated revenue up 14.1% YoY to ₹1,755 crore and PAT up 23.0% YoY to ₹112 crore. Full-year FY26 revenue grew 7.0% to ₹5,966 crore, but PAT declined 1.7% YoY due to an exceptional charge.
Q4 FY26 showed strong revenue and PAT growth, driven by South markets and Electricals/Electronics segments. Full-year PAT was impacted by an exceptional item, but underlying PAT grew. Non-South expansion continues, and Sunflame integration is complete. Management is optimistic for FY27, despite ongoing commodity and supply chain challenges from the West Asia crisis.
Current business mix
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Electricals44.0%
Electronics28.4%
Consumer Durables24.3%
Sunflame3.4%
Growth engines
Electricals Segment
Q4 FY26 revenue grew 15.9% YoY; segment result grew 23.6% YoY.
Electronics Segment
Q4 FY26 revenue grew 22.3% YoY; segment result grew 11.4% YoY.
Non-South Expansion
Non-South markets grew 11.8% YoY in Q4 FY26 and contributed 46.3% of total revenues.
Sunflame Business
Integration is complete, and management sees some growth traction from actions taken.
Tailwinds
Supportive Summer
Management sees indications of a supportive summer, hopeful for a strong start to FY27.
Headwinds
West Asia Crisis
Continues to pose challenges in commodity inflation and supply disruptions for materials/components.
Weak H1 FY26 Demand
First half of FY26 experienced weak summer and tepid demand.
Risk radar
Commodity Inflation
West Asia crisis poses challenges in terms of commodity inflation in some categories.
Supply Disruptions
West Asia crisis causes supply disruptions for certain materials and components.
Consumer Durables Performance
Consumer Durables segment result declined 50.0% YoY in Q4 FY26 and 62.4% YoY in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for understanding seasonal demand patterns in consumer durables and electricals, especially with the mention of 'summer' impact. QoQ provides insight into sequential momentum and recovery from a 'challenging first half' of FY26.
Sector KPIs management disclosed
Gross Margin (Q4 FY26)
Contracted by 20 bps YoY to 35.3% in Q4 FY26 from 35.5% in Q4 FY25.
Gross Margin (FY26)
Maintained at 36.3% in FY26, same as FY25.
Ad & Promotion Exp./Net Revenue (Q4 FY26)
Decreased to 1.8% in Q4 FY26 from 2.6% in Q4 FY25.
Non-South Revenue Contribution (Q4 FY26)
46.3% of total revenues in Q4 FY26, down from 47.3% in Q4 FY25.
Management forward view
FY27 Outlook
Hopeful of a strong start to FY27, with indications of a supportive summer.
Sunflame Integration
Business integration is complete, and growth traction is seen from actions taken.
Risk Mitigation
Company continues to monitor the West Asia situation closely and will take appropriate actions to mitigate risk.
Cash Generation
Cash generation remains strong with consistent profitability and efficient working capital management.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Non-South Revenue Growth | 11.8% YoY in Q4 FY26; 46.3% of total revenue. | Continued expansion and increasing contribution to total revenue, indicating successful pan-India strategy. |
| Consumer Durables Segment Result | Declined 50.0% YoY in Q4 FY26 (₹6.96 Cr). | Reversal of negative trend and improvement in profitability, especially with summer demand. |
| Gross Margin | 35.3% in Q4 FY26 (down 20 bps YoY). | Stability or improvement, given commodity inflation concerns and ad/promo spend changes. |
| Sunflame Business Traction | Integration complete, "some growth traction" seen. | Quantifiable growth rates and improved profitability contribution from the acquired business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 96th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
114 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Consumer: 96th pctile, median 66 · Micro: 86th pctile, median 73
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching V-Guard Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun - Newspaper publication regarding 30th Annual General Meeting to be held through VC/OAVM
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Copy of Newspaper publication on dispatch of 30th AGM Notice & Annual Report 2025-26.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.