Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Aug - Please find attached herewith copy of Newspapers publication.
Source: Bse
Vardhman Holdings Limited (VHL)
Small CapFinancial Services stocks · Small cap · NSE
Vardhman Holdings Limited operates in Holding, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹3,804.5
+64.10 · +1.71%
Market cap ₹1,122 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result06 Aug, 05:24 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
61Bullishfull bull SMA stack · RSI overbought · MACD +
Stock trend: 73
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VHLD candles · FIT view+13.8%Latest close ₹3804.50 on 2026-10-19
Bar
+4.5%
RSI
73
MACD hist
33.49
52W pos
67%
2026-10-19O ₹3640.20H ₹3868.30L ₹3640.00C ₹3804.50Vol 1,214 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
VHLNifty Financial ServicesNifty 500
- VHL
- +7.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +12.8 pp
Chart stats
19 Oct 2026- From 52W high
- -11.0%
- 52W range position
- 67%
- ATR (14)
- 3.3%
- Volume vs 20D
- 1.31x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹3,273 - ₹3,868.3
₹4,275
₹2,870 - ₹4,275
₹125.1
Latest completed session
20-session average
20.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED63
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +266.7% · PAT +55.6% YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model+84.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
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 · 85/100Rev +267% YoY · PAT +56% YoY · margin expansion
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11 Cr | +266.7% | NDF |
| EBITDA | ₹10 Cr | +233.3% | +1100.0% |
| Operating margin | 93.0% | +200 bps | +25100 bps |
| PAT | ₹98 Cr | +55.6% | +81.5% |
| PAT margin | 890.9% | -120909 bps | NDF |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 4.46
- P/B
- 0.30
- EV/EBITDA
- 66.00
- Market Cap
- 1122.00Cr
Profitability
- ROE
- 5.91%
- ROCE
- 6.28%
- ROA
- 6.69%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- -9.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 7.78
- Book Value
- 11799.00
Cash Flow
- FCF Yield
- 0.09%
- FCF Positive Y
- 8/5
- OCF
- -6.00 Cr
- EPS TTM
- 788.13
Shareholding
- Promoter Hold
- 74.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 12.0-47.8% vs prev
Net Profit
₹ CrLatest: 216-16.3% vs prev
Return on Equity
%Latest: 7,200+105009.5% 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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 73. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 73 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 11% off 52W high · 33% above 52W low.
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
66
RS percentile
Stage 2 UptrendRecent S2
1M return
+12.7%
3M return
+7.2%
6M return
+12.8%
1Y return
-6.8%
RS 1D
+2
RS 20D
+24
Sector rank
#10
Industry rank
#34
Stage evidence
- Price is 10.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
05 Oct 2026
S2 age
11 trading sessions
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
256 observations
19 Oct 2026Value 103+2.76%
RS vs Nifty 500103
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth16/25
Quality0/20
Balance Sheet11/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
63
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
63/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 84.2%.
- Valuation contributes 30/30 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
4.5
PB
0.3
EV/EBITDA
66.0
ROE
5.9%
ROCE
6.3%
FCF Yield
0.1%
Debt/Equity
0.0
MoS
+84.2%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
63
Previous: 63
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+84.2%
Previous: +84.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
63
63
63
63
63
63
63
63
63
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
₹14,464.81
+73.7% MoS
Growth-justified P/E
30.6
Growth-justified Value
₹24,116.78
+84.2% MoS
PEG
0.41
Comparable companies
Peers
Business-comparable peers in Financial Services — 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
INDPRUD
Small
Industrial & Prudential Investment Company Limited
Holding Company
match 88
47
17.5
7.7%
+32%
FAIR VALUE
FEDDERSHOL
Small
Fedders Holding Limited
Holding Company
match 87
51
17.0
11.6%
+45%
FAIR VALUE
CONSOFINVT
Small
Consolidated Finvest & Holdings Limited
Holding Company
match 87
51
16.9
5.0%
+33%
FAIR VALUE
STEL
Small
Stel Holdings Limited
Holding Company
match 87
34
53.5
1.2%
-98%
WATCHLIST
JPOLYINVST
Small
Jindal Poly Investment and Finance Company Limited
Holding Company
match 86
95
1.2
54.8%
+95%
DEEP VALUE
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
Issuer presentation review pending
Vardhman Holdings Limited operates in Holding, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
59Limited 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 25th percentile of the scored universe and 42nd percentile within Financial Services. Main check: results consistency is weak at 19/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Financial Services: 42nd pctile, median 62 · Small: 28th pctile, median 66
Evidence depth
Financial-only
8 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
86
strong · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
28
weak · capital discipline
Results
19
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-6 Cr.
- ▸ROCE is low at 6.3%.
- ▸ROE is low at 5.9%.
- ▸Revenue CAGR is 28% but EPS CAGR is -2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vardhman Holdings 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 18 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 25 Aug - BRSR for FY 2025-26 filed as part of the 62nd Annual Report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.