Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Oct
Source: Bse
Vardhman Textiles Limited (VTL)
Large CapTextiles stocks · Large cap · NSE
Vardhman Textiles Limited (VTL) is India's largest vertically integrated textile manufacturer with over 60 years of experience. It produces yarn, fabrics, garments, threads, fibres, and steels, serving a global footprint across 75+ countries. The company emphasizes consistency, reliability, flexibility, traceability, agility, and sustainability in its operations.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result30 Jul, 05:31 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Textiles P/E 42.1 (n=11)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -7.9% / mo · MACD +
Stock trend: 39
Sector RS: —
Textiles FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
VTLD candles · FIT view-10.5%Latest close ₹527.95 on 2026-10-19
Bar
-0.6%
RSI
41
MACD hist
1.46
52W pos
46%
2026-10-19O ₹531.00H ₹531.15L ₹517.30C ₹527.95Vol 3.0L 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
VTLNifty 500
- VTL
- -16.3%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -10.8 pp
Chart stats
19 Oct 2026- From 52W high
- -23.3%
- 52W range position
- 47%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.90x
- Avg traded value
- ₹18.2 Cr
- 20D price channel
- ₹513 - ₹596.6
₹688
₹385.5 - ₹688
₹17
Latest completed session
20-session average
29.7% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, 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 · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +13.3% · PAT +51.4% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model+59.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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 +13% YoY · PAT +51% YoY · margin expansion · +8% QoQ · operating leverage
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,703 Cr | +13.3% | +8.2% |
| EBITDA | ₹474 Cr | +45.4% | +61.2% |
| Operating margin | 18.0% | +400 bps | +600 bps |
| PAT | ₹315 Cr | +51.4% | +66.7% |
| PAT margin | 11.7% | +293 bps | +408 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.00
- P/B
- 1.45
- EV/EBITDA
- 9.18
- Market Cap
- 15288.00Cr
Profitability
- ROE
- 6.86%
- ROCE
- 8.55%
- ROA
- 6.20%
- Dividend Y
- 0.95%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- -4.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 14.91×
- Altman Z
- 5.13
- Book Value
- 363.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 1108.00 Cr
- EPS TTM
- 29.31
Shareholding
- Promoter Hold
- 65.06%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 9,869+0.9% vs prev
Net Profit
₹ CrLatest: 753-15.1% vs prev
Return on Equity
%Latest: 7.2-20.1% 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 trend down. RSI 41. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.6% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 23% off 52W high · 35% 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
73
RS percentile
Stage 1 Base / Transition
1M return
-8.7%
3M return
-16.3%
6M return
-6.7%
1Y return
+21.8%
RS 1D
+2
RS 20D
-3
Sector rank
#3
Industry rank
-
Stage evidence
- Price is 10.6% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 130.4+0.28%
RS vs Nifty 500130
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation20/30
Growth11/25
Quality1/20
Balance Sheet12/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 59.0%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
18.0
PB
1.4
EV/EBITDA
9.2
ROE
6.9%
ROCE
8.6%
FCF Yield
—
Debt/Equity
0.2
MoS
+59.0%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
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
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+59.0%
Previous: +59.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
53
53
53
53
53
53
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
₹489.27
-7.9% MoS
Growth-justified P/E
44.0
Growth-justified Value
₹1,289.05
+59.0% MoS
PEG
1.64
Comparable companies
Peers
Business-comparable peers in Textiles — 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
SANATHAN
Small
Sanathan Textiles Limited
Textiles
match 80
19
73.5
3.8%
-91%
OVERVALUED
LAMBODHARA
Small
Lambodhara Textiles Limited
Textiles
match 79
38
10.6
7.9%
-68%
WATCHLIST
SOMATEX
Small
Soma Textiles & Industries Limited
Textiles
match 78
31
60.8
-2.1%
+30%
OVERVALUED
SUTLEJTEX
Small
Sutlej Textiles and Industries Limited
Textiles
match 78
21
—
-8.9%
—
OVERVALUED
SVPGLOB
Small
SVP GLOBAL TEXTILES LIMITED
Textiles
match 77
20
—
—
+3%
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 under stressReviewed 2026-06-14T07:09:20.285Z
Management commentary snapshot
VTL reported a mixed Q4 FY26, with revenue slightly down YoY and QoQ. EBITDA and PAT saw significant YoY declines, reflecting margin pressure. Full-year FY26 revenue grew marginally, but profitability metrics (EBITDA, PAT) were lower than FY25, indicating a challenging operating environment despite capacity additions.
Despite ongoing capacity expansions and modernization efforts, VTL's profitability metrics (EBITDA, PAT, and their respective margins) declined significantly both YoY in Q4 FY26 and for the full FY26. The new capacities need to ramp up quickly and contribute meaningfully to offset the observed margin compression and justify the substantial capex.
Current business mix
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Yarn65.0%
Fabric35.0%
Growth engines
Yarn Capacity Expansion
improvingExpansion of about 15,600 spindles completed in H1 FY26; another 17,000 spindles completed. Open-end project to be started.
Processed Fabric Capacity Expansion
improvingCommercial production started for 31 million meters annually in March FY26.
Technical Textiles Unit
improvingVardhman Performance Fabric (Synthetic Woven) unit started commercial production of 18 million meters annually in March FY26.
Garment Capacity Expansion
improvingBoard approved expanding garment unit capacity from 2.2 million to 4.5 million shirts p.a. by end of FY2026-27 with Rs. 125 Cr investment.
Capacity and execution
Yarn Spindles
15,600 spindles completed in H1 FY26; 17,000 spindles completed. Open-end project to start.
Processed Fabric Line-4
Commercial production started for 31 million meters annually in March FY26.
Technical Textiles Unit
Commercial production started for 18 million meters annually in March FY26.
Garment Unit
Capacity to expand from 2.2 million to 4.5 million shirts p.a. by end of FY2026-27.
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 comparison is crucial for understanding annual trends and the impact of seasonal demand in the textile sector. QoQ comparison is important for assessing sequential momentum, the immediate impact of new capacity commissioning, and short-term operational efficiency changes.
Sector KPIs management disclosed
Revenue from Operations
Q4 FY26: Rs 2,441 Cr (-1% YoY, -0% QoQ). FY26: Rs 9,652 Cr (+1% YoY).
EBITDA Margin
deterioratingQ4 FY26: 14.1% (-171bps YoY, -9bps QoQ). FY26: 15.1% (-127bps YoY).
PAT Margin
deterioratingQ4 FY26: 7.1% (-175bps YoY, +42bps QoQ). FY26: 7.5% (-138bps YoY).
Yarn Production
improvingFY26: 277,072 MT (+4% YoY).
Management forward view
Sustainability Goals
Aim to achieve Net Zero Emissions by 2045, 30% reduction in freshwater consumption by 2030, and 60% green power generation by FY 2027-28.
Modernization & Technology Upgradation
Initiative largely completed, leading to improved operational efficiency and enhanced process capabilities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | Q4 FY26: 14.1% | Stabilization and improvement in margins as new capacities ramp up and contribute to economies of scale. |
| Yarn Production Growth | FY26: +4% YoY | Continued positive growth reflecting demand and effective utilization of expanded capacities. |
| Processed Fabric Production Ramp-up | New capacity of 31 MM p.a. started in March FY26 | Utilization rates and revenue contribution from the newly commissioned processed fabric capacity. |
| Garment Capacity Expansion Progress | Targeting 4.5 MM shirts p.a. by end of FY2026-27 | Timely completion of the garment unit expansion and its subsequent revenue generation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
The Garment division's current capacity is intended to be doubled, taking about 8 months to complete once the project starts.
Timeframe: Medium-term (8 months post-start)Direction: Increase
"We intend to make it to the double from the current capacity."
macro expectationnot yet verifiablequantified
The figure of closed spindles could reach 15 million in the next 1 year, unless raw material prices are corrected.
Timeframe: Next 1 yearDirection: DecreaseConfidence: Moderate
"figure reaching to 15 million spindles in the next 1 year, unless the raw material prices are corrected, it can happen."
margin outlookdeliveredquantified
Industry margins will start improving if another 5 million to 7 million spindles get stopped in the country.
Timeframe: EventuallyDirection: ImproveConfidence: Moderate
"if another 5 million, 7 million spindles gets stopped into the country, I think then...the margins will start improving."
Outcome check: OPM moved from 11.0% to average 12.0% (+1.0 pp).
operational efficiencynot yet verifiablequantified
Green power usage is in line to increase to about 49-50% of total demand in FY '27.
Timeframe: FY '27Direction: Increase
"in FY '27, we are in line to increase this to about 49%, 50%."
operational efficiencynot yet verifiablequantified
For performance wear, the company is targeting capacity utilization upwards of around 60% for the full next financial year.
Timeframe: Next financial yearDirection: Increase
"we are targeting capacity utilization upwards of around 60% for the full year."
export growthnot yet verifiable
Efforts to diversify into non-U.S. markets (EU, U.K., Australia, Canada) to mitigate tariff risk will bear fruit in time.
Timeframe: Long-termDirection: PositiveConfidence: Confident
"we are confident that our efforts will bear fruit in time."
project executionnot yet verifiable
The fabric expansion at Budhni on existing cotton blend lines is expected to gain momentum from Quarter 1 next year.
Timeframe: FY27 Q1Direction: Increase
"it is expected to gain momentum from Quarter 1 next year."
revenue outlookcontradicted
Vardhman Performance Fabrics, focused on performance wear, will start building scale from Quarter 1 of next financial year.
Timeframe: FY27 Q1Direction: Increase
"We will start building scale from Quarter 1 of next financial year."
Outcome check: Revenue YoY averaged -0.4% across 1 later quarter(s).
Trust Score
68Limited 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: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 56th percentile of the scored universe and 50th percentile within Textiles. Main check: results consistency is weak at 41/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
63 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Textiles: 50th pctile, median 70 · Large: 32nd pctile, median 73
Evidence depth
Financial-only
63 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
50% delivered or partly delivered
2/8 claims checked · 1 contradicted/failed claim
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
Acceptable, but check the weakest sub-score before increasing exposure.
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
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
41
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 65.1%.
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
Trust risks
- ▸ROE is low at 6.9%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vardhman Textiles Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 5 Oct - Vardhman Textiles executed agreements to acquire 26% stake in Serentica SPV for a 27 MW captive renewable project.
Source: Bse
Annual reportSep 2026
Sep 2026 · Intimation Regarding Dispatch Of Letters To The Members. 26 Aug - 53rd AGM on 17 September 2026; annual report sent, KYC and demat update requested.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Sep - Intimation regarding allotment of equity shares under "Vardhman Textiles Limited Employee Stock Option Plan, 2024".
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul - A copy of Newspaper Notice regarding transfer of Equity shares to IEPF Authority.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul - A copy of Newspaper Notice regarding transfer of Equity shares to IEPF Authority.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Jun - Please find attached herewith a copy of Newspaper publication.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.