Vardhman Polytex Limited (VARDMNPOLY)
₹5.39 +1.32% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vardhman Polytex's revenue was ₹60.7 Cr (+2.0% year on year, -6.3% on the previous quarter), and net profit ₹311 Cr; the operating margin was -2.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹60.7 | +2.0% | -6.3% |
| Operating profit | ₹-1.3 | to loss | to loss |
| Net profit | ₹311 | — | — |
| EPS (₹) | 6.44 | — | — |
| Operating margin | -2.1% | — | — |
VARDMNPOLY delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.8% of the VARDMNPOLY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 75.21%. That is close to its usual level. Turnover was only ₹15 lakh, so a handful of trades can move this figure. 2 bulk or block deals were reported in VARDMNPOLY in the last 60 days: ₹1 Cr bought and ₹1 Cr sold.
Delivery in the last 5 sessions: 72.4% · 53.5% · 52.1% · 87.8% · 75.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 15 Oct | Sell | Anupama Kothari | ₹1.39 Cr | ₹5.55 | 2,500,000 | Bulk |
| 15 Oct | Buy | Pine Oak Global Fund | ₹1.39 Cr | ₹5.55 | 2,500,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vardhman Polytex Limited has made a partial repayment of ₹1.50 crore towards its secured, unlisted, redeemable, and optionally convertible debentures (OCDs) held by Special Situation India Fund on September 29, 2026. The payment reduces the aggregate principal debt from ₹12.48 crore to ₹10.98 crore across 1,500 outstanding OCDs. Consequently, the face value per OCD has been reduced pro-rata from ₹83,225.39 to ₹73,225.39. While the repayment is a positive deleveraging step, it is modest relative to the company's total debt of ₹55 crore and negative net worth of ₹-197 crore.
- Part repayment of ₹1,50,00,000 (₹1.50 crore) made on September 29, 2026
- Aggregate principal amount reduced from ₹12,48,38,079.38 to ₹10,98,38,079.38
- Face value per OCD decreased pro-rata from ₹83,225.39 to ₹73,225.39 across 1,500 OCDs
- Debentures are held by Special Situation India Fund
Vardhman Polytex made a part repayment of ₹1.00 crore towards unlisted, redeemable optionally convertible debentures (OCDs) held by Special Situation India Fund. Of this payment, ₹98.38 lakh was allocated towards interest, while only ₹1.62 lakh went toward principal reduction across 1,500 OCDs. Aggregate outstanding OCD principal now stands marginally lower at ₹12.48 crore compared to ₹12.50 crore previously. With the company carrying negative net worth (-₹197 crore) and ₹55 crore total debt, debt servicing remains constrained.
- Part repayment of ₹1,00,00,000 made towards OCDs held by Special Situation India Fund
- ₹98,38,079.38 utilized to pay accrued interest, while only ₹1,61,920.62 reduced principal
- Face value per debenture reduced from ₹83,333.33 to ₹83,225.39 across 1,500 OCDs
- Balance principal outstanding stands at ₹12,48,38,079.38
Vardhman Polytex Limited announced a part repayment of ₹1,00,00,000 (₹1.00 Cr) towards secured, unlisted, redeemable optionally convertible debentures (OCDs) held by Special Situation India Fund on September 25, 2026. The payment was funded via advance consideration received from the sale of its Ludhiana land property. The company noted that full sale consideration for the land has not yet been received. Relative to the company's total debt of ₹55 Cr, this ₹1 Cr repayment represents a minor reduction (~1.8%) in outstanding leverage.
- Repaid ₹1,00,00,000 (₹1.00 Cr) on September 25, 2026 towards secured OCDs
- OCDs are held by Special Situation India Fund
- Payment sourced from advance proceeds of the monetization of the Ludhiana land property
- Entire sale consideration for the Ludhiana property remains to be fully received
Vardhman Polytex Limited has notified stock exchanges of a trading window closure starting October 1, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations for designated persons. The window will remain shut until 48 hours after the declaration of financial results for the quarter and half-year ending September 30, 2026. The date of the board meeting to consider these results will be intimated in due course.
- Trading window closes on 01 October, 2026
- Window will reopen 48 hours after the declaration of financial results
- Results pertain to the quarter and half-year ending 30 September, 2026
- Date for the board meeting to approve results will be announced separately
Vardhman Polytex Limited submitted its voting results and scrutinizer's report for the 46th Annual General Meeting held on September 24, 2026. A total of 19,62,21,825 votes were polled, representing 38.59% of the paid-up share capital. All three ordinary resolutions—adoption of audited financial statements for FY26, re-appointment of director Mrs. Manju Oswal, and ratification of cost auditors' remuneration—were approved with over 99.99% votes in favor.
- Total of 19,62,21,825 votes cast, representing 38.5945% of total paid-up share capital
- Adoption of FY26 financial statements passed with 99.9969% votes in favor (19,62,15,754 votes)
- Re-appointment of Mrs. Manju Oswal approved with 99.9968% votes in favor
- Remuneration of Cost Auditors for FY27 ratified with 99.9969% votes in favor
- Total of 105 members participated in the voting process
Vardhman Polytex Limited has paid ₹1.00 crore towards the part repayment/redemption of principal on 1,500 secured optionally convertible debentures (OCDs) held by Special Situation India Fund. The payment was funded through advance proceeds from the sale of its mortgaged land in Ludhiana. Consequently, total outstanding OCD principal decreased from ₹13.50 crore to ₹12.50 crore, with the face value per OCD reducing from ₹90,000 to ₹83,333.33.
- Repaid ₹1,00,00,000 (₹1.00 crore) principal on 1,500 OCDs held by Special Situation India Fund
- Aggregate principal reduced from ₹13,50,00,000 to ₹12,50,00,000
- Face value per OCD reduced from ₹90,000 to ₹83,333.33 via pro-rata reduction
- Repayment funded by advance consideration from the sale of land at Focal Point, Ludhiana, with remaining proceeds still pending
Vardhman Polytex Limited has allotted 37,50,000 equity shares of face value Re 1 each at an issue price of Rs 12.55 per share (including an Rs 11.55 premium) to promoter group entity Oswal Holding Private Limited upon conversion of warrants. The company received Rs 3.53 crore, representing the remaining 75% subscription amount, bringing the total paid-up share capital to Rs 50.84 crore. Following this allotment, there are zero warrants pending conversion from this tranche.
- Allotment of 37,50,000 equity shares of Re 1 face value at Rs 12.55 per share
- Receipt of Rs 3,52,96,875 (75% balance of issue price) from Oswal Holding Private Limited
- Post-allotment paid-up equity capital stands at Rs 50,84,19,004 (50,84,19,004 shares)
- Warrants pending conversion from this issuance now stand at NIL
Vardhman Polytex Limited has allotted 37,50,000 equity shares of face value ₹1 each upon the conversion of warrants to promoter group entity Oswal Holding Private Limited. The company received ₹3,52,96,875 (₹3.53 Cr), representing the remaining 75% payable at an issue price of ₹12.55 per share. Following this conversion, the total paid-up share capital increased to ₹50,84,19,004 divided into 50,84,19,004 equity shares, leaving zero pending warrants under this tranche.
- Allotment of 37,50,000 equity shares at ₹12.55 per share (including ₹11.55 premium)
- ₹3,52,96,875 received from Oswal Holding Private Limited (75% balance conversion consideration)
- Paid-up equity share capital increases to ₹50,84,19,004 across 50,84,19,004 shares
- Number of warrants pending for conversion under this allotment is now NIL
Vardhman Polytex Limited's Board has approved the allotment of 37,50,000 equity shares of face value ₹1 each upon the conversion of equivalent warrants to promoter entity Oswal Holding Private Limited. The allotment was executed at an issue price of ₹12.55 per share (including an ₹11.55 premium) upon receipt of ₹3.53 crore, representing the remaining 75% consideration. Following this, the company's paid-up share capital increased to ₹50.84 crore comprising 50,84,19,004 equity shares. With this transaction, warrants pending conversion under this tranche stand at nil.
- Allotment of 37,50,000 equity shares upon conversion of preferential warrants
- Conversion price of ₹12.55 per share (face value ₹1 plus ₹11.55 premium)
- Receipt of ₹3,52,96,875 (75% balance of issue price) from Oswal Holding Private Limited
- Post-conversion paid-up equity capital stands at ₹50,84,19,004 (50,84,19,004 equity shares)
- Zero warrants remain pending for conversion after this allotment
Vardhman Polytex Limited has allotted 55,25,000 equity shares to promoter group entity Oswal Holding Private Limited following the conversion of warrants. The company received ₹5,20,04,063, representing the remaining 75% payment at an issue price of ₹12.55 per share. Post-allotment, the company's paid-up equity share capital increased to ₹50.47 Cr across 50,46,69,004 equity shares. A total of 37,50,000 warrants from this tranche remain pending conversion before the 18-month deadline.
- Allotted 55,25,000 equity shares of face value ₹1 each upon warrant conversion
- Received ₹5,20,04,063 as the balance 75% consideration at ₹12.55 per share
- Allotment made to promoter group entity Oswal Holding Private Limited
- Post-conversion paid-up share capital stands at ₹50,46,69,004
- 37,50,000 warrants remain pending conversion out of the original warrant lot
Vardhman Polytex Limited has allotted 55,25,000 equity shares of face value ₹1 each upon the conversion of equivalent warrants to promoter group entity Oswal Holding Private Limited. The allotment was executed at an issue price of ₹12.55 per share (including an ₹11.55 premium) following the receipt of ₹5.20 crore, representing the remaining 75% payable on exercise. Post-allotment, the company's paid-up equity capital increased to ₹50.47 crore, while 37,50,000 warrants remain pending for conversion out of the tranche.
- Allotted 55,25,000 equity shares of Re. 1 face value at an issue price of Rs. 12.55 per share
- Received Rs. 5,20,04,063 from Oswal Holding Private Limited representing 75% balance warrant exercise price
- Paid-up equity share capital increased to Rs. 50,46,69,004 consisting of 50,46,69,004 equity shares
- 37,50,000 warrants remain pending for conversion within the 18-month tenure
Vardhman Polytex Limited approved the allotment of 55,25,000 equity shares of face value Re 1 each at an issue price of Rs 12.55 per share upon the conversion of preferential warrants to promoter group entity Oswal Holding Private Limited. The company received Rs 5.20 crore, representing the balance 75% payment for these warrants. Following this allotment, the paid-up equity share capital increased to Rs 50.47 crore (50,46,69,004 equity shares). A balance of 37,50,000 warrants remains pending for conversion before their 18-month tenure expires.
- Allotted 55,25,000 equity shares at Rs 12.55 per share (including Rs 11.55 premium)
- Received Rs 5,20,04,063 representing 75% balance issue price from Oswal Holding Private Limited
- Paid-up equity share capital increased to Rs 50,46,69,004 consisting of 50,46,69,004 shares of Re 1 each
- 37,50,000 convertible warrants remain pending for conversion out of the tranche
Vardhman Polytex has made a partial redemption of ₹1.5 Crore towards the principal of its secured Optionally Convertible Debentures (OCDs) held by Special Situation India Fund. The payment is funded through advance proceeds from the monetisation of its land situated at Mundian Khurd, Ludhiana. Following the redemption, the face value of 1,500 OCDs falls from ₹1,00,000 to ₹90,000 each, bringing total outstanding OCD principal down from ₹15.0 Crore to ₹13.5 Crore. The company stated that the full sale consideration for the land property has not yet been received.
- Repaid ₹1,50,00,000 (₹1.5 Cr) principal amount on secured Optionally Convertible Debentures (OCDs)
- Aggregate principal amount reduced from ₹15,00,00,000 (₹15 Cr) to ₹13,50,00,000 (₹13.5 Cr)
- Face value per OCD lowered pro-rata from ₹1,00,000 to ₹90,000 across 1,500 debentures
- Funded via advance receipts from the sale of land at Village Mundian Khurd, Focal Point, Ludhiana
- Full consideration from the Ludhiana land monetisation is pending realization
Vardhman Polytex Limited has allotted 55,00,000 equity shares of face value ₹1 each upon the conversion of warrants to promoter group entity Oswal Holding Private Limited. The company received ₹5,17,68,750 (representing the remaining 75% payable at ₹12.55 per share). Following the allotment, the paid-up equity share capital increases to ₹49.91 crore (49,91,44,004 shares). A total of 92,75,000 warrants remain pending for conversion out of the original tranche.
- Allotment of 55,00,000 equity shares of ₹1 face value upon warrant conversion
- Received ₹5,17,68,750 representing 75% balance issue price at ₹12.55 per warrant
- Allottee is promoter group entity Oswal Holding Private Limited
- Paid-up share capital increased to ₹49,91,44,004 (49,91,44,004 shares of ₹1 each)
- 92,75,000 warrants remain pending for conversion within the 18-month tenure
Vardhman Polytex Limited approved the allotment of 55,00,000 equity shares of face value ₹1 each upon the conversion of warrants to promoter entity Oswal Holding Private Limited. The company received ₹5.18 crore (representing the remaining 75% of the ₹12.55 issue price per warrant). Following this allotment, the paid-up equity share capital increases to ₹49.91 crore (49,91,44,004 shares), with 92,75,000 warrants still pending conversion under this holder.
- Allotment of 55,00,000 equity shares of ₹1 face value at an issue price of ₹12.55 each (including ₹11.55 premium).
- Received ₹5,17,68,750 as the balance 75% subscription amount from promoter group entity Oswal Holding Private Limited.
- Post-allotment paid-up equity share capital expanded to ₹49,91,44,004 comprising 49,91,44,004 shares.
- A total of 92,75,000 warrants remain pending for conversion with Oswal Holding Private Limited.
Financial Performance
Revenue Growth by Segment
Total revenue from operations for FY 2024-25 was INR 284.98 Cr, representing a 23.11% decline from INR 370.64 Cr in FY 2023-24. This decrease was primarily driven by the closure of the Bathinda manufacturing unit and irregular operations at other sites.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company operates production facilities in Punjab and Himachal Pradesh, India.
Profitability Margins
The company achieved a significant turnaround in FY 2024-25 with an Operating Profit Margin of 10.18% compared to -6.32% in FY 2023-24. Net Profit Margin also improved to 5.33% from -7.31% in the previous year, reflecting better cost management despite lower volumes.
EBITDA Margin
Operating Profit Margin stood at 10.18% in FY 2024-25, a recovery of 16.5 percentage points YoY. For the quarter ended September 30, 2025, the company reported a net profit of INR 0.09 Cr on a total income of INR 26.68 Cr.
Capital Expenditure
Gross fixed assets decreased to INR 356.98 Cr as of March 31, 2025, from INR 384.88 Cr in the previous year. Net block of assets stood at INR 113.34 Cr, down from INR 128.88 Cr, indicating a lack of fresh expansion and potential asset monetization.
Credit Rating & Borrowing
The company's credit rating is 'D' (Default) as assigned by ICRA. This is due to the company's bank accounts being classified as Non-Performing Assets (NPA) by the consortium of banks.
Operational Drivers
Raw Materials
Cotton and fibers (implied by yarn manufacturing) are the primary raw materials, with costs and availability cited as major factors impacting the 23.11% revenue decline.
Capacity Expansion
The company has consolidated operations, closing units at Bathinda and Focal Point, Ludhiana due to non-viability and high costs. Currently, only the Ludhiana production facility is operational to optimize resource utilization.
Raw Material Costs
Raw material costs are a critical risk factor; fluctuations in these costs combined with finished goods price volatility are primary drivers of the shift from a -6.32% to a 10.18% operating margin.
Manufacturing Efficiency
The company closed inefficient units with deteriorating machinery to focus on the operational Ludhiana unit, aiming to improve the interest coverage ratio which rose to 2.06 in FY 2024-25.
Strategic Growth
Growth Strategy
The company is focused on augmenting net worth and broadening its capital structure through preferential issues of warrants (e.g., INR 22.73 Cr raised from promoters in March 2025). Funds are being utilized to repay debt, meet working capital requirements, and monetize land from closed units.
Products & Services
Manufacturing and sale of various types of yarns.
Brand Portfolio
Oswal Group (Parent Group).
Market Expansion
The company is exploring avenues for the monetization of land at closed units in Bathinda and Ludhiana to improve liquidity.
External Factors
Industry Trends
The textile industry is currently characterized by fragmentation and a lack of scale. Future success depends on operational efficiency, environmental sustainability, and navigating volatile raw material prices.
Competitive Landscape
The industry is described as highly challenging and competitive, with significant pressure from both domestic and global players.
Competitive Moat
The company lacks a strong competitive moat due to industry fragmentation and its current financial distress (NPA status and 'D' credit rating).
Macro Economic Sensitivity
Highly sensitive to global and domestic demand-supply conditions and economic developments within India.
Geopolitical Risks
Operations are subject to fluctuations in exchange rates and changes in government regulations and tax structures in countries where the company has business contacts.
Regulatory & Governance
Industry Regulations
The company must comply with SEBI (LODR) Regulations and various government regulations regarding the textile industry and environmental standards.
Environmental Compliance
The company conducts safety audits and risk assessments to ensure safer plants and compliance with relevant regulations.
Taxation Policy Impact
Current tax expense for the half-year ended September 2025 was INR 1.26 Cr.
Legal Contingencies
The company faced delayed compliance issues with Regulation 33 of LODR in 2022, resulting in fines from NSE and BSE. Its primary legal/financial hurdle is the NPA classification by its consortium of banks.
Risk Analysis
Key Uncertainties
The primary uncertainty is the company's ability to successfully convert warrants into equity to stabilize its capital structure and exit NPA status. Raw material price volatility remains a constant threat to the 10.18% operating margin.
Geographic Concentration Risk
Manufacturing is concentrated in Ludhiana, Punjab, following the closure of other units.
Third Party Dependencies
High dependency on non-promoter investors for capital infusion through warrant conversions (e.g., INR 9.11 Cr and INR 8.84 Cr raised in late 2024).
Technology Obsolescence Risk
The closure of the Bathinda unit was specifically attributed to the 'deteriorating condition of machines,' highlighting a significant risk of technological obsolescence.
Credit & Counterparty Risk
Trade receivables are relatively low at INR 4.22 Cr, but the company's own creditworthiness is compromised by its 'D' rating.
