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Vardhman Holdings Limited (VHL)

₹3,740.40 +1.25% last close, 16 Oct

📊 NSE: VHL 🏢 Finance & Investments 📢 Latest filing: 18 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Vardhman Holdings' revenue was ₹10.8 Cr (+261.0% year on year), and net profit ₹98.1 Cr (+55.7% year on year); the operating margin was 93.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹10.8	+261.0%	—
Operating profit	₹10.1	+236.0%	from loss
Net profit	₹98.1	+55.7%	+81.6%
EPS (₹)	307.27	+56.7%	+82.9%
Operating margin	93.1%	—	—

Full quarterly financials → Results calendar →

VHL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 77.82% of the VHL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 76.61%. That is close to its usual level. Turnover was only ₹44 lakh, so a handful of trades can move this figure.

77.82%Delivery, 16 Oct

76.61%Own 20-session average

1.3×Volume vs its average

₹3,740.40NSE close · +1.25%

Delivery in the last 5 sessions: 57.2% · 92.6% · 80.8% · 81.9% · 77.8%

Delivery across the market →

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 Holdings Shareholders Approve FY26 Accounts, Dividend & Related Party Transactions at AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Sep 2026, 06:25 PM

Vardhman Holdings Limited submitted the scrutinizer's report for its 62nd Annual General Meeting held on September 17, 2026. All five ordinary resolutions were approved by shareholders with over 99.9% majority. These included the adoption of standalone and consolidated financial statements for FY26, declaration of dividend, reappointment of director Mr. Vikas Kumar, and approval for related party transactions. For the related party transactions resolution, 2,37,951 shares (7.46% of paid-up capital) voted, passing with 99.98% assent.

Adoption of FY26 standalone and consolidated financial statements passed with ~100.00% assent across 26,31,783 votes
Dividend declaration approved with 100.00% assent on 26,31,970 votes
Re-appointment of Mr. Vikas Kumar as director retiring by rotation passed with 99.94% votes in favor
Related party transaction resolution passed with 99.98% assent on 2,37,951 votes cast (7.46% of total paid-up share capital)

💡 Track the payment timeline for the approved dividend and review upcoming Q2 FY27 results to monitor investment portfolio performance and dividend inflows from associates.

Vardhman Holdings Shareholders Approve FY26 Accounts, Dividend & Related Party Transactions at 62nd AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Sep 2026, 06:13 PM

Vardhman Holdings Limited submitted the Scrutinizer's report for its 62nd Annual General Meeting held on September 17, 2026. All five ordinary resolutions, including the adoption of FY26 standalone and consolidated financial statements, dividend declaration, re-appointment of director Vikas Kumar, and approval of Related Party Transactions, were passed with requisite majority. Total participation reached ~82.46% of paid-up share capital for standard agenda items, while related-party voting saw interested promoters abstaining (7.46% of capital voted, passing with 99.98% approval).

Adoption of FY26 Standalone and Consolidated Financial Statements approved with 100.00% assent (26,31,783 votes in favor, 37 against)
Dividend declaration resolution approved with 100.00% assent representing 82.47% of total paid-up capital
Approval of Related Party Transactions passed with 99.98% assent among non-interested voting shares (2,37,903 votes in favor)
Director Vikas Kumar re-appointed to the Board with 99.94% votes in favor

💡 Track the upcoming corporate action processing dates for dividend disbursement, followed by Q2 FY27 earnings to monitor dividend flow from key associates like Vardhman Textiles.

Vardhman Holdings Concludes 62nd AGM; Dividend of ₹5 Per Share Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Sep 2026, 05:35 PM

Vardhman Holdings Limited conducted its 62nd Annual General Meeting on September 17, 2026, via video conferencing. Resolutions tabled for shareholder approval included the adoption of standalone and consolidated FY26 financial statements and a dividend of ₹5 per equity share. Additionally, shareholders considered the re-appointment of retiring director Mr. Vikas Kumar and approval for Related Party Transactions. The final voting results scrutinized by Ashok K. Singla & Associates will be announced within two working days.

62nd Annual General Meeting held on September 17, 2026, between 11:15 a.m. and 11:35 a.m.
Proposed declaration of ₹5 per equity share dividend for the year ended March 31, 2026
Remote e-voting was open from 9:00 a.m. on September 14, 2026, to 5:00 p.m. on September 16, 2026
Voting results to be disclosed within 2 working days of AGM conclusion

💡 Track the upcoming disclosure of voting results within two working days to confirm formal shareholder approval for the ₹5 per share dividend and related party transactions.

Vardhman Holdings Clarifies Signatory Authorization for Q1 FY27 Results to NSE

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 16 Sep 2026, 09:48 AM

Vardhman Holdings Limited submitted a clarification to the National Stock Exchange regarding an inquiry raised on September 9, 2026, about unauthorized signatory issues on its Q1 FY27 financial results. The company clarified that Chairman and Managing Director Mr. S. P. Oswal was absent during the Board Meeting held on August 6, 2026. Consequently, the Board passed a resolution authorizing Director Mrs. Suchita Jain to sign the unaudited financial results for the quarter ended June 30, 2026, accompanied by the certified true copy of the board resolution. This is a purely procedural regulatory clarification with zero impact on company financials.

NSE sought clarification on September 9, 2026, regarding signatures on results under Regulation 33
CMD Mr. S. P. Oswal was absent from the Board Meeting held on August 6, 2026
Board resolution dated August 6, 2026, formally authorized Director Mrs. Suchita Jain to sign Q1 results
Company submitted a certified true copy of the resolution to satisfy the exchange inquiry

💡 No action is required as this is a routine administrative compliance clarification; investors should track upcoming Q2 FY27 earnings for fundamental performance.

Vardhman Holdings Confirms Dematerialisation of 244 Equity Shares in August 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Sep 2026, 10:29 AM

Vardhman Holdings Limited submitted its monthly certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the month ended August 31, 2026. A total of 244 equity shares were dematerialised during the month, comprising 12 shares processed via CDSL and 232 shares via NSDL. Following verification, the physical share certificates were cancelled and substituted in the company's records with the depositories. This is a standard administrative compliance filing with zero operational or financial impact on the company.

Total of 244 equity shares dematerialised in August 2026
12 shares dematerialised under CDSL across 2 transactions
232 shares dematerialised under NSDL across 5 transactions
Physical share certificates were verified, cancelled, and registered under depository names

💡 No action is required. Investors should focus on upcoming quarterly earnings and dividend announcements from core associate holdings like Vardhman Textiles.

Vardhman Holdings Convenes 62nd AGM on Sept 17, 2026; Issues KYC & Annual Report Intimation

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 01:03 PM

Vardhman Holdings Limited has dispatched letters to shareholders whose email addresses are not registered with the company or depositories, intimating access details for the FY 2025-26 Annual Report and Notice of the 62nd Annual General Meeting (AGM). The AGM is scheduled for September 17, 2026, at 11:15 a.m. IST via Video Conferencing / Other Audio Visual Means. The notice also reminds shareholders holding physical shares to update mandatory KYC details to ensure uninterrupted electronic credit of future dividend payments.

62nd Annual General Meeting scheduled for Thursday, September 17, 2026, at 11:15 a.m. IST via VC/OAVM
Annual Report for FY 2025-26 and AGM Notice made accessible online for unregistered email folios
Shareholders reminded to complete mandatory KYC updates (PAN, Bank Details, Specimen Signature) under SEBI circular mandates

💡 Shareholders holding physical shares should submit KYC forms (ISR-1, ISR-2, etc.) to the RTA to prevent dividend withholdings, and note the upcoming AGM on September 17, 2026.

Vardhman Holdings Submits FY26 BRSR; Discloses Standalone Net Worth of ₹985.91 Cr

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Aug 2026, 06:59 PM

Vardhman Holdings Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. As an NBFC investment company, 100% of its turnover is derived from interest, dividend income, and gains on sale of investments. The filing discloses a paid-up capital of ₹3.19 Cr and a standalone net worth of ₹985.91 Cr. The core value of the company remains tied to its strategic equity holdings, including a 28.99% stake in Vardhman Textiles Limited and 50% in Vardhman Spinning and General Mills Limited.

Submitted Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 on a standalone basis
Reported standalone net worth of ₹985.91 Cr (₹98,591.45 Lakhs) and turnover of ₹53.96 Cr (₹5,395.91 Lakhs) for CSR applicability
Key investment portfolio includes a 28.99% stake in Vardhman Textiles Limited and 50% in Vardhman Spinning and General Mills Limited
Operates with a lean team of 3 permanent employees and recorded zero shareholder or employee grievances during FY26

💡 Track the performance and dividend payouts of key associate Vardhman Textiles Limited, which drives the bulk of the company's underlying value and earnings.

Vardhman Holdings Convenes 62nd AGM on Sep 17, 2026; Recommends ₹5/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 06:36 PM

Vardhman Holdings Limited has issued notice for its 62nd Annual General Meeting (AGM) scheduled for September 17, 2026, via video conferencing. The agenda includes the adoption of FY26 financial statements, approval of a dividend of ₹5 per equity share, and approval of material related-party transactions. The record date for the dividend is fixed as August 28, 2026, with remote e-voting scheduled between September 14 and September 16, 2026.

62nd AGM scheduled for September 17, 2026, at 11:15 a.m. IST via Video Conferencing.
Proposed dividend of ₹5 per equity share for the financial year ended March 31, 2026.
Record date for dividend entitlement set as August 28, 2026, with book closure from August 29 to September 5, 2026.
Cut-off date for e-voting eligibility fixed as September 10, 2026; remote e-voting runs September 14-16, 2026.

💡 Investors seeking dividend eligibility must hold shares before the August 28, 2026 record date; track voting outcomes following the AGM on September 17, 2026.

Vardhman Holdings Sets Aug 28, 2026 as Record Date for FY26 Dividend

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 20 Aug 2026, 05:44 PM

Vardhman Holdings Limited has fixed Friday, August 28, 2026, as the record date to determine member eligibility for the dividend for the financial year ended March 31, 2026. The dividend remains subject to approval at the upcoming Annual General Meeting (AGM). The Register of Members and Share Transfer Books will be closed from August 29, 2026, to September 5, 2026. Once approved, the dividend will be paid electronically within one week of the AGM conclusion.

Record date fixed as Friday, August 28, 2026, for determining FY26 dividend eligibility
Register of Members and Share Transfer Books closed from August 29, 2026, to September 5, 2026
Dividend payment to be credited within 1 week of AGM conclusion subject to approval

💡 Investors seeking dividend entitlement must ensure settled shareholding by the record date; track the upcoming AGM outcome for the final declared rate and disbursement.

VHL Q1 Consolidated PAT Rises 56.7% YoY to ₹98.08 Cr on Strong Associate Performance

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 11:54 AM

Vardhman Holdings Limited (VHL) reported a strong consolidated net profit of ₹98.08 Cr for Q1 FY27, up from ₹62.58 Cr in the year-ago period. The performance was primarily driven by a ₹89.75 Cr share of profit from its associates, Vardhman Textiles and Vardhman Spinning, which grew 49.8% YoY. Standalone total income also saw a significant jump to ₹11.34 Cr from ₹3.86 Cr, largely due to ₹10.61 Cr in fair value gains on investments. Total comprehensive income reached ₹162.60 Cr, reflecting substantial mark-to-market gains in its equity portfolio.

Consolidated Net Profit increased 56.7% YoY to ₹98.08 Cr from ₹62.58 Cr.
Share of profit from associate companies rose to ₹89.75 Cr compared to ₹59.92 Cr in Q1 FY26.
Standalone net gain on fair value changes surged to ₹10.61 Cr from ₹3.25 Cr YoY.
Consolidated EPS for the quarter stood at ₹307.27, up from ₹196.08 in the previous year's first quarter.
Other Comprehensive Income (OCI) contributed a gain of ₹75.42 Cr from fair valuation of equity instruments.

💡 Investors should monitor the operational performance and margins of Vardhman Textiles Limited, as it is the primary driver of VHL's consolidated earnings. Additionally, track the volatility in the broader equity market, which significantly impacts the company's book value through fair value accounting (OCI).

255 Equity Shares Dematerialized in July 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 05:59 PM

Vardhman Holdings Limited has reported the dematerialization of 255 equity shares for the month ended July 31, 2026. This is a routine regulatory filing under SEBI Regulation 74(5) regarding the conversion of physical share certificates into electronic form. The total volume includes 130 shares processed through CDSL and 125 shares through NSDL. Given the company's market capitalization of Rs 1,100 Cr, this administrative update has no impact on financial performance or shareholder value.

Total of 255 equity shares dematerialized during July 2026.
130 shares were processed via CDSL across two transactions on July 16 and July 31.
125 shares were processed via NSDL across two transactions on July 16 and July 29.
The filing confirms compliance with SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required as this is a routine administrative filing; investors should focus on the performance of the company's investment portfolio in upcoming quarterly results.

VHL Submits Quarterly Compliance Certificate for Dematerialization of Securities

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 01:00 PM

Vardhman Holdings Limited (VHL) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Alankit Assignments Limited (the Registrar and Share Transfer Agent), confirms that physical share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. The RTA verified, mutilated, and cancelled the physical certificates as per regulatory timelines. This is a standard administrative procedure and does not impact the company's financial standing or investment portfolio.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation of dematerialization processing by Registrar Alankit Assignments Limited
Physical certificates mutilated and cancelled within prescribed SEBI timelines
Substitution of depository name as the registered owner in company records

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results to track the performance of its investment portfolio and dividend income from associates.

170 Equity Shares Dematerialized in June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 12:57 PM

Vardhman Holdings Limited has filed its monthly dematerialization report for June 2026, as required under SEBI Regulation 74(5). A total of 170 equity shares were converted from physical to electronic form during the month. This includes 30 shares via CDSL and 140 shares via NSDL. As an investment holding company with a market cap of Rs 1,149 Cr, this administrative update has no impact on the company's financial position or operations.

Total of 170 equity shares dematerialized during the month of June 2026
30 shares were processed through CDSL on June 11, 2026
140 shares were processed through NSDL on June 8 and June 23, 2026
Compliance filing submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018

💡 This is a routine administrative filing. Investors should focus on the performance of the company's associate investments, such as Vardhman Textiles, rather than these procedural updates.

Vardhman Holdings Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 05:16 PM

Vardhman Holdings Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is a standard procedure preceding the announcement of the company's un-audited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and will re-open 48 hours after the results are made public. Investors should note that this is a routine administrative filing and does not indicate any fundamental change in the company's operations.

Trading window closure begins on July 1, 2026, at 09:00 a.m.
The closure is related to the un-audited financial results for the quarter ended June 30, 2026.
The window will re-open exactly 48 hours after the financial results are disclosed to the exchanges.
The filing is made pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No action is required; investors should wait for the official announcement of the Q1 FY2026-27 board meeting date to review the company's financial performance.

Vardhman Holdings Reports Nil Shares Dematerialized in May 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jun 2026, 12:35 PM

Vardhman Holdings Limited (VHL) has submitted its monthly dematerialization report for the period ending May 31, 2026. The report indicates that zero equity shares were dematerialized through both NSDL and CDSL depositories during the month. This is a standard regulatory filing confirming the status of the company's share capital under ISIN INE701A01023. There are no material changes to the company's shareholding structure or operations resulting from this update.

Monthly demat report for the period ended 31st May, 2026.
Zero shares were dematerialized through CDSL during the month.
Zero shares were dematerialized through NSDL during the month.
Company's equity shares continue to be available under ISIN INE701A01023.

💡 No action is required from investors as this is a routine compliance filing with no impact on the company's fundamentals or stock performance.

View All VHL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment: Investment. Standalone total revenue from operations for H1 FY26 was INR 47.88 Cr, representing a marginal growth of 1.14% compared to INR 47.34 Cr in H1 FY25. Standalone total income for Q2 FY26 was INR 44.94 Cr, up 9.02% from INR 41.22 Cr in Q2 FY25.

Geographic Revenue Split

100% of revenue is generated within India, primarily managed from its headquarters in Ludhiana, Punjab. This concentration reflects its focus on domestic equity markets and Indian associate companies.

Profitability Margins

Standalone Net Profit Margin for H1 FY26 was 73.5% (INR 35.87 Cr PAT on INR 48.80 Cr Total Income), improving from 63.1% in H1 FY25. This improvement was driven by a 26.8% increase in dividend income (INR 45.13 Cr vs INR 35.59 Cr), which carries minimal operational overhead.

EBITDA Margin

Standalone EBITDA margin for H1 FY26 was 98.6% (INR 48.12 Cr PBT on INR 48.80 Cr Total Income). Core profitability remains exceptionally high because, as an investment holding company, its total expenses (INR 0.68 Cr) represent only 1.39% of total income.

Capital Expenditure

Not disclosed in available documents as the company is an investment holding entity rather than a manufacturing firm. However, it deployed INR 31.47 Cr into new investments (other than associates) during H1 FY26.

Credit Rating & Borrowing

Not disclosed in available documents. The company appears to be debt-free with no interest expenses reported in the financial results for the period ended September 30, 2025.

⚙️ Operational Drivers

Capacity Expansion

Not applicable. The company's 'capacity' is defined by its investment portfolio value, which stood at INR 1,069.86 Cr on a standalone basis and INR 3,747.82 Cr on a consolidated basis as of September 30, 2025.

📈 Strategic Growth

Growth Strategy

Growth is achieved by maximizing dividend yields from associate companies and capital appreciation of its investment portfolio. The company is actively diversifying its holdings, as evidenced by the INR 31.47 Cr investment in non-associate financial instruments during H1 FY26 to capture broader market gains.

Products & Services

Investment holding and management services, primarily focused on the textile sector through significant equity stakes in associate companies.

Brand Portfolio

Vardhman

Strategic Alliances

Maintains long-term strategic associate relationships with Vardhman Textiles Limited and Vardhman Spinning & General Mills Limited.

🌍 External Factors

Industry Trends

The investment holding sector is trending toward increased transparency under Ind AS accounting. The company's positioning is tied to the consolidation and growth of the Indian textile sector, which is currently facing cyclical headwinds as seen in the 8.63% decline in associate profits.

Competitive Landscape

Competes with other diversified holding companies and NBFCs for capital allocation and superior risk-adjusted returns in the Indian equity market.

Competitive Moat

The company's moat is its significant, low-cost-basis equity stake in Vardhman Textiles, a market leader. This provides a sustainable and high-margin dividend stream (INR 45.13 Cr in H1 FY26) that is difficult for competitors to replicate without massive capital.

Macro Economic Sensitivity

Highly sensitive to Indian equity market indices and the health of the domestic textile industry. A 10% fluctuation in the market value of its FVOCI equity instruments would impact Other Comprehensive Income by approximately INR 10.05 Cr based on H1 FY26 figures.

Consumer Behavior

Indirectly affected by shifts in global and domestic consumer demand for apparel, which dictates the profitability and dividend-paying capacity of its associate companies.

Geopolitical Risks

Indirectly exposed to global trade barriers and geopolitical tensions that affect the export performance of its textile-focused associate companies.

⚖️ Regulatory & Governance

Industry Regulations

Subject to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company maintains compliance through regular financial reporting and disclosures under Regulations 30, 33, and 47.

Taxation Policy Impact

The effective tax rate for standalone operations in H1 FY26 was approximately 25.46% (INR 12.25 Cr total tax on INR 48.12 Cr PBT).

Legal Contingencies

Not disclosed in available documents. No significant pending litigation was noted in the financial notes for the quarter ended September 30, 2025.

⚠️ Risk Analysis

Key Uncertainties

Market volatility is the primary uncertainty; a sharp reduction in fair value gains (down 78.53% YoY) was the main driver behind the 11.27% decline in consolidated PAT for H1 FY26.

Geographic Concentration Risk

100% of operations and major investments are concentrated in India, exposing the company to domestic regulatory and economic shifts.

Third Party Dependencies

High dependency on the management and operational success of Vardhman Textiles Limited, which is the cornerstone of its consolidated balance sheet and income stream.