VLS Finance Limited (VLSFINANCE)
₹220.89 -0.69% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, VLS Finance's revenue was ₹124 Cr (+24.8% year on year), and net profit ₹96.0 Cr (+35.2% year on year); the operating margin was 95.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹124 | +24.8% | from loss |
| Operating profit | ₹118 | +27.0% | from loss |
| Net profit | ₹96.0 | +35.2% | from loss |
| EPS (₹) | 30.59 | +46.2% | from loss |
| Operating margin | 95.6% | — | — |
VLSFINANCE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.14% of the VLSFINANCE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.95%. That is close to its usual level. Turnover was only ₹34 lakh, so a handful of trades can move this figure. It traded 2.1 times its average daily volume.
Delivery in the last 5 sessions: 79.8% · 80.8% · 93.8% · 81.0% · 75.1%
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
VLS Finance Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, RCMC Share Registry Private Limited, on October 3, 2026. It confirms that all securities received for dematerialisation during the quarter were duly processed, confirmed, mutilated, and cancelled within 15 days.
- Regulation 74(5) demat compliance confirmed for the quarter ended September 30, 2026
- Confirmation certificate issued by RTA RCMC Share Registry Pvt. Ltd. dated October 3, 2026
- Demat requests processed and securities confirmed/mutilated within the mandated 15-day timeline
- Intimation submitted to stock exchanges on October 13, 2026
VLS Finance received an order dated September 22, 2026, from the Income Tax Department provisionally attaching 541,394 equity shares under Section 84 of the Black Money Act read with Section 281B of the Income-tax Act. The attachment concerns shares belonging to late promoter Mahesh Prasad Mehrotra and late Divya Mehrotra regarding alleged undisclosed foreign assets. At the current market price of Rs 239.7, the attached shares have a market value of approximately Rs 13.0 crore (~1.7% of total market cap). Management has stated that the provisional attachment will not have any impact on the company's financial operations or core business activities.
- 541,394 equity shares provisionally attached by the Income Tax Department Investigation wing
- 541,393 shares held by late Ms. Divya Mehrotra (passed to late Shri Mahesh Prasad Mehrotra) and 1 share held directly by late Shri Mahesh Prasad Mehrotra
- Order issued on September 22, 2026, under Section 84 of the Black Money Act and Section 281B of the IT Act
- Company received intimation via email on September 23, 2026, at 4:29 p.m.
- Management states no material impact on financials or day-to-day operations of the company
VLS Finance has issued the notice for its 39th Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. Key ordinary business includes the adoption of FY26 financial statements and approval of a final dividend of ₹1.50 per equity share. Special business items seek shareholder approval for the appointment of Shri Dinesh Kumar Mehrotra as Non-Executive Director and revisions to the remuneration packages of the Managing Director (₹4,35,900 monthly basic) and CFO (₹4,31,900 monthly basic).
- 39th AGM scheduled on September 29, 2026 at 3:30 PM IST via VC/OAVM.
- Proposed final dividend of ₹1.50 per equity share for FY 2025-26.
- Revision in monthly basic salary for MD Shri Suresh Kumar Agarwal to ₹4,35,900 w.e.f. April 1, 2026.
- Revision in monthly basic salary for Director-Finance & CFO Shri Kishan Kumar Soni to ₹4,31,900 w.e.f. April 1, 2026.
VLS Finance reported a strong Q1 FY27 with standalone net profit rising to ₹83.51 Cr from ₹60.59 Cr YoY, a 38% increase. The performance was heavily driven by ₹102.64 Cr in fair value gains on financial instruments, reflecting strong market-linked returns. Consolidated net profit stood at ₹95.78 Cr, while Total Comprehensive Income reached ₹247.27 Cr due to significant investment revaluations. The company also appointed former LIC Chairman Dinesh Kumar Mehrotra as a Non-Executive Director and is proceeding with the strike-off of its asset management subsidiary.
- Standalone Net Profit increased 38% YoY to ₹83.51 Cr for the quarter ended June 30, 2026.
- Net gain on fair value changes contributed ₹102.64 Cr to standalone income, up from ₹80.93 Cr in the previous year's quarter.
- Total Comprehensive Income (Standalone) reached ₹247.27 Cr, including ₹191.86 Cr from investment revaluation.
- Consolidated revenue from operations for the quarter stood at ₹123.48 Cr.
- Former LIC Chairman Dinesh Kumar Mehrotra appointed as Additional Director effective August 11, 2026.
VLS Finance reported a strong Q1 FY27 with standalone PAT reaching ₹83.51 Cr, up from ₹60.59 Cr in the previous year's quarter. The growth was primarily driven by ₹102.64 Cr in fair value gains on investments, which constitutes nearly the entire income base. Consolidated Total Comprehensive Income (TCI) reached a significant ₹469.04 Cr, reflecting substantial mark-to-market gains across the group. Additionally, the company appointed former LIC Chairman Dinesh Kumar Mehrotra as an Additional Director and is proceeding with the strike-off of its Asset Management subsidiary.
- Standalone Net Profit increased 37.8% YoY to ₹83.51 Cr for the quarter ended June 30, 2026.
- Net gain on fair value changes contributed ₹102.64 Cr to standalone income, representing ~94% of total income.
- Consolidated Total Comprehensive Income stood at ₹469.04 Cr, which is approximately 39% of the company's current market capitalization.
- Appointment of Shri Dinesh Kumar Mehrotra, former Chairman of LIC, as a Non-Executive Director.
- Subsidiary VLS Asset Management Limited has applied for strike-off from the Register of Companies.
VLS Finance reported a strong standalone net profit of ₹83.51 Cr for Q1 FY27, a 37.8% increase from ₹60.59 Cr in the year-ago period. The performance was primarily driven by net gains on fair value changes of financial instruments amounting to ₹102.64 Cr. The company also appointed Mr. Dinesh Kumar Mehrotra, former Chairman of LIC, as a Non-Executive Director, adding significant institutional weight to the board. Additionally, the company is streamlining operations by striking off its subsidiary, VLS Asset Management Limited.
- Standalone Net Profit for Q1 FY27 rose to ₹83.51 Cr from ₹60.59 Cr in Q1 FY26.
- Net gain on fair value changes contributed ₹102.64 Cr, representing 94.4% of total income.
- Total Comprehensive Income for the quarter reached ₹247.27 Cr, driven by investment revaluations.
- Appointment of Mr. Dinesh Kumar Mehrotra (former LIC Chairman) as Non-Executive Director effective August 11, 2026.
- Subsidiary VLS Asset Management Limited has applied for strike-off from the Register of Companies.
VLS Finance has issued a formal notice to shareholders regarding the mandatory updation of KYC details for physical shareholdings and the transfer of unclaimed dividends. Dividends for FY 2018-19 that have remained unclaimed for seven consecutive years are scheduled to be transferred to the Investor Education and Protection Fund (IEPF) on October 18, 2026. Shareholders must submit their claims by September 18, 2026, to prevent the transfer of both the dividend and the underlying shares. This is a standard regulatory compliance procedure with no impact on the company's operational financials.
- Unclaimed dividends for FY 2018-19 are due for transfer to IEPF on October 18, 2026
- Shareholders must file claims for unpaid dividends on or before September 18, 2026
- KYC updates for physical folios were mandated by SEBI starting April 1, 2024, to avoid withholding of benefits
- Shares with seven consecutive years of unclaimed dividends will be transferred to the IEPF Demat Account
- Dividends will only be paid through electronic mode once KYC and bank details are updated
VLS Finance has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by RCMC Share Registry Private Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled. The Registrar and Share Transfer Agent (RTA) verified that the names of depositories were substituted in the register of members within the mandated 15-day period. This is a standard administrative filing with no impact on the company's financial performance.
- Compliance certificate issued for the quarter ended June 30, 2026
- Dematerialization requests processed and confirmed within 15 days
- Security certificates mutilated and cancelled after due verification by the RTA
- Confirmation provided by RCMC Share Registry Private Limited
VLS Finance has announced the cessation of Mr. Dinesh Kumar Mehrotra as a Non-Executive Independent Director effective June 28, 2026. This change is due to the completion of his second consecutive five-year term, a standard regulatory limit for independent directors under Indian law. The company, which holds a significant net worth of ‡1,727 Cr, is now required to fill this board vacancy to maintain governance standards. This is a routine administrative event and does not impact the company's core investment or stockbroking operations.
- Completion of second tenure of 5 consecutive years as Independent Director
- Effective date of cessation from the Board is June 28, 2026
- Shri Dinesh Kumar Mehrotra (DIN: 00142711) had served a total of 10 years
- The company reported a net worth of ‡1,727 Cr as per recent financial context
VLS Finance 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 financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are made public. This restriction applies specifically to designated persons and insiders, while trading remains open for general investors.
- Trading window closure effective from July 1, 2026
- Closure pertains to financial results for the quarter ending June 30, 2026
- Window to reopen 48 hours after the public announcement of results
- Restriction is not applicable to general public investors
VLS Finance Limited has recommended a dividend of INR 1.50 per equity share (15% of face value) for the financial year 2025-26. The company's board approved the audited standalone and consolidated financial results for the year ended March 31, 2026, with a clean, unmodified auditor's opinion. Additionally, the board has approved the write-off of INR 9.69 lakhs due from its subsidiary, VLS Asset Management Limited, to facilitate its closure. The company has also appointed Grant Thornton Bharat LLP as the internal auditor for FY 2026-27.
- Recommended a dividend of INR 1.50 per share (15%) for the financial year 2025-2026.
- Fixed September 18, 2026, as the record date for dividend eligibility and the 39th AGM.
- Approved writing off INR 9,68,880.75 in dues from subsidiary VLS Asset Management Ltd to facilitate its closure.
- Appointed Grant Thornton Bharat LLP as Internal Auditor for the financial year 2026-27.
- Auditors issued an unmodified opinion on both standalone and consolidated financial results for FY26.
VLS Finance Limited has recommended a dividend of INR 1.50 per equity share (15% of face value) for the financial year 2025-26. The company has fixed September 18, 2026, as the record date to determine eligibility for the dividend and the 39th Annual General Meeting. In a move to simplify corporate structure, the board approved writing off INR 9.69 lakhs in dues from its subsidiary, VLS Asset Management Limited, to facilitate its closure. Additionally, Grant Thornton Bharat LLP has been appointed as the internal auditor for the 2026-27 financial year.
- Recommended a dividend of INR 1.50 per share (15% on face value of INR 10) for FY 2025-26.
- Record date for dividend and AGM eligibility set for September 18, 2026.
- Approved writing off outstanding dues of INR 9,68,880.75 from subsidiary VLS Asset Management Ltd to facilitate its closure.
- Appointed Grant Thornton Bharat LLP as Internal Auditor for the Financial Year 2026-27.
- The 39th Annual General Meeting is scheduled for September 29, 2026.
VLS Finance Limited has recommended a final dividend of ₹1.50 per equity share (15% of face value) for the financial year ended March 31, 2026. The board has approved the audited standalone and consolidated financial results for FY26 with an unmodified auditor's opinion. To streamline operations, the company is writing off ₹9.69 lakh in dues from its non-material subsidiary, VLS Asset Management Limited, to facilitate its closure. Additionally, Grant Thornton Bharat LLP has been appointed as the internal auditor for the 2026-27 financial year.
- Recommended a final dividend of ₹1.50 per equity share on a face value of ₹10 (15%).
- Record date for the dividend and 39th AGM is fixed for Friday, September 18, 2026.
- Approved write-off of ₹9,68,880.75 due from subsidiary VLS Asset Management Limited to facilitate its closure.
- Appointed Grant Thornton Bharat LLP as Internal Auditor for the Financial Year 2026-27.
- Dividend payment to be completed on or before October 28, 2026, subject to shareholder approval.
VLS Finance Limited has approved its audited financial results for the fiscal year ended March 31, 2026, receiving an unmodified opinion from its auditors. The Board has recommended a dividend of INR 1.50 per equity share (15% of face value), with a record date set for September 18, 2026. In a move to streamline operations, the company is closing its non-material subsidiary, VLS Asset Management Limited, and has approved writing off dues of approximately ₹9.69 lakhs. Additionally, Grant Thornton Bharat LLP has been appointed as the internal auditor for the 2026-27 financial year.
- Recommended a dividend of 15% amounting to INR 1.50 per equity share for FY 2025-26.
- Set September 18, 2026, as the record date for dividend eligibility and the 39th AGM.
- Approved writing off ₹9,68,880.75 in dues from subsidiary VLS Asset Management Ltd to facilitate its closure.
- Appointed Grant Thornton Bharat LLP as the Internal Auditor for the financial year 2026-27.
- Auditors issued an unmodified opinion on both standalone and consolidated annual financial results.
Shareholders of VLS Finance have approved a revision in the remuneration structure for Executive Director Shri Keshav Tandan through a postal ballot process. The ordinary resolution was passed with an overwhelming 99.98% majority of the total votes cast. A total of 14,226,900 votes were polled, representing approximately 45.34% of the total outstanding shares. The voting saw 100% support from both the promoter group and public institutional investors.
- Resolution for revision in remuneration of Executive Director Keshav Tandan passed with 99.98% votes in favor.
- Promoter and Promoter Group cast 13,793,806 votes, all 100% in favor of the proposal.
- Public Institutional investors showed unanimous support with 409,601 votes in favor.
- Public Non-Institutional voters showed 88.72% support, with 2,649 votes (11.28%) cast against the resolution.
- The remote e-voting period concluded on April 9, 2026, with the results officially declared on April 13, 2026.
Financial Performance
Revenue Growth by Segment
Total income from operations declined by 74.15% YoY, falling from INR 407.02 Cr in FY24 to INR 103.02 Cr in FY25. The primary driver was the 'Net gain on fair value changes' segment, which plummeted 80.29% from INR 373.70 Cr to INR 73.67 Cr. Interest income decreased by 8.94% to INR 12.88 Cr, while dividend income remained stable at INR 15.83 Cr.
Geographic Revenue Split
The Group operates primarily within India, with all major subsidiaries (VLS Securities, VLS Asset Management, VLS Sunnivesh) and its associate (VLS Capital) incorporated and operating in India, contributing 100% of the revenue.
Profitability Margins
Net Profit Margin significantly contracted from 77.55% in FY24 to 42.75% in FY25. This was driven by a 74.15% drop in total income coupled with a 55.54% increase in total expenses, primarily due to a massive spike in impairment provisions.
EBITDA Margin
EBITDA margin decreased from 93.77% in FY24 to 58.27% in FY25. Core profitability was severely impacted by the reduction in mark-to-market gains on proprietary investments and a 24,556% increase in impairment provisions on financial instruments (from INR 0.08 Cr to INR 20.10 Cr).
Capital Expenditure
Historical capital expenditure is reflected in a depreciation charge of INR 4.46 Cr for FY25, down from INR 5.70 Cr in FY24. Specific planned capital expenditure for future periods was not disclosed in the available documents.
Credit Rating & Borrowing
Finance costs remained low at INR 0.17 Cr in FY25 compared to INR 0.21 Cr in FY24, suggesting minimal reliance on external debt. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Not applicable as VLS Finance is a financial services and investment firm. Its primary 'inputs' are capital and financial instruments.
Capacity Expansion
Not applicable for financial services. The company operates through its subsidiaries, with VLS Securities Limited holding total assets of INR 795.22 Cr as of March 31, 2025.
Raw Material Costs
Not applicable. Operating expenses are driven by employee benefits (INR 8.52 Cr) and other administrative costs (INR 16.48 Cr).
Manufacturing Efficiency
Not applicable. Operational efficiency is measured by the performance of its investment portfolio and brokerage revenue (INR 6.74 Cr from VLS Securities).
Strategic Growth
Growth Strategy
The company is focusing on capital optimization, as evidenced by the Board's approval of a share buyback via the Tender Offer route on November 22, 2025. Growth is pursued through proprietary investments and stockbroking services via VLS Securities Limited.
Products & Services
Stockbroking services, proprietary investment management, asset management, and allied financial services.
Brand Portfolio
VLS Finance, VLS Securities, VLS Asset Management.
New Products/Services
The company incorporated VLS Sunnivesh Limited (formerly VLS Real Estate Limited) in 2021 to diversify activities, though specific revenue contributions for new launches in FY25 were not detailed.
Strategic Alliances
The company holds a 42.40% stake in VLS Capital Limited, which is treated as an associate under the equity method.
External Factors
Industry Trends
The industry is shifting toward increased transparency and digital compliance. VLS is transitioning its subsidiaries from manual record-keeping to digital audit trails to comply with Rule 11(g) of the Companies Rules.
Competitive Landscape
Competes with other NBFCs and stockbroking firms in India's fragmented financial services sector.
Competitive Moat
The company's moat is based on its SEBI registration (INZ000302836) and its established track record in proprietary trading. However, this is highly dependent on management's investment expertise.
Macro Economic Sensitivity
High sensitivity to Indian capital market performance and GDP growth, which influences investment valuations and trading volumes.
Consumer Behavior
Increased retail participation in Indian equity markets supports the brokerage business of VLS Securities.
Geopolitical Risks
Indirect impact through global market sentiment affecting Indian equity valuations and the company's proprietary portfolio.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI regulations for stockbroking and NBFC norms under the Companies Act 2013. The company must comply with Ind AS for financial reporting and new audit trail requirements.
Environmental Compliance
The company provided INR 0.68 Cr for unspent expenditure on Corporate Social Responsibility (CSR) in FY25.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 20.8%, with a total tax expense of INR 12.16 Cr on a PBT of INR 58.36 Cr.
Legal Contingencies
The company is involved in a significant ongoing dispute with Sunair Hotels Limited, leading to its exclusion from consolidated financials. Other pending litigations are disclosed in Note 36 of the financial statements.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of fair value gains, which fell by over INR 300 Cr YoY. A 10% adverse movement in the portfolio could wipe out the current year's profit.
Geographic Concentration Risk
100% of operations and assets are concentrated in India, making the company vulnerable to country-specific economic shocks.
Third Party Dependencies
Dependency on market intermediaries and exchanges for executing proprietary trades and brokerage services.
Technology Obsolescence Risk
Two subsidiaries (VLS Asset Management and VLS Sunnivesh) maintained manual books in FY24, posing a risk of falling behind regulatory digital compliance standards.
Credit & Counterparty Risk
Credit risk is managed via the Expected Credit Loss (ECL) model. Impairment provisions rose to INR 20.10 Cr in FY25, indicating a potential deterioration in counterparty credit quality.
