V Marc India Limited (VMARCIND)
📢 Recent Corporate Announcements
V-Marc India Limited has scheduled its 13th Annual General Meeting (AGM) for September 25, 2026, via video conferencing. Key resolutions include revising the remuneration of CMD Vikas Garg up to ₹2.88 crore per annum (ceiling ₹5.00 crore) and Executive Director Deepak Prabhakar Tikle up to ₹0.60 crore per annum (ceiling ₹0.70 crore). The company also seeks shareholder approval under Section 180(1)(a) to create charges/mortgages on assets up to ₹1,000 crore for lenders. Remote e-voting will take place from September 22 to September 24, 2026, with a cut-off date of September 18, 2026.
- 13th Annual General Meeting scheduled for September 25, 2026, via Video Conferencing.
- Revision of CMD Vikas Garg's remuneration up to ₹2.88 crore per annum (with an overall ceiling of ₹5.00 crore).
- Revision of Executive Director Deepak Tikle's remuneration up to ₹0.60 crore per annum (with an overall ceiling of ₹0.70 crore).
- Approval sought under Section 180(1)(a) to create security charges/mortgages on company assets up to ₹1,000 crore.
- Remote e-voting window open from September 22 to September 24, 2026; cut-off date is September 18, 2026.
V-Marc India's Board has approved several key resolutions to be placed before shareholders at the upcoming AGM. The proposals include substantial Related Party Transaction (RPT) limits for FY27 onwards totaling ₹750 Cr per annum across three promoter-linked entities, representing ~25.7% of TTM revenue (₹2,913 Cr). The Board also approved an enhancement of FY26 purchases from V-Marc Electricals from ₹50 Cr to ₹75 Cr. Additionally, remuneration ceilings were revised for CMD Vikas Garg (up to ₹5.00 Cr/year) and ED Deepak Prabhakar Tikle (up to ₹70 Lakhs/year), alongside the appointment of Neha Rastogi as Independent Director.
- Proposed annual Related Party Transaction limits of ₹350 Cr for V-MARC Electricals, ₹350 Cr for V-MARC Defence and Aerospace, and ₹50 Cr for Asian Ambrosia for FY27 onwards.
- Enhanced FY26 purchase limit with V-MARC Electricals from ₹50 Cr to ₹75 Cr.
- Revised remuneration ceiling for CMD Vikas Garg to ₹5.00 Cr per annum effective April 1, 2026.
- Revised remuneration ceiling for ED Deepak Prabhakar Tikle to ₹70 Lakhs per annum effective April 1, 2026.
- Appointed Mrs. Neha Rastogi as Non-Executive Independent Director for a 5-year term from July 8, 2026.
V-Marc India Limited announced that its Board of Directors has approved the migration of the company from the NSE SME platform to the Main Board of NSE, alongside a direct listing on the Main Board of BSE. The Board also fixed the 13th Annual General Meeting (AGM) for September 25, 2026, with the cut-off date for e-voting set to September 18, 2026. Additionally, the Board recommended the regularization of Mrs. Neha Rastogi as an Independent Director for a 5-year tenure subject to shareholder approval.
- Board approved migration from NSE SME platform to NSE Main Board and direct listing on BSE Main Board
- 13th Annual General Meeting scheduled for September 25, 2026 via VC/OAVM
- E-voting cut-off date and book closure start date set as September 18, 2026 (running to September 25, 2026)
- Approved regularisation of Mrs. Neha Rastogi as Non-Executive Independent Director for a 5-year term from July 8, 2026
V-Marc India Limited has received three Letters of Intent (LoIs) from Purvanchal Vidyut Vitran Nigam Limited (PuVVNL), a Uttar Pradesh state discom, for the supply of 11 KV and 33 KV HT XLPE cables. The total order value is ₹100.74 crore (inclusive of 18% GST), which represents approximately 4.3% of the company's TTM revenue of ₹2,357 crore. The orders are scheduled for execution by January 2027, indicating a relatively short delivery window of approximately five months. The contracts include a price variation clause, which helps mitigate risks associated with raw material price fluctuations.
- Total order value of ₹100.74 Cr including 18% GST, awarded by a UP state government undertaking.
- Execution timeline is short, with completion required by January 2027.
- Order consists of three separate LoIs valued at ₹48.82 Cr, ₹26.26 Cr, and ₹25.65 Cr.
- Contracts include a price variation clause to protect margins against input cost volatility.
- Order value represents ~4.3% of the company's TTM revenue of ₹2,357 Cr.
V-Marc India delivered a robust Q1 FY27 performance, with revenue doubling to ₹555.5 Cr, driven by a massive 256.5% surge in the B2C (Dealer) segment. While gross margins compressed by 350 bps to 19.6% due to input cost pressures, PAT jumped 163% to ₹28.5 Cr, aided by operating leverage and lower tax rates. The company is aggressively scaling, with production capacity reaching 212,600 km in FY26. Despite the top-line growth, EBITDA margins saw a slight contraction of 40 bps to 10.7%.
- Revenue from operations increased 102.4% YoY to ₹555.5 Cr in Q1 FY27.
- Profit After Tax (PAT) surged 163.3% YoY to ₹28.5 Cr, representing 2.6x growth.
- B2C (Dealer) segment revenue grew by 256.5% YoY to ₹76.0 Cr, indicating a shift toward retail.
- Production capacity expanded to 212,600 km in FY26 from 169,020 km in FY25.
- Gross margins declined to 19.6% from 23.1% YoY, reflecting raw material price volatility.
V-Marc India reported a robust Q1 FY27 with revenue doubling to ₹555.5 cr and PAT surging 163% YoY to ₹28.5 cr. The board approved a significant increase in borrowing limits from ₹600 cr to ₹1,000 cr to support a ₹500 cr+ capex plan aimed at quadrupling capacity by FY30. While EBITDA margins slightly dipped to 10.7% due to input cost pass-through, the company maintained its full-year growth guidance of 40%. A GST search was conducted in June 2026, with the company depositing tax under protest, which remains a key monitoring point.
- Revenue from operations grew 102% YoY to ₹555.5 cr in Q1 FY27
- PAT increased 163% YoY to ₹28.5 cr, supported by operating leverage
- Board approved increasing borrowing limits to ₹1,000 cr, exceeding the current market cap of ₹968 cr
- Planned capex of ₹500 cr+ through FY30 to reach 10 lakh km capacity (4x current levels)
- Dealer network expanded to 1,200+ across 25 states and union territories
V-Marc India reported a robust Q1 FY27 with revenue doubling YoY to ₹555.5 Cr and PAT surging 163% to ₹28.5 Cr. This performance is notable as Q1 is historically the company's lightest quarter, yet it delivered nearly one-third of FY26's total revenue. The Board has further increased borrowing limits to ₹1,000 Cr to support a massive ₹500 Cr capex plan aimed at quadrupling capacity by FY30. Investors should monitor a GST search conducted in June 2026, where the company deposited tax under protest.
- Revenue from operations grew 102% YoY to ₹555.5 Cr in Q1 FY27 from ₹274.4 Cr.
- PAT increased 163% YoY to ₹28.5 Cr, with PAT margins improving to 5.1% from 3.9%.
- Planned capex of over ₹500 Cr through FY30 to reach 10 lakh km capacity (4.7x current levels).
- Borrowing limits and asset security limits enhanced to ₹1,000 Cr from ₹800 Cr.
- Dealer network expanded to 1,200+ across 25 states; second e-beam line now operational.
V-Marc India Limited has announced a physical one-on-one and group meeting with analysts and institutional investors scheduled for August 14, 2026, in Mumbai. The event is organized by Emkay Global Financial Services Ltd. This outreach occurs despite a significant 72.1% decline in the stock price over the last three months, while the company maintains a high ROCE of 41.0% and TTM revenue of Rs 2,357 Cr. The company stated that no unpublished price-sensitive information will be shared during these sessions.
- Investor meeting scheduled for August 14, 2026, starting at 08:30 AM in Mumbai.
- Event organized by Emkay Global Financial Services Ltd [Institutional Equity team].
- Company reported TTM revenue of Rs 2,357 Cr against a market cap of Rs 809 Cr.
- Stock has experienced a sharp 72.1% price correction over the trailing 3-month period.
- Company maintains a 5-year target to quadruple production capacity to 7 lakh kms by FY30.
Financial Performance
Revenue Growth by Segment
HT Cables grew 115% YoY to INR 3,379 Mn; LT Cables grew 110% YoY to INR 2,537 Mn; Building Wires grew 64% YoY to INR 942 Mn; Others declined 41% YoY to INR 57 Mn.
Geographic Revenue Split
The company supplies products within India and through exports; however, specific percentage splits for regions are not disclosed in available documents.
Profitability Margins
Gross Margin stood at 22.6% in H1 FY26 (INR 1,560 Mn); PAT Margin improved significantly to 5.3% in H1 FY26 from 3.3% in H1 FY25, driven by volume growth and lower interest costs.
EBITDA Margin
EBITDA Margin was 11.3% in H1 FY26, an improvement of 130 basis points from 10.0% in H1 FY25, reflecting operating leverage and a focus on high-margin products.
Capital Expenditure
H1 FY26 Capex was INR 39.5 Cr (INR 395 Mn), with a full-year FY26 plan of approximately INR 80 Cr (INR 800 Mn) to support capacity expansion.
Credit Rating & Borrowing
Ratings reaffirmed by Infomerics; liquidity is adequate with a current ratio of 1.22x as of March 31, 2025. Fund-based limit utilization was ~91% for the 12 months ended March 2025.
Operational Drivers
Raw Materials
Aluminum (primary raw material) and Copper; specific percentage of total cost for each is not disclosed but aluminum is cited as the major input.
Import Sources
Sourced domestically within India; specific states or international import sources are not detailed.
Key Suppliers
National Aluminium Company Limited (NALCO) and Hindalco Industries Limited.
Capacity Expansion
Current capacity is 1.69 lakh kms in FY25; planned expansion to 7 lakh kms (quadrupling capacity) over the next five years (by FY30).
Raw Material Costs
Cost of Goods Sold (COGS) was INR 5,355 Mn in H1 FY26, representing 77.4% of revenue; margins are susceptible to volatility in aluminum prices.
Manufacturing Efficiency
Inventory management improved with inventory days decreasing from 77 days in FY24 to 60 days in FY25.
Strategic Growth
Expected Growth Rate
50%
Growth Strategy
Achieved through quadrupling production capacity to 7 lakh kms, aggressive brand-building investments, team expansion, and increasing the mix of high-margin retail products and backward integration.
Products & Services
HT Cables, LT Cables, Building Wires, and other electrical conductors.
Brand Portfolio
V-Marc
New Products/Services
Focus on high-margin products and retail-led business model; specific new product revenue contributions are not disclosed.
Market Expansion
Expanding geographic presence and dealer activation across India to fuel future scale.
External Factors
Industry Trends
The industry is growing but remains highly fragmented; there is a shift toward organized players and higher demand for HT cables in infrastructure projects.
Competitive Landscape
Faces intense competition from large organized players and a significant number of unorganized players.
Competitive Moat
Moat is built on backward integration and an established pan-India dealer network, though margins remain range-bound between 10-11% due to competition.
Macro Economic Sensitivity
Sensitive to infrastructure spending and industrial growth in India which drives demand for cables and wires.
Consumer Behavior
Increased demand for branded, reliable building wires in the retail segment.
Geopolitical Risks
Exposure to global commodity price fluctuations, particularly aluminum and copper.
Regulatory & Governance
Industry Regulations
Operates under Accounting Standard AS-17 for segment reporting; manufacturing units are located in Uttarakhand.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 25.3% (Tax expense of INR 124 Mn on PBT of INR 488 Mn).
Legal Contingencies
No investor complaints were received or pending as of September 30, 2025.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Aluminum/Copper) and potential delays in government receivables could impact liquidity.
Geographic Concentration Risk
Manufacturing is concentrated in Uttarakhand with two units; sales are distributed pan-India.
Third Party Dependencies
High dependency on primary aluminum producers like NALCO and Hindalco for raw material supply.
Credit & Counterparty Risk
Receivable cycle of 86 days reflects credit risk associated with government-sector clients.
