Varroc Engineering Limited (VARROC)

Loading page…

Varroc Engineering Limited (VARROC) · mywealthgrid

About

Varroc Engineering is an auto components and equipment supplier in India's automotive supply chain (Consumer Discretionary sector). With a market cap of ₹12,956 Cr and operating margins around 9.3%, the company is 75% promoter-owned. Stock performance of 53% over one year reflects investor optimism.

Face value: ₹1

Market cap

₹12,692 Cr

P/E

64.3×

P/B

7.1×

Dividend yield

0.3%

ROE

13.5%

ROCE

23.7%

Debt / equity

0.41

OPM

9.3%

EPS (TTM)

₹12.9

Book value

₹116.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation multiple disconnect: PE ratio of 65.69 substantially exceeds ROE of 13.45%, suggesting earnings growth expectations are heavily priced in; verify earnings visibility over the next 2–3 years
Operating margin and profitability volatility: Recent quarters show OPM ranging 8.42%–10.74%, with Dec 2025 posting a consolidated net loss of ₹11.3 Cr; verify drivers of quarterly swings and path to stable profitability
Auto sector cyclicality and customer concentration: Verify OEM demand visibility, customer concentration, and margin compression exposure in industry downturns
Revenue plateau: Quarterly revenues have held ₹2.0–2.6 Cr range over eight quarters with no apparent growth trend; verify new platform allocations or capacity additions that drive volume expansion

Generated analysis · source review pending

Growth drivers

Volume expansion from new OEM platform wins: Quarterly revenues have held ₹2.0–2.6 Cr; verify near-term design allocations and production ramps from existing and new customers
Margin stability as volumes scale: OPM held 9–10% (avg 9.33%) despite revenue variation; verify whether fixed cost absorption supports profit leverage on incremental volumes
Cash generation capacity: Recent profitable quarters show net profits of ₹60–102 Cr (standalone), with dividends paid Aug 2026 and Aug 2025; verify reinvestment levels and capex plans

Generated analysis · source review pending

2,029 historical price candles were omitted because the exchange source has not been verified.

₹830.6-0.8%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20% (3-yr avg)
+High return on capital employed of 22.5%
+High promoter holding of 75% with no pledge

Cons

−Revenue shrank over the last 5 years (-4.7% a year)
−Expensive at 64.3× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 42
Growth: 45
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37
Schaeffler India LimitedSCHAEFFLERSCHAEFFLER	₹60,732 Cr	₹60,787 Cr	₹10,505 Cr	₹1,917 Cr	18.2%	₹1,253 Cr	11.9%	27.3%	20.2%	68
Sona Blw Precision Forgings LimitedSONACOMSSONACOMS	₹50,071 Cr	₹50,314 Cr	₹4,935 Cr	₹1,207 Cr	24.7%	₹686 Cr	14.1%	14.6%	11%	121
Tube Investments Of India LimitedTIINDIATIINDIA	₹45,302 Cr	₹45,695 Cr	₹23,754 Cr	₹2,260 Cr	9.9%	₹607 Cr	4.9%	15.4%	9.6%	41
Endurance Technologies LimitedENDURANCEENDURANCE	₹36,602 Cr	₹37,928 Cr	₹15,592 Cr	₹2,058 Cr	13.5%	₹970 Cr	6.5%	18.5%	15.2%	-6
Exide Industries LimitedEXIDEINDEXIDEIND	₹34,803 Cr	₹35,896 Cr	₹18,829 Cr	₹1,954 Cr	10.4%	₹932 Cr	4.8%	8.9%	6.1%	42
Dhoot Transmission LimitedDHOOTTRANSDHOOTTRANS	₹29,518 Cr	₹30,359 Cr	₹4,525 Cr	₹711 Cr	15.7%	₹397 Cr	8.8%	30.8%	23.1%	69
Craftsman Automation LimitedCRAFTSMANCRAFTSMAN	₹26,897 Cr	₹30,238 Cr	₹8,717 Cr	₹1,357 Cr	15.3%	₹465 Cr	4.8%	16.1%	12.5%	74
Sansera Engineering LimitedSANSERASANSERA	₹26,686 Cr	₹27,144 Cr	₹3,753 Cr	₹696 Cr	18.1%	₹351 Cr	9.3%	14.7%	11.1%	98

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,609	10,378	12,036	11,122	11,303	5,844	6,863	7,552	8,154	8,890
COGS	6,037	6,383	7,546	6,986	7,512	3,849	4,431	4,733	5,209	5,702
Gross profit	3,572	3,996	4,491	4,136	3,791	1,995	2,433	2,819	2,945	3,189
	3,080	3,115	3,370	3,324	3,359	1,636	1,881	2,001	2,152	2,355
	491	881	1,120	812	432	359	552	818	792	834
OPM %	5.1%	8.5%	9.3%	7.3%	3.8%	6.1%	8%	10.8%	9.7%	9.4%
Depreciation	337	386	566	732	895	305	337	337	323	332
Interest	—	86	97	139	163	118	190	194	170	134
	94	39	91	99	127	-995	-798	7	-130	-26
Profit before tax	327	516	549	39	-498	-1,059	-773	294	169	341
Tax	14	65	99	37	130	48	44	-238	100	112
Tax %	4.2%	12.6%	18%	93.6%	26.2%	4.6%	5.7%	-81%	58.8%	32.7%
	313	451	450	3	-629	-1,107	-817	532	70	230
PAT margin %	3.3%	4.3%	3.7%	0%	-5.6%	-18.9%	-11.9%	7.1%	0.9%	2.6%
EPS (₹)	—	—	33.1	0	-46.8	-72.6	-53.7	34.4	4	14.7
EPS adjusted (₹)	—	36.6	33.1	0	-41.4	-72.6	-53.7	34.4	4	14.7
	—	—	12.1%	30,000%	—	—	—	0%	24.9%	10.2%
Annual report	—	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	13	13	15	15	15	15	15	15
Reserves	2,815	3,053	2,991	3,013	1,973	961	1,482	1,550	1,765
Minority interest	22	24	25	28	25	28	29	33	38
	980	1,659	2,601	2,998	1,553	1,635	1,209	949	738
	3,024	3,983	5,372	5,171	7,431	1,982	1,825	2,125	2,319
Total equity & liabilities	6,852	8,732	11,002	11,225	10,998	4,621	4,560	4,672	4,875
	2,790	3,546	4,455	4,470	1,903	2,051	2,027	2,016	2,232
CWIP	244	666	398	494	112	121	76	100	95
Investments	360	362	330	376	400	421	530	69	88
	3,459	4,158	5,820	5,885	8,582	2,028	1,927	2,487	2,459
Total assets	6,852	8,732	11,002	11,225	10,998	4,621	4,560	4,672	4,875

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Automotive (refer note 3)	8,648.75	427.64	4,407	2,225.22	2,181.78	19.6
Others	241.74	-27.69

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	37.3%	37.2%	33.5%	34.1%	35.4%	37.3%	36.1%	35.9%
EBITDA margin %	9.1%	7.4%	3.5%	6.2%	8%	10.2%	9.7%	9.3%
EBIT margin %	4.3%	0.8%	-4.4%	0.9%	3.1%	5.8%	5.7%	5.6%
PAT margin %	3.7%	0%	-5.6%	-18.9%	-11.9%	7.1%	0.9%	2.6%
Working capital
Receivable days	41	36	53	32	32	24	30	30
Inventory days	43	56	61	58	55	52	51	60
Payable days	—	5	144	115	99	94	98	97
NWC days	—	87	-30	-25	-12	-19	-16	-8
Leverage
Current ratio	0.7	0.69	0.7	0.47	0.62	0.79	0.77	0.88
Debt to EBITDA	1.52	3.17	7.56	4.32	2.99	1.56	1.2	0.89
Debt to equity	0.54	0.87	0.99	0.78	1.67	0.81	0.61	0.41
Interest coverage	6.3	1.3	-2.3	0.7	1.4	2.4	2.8	3.8
Asset turnover	1.38	1.01	1.01	0.53	1.49	1.66	1.75	1.82
Return ratios
Return on assets %	5.2%	0%	-5.6%	-10.1%	-17.7%	11.7%	1.5%	4.7%
Return on capital employed %	16.1%	4.2%	-7.4%	1.4%	5.5%	22.4%	21.4%	23.7%
Return on equity %	14.7%	0.1%	-20.8%	-55.7%	-83.7%	35.5%	4.5%	12.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%
	4.99%	4.57%	4.22%	4.23%	3.8%	3.9%	3.92%	3.99%	4.29%	4.36%	4.45%	4.29%
	12.43%	11.44%	12.15%	12.73%	12.65%	12.49%	12.8%	13.02%	12.74%	12.4%	11.35%	11.18%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	7.58%	8.99%	8.63%	8.04%	8.55%	8.61%	8.28%	7.99%	7.97%	8.24%	9.2%	9.53%
No. of shareholders	—	—	—	—	—	—	—	—	88,841	85,292	84,692	83,288

Promoter holding up 0 percentage points since Sep 2023.

10 deals · 17 Nov 2023 – 7 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	8,06,254	₹809.58	₹65.27 Cr
7 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	8,06,254	₹809.08	₹65.23 Cr
10 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,56,565	₹592.50	₹80.38 Cr
10 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,56,565	₹592.28	₹80.35 Cr
22 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,13,679	₹599.58	₹48.79 Cr
22 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,13,679	₹599.25	₹48.76 Cr
11 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,18,935	₹675.10	₹62.04 Cr
11 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,18,935	₹674.48	₹61.98 Cr
17 Nov 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,38,298	₹528.66	₹44.32 Cr
17 Nov 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,38,298	₹528.48	₹44.30 Cr

1–10 of 10

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Tarang Naresh JainExecutive Director-Chairperson-MD
Mr. Arjun Tarang JainExecutive Director
Mr. Vinish KathuriaNon-Executive - Independent Director
Mr. Dhruv JainExecutive Director
Mrs. Liselott KilaasNon-Executive - Independent Director
Mr. Akshaykumar Narendrasinhji ChudasamaNon-Executive - Independent Director
Mr. Padmanabh SinhaNon-Executive - Independent Director
Mr. Avinash Ramdas ChintawarExecutive Director
Mr. K. Mahendra KumarGroup Chief Financial Officer
Mr. Anil GhatiyaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

1.44%

of the company's equity

All mutual funds

9.79%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	17.42 L	150.12	1.84%	1.14%	+29,713
Transportation and Logistics Fund	ICICI Prudential Mutual Fund	3 L	25.9	0.63%	0.197%	-1 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	99,619	8.59	0.34%	0.065%	-2,181
ELSS – Tax Saver Fund	ICICI Prudential Mutual Fund	39,597	3.41	0.02%	0.026%	-2.43 L
SMALL CAP FUNDNEW	Samco Mutual Fund	23,133	1.99	1.02%	0.015%	—
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	681	0.06	0.02%	0%	+3
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	113	0.01	0.02%	0%	-0

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend7 Aug 2026 · ex-date₹1.5
Final dividend8 Aug 2025 · ex-date₹1
Interim dividend25 Feb 2020 · ex-date₹3
Final dividend8 Aug 2019 · ex-date₹4

1

Board meeting to consider results6 Aug 2026

1

Earnings call6 Aug 2026call

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

34 announcementsExport CSV

30 Sept 2026, 8:35 pmCompany Update

Closure Of Operations Of Manufacturing Operations Of Varroc Italy S.P.A. (In Italy)

General PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	37.3%	37.2%	33.5%	34.1%	35.4%	37.3%	36.1%	35.9%
EBITDA margin %	9.1%	7.4%	3.5%	6.2%	8%	10.2%	9.7%	9.3%
EBIT margin %	4.3%	0.8%	-4.4%	0.9%	3.1%	5.8%	5.7%	5.6%
PAT margin %	3.7%	0%	-5.6%	-18.9%	-11.9%	7.1%	0.9%	2.6%
Working capital
Receivable days	41	36	53	32	32	24	30	30
Inventory days	43	56	61	58	55	52	51	60
Payable days	—	5	144	115	99	94	98	97
NWC days	—	87	-30	-25	-12	-19	-16	-8
Leverage
Current ratio	0.7	0.69	0.7	0.47	0.62	0.79	0.77	0.88
Debt to EBITDA	1.52	3.17	7.56	4.32	2.99	1.56	1.2	0.89
Debt to equity	0.54	0.87	0.99	0.78	1.67	0.81	0.61	0.41
Interest coverage	6.3	1.3	-2.3	0.7	1.4	2.4	2.8	3.8
Asset turnover	1.38	1.01	1.01	0.53	1.49	1.66	1.75	1.82
Return ratios
Return on assets %	5.2%	0%	-5.6%	-10.1%	-17.7%	11.7%	1.5%	4.7%
Return on capital employed %	16.1%	4.2%	-7.4%	1.4%	5.5%	22.4%	21.4%	23.7%
Return on equity %	14.7%	0.1%	-20.8%	-55.7%	-83.7%	35.5%	4.5%	12.9%

Date	Category	Subject	Filing
30 Sept 2026, 8:35 pm	Company Update General	Closure Of Operations Of Manufacturing Operations Of Varroc Italy S.P.A. (In Italy)	PDF
28 Sept 2026, 9:44 am	Company Update General	Intimation Of Listing And Record Date - Commercial Papers	PDF
14 Sept 2026, 10:28 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
9 Sept 2026, 9:51 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
8 Sept 2026, 10:22 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
28 Aug 2026, 3:56 pm	Company Update General	Reg30 Initimation	PDF
25 Aug 2026, 9:27 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
24 Aug 2026, 10:06 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,075	474	1,414	474	636	661	638	737	537
	-601	-1,757	-1,268	-644	-763	-260	-167	-246	-123
	-523	1,129	733	-152	-335	-216	-664	-490	-405
Net cash flow	-50	—	—	-322	-462	185	-192	-0	8
Free cash flow	609	-635	436	-87	-18	130	381	458	139
CFO / Operating profit %	122%	43.5%	172.2%	119.4%	176.9%	120.8%	82.5%	93.4%	64.7%

Varroc Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

4

1

1

Announcements

Not in the F&O segment

4

1

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Automotive · revenue

Varroc Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends4

Board meetings1

Other corporate actions1

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Dividends4

Board meetings1

Other corporate actions1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Automotive · revenue

4

1

1

4

1

1