Vardhman Holdings Limited (VHL)

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Vardhman Holdings Limited (VHL) · mywealthgrid

About

Vardhman Holdings operates as an investment company within the financials sector, with a market cap of ₹1,100.48 Cr. The company maintains a strong financial position with zero debt (D/E 0) and high operating margins (83.35%), though it displays high quarterly earnings volatility (revenue ₹0.33–₹44.47 Cr, EPS ₹0.22–₹307.27).

Face value: ₹10

Market cap

₹1,099 Cr

P/E

4.4×

P/B

0.3×

Dividend yield

0.3%

ROE

5.9%

ROCE

—

Debt / equity

OPM

83.4%

EPS (TTM)

₹788.5

Book value

₹11,804.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme quarterly volatility (revenue ₹0.33–₹44.47 Cr, EPS ₹0.22–₹307.27) — verify drivers and whether pattern is structural or cyclical
ROE of 5.91% is low for a finance company — verify if reflects capital deployment constraints or structural return limitations
Minimal institutional ownership (FII 0.05%, DII 0.07%) — verify whether reflects liquidity concerns or fundamental questions about investment quality
Dividend payments sustained despite volatility and low ROE — verify payout ratio and earnings sustainability

Generated analysis · source review pending

Growth drivers

Earnings stabilization: quarterly results range from ₹0.33–₹44.47 Cr revenue and EPS ₹0.22–₹307.27; consistent results above recent levels would indicate sustainable growth — verify drivers of volatility
Capital deployment: zero debt (D/E 0) combined with 83.35% margins permits leverage or reinvestment; verify management's capital allocation strategy
Investment portfolio: as an investment company, growth depends on portfolio performance — verify asset allocation and expected returns from current investments

Generated analysis · source review pending

2,522 historical price candles were omitted because the exchange source has not been verified.

₹3,390.0+2.6%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 83.4%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 241.2×
+High promoter holding of 74.9% with no pledge

Cons

−Low return on equity of 6.4% (3-yr avg)
−Profit declined 1.8% a year over the last 3 years
−Revenue shrank over the last 5 years (-9.1% a year)
−Low dividend payout of 1.3% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

75/100

Business quality: 76
Growth

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
Jio Financial Services LimitedJIOFINJIOFIN	₹1,40,316 Cr	₹1,62,084 Cr	₹4,905 Cr	₹3,264 Cr	65.6%	₹2,066 Cr	44.4%	—	1.2%	—
Aditya Birla Capital LimitedABCAPITALABCAPITAL	₹1,02,546 Cr	₹2,81,426 Cr	₹48,186 Cr	₹17,803 Cr	36.7%	₹4,104 Cr	8.5%	—	11.6%	—
Tata Investment Corporation LimitedTATAINVESTTATAINVEST	₹31,122 Cr	₹31,122 Cr	₹404 Cr	₹361 Cr	89.4%	₹431 Cr	109.2%	—	1.4%	—
Cholamandalam Financial Holdings LimitedCHOLAHLDNGCHOLAHLDNG	₹25,721 Cr	₹2,36,121 Cr	₹40,993 Cr	₹22,781 Cr	55.1%	₹2,669 Cr	14%	—	17.5%	—
Tvs Holdings LimitedTVSHLTDTVSHLTD	₹24,010 Cr	₹60,166 Cr	₹62,488 Cr	₹9,940 Cr	15.8%	₹1,970 Cr	5.8%	—	30.4%	—
Maharashtra Scooters LimitedMAHSCOOTERMAHSCOOTER	₹14,113 Cr	₹14,113 Cr	₹289 Cr	₹285 Cr	98.7%	₹279 Cr	99.3%	—	1.1%	—
Jsw Holdings LimitedJSWHLJSWHL	₹12,496 Cr	₹12,496 Cr	₹184 Cr	₹168 Cr	92.2%	₹137 Cr	81.7%	—	0.5%	—
Religare Enterprises LimitedRELIGARERELIGARE	₹7,663 Cr	₹8,064 Cr	₹8,941 Cr	₹60 Cr	1.6%	₹50 Cr	0.9%	—	3.2%	—
Pilani Investment And Industries Corporation LimitedPILANIINVSPILANIINVS	₹4,320 Cr	₹6,712 Cr	₹248 Cr	₹216 Cr	88.5%	₹-12 Cr	11%	—	0.2%	—
Nalwa Sons Investments LimitedNSILNSIL	₹2,633 Cr	₹2,636 Cr	₹98 Cr	₹77 Cr	74.8%	₹55 Cr	56.1%	—	0.3%	—
Kalyani Investment Company LimitedKICLKICL	₹2,065 Cr	₹2,065 Cr	₹78 Cr	₹65 Cr	82.2%	₹41 Cr	47.1%	—	0.4%	—
El Cid Investments LimitedELCIDINELCIDIN	₹2,043 Cr	—	₹134 Cr	₹127 Cr	94.5%	₹109 Cr	81%	—	1.2%	—

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Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12	20	33	6	15	23	12
Interest	0	0	0	0	0	0	0
Expenses	6	2	3	4	4	6	2
Financing profit	6	18	30	2	11	17	10
Financing margin %	51.9%	88.5%	90.8%	25.8%	70.9%	72.9%	82.9%
Other income	1	1	2	2	2	2	2
Depreciation	0	0	0	0	0	0	0
Profit before tax	161	133	459	225	194	273	229
Tax	1	4	30	-4	9	15	13
Tax %	0.8%	2.8%	6.6%	-1.6%	4.8%	5.5%	5.8%
PAT	160	—	429	228	185	258	216
EPS (₹)	500.4	405.8	1,344.5	715.8	579.3	808.4	676.8
EPS adjusted (₹)	500.7	—	1,345.1	716.1	579.5	808.8	677.2
	0%	1.2%	0.4%	0.7%	0.9%	0.6%	0.7%
Annual report	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	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	3	3	3	3	3	3	3	3	3	3
Reserves	1,244	1,545	1,732	2,122	2,303	2,774	3,096	3,294	3,537	3,762
	0	0	0	0	0	0	0	0	0	0
	2	5	5	4	2	1	1	1	1	4
Total equity & liabilities	1,249	1,553	1,740	2,130	2,307	2,778	3,101	3,298	3,541	3,769
	1	1	3	3	3	3	3	3	3	3
CWIP	—	—	—	—	—	—	0	0	—	0
Investments	1,240	1,506	1,688	1,979	2,167	2,291	3,065	3,270	3,528	3,758
	9	46	50	147	137	483	32	25	10	8
Total assets	1,249	1,553	1,740	2,130	2,307	2,778	3,101	3,298	3,541	3,769

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	51.9%	88.5%	90.8%	25.8%	70.9%	72.9%	83.4%
EBIT margin %	51.8%	88.5%	90.7%	25.6%	70.8%	72.8%	83.3%
PAT margin %	1,283.9%	—	1,296.7%	3,878.3%	1,240.7%	1,133.1%	1,763.3%
Working capital
Receivable days	—	—	—	—	—	—	—
Inventory days	—	—	—	0	0	0	0
Payable days	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	0	0	0	0	0	0	0
Debt to equity	0	0	0	0	0	0	0
Interest coverage	—	—	—	—	—	—	241.2
Asset turnover	0.01	0.01	0.01	0	0	0.01	0
Return ratios
Return on assets %	7.5%	—	15.4%	7.4%	5.6%	7.3%	5.7%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	7.5%	—	15.5%	7.4%	5.6%	7.3%	5.7%

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.

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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
	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%	74.9%
	0.03%	0.03%	0.03%	0.06%	0.06%	0.07%	0.07%	0.06%	0.05%	0.05%	0.05%	0.05%
	0.96%	0.97%	0.56%	0.53%	0.13%	0.06%	0.06%	0.06%	0.06%	0.07%	0.07%	0.07%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.11%	24.1%	24.51%	24.51%	24.91%	24.97%	24.97%	24.98%	24.99%	24.98%	24.98%	24.98%
No. of shareholders	—	—	—	—	—	—	—	—	11,194	10,846	10,688	10,446

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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.

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Fund holders

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

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Vardhman Holdings Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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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.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

5 announcementsExport CSV

29 Sept 2026, 10:32 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

18 Sept 2026, 6:27 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

18 Sept 2026, 6:14 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

17 Sept 2026, 5:37 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

9 Sept 2026, 10:33 amCompany Update

Demat Report For The Month Ended 31St August, 2026.

General PDF

Date	Category	Subject	Filing
29 Sept 2026, 10:32 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 6:27 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	51.9%	88.5%	90.8%	25.8%	70.9%	72.9%	83.4%
EBIT margin %	51.8%	88.5%	90.7%	25.6%	70.8%	72.8%	83.3%
PAT margin %	1,283.9%	—	1,296.7%	3,878.3%	1,240.7%	1,133.1%	1,763.3%
Working capital
Receivable days	—	—	—	—	—	—	—
Inventory days	—	—	—	0	0	0	0
Payable days	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—
Debt to EBITDA	0	0	0	0	0	0	0
Debt to equity	0	0	0	0	0	0	0
Interest coverage	—	—	—	—	—	—	241.2
Asset turnover	0.01	0.01	0.01	0	0	0.01	0
Return ratios
Return on assets %	7.5%	—	15.4%	7.4%	5.6%	7.3%	5.7%
Return on capital employed %	—	—	—	—	—	—	—
Return on equity %	7.5%	—	15.5%	7.4%	5.6%	7.3%	5.7%

2 deals · 8 Jan 2025 – 8 Jan 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
8 Jan 2025	CD EQUIFINANCE PRIVATE LIMITED	Bulk	BSE	Buy	25,423	₹4,275.53	₹10.87 Cr
8 Jan 2025	JYOTSNA CHANDRAVADAN DESAI	Bulk	BSE	Sell	25,154	₹4,275.47	₹10.75 Cr

1–2 of 2

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.

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-34	2	6	-95	82	-4	1	-3	-6	-6
	36	0	-3	99	-10	-69	2	4	5	7
	-1	-2	-2	-2	-0	-2	-2	-2	-2	-2
Net cash flow	1	0	1	2	72	-74	2	-0	-2	-0
Free cash flow	-34	-0	6	—	82	-4	1	-3	-6	-6
CFO / Operating profit %	—	—	—	—	469.1%	-12%	84.2%	-27.3%	-33.2%	-56.3%

Vardhman Holdings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

18

1

Compounded sales growth

Compounded profit growth

Return on equity

Vardhman Holdings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Quarterly record

Annual reports

Dividends18

Board meetings1

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

18

1