V-Guard Industries Limited has informed the Exchange about Investor Presentation
July 29, 2025
The Manager, Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001
Scrip Code: 532953
Dear Sir/Madam,
The Manager, Listing Department, National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra-East, Mumbai- 400 051 Symbol: VGUARD
Sub: Submission of Investor Presentation pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit Investor Presentation on Un-Audited Financial Results of the Company for the quarter ended June 30, 2025.
We request you to kindly take the above information on record.
Thanking You,
Yours Sincerely,
For V-Guard Industries Limited
Vikas Kumar Tak Company Secretary & Compliance Officer Membership No. FCS 6618
Encl: As above
V-GUARD INDUSTRIES LTD
.
Regd. Office: 42/962, Vennala High School Road, Vennala, Kochi – 682 028. CIN: L31200KL1996PLC010010
P E W
+91 484 300 5000, 200 5000 mail@vguard.in www.vguard.in
V-Guard Industries Q1 FY26 Earnings Presentation
Disclaimer
2
Certain statements
in this communication may be ‘forward looking
statements’ within the meaning of applicable laws and regulations. These
forward-looking statements involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially from
those
suggested by
the
forward-looking statements.
Important
developments
that could affect
the Company’s operations
include
changes in the industry structure, significant changes in political and
economic environment in India and overseas, tax laws,
import duties,
litigation and labour relations.
V-Guard Industries Limited (V-Guard) will not be in any way
responsible for any action taken based on such statements and
undertakes no obligation to publicly update these forward-looking
statements to reflect subsequent events or circumstances.
Table of Contents
3
MD’s Message
Key Highlights
Financial Highlights
04
05
06-09
Segment-wise/Geographical Breakup of Revenues
10-11
Annexure
12-16
Managing Director’s Message
4
Commenting on the performance for Q1 FY26, Mr. Mithun Chittilappilly, Managing Director – V-Guard Industries Limited said, “Topline growth for the first quarter of FY26 was subdued due to a weak summer season and last year's high base. Consolidated Net Revenue from operations for the quarter ended June 30, 2025 is Rs. 1,466 crore; a marginal decline of 0.7% over the revenue recorded in corresponding period of the previous year. Consolidated Profit After Tax (PAT) for the quarter was Rs. 74 crore compared to Rs. 99 crore in the same period last year.
The Electronics and Electricals segments registered moderate growth while Durables segment declined due to lower demand for summer categories. The Gross margin continued to remain healthy. From a geographical perspective, the Non-South region posted a topline growth of around 2.1% YoY, while the South markets de-grew by 3.3% YoY.
We have also initiated actions to merge Sunflame operations with V-Guard which will fast track realisation of synergy benefits. Additionally, efforts are directed towards stabilizing newly commissioned facilities and advancing pipeline projects aimed at increasing the share of in-house manufacturing.
We expect the demand to normalise in the coming quarters and continue to invest in brand building and capacity enhancement.”
Based on Consolidated Financials
Key Highlights – Q1 FY26
Revenue declined by 0.7% YoY in Q1 FY26
• Q1 FY26 revenue declined by 0.7% YoY on a high base to Rs. 1466.08 crore • South markets witnessed a YoY degrowth of 3.3% whereas Non-South markets grew by 2.1% in Q1 FY26 • Non-South markets contributed to 52.3% of total revenues in Q1 FY26 as compared to 50.9% in Q1 FY25
EBITDA performance and PAT
• Gross margin expanded by 20 bps YoY, at 36.9% in Q1 FY26 as compared to 36.7% in Q1 FY25 • Ad/promotional spends, at 3.0% of revenues in Q1 FY26 as compared to 2.8% in Q1 FY25 • EBITDA at Rs. 123.59 crore in Q1 FY26 declined 20.7% YoY, as compared to Rs. 155.77 crore in Q1 FY25 • EBITDA margin for Q1 FY26 is 8.4% as compared to 10.5% in Q1 FY25 • Q1 FY26 PAT decreased 25.4% YoY to Rs. 73.85 crore
Robust cash flow generation and balance sheet
• CFO generation remained strong for Q1 FY26 at Rs. 134.45 crore compared to Rs. 370.58 crore for Q1 FY25 • ROE and ROCE at 13.2% and 16.7%, respectively over the last 12 months • Net cash as on 30th June 2025 is Rs. 155.32 crore, as against net cash of Rs. 136.48 crore as on 30th June 2024
Based on Consolidated Financials
5
5
P&L Snapshot (including Sunflame)
6
P&L Statement
Particulars
Net Revenue (NR)
COGS
Gross Margin
Q1 FY26
(Rs. Cr)
Q1 FY25
(Rs. Cr)
Change
%
Q4 FY25
(Rs. Cr)
FY25
(Rs. Cr)
FY24
(Rs. Cr)
Change
%
1,466.08
1,477.10
925.41
934.78
36.9%
36.7%
-0.7%
-1.0%
0.2%
1,538.08
5,577.82
4,856.67
991.77
3,555.75
3,212.96
EBITDA (excluding other income)
123.59
155.77
-20.7%
as a % to NR
Other Income (including finance income)
8.4%
5.25
10.5%
6.91
EBITDA including other income
128.84
162.68
8.8%
11.0%
35.5%
143.05
9.3%
4.50
36.3%
33.8%
513.23
426.71
9.2%
20.89
8.8%
34.03
-38.6%
147.55
534.12
460.74
9.6%
9.6%
9.5%
-2.1%
-24.0%
-20.8%
-2.2%
98.26
132.36
-25.8%
118.22
413.95
340.32
6.7%
73.85
5.0%
9.0%
-2.3%
98.97
-25.4%
6.7%
-1.7%
7.7%
91.13
5.9%
7.4%
7.0%
313.72
257.58
5.6%
5.3%
14.8%
10.7%
2.5%
20.3%
0.4%
15.9%
0.1%
21.6%
0.4%
21.8%
0.3%
as a % to NR
PBT
as a % to NR
PAT
as a % to NR
Based on Consolidated Financials
P&L Snapshot (excluding Sunflame)
7
P&L Statement
Particulars
Net Revenue (NR)
COGS
Gross Margin
Q1 FY26
(Rs. Cr)
Q1 FY25
(Rs. Cr)
Change
%
Q4 FY25
(Rs. Cr)
FY25
(Rs. Cr)
FY24
(Rs. Cr)
Change
%
1,410.57
1,418.44
892.42
899.01
36.7%
36.6%
-0.6%
-0.7%
0.1%
1,482.76
5,323.44
4,582.55
958.24
3,396.51
3,043.02
EBITDA (excluding other income)
121.31
153.14
-20.8%
as a % to NR
Other Income (including finance income)
8.6%
4.91
10.8%
6.55
EBITDA including other income
126.22
159.69
8.9%
11.3%
35.4%
142.04
9.6%
4.14
36.2%
33.6%
506.16
397.83
9.5%
19.87
8.7%
31.29
-36.5%
146.18
526.03
429.12
9.9%
9.9%
9.4%
-2.2%
-25.0%
-21.0%
-2.4%
97.48
131.13
-25.7%
119.18
413.56
315.94
6.9%
73.29
5.2%
9.2%
-2.3%
98.17
-25.3%
6.9%
-1.7%
8.0%
91.86
6.2%
7.8%
6.9%
313.64
239.36
5.9%
5.2%
16.2%
11.6%
2.6%
27.2%
0.8%
22.6%
0.5%
30.9%
0.9%
31.0%
0.7%
as a % to NR
PBT
as a % to NR
PAT
as a % to NR
Based on Consolidated Financials
Financial Highlights (Q1 FY26 vs. Q1 FY25)
8
Net Revenue (Rs. crore)
Gross Profit (Rs. crore)
542
541
1,477
1,466
Key ratios (%)
Gross Margin
-0.7%
-0.3%
EBITDA Margin (excl. other income)
Q1 FY25
Q1 FY26
Q1 FY25
Q1 FY26
Profit after Tax %
EBITDA (Rs. crore)
PAT (Rs. crore)
156
124
99
Ad & Promotion Exp./ Net Revenue
Employee Cost/ Net Revenue
Other Expenditure/ Net Revenue
74
Tax rate
Diluted EPS (Rs.)
-20.7%
-25.4%
Q1 FY25
Q1 FY26
Q1 FY25
Q1 FY26
Based on Consolidated Financials
Q1 FY26
Q1 FY25
36.9%
8.4%
5.0%
3.0%
9.6%
18.9%
24.8%
1.68
36.7%
10.5%
6.7%
2.8%
8.3%
17.9%
25.2%
2.25
Financial Highlights – Balance Sheet Perspective
Balance Sheet Snapshot (Rs. Cr)
30 June 2025
31 March 2025
30 June 2024
Net Worth
Gross Debt
Current Investments
Cash & Cash Equivalents (inc. bank balance)
Net Cash Position
Fixed Assets
2,182.20
10.59
60.26
105.65
155.32
1,182.56
2,097.83
10.81
10.14
64.50
63.83
1,169.90
1,920.49
217.32
272.25
81.55
136.48
1,125.70
Balance Sheet Snapshot
30 June 2025
31 March 2025
30 June 2024
Debtor (days)*
Inventory (days)*
Creditor (days)*
Working Capital Turnover (days)*
RoE* (%)
RoCE* (%)
27
102
66
63
13.2%
16.7%
35
102
67
70
15.0%
19.0%
35
90
76
49
15.2%
17.7%
Note: *Calculations are on a trailing twelve month basis
Based on Consolidated Financials
9
9
Segment-wise Breakup – Q1 FY26 vs. Q1 FY25
10
Contribution (%)
YoY growth (%)
Segment Revenue
Electronics
Electricals
Consumer Durables
Sunflame
Grand Total
Segment Result
Electronics
Electricals
Consumer Durables
Sunflame
Grand Total
Q1 FY26 (Rs. Cr)
536.29
524.70
349.58
55.51
1466.08
Q1 FY26 (Rs. Cr) 104.87
47.37
-7.17
2.43
147.50
Contribution (%)
36.6%
35.8%
23.8%
3.8%
Q1 FY25 (Rs. Cr)
513.12
487.70
417.62
58.66
34.7%
33.0%
28.3%
4.0%
100.0%
1,477.10
100.0%
Margin (%)
19.6%
9.0%
-2.1%
4.4%
10.1%
Q1 FY25 (Rs. Cr) 103.51
49.17
21.73
2.73
177.14
Margin (%)
20.2%
10.1%
5.2%
4.7%
12.0%
4.5%
7.6%
-16.3%
-5.4%
-0.7%
YoY growth (%) 1.3%
-3.7%
-133.0%
-11.0%
-16.7%
Electronics – Stabilizers, UPS, Inverters Electricals – Wires, Pumps, Switchgears, Modular Switches Consumer Durables – Fans, Water Heaters, Kitchen Appliances, Air Coolers Sunflame – Products sold under trademark Sunflame and Superflame
Based on Consolidated Financials
Geographical Breakup of Revenues
11
Region
South Non-South Total (excl. Sunflame) Sunflame Total Revenue
Q1 FY26 (Rs. Cr) 673.03 737.54 1410.57 55.51 1466.08
Contribution (%)
47.7% 52.3% 100.0%
Q1 FY25 (Rs. Cr) 696.18 722.26 1,418.44 58.66 1,477.10
Contribution (%)
49.1% 50.9% 100.0%
YoY growth (%) -3.3% 2.1% -0.6% -5.4% -0.7%
Based on Consolidated Financials
Market Overview of V-Guard’s Product Portfolio
13
Electronics
Product
Total Market Size (Rs. Crs.)
Indicative Org. Market Size (%)
Industry Growth Rate (%)
VG Share in Org. Market (%)
Other Key Players
Stabilizers
1,600-2,000
65-70%
4-6%
40-45%
DUPS & Battery
13,000-16,000
65-70%
13-15%
5-7%
Microtek, Everest, Premier
Exide, Luminous, Microtek
Electricals
Product
Total Market Size (Rs. Crs.)
Indicative Org. Market Size (%)
Industry Growth Rate (%)
VG Share in Org. Market (%)
Other Key Players
House Wiring Cables 21,000-25,000
65-70%
9-10%
8-9%
Switchgears*
4,000-4,500
75-80%
8-10%
~ 5%
Modular Switches
7,000-9,000
75-80%
12-14%
**
Pumps*
5,000-6,000
65-70%
7-9%
9-12%
Polycab, Finolex, Havells
Legrand, Havells, Anchor
Anchor, Legrand, Havells
Crompton, Kirloskar, Texmo
*Market estimates of VG active product segments only | ** Recent entry/ Growth plan under activation
Market Overview of V-Guard’s Product Portfolio
14
Appliances
Product
Total Market Size (Rs. Crs.)
Indicative Org. Market Size (%)
Industry Growth Rate (%)
VG Share in Org. Market (%)
Other Key Players
Water Heaters
3,000-4,000
80-85%
8-10%
14-16%
Bajaj, Havells, Crompton, Racold
Electric Fans
12,000-14,000
80-85%
8-10%
5-7%
Crompton, Havells, Orient, Usha, Bajaj
Solar Water Heaters
800-900
60-65%
5-7%
15-17%
Sudarshan Saur, Supreme Solar, Racold
Air Coolers
6,500-8,000
35-40%
11-12%
**
Symphony, Bajaj, Voltas
Kitchen Appliances
• Mixer Grinders • Gas Stoves • Water Purifiers • Other Kitchen Appliances#
3,500-5,000 2,500-3,000 6,000-6,500 2,200-2,500
70-75% 60-65% 60-65% 75-80%
9-10% 11-13% 15-18% 10-15%
** 5-7% ** **
Mixer Grinders - Bajaj, Preethi, Butterfly Gas Stoves - Prestige, Butterfly Water Purifiers - Eureka Forbes, Kent RO, HUL Pureit Others - Faber, Bajaj, Havells
# Includes Induction Cooktop, Rice Cooker, Sandwich Makers, Toasters, Grills, Kettles, Chimneys, etc. ** Recent entry/ Growth plan under activation
About V-Guard Industries
V-Guard Industries Limited (BSE:532953, NSE: VGUARD) is a Kochi based company, founded in 1977 by Kochouseph Chittilappilly to manufacture and market Voltage stabilizers. The Company has since then established a strong brand name and aggressively diversified to become a multi-product Company catering to the Light Electricals sector manufacturing Voltage stabilizers, Digital UPS systems & Batteries, Pumps, House wiring cables, Switch gears, Modular switches, Electric water heaters, Fans, Solar water heaters, Air coolers and various Kitchen appliances.
V-Guard outsources ~ 35% of its product profile while the rest are manufactured in – house while keeping a strong control in designs and quality. It has manufacturing (Tamil Nadu), Kashipur, Pantnagar & Haridwar facilities at Coimbatore (Uttarakhand), Kala Amb (Himachal Pradesh), Hyderabad (Telangana), Faridabad (Haryana), Sikkim and Vapi (Gujarat).
V-Guard has been a dominant player in the South market, though the last ten years have also seen the Company expanding rapidly in the non-South geographies with their contribution increasing from 5% of total revenues in FY08 to around 48% of total revenues in FY25. Significant investments continue to be made to expand its outlet coverage in the non-South geographies and become a dominant pan-India player.
V-Guard has a diversified client base and an extensive marketing & distribution network. Its client base differs from product to product and includes direct marketing agents, distributors and retailers. The Company today has a strong network of 35 branches which cover ~1,00,000+ channel partners across the country.
15
For further information, please contact:
Sudarshan Kasturi (CFO)
V-Guard Industries Limited
Tel: +91 484 300 5601
Email: sudarshan.kasturi@vguard.in
Mayank Vaswani / Shruti Joshi
CDR India
Tel: +91 982 094 0953 / +91 750 656 7349
Email: mayank@cdr-india.com / shruti@cdr-india.com
THANK YOU