Vardhman Holdings Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Comfortable capital adequacy - CAR of 51.6%
- Solid return on assets for a lender - ROA of 4.2%
- Asset quality is healthy - gross NPA of just 0.0%
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 83.8% from 57.8%
CONS
- Company has a low return on capital employed of 6.8%
- Company has a low return on equity of 6.4% over last 3 years
- Company's sales have been declining over the last five years
- Effective tax rate is unusually low at 5.8% - earnings may be flattered
- Though reporting repeated profits, the company pays out little dividend (0.7%)
- Growth is decelerating - 3Y profit CAGR (-1.8%) trails the 5Y trend (10.8%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1034.20 | 31.71 | 643888.19 | 0.58 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1028.00 | 21.37 | 241893.03 | 1.05 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1845.00 | 27.40 | 157575.18 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 362.80 | 28.50 | 154003.85 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 230.00 | 73.49 | 151872.26 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11120.70 | 13.97 | 123766.17 | 1.75 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2794.40 | 9.86 | 112186.35 | 1.07 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 398.60 | 26.59 | 109118.68 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 309.50 | 24.37 | 77571.61 | 0.89 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 656.05 | 27.44 | 62432.55 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 668.65 | 25.53 | 55549.10 | 0.60 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| VHL | 3460.00 | 4.39 | 1104.27 | 0.14 | 98.08 | -84.33 | 10.83 | 217.60 | 6.28 | 921.79 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 30 | 8 | 0 | 7 | 7 | 7 | 2 | 3 | 3 | 6 | 0 | 11 | |
| 0 | 1 | 0 | 3 | 1 | 3 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | |
| Operating Profit | 5 | 30 | 7 | -61 | 5 | 5 | 5 | 1 | 3 | 2 | 5 | -1 | 100 |
| OPM % | 92.03% | 97.56% | 94.83% | -86871.43% | 80.61% | 65.95% | 78.84% | 55.45% | 90.62% | 86.91% | 91.15% | -157.58% | 921.79% |
| Other Income | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | 30 | 8 | -31 | 6 | 5 | 6 | 2 | 4 | 3 | 6 | -0 | 100 | |
| Tax % | 23.85% | 23.10% | 11.02% | -0.52% | 22.05% | 237.13% | 10.12% | 24.71% | 24.86% | 397.55% | 20.28% | 188.89% | 2.25% |
| Net Profit | 0 | 0 | 0 | 0 | 731 | 494 | 658 | 697 | 626 | 461 | 537 | 536 | 98 |
| 137 | 194 | 168 | 80 | 229 | 155 | 206 | 219 | 196 | 144 | 168 | 168 | 31 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 68 | 42 | 14 | 21 | 20 | 33 | 6 | 15 | 23 | 12 | 20 | |
| 3 | 17 | 8 | 14 | 2 | 3 | 4 | 4 | 6 | 2 | 2 | |
| Operating Profit | 65 | 25 | 6 | 7 | 18 | 30 | 2 | 11 | 17 | 10 | 17 |
| OPM % | 96.28% | 59.08% | 43.79% | 31.58% | 88.97% | 90.84% | 25.80% | 70.88% | 72.87% | 83.77% | 87.44% |
| 244 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 310 | 26 | 7 | 8 | 133 | 459 | 225 | 194 | 273 | 229 | 109 |
| Tax % | 2.03% | 9.37% | 2.50% | 17.04% | 2.78% | 6.61% | -1.56% | 4.82% | 5.48% | 5.77% | 13.43% |
| Net Profit | 303 | 23 | 7 | 6 | 130 | 429 | 228 | 185 | 258 | 216 | 94 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 405.80 | 1344.43 | 715.75 | 579.29 | 808.41 | 676.84 | — |
| Dividend Payout % | 0.53% | 0.89% | 0.79% | 0.00% | 1.23% | 0.37% | 0.70% | 0.86% | 0.62% | 0.74% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 0%
- 5 Years:
- -9%
- 3 Years:
- 28%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 3%
- 5 Years:
- 11%
- 3 Years:
- -2%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 2%
- 3 Years:
- 3%
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 9%
- 3 Years:
- 6%
- Last Year:
- 6%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | 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 |
| 1,545 | 1,819 | 1,994 | 2,122 | 2,303 | 2,774 | 3,096 | 3,294 | 3,537 | 3,762 | |
| 55 | -35 | 23 | 23 | 20 | -23 | -17 | -10 | -2 | 4 | |
| Total Liabilities | 1,603 | 1,787 | 2,021 | 2,149 | 2,326 | 2,753 | 3,083 | 3,287 | 3,539 | 3,769 |
| 1 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
| 1,506 | 1,776 | 1,952 | 1,979 | 2,167 | 2,738 | 3,065 | 3,270 | 3,528 | 3,758 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 1 | 2 | 2 | 5 | 76 | 3 | 4 | 4 | 2 | 1 |
| 95 | 6 | 63 | 161 | 80 | 10 | 10 | 10 | 6 | 7 | |
| Total Assets | 1,603 | 1,787 | 2,021 | 2,149 | 2,326 | 2,753 | 3,083 | 3,287 | 3,539 | 3,769 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 9 | 5 | -89 | 86 | 17 | 4 | -3 | -5 | -6 | |
| Cash from Investing | 36 | 0 | -3 | 99 | -10 | -69 | 2 | 4 | 5 | 7 |
| Cash from Financing | -1 | -2 | -2 | -2 | -0 | -2 | -2 | -2 | -2 | -2 |
| 1 | 0 | 1 | 2 | 72 | -75 | 2 | -0 | -2 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - The Exchange has sought clarification from Vardhman Holdings Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-09-09 - Vardhman Holdings Limited has informed the Exchange regarding 'Demat Report for the month ended 31st August, 2026.'.
2026-08-26 - Vardhman Holdings Limited has informed the Exchange about dispatch of letter to the Members of the Company.
2026-08-26 - Vardhman Holdings Limited has informed the Exchange about Copy of Newspaper Publication.
2026-08-25 - Vardhman Holdings Limited has informed the Exchange regarding 'BRSR for the FY 2025-26.'.
2026-08-25 - Vardhman Holdings Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 17, 2026.
2026-08-21 - Vardhman Holdings Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Vardhman Holdings Limited has informed the Exchange that Record date for the purpose of Dividend is 28-Aug-2026.
2026-08-18 - Vardhman Holdings Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for VHL
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