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Vardhman Holdings Ltd.

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vardhman.comBSE: 500439NSE: VHL
Market Cap₹ 1,104 Cr.
Current Price
High / Low₹ 4,275 / 2,870
Stock P/E4.4
Book Value₹ 11,825
Price to Book0.25
Dividend Yield0.14 %
ROCE6.3 %
ROE5.9 %
Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence
84%
View full sector analysis →

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

Financial ServicesFinanceFinance - NBFC
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BAJFINANCE1034.2031.71643888.190.586080.6027.6023165.4520.3710.8770.70
2.SHRIRAMFIN1028.0021.37241893.031.053452.7759.9013400.4317.4611.4974.63
3.CHOLAFIN1845.0027.40157575.180.111656.2245.568856.2921.899.7070.07
4.TATACAP362.8028.50154003.850.1616281.801464.1688219.301051.008.6675.72
5.JIOFIN230.0073.49151872.260.26830.25155.732004.47227.282.1169.71
6.BAJAJHLDNG11120.7013.97123766.171.752708.08-92.27394.3323.3414.81684.72
7.MUTHOOTFIN2794.409.86112186.351.072824.8443.088671.6036.2515.8783.76
8.ABCAPITAL398.6026.59109118.680.001223.8543.8512179.54137.848.8241.91
9.LTF309.5024.3777571.610.89915.9930.705212.9222.388.5462.13
10.SBICARD656.0527.4462432.550.38664.4419.515040.557.6011.7529.83
11.HDBFS668.6525.5355549.100.60785.2038.314937.9018.719.0957.98
12.VHL3460.004.391104.270.1498.08-84.3310.83217.606.28921.79
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
630807772336011
0103131100111
Operating Profit5307-615551325-1100
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 Income0101000000001
Interest0000000000000
Depreciation0000000000000
6308-316562436-0100
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 Profit000073149465869762646153753698
1371941688022915520621919614416816831

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
684214212033615231220
3178142344622
Operating Profit6525671830211171017
OPM %96.28%59.08%43.79%31.58%88.97%90.84%25.80%70.88%72.87%83.77%87.44%
2441111222222
Interest00000000000
Depreciation00000000000
Profit before Tax3102678133459225194273229109
Tax %2.03%9.37%2.50%17.04%2.78%6.61%-1.56%4.82%5.48%5.77%13.43%
Net Profit303237613042922818525821694
EPS0.000.000.000.00405.801344.43715.75579.29808.41676.84—
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

Corporate actions

2026

Aug 28

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2025

Sep 12

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2024

Sep 6

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2023

Sep 15

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2022

Sep 16

₹ 0.50

Rs.5.0000 per share(50%)Dividend

2021

Sep 16

₹ 0.50

Rs.5.0000 per share(50%)Dividend

2018

Sep 12

₹ 0.50

Rs.5.0000 per share(50%)Dividend

2017

Sep 7

₹ 0.50

Rs.5.0000 per share(50%)Dividend

2016

Aug 11

₹ 0.30

Rs.3.0000 per share(30%)Dividend

2026

Aug 21

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital3333333333
1,5451,8191,9942,1222,3032,7743,0963,2943,5373,762
55-35232320-23-17-10-24
Total Liabilities1,6031,7872,0212,1492,3262,7533,0833,2873,5393,769
1333333333
1,5061,7761,9521,9792,1672,7383,0653,2703,5283,758
0000000000
Cash & Bank12257634421
956631618010101067
Total Assets1,6031,7872,0212,1492,3262,7533,0833,2873,5393,769

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
595-8986174-3-5-6
Cash from Investing360-399-10-692457
Cash from Financing-1-2-2-2-0-2-2-2-2-2
101272-752-0-2-0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.9074.9074.9074.9074.9074.9074.9074.9074.90
0.060.060.070.060.060.050.050.050.05
0.530.130.060.060.060.060.070.070.07
Government0.000.000.000.000.000.000.000.000.00
24.5124.9124.9724.9824.9824.9924.9724.9824.98

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09
Clarification - Financial Results

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
Updates

2026-09-09 - Vardhman Holdings Limited has informed the Exchange regarding 'Demat Report for the month ended 31st August, 2026.'.

2026-08-26
General Updates

2026-08-26 - Vardhman Holdings Limited has informed the Exchange about dispatch of letter to the Members of the Company.

2026-08-26
Copy of Newspaper Publication

2026-08-26 - Vardhman Holdings Limited has informed the Exchange about Copy of Newspaper Publication.

2026-08-25
Updates

2026-08-25 - Vardhman Holdings Limited has informed the Exchange regarding 'BRSR for the FY 2025-26.'.

2026-08-25
Shareholders meeting

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
Copy of Newspaper Publication

2026-08-21 - Vardhman Holdings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-20
Record Date

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
Copy of Newspaper Publication

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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