Vardhman Holdings Ltd.

•

vardhman.comBSE: 500439NSE: VHL

Market Cap₹ 1,160 Cr.

Current Price

High / Low₹ 4,275 / 2,870

Stock P/E25.1

Book Value₹ 3,115

Price to Book0.96

Dividend Yield0.14 %

ROCE5.6 %

ROE4.2 %

Face Value₹ 10

Add ratio to table

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

Company has delivered good profit growth of 21.9% CAGR over last 5 years
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%
Latest quarter profit grew 213.2% YoY, showing strong momentum
Operating margins have improved to 96.3% from 57.8%

CONS

Recent results are weak - TTM profit is down 39.5% versus prior year
Company has a low return on capital employed of 5.3%
Company has a low return on equity of 3.9% over last 3 years
Though reporting repeated profits, the company pays out little dividend (3.9%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110814.49	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	VHL	3634.65	4.61	1160.01	0.14	98.08	-84.33	10.83	217.60	6.28	921.79

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	41	7	2	3	44	6	0	11
	0	1	0	3	1	3	1	1	0	0	1	1	1
Operating Profit	5	30	7	-3	5	38	5	1	3	44	5	-1	10
OPM %	92.03%	97.56%	94.83%	-3785.71%	80.61%	93.81%	78.69%	55.45%	90.62%	99.19%	91.15%	-157.58%	93.07%
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	-2	6	39	6	2	4	45	6	-0	11
Tax %	23.85%	23.14%	11.02%	-10.67%	22.05%	32.84%	10.14%	24.71%	24.86%	25.50%	20.28%	188.89%	21.34%
Net Profit	4	23	7	-2	4	26	5	1	3	33	5	0	8
	14	72	21	-5	14	81	16	4	8	104	14	0	3

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	187	63	37	48	20	115	6	44	56	54	61
	3	17	8	14	2	3	4	4	6	2	2
Operating Profit	184	46	29	33	18	112	2	40	50	52	59
OPM %	98.65%	72.97%	78.75%	70.15%	88.97%	97.37%	25.80%	90.14%	88.99%	96.32%	95.98%
	4	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	188	47	30	35	19	114	3	42	52	54	61
Tax %	3.35%	5.10%	0.61%	3.85%	19.75%	26.72%	-103.60%	22.23%	28.91%	24.64%	24.05%
Net Profit	182	45	30	33	15	83	7	33	37	40	46
EPS	0.00	0.00	0.00	0.00	47.16	261.18	21.62	102.61	115.34	126.88	—
Dividend Payout %	0.88%	3.57%	5.28%	0.00%	10.60%	1.91%	23.12%	4.87%	4.34%	3.94%	—

COMPOUNDED SALES GROWTH

10 Years:: 0%
5 Years:: 22%
3 Years:: 109%

COMPOUNDED PROFIT GROWTH

10 Years:: -2%
5 Years:: 22%
3 Years:: 80%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 2%
3 Years:: 7%
1 Year:: -9%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 5%
3 Years:: 4%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	455	594	598	600	666	791	874	918	937	983
	55	-35	23	23	23	-23	-17	-10	-2	4
Total Liabilities	513	563	625	626	692	771	860	911	939	989
	1	3	3	3	3	3	3	3	3	3
	416	552	556	457	530	755	842	893	928	978
	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	82	10	10	10	6	7
Total Assets	513	563	625	626	692	771	860	911	939	989

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5	31	28	-62	86	99	4	26	28	36
Cash from Investing	36	-21	-26	72	-10	-150	2	-25	-29	-34
Cash from Financing	-1	-2	-2	-2	-0	-2	-2	-2	-2	-2
	1	0	1	2	72	-75	2	-0	-2	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	569.15	140.16	94.77	104.33	47.16	261.18	21.62	102.61	115.34	126.88
Book Value (₹)	1435.17	1872.64	1885.03	1890.64	2096.35	2489.03	2747.61	2885.87	2946.62	3089.19
Dividend per Share (₹)	5.00	5.00	5.00	0.00	5.00	5.00	5.00	5.00	5.00	5.00
Cash EPS (₹)	569.27	140.20	94.80	104.36	47.18	261.21	21.65	102.63	115.36	126.90
PROFITABILITY
Operating Margin %	100.56%	75.13%	82.53%	73.06%	95.27%	98.98%	57.77%	90.14%	88.99%	96.32%
Net Margin %	97.17%	70.80%	81.90%	70.05%	76.07%	72.50%	117.28%	74.46%	65.60%	75.04%
ROE %	49.34%	8.47%	5.04%	5.53%	2.37%	11.39%	0.83%	3.64%	3.96%	4.20%
ROCE %	51.05%	8.99%	5.08%	5.76%	2.96%	15.55%	0.41%	4.68%	5.56%	5.59%
	45.17%	8.31%	5.09%	5.32%	2.28%	11.40%	0.85%	3.70%	3.98%	4.20%
EFFICIENCY
Debtor Days	0	0	0	0	0	7	153	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	0	0	0	0	7	153	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	0.00x	150.26x	795.63x	394.55x	212.90x	2534.40x	1169.83x	0.00x	0.00x	585.01x
	7.72x	77.80x	4.99x	4.04x	4.78x	508.71x	69.74x	153.77x	237.55x	449.37x
GROWTH
Revenue Growth %	260.61%	-66.20%	-41.54%	28.71%	-58.38%	481.13%	-94.88%	647.42%	27.58%	-3.84%
Operating Profit Growth %	279.72%	-74.75%	-35.78%	13.93%	-45.72%	503.72%	-97.01%	1138.80%	22.97%	3.94%
Net Profit Growth %	277.09%	-75.37%	-32.38%	10.08%	-54.80%	453.86%	-91.72%	374.53%	12.40%	10.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	374.53%	12.40%	10.00%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	27.23x	29.18x	23.39x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.97x	1.14x	0.96x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	0.15%	0.17%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	21.08x	20.71x	17.57x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.90	74.90	74.90	74.90	74.90	74.90	74.90	74.90	74.90
	0.06	0.06	0.07	0.06	0.06	0.05	0.05	0.05	0.05
	0.53	0.13	0.06	0.06	0.06	0.06	0.07	0.07	0.07
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	24.51	24.91	24.97	24.98	24.98	24.99	24.97	24.98	24.98

Documents

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

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

2026-08-07

Copy of Newspaper Publication

2026-08-07 - Vardhman Holdings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-06

Outcome of Board Meeting

2026-08-06 - Vardhman Holdings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

News

Recent coverage and analyst commentary for VHL

Loading news…

🤖

AI Stock Analyst

Vardhman Holdings Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account