VTM Ltd.

•

vtmill.comBSE: -NSE: VTMLTD

Market Cap₹ 581 Cr.

Current Price

High / Low₹ 62 / 44

Stock P/E68.1

Book Value₹ 32

Price to Book2.23

Dividend Yield0.00 %

ROCE4.5 %

ROE3.6 %

Face Value₹ 1

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AI Sector View

AI GENERATED

Textiles

Hold

This sector relies on indirect export proxies rather than direct textile production data. Exports of goods rose 15.0% YoY (2026-06), the currency is weak at 95.23 (Sep/26), and export prices are 163.50, all of which can help exporters, though terms of trade at 102.30 are below the prior 114 in the snapshot context. FPI flows are modestly positive at INR 256 crore over 3 months to 2026-08-31, so the stance is mildly constructive but confidence is capped due to proxy reliance.

Confidence

50%

View full sector analysis →

PROS

Company has delivered good sales growth of 21.1% CAGR over last 5 years
Company comfortably covers its interest (9.3x coverage)
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 78.4% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.65x)
Company has a low return on equity of 8.9% over last 3 years
Company has a low return on capital employed of 11.4%
Operating cash flow has been negative in recent years

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

Peer comparison

TextilesTextileTextile - Weaving

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

S.No.	Name
1.	SIYSIL	549.95	10.52	2495.13	2.91	11.01	137.31	445.66	14.42	20.46	4.05
2.	UNITEDPOLY	38.02	31.95	872.62	0.00	7.82	31.87	179.85	23.03	15.11	6.90
3.	VTMLTD	57.73	68.10	580.58	0.00	19.32	319.54	984.04	1266.97	4.55	5.92
4.	MANOMAY	224.65	20.13	405.46	0.00	4.95	11.28	197.51	20.48	12.74	10.01
5.	VGL	56.32	0.00	290.21	0.00	78.81	—	1179.33	—	21.49	14.91
6.	JASCHIND	294.45	8.89	200.17	0.00	5.07	-4.97	59.32	-3.79	19.22	11.43
7.	BSL	122.00	34.57	125.56	0.00	1.72	266.38	169.72	7.41	6.01	8.42
8.	KGDENIM	14.10	3.19	36.15	0.00	8.44	359.69	4.86	-64.71	-7.29	-86.21

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
	46	47	51	64	59	73	104	109	72	90	100	110	984
	39	39	44	60	51	60	77	90	64	85	93	103	964
Operating Profit	7	8	7	4	8	13	27	18	8	5	7	2	58
OPM %	14.42%	17.70%	13.42%	6.49%	13.98%	18.26%	25.91%	16.97%	11.71%	5.56%	6.52%	1.58%	5.92%
Other Income	3	2	1	2	1	2	1	1	1	1	1	0	6
Interest	0	0	0	0	0	0	0	1	0	0	0	1	8
Depreciation	3	3	2	2	2	2	2	2	3	3	3	3	31
	6	7	6	4	7	13	25	16	6	3	5	1	26
Tax %	20.74%	30.62%	23.17%	5.87%	26.96%	23.91%	26.17%	23.27%	24.55%	20.27%	27.06%	32.33%	25.48%
Net Profit	5	5	5	4	5	10	18	12	5	2	3	1	19
	1	1	1	1	1	1	2	1	0	0	0	0	0
Equity Capital	4	4	4	4	4	4	4	4	10	10	10	10	101
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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
	148	165	160	161	143	194	209	208	345	372	398
	137	150	145	144	126	171	192	182	278	344	377
Operating Profit	27	20	22	25	21	28	23	33	72	31	—
OPM %	18	12	14	16	15	15	11	16	21	8	—
Other Income	16	5	7	9	5	5	6	7	5	3	3
Interest	1	1	1	1	1	1	1	1	2	2	2
Depreciation	7	7	7	8	8	9	10	9	9	11	12
	12	12	14	16	12	18	12	23	61	15	11
Tax %	16	35	27	26	21	18	26	22	25	25	26
Net Profit	10	8	10	12	10	15	9	18	45	11	9
EPS	2	0	0	0	2	4	2	5	11	1	—
Dividend Payout %	30	39	35	30	25	24	31	22	9	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	1	1	1	1	1	1	2	5	1	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 21%
3 Years:: 21%

COMPOUNDED PROFIT GROWTH

10 Years:: 2%
5 Years:: 3%
3 Years:: 7%

STOCK PRICE CAGR

10 Years:: 9%
5 Years:: 19%
3 Years:: 34%
1 Year:: 140%

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 7%
3 Years:: 9%
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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	4	4	4	4	4	4	4	4	4	10
	131	182	193	199	215	230	241	259	302	305
	0	0	0	0	4	2	2	2	40	64
Trade Payables	4	3	2	9	2	9	6	16	14	37
	21	25	21	25	24	19	17	17	22	32
Total Liabilities	160	214	221	237	249	264	269	298	383	448
ASSETS	-	-	-	-	-	-	-	-	-	-
	57	85	88	96	99	97	95	98	108	123
Capital Work in Progress	3	7	0	0	3	0	0	1	2	1
	49	25	65	79	85	90	106	88	67	72
	21	23	28	30	24	42	32	58	96	152
	20	0	0	0	0	0	0	25	74	51
Cash & Bank	2	39	4	2	3	2	3	2	3	4
	7	34	36	30	35	34	34	27	32	46
Total Assets	160	214	221	237	249	264	269	298	383	448
Total Debt	10	11	8	10	10	6	4	4	41	75
Net Working Capital	87	91	100	99	103	117	121	130	156	145
Contingent Liabilities	1	5	7	9	8	14	11	8	9	11
Book Value per Share	33.40	46.23	49.10	50.56	54.46	58.26	60.96	65.38	76.17	31.32
Face Value	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

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
	-26	1	10	25	11	7	22	-12	-38	1
Cash from Investing	-12	5	-3	-20	-9	-1	-13	16	8	-23
Cash from Financing	-1	-4	-7	-7	-1	-7	-7	-5	31	22
	-39	3	-1	-2	1	-1	2	-2	2	0
Free Cash Flow	-34	1	8	10	-2	3	14	-25	-59	-23
OCF / Net Profit	-2.63	0.18	0.95	2.07	1.16	0.48	2.35	-0.68	-0.83	0.12
Cumulative 5-Year FCF	0	0	0	0	-18	19	32	-1	-70	-90

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 (₹)	2.49	1.94	2.54	3.01	2.43	3.70	2.27	4.55	11.28	1.11
Book Value (₹)	33.40	46.23	49.10	50.56	54.46	58.26	60.96	65.38	76.17	31.32
Dividend per Share (₹)	0.75	0.75	0.90	0.90	0.60	0.90	0.70	1.00	1.00	0.00
Cash EPS (₹)	1.72	1.45	1.69	1.96	1.73	2.40	1.88	2.70	5.45	2.24
PROFITABILITY
Operating Margin %	7.38%	11.94%	13.74%	15.63%	14.62%	14.61%	11.00%	12.50%	19.42%	7.45%
Net Margin %	6.79%	4.73%	6.39%	7.54%	6.86%	7.68%	4.38%	8.80%	13.17%	3.01%
ROE %	7.75%	4.86%	5.33%	6.04%	4.63%	6.57%	3.81%	7.20%	15.94%	3.60%
ROCE %	9.13%	7.50%	7.53%	8.34%	5.97%	8.14%	5.37%	9.46%	20.30%	4.55%
	6.65%	4.16%	4.70%	5.29%	4.03%	5.80%	3.42%	6.44%	13.33%	2.70%
EFFICIENCY
Debtor Days	54	51	57	46	43	31	26	34	52	61
Inventory Days	55	49	59	66	70	63	65	79	82	121
Payable Days	12	12	9	18	20	15	17	31	29	40
	98	88	107	95	93	79	74	82	105	143
FINANCIAL HEALTH
Debt to Equity (x)	0.08x	0.06x	0.04x	0.05x	0.04x	0.03x	0.02x	0.01x	0.13x	0.24x
Interest Coverage (x)	24.39x	16.47x	13.33x	15.91x	15.58x	18.16x	15.96x	25.92x	34.64x	9.33x
	9.20x	10.68x	12.23x	7.25x	10.18x	9.16x	12.96x	6.75x	3.50x	2.35x
GROWTH
Revenue Growth %	-4.15%	11.46%	-2.93%	0.46%	-11.15%	35.84%	7.73%	-0.36%	65.67%	7.97%
Operating Profit Growth %	38.25%	-26.01%	11.68%	14.29%	-16.90%	35.76%	-18.93%	45.11%	115.39%	-56.60%
Net Profit Growth %	7.62%	-22.35%	31.18%	18.49%	-19.14%	52.10%	-38.62%	100.17%	148.06%	-75.32%
	7.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	100.17%	148.05%	-90.13%
VALUATION
P/E (x)	4.97x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.29x	7.42x	62.81x
P/B (x)	0.93x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.09x	2.75x	2.23x
Dividend Yield %	2.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.40%	0.48%	0.00%
	5.03x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.70x	12.26x	24.87x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.45	1.31	1.31	1.31	1.75	1.71
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.00	25.00	25.00	24.55	23.70	23.70	23.70	23.25	23.30

Documents

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

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