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Swing Capital

V-Guard Industries Ltd

NSE: VGUARD BSE: 532953Energy

Founded in 1977, V-Guard Industries Ltd. (‘V-Guard’) is a reputed Indian company manufacturing innovative and experiential products in the categories of Electronics, Electricals and Consumer Durables. It has grown from being a brand synonymous with voltage stabilizers across South India, to a brand offering a wide array of thoughtfully engineered products to consumers across the length and breadth of the country. Underpinned by its continuous quest to enrich consumer lives and power a stronger tomorrow. [1]

₹316
52W: ₹290 — ₹413
PE 50.3 · Book ₹50.9 · +521% vs book
Market Cap₹13,803 Cr
Stock P/E50.3Price to Earnings
ROCE17%Return on Capital
ROE13%Return on Equity
Div. Yield0.47%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 25.4%

Weaknesses

  • −Company has a low return on equity of 13.4% over last 3 years.

Shareholding Pattern

Promoters53.22%
FIIs12.07%
DIIs23.39%
Public11.32%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.42%54.4%▼0.054.36%▼0.054.3%▼0.154.28%▼0.053.33%▼1.053.28%▼0.053.22%▼0.1
FIIs13.9%13.85%▼0.113.72%▼0.113.43%▼0.312.55%▼0.912.45%▼0.112.12%▼0.312.07%▼0.0
DIIs20.16%19.88%▼0.320.25%▲0.420.63%▲0.421.61%▲1.022.86%▲1.323.32%▲0.523.39%▲0.1
Public11.51%11.88%▲0.411.69%▼0.211.64%▼0.011.55%▼0.111.35%▼0.211.27%▼0.111.32%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,0781,2621,4151,2291,1851,4801,4061,2721,3261,687
Expenses9931,1621,2871,1381,1021,3591,3131,1871,2301,544
Operating Profit851001289183121948596143
OPM %8%8%9%7%7%8%7%7%7%8%
Net Profit47798252487856664295
EPS ₹1.071.821.881.21.11.791.281.510.972.18

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,692Cr, up 7.2% YoY. OPM at 7%.

Debt Position

Borrowings at ₹64Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹8Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 23.39% (+4.01pp change). FIIs: 12.07% (-0.76pp change). Promoters hold 53.22%.

Margin & Efficiency

ROCE declining from 28% (Mar 2015) to 17% (Mar 2026). Working capital days: 43.

Valuation

PE 50.3x with 17% ROCE. Price is 521% above book value of ₹50.9. Dividend yield: 0.47%.

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