VARDMNPOLY

Vardhman Polytex Limited

Textiles and real estate business of Oswal Group

Consumer Discretionary›Textiles›Textiles & Apparels›Other Textile Products

oswalgroup.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹5.27
Market cap
268 Cr
Stock P/E
0.8
Operating margin (FY22)
4.9%
OCF / EBITDA (FY26)
-213.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Vardhman Polytex is a Ludhiana-based textile company that is also turning its company-owned land into a real-estate business.

Company snapshot

55thBy market cap

Ranked among 100 companies in Other Textile Products.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 108.6% of revenue

SegmentRevenue shareRevenuePBTAssets
REAL ESTATE—0 Cr34 Cr—
TEXTILE
108.6%
221 Cr-10 Cr—

Shares add up to 109% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Revenue grew 83% in the latest year — strong top-line momentum.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
1 more signal from the filings.Sign in free to see them all

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales101 Cr61 Cr74 Cr64 Cr64 Cr75 Cr81 Cr60 Cr62 Cr51 Cr65 Cr61 Cr
Operating expenses (approx.)121 Cr78 Cr75 Cr73 Cr68 Cr49 Cr83 Cr58 Cr51 Cr50 Cr63 Cr62 Cr
EBITDA-20 Cr-18 Cr-0.96 Cr-9 Cr-4 Cr27 Cr-2 Cr2 Cr11 Cr0.11 Cr2 Cr-1 Cr
OPM %-20.1%-28.8%-1.3%-14.1%-5.9%35.4%-2.4%2.8%17.4%0.2%2.6%-2.1%
Other income2 Cr3 Cr5 Cr5 Cr9 Cr3 Cr9 Cr4 Cr2 Cr2 Cr1 Cr8 Cr
Interest13 Cr-23 Cr0.14 Cr4 Cr3 Cr4 Cr3 Cr4 Cr4 Cr0.45 Cr0.57 Cr4 Cr
Depreciation3 Cr3 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Profit before tax-34 Cr5 Cr0.95 Cr-11 Cr0.63 Cr24 Cr0.99 Cr0.19 Cr6 Cr0.14 Cr0.88 Cr311 Cr
Tax %0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Net profit-34 Cr5 Cr0.95 Cr-11 Cr0.63 Cr24 Cr0.99 Cr0.19 Cr6 Cr0.14 Cr0.88 Cr311 Cr
EPS (₹)₹-15.12₹2.23₹0.38₹-0.39₹0.02₹0.68₹0.02₹0.00₹0.14₹0.00₹0.02₹6.44

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales859 Cr621 Cr811 Cr561 Cr508 Cr929 Cr616 Cr371 Cr285 Cr237 CrSign in free for the trailing twelve months
Operating expenses (approx.)797 Cr664 Cr810 Cr561 Cr494 Cr869 Cr652 Cr413 Cr273 Cr222 CrSign in free for the trailing twelve months
EBITDA62 Cr-43 Cr0.92 Cr-0.41 Cr14 Cr59 Cr-36 Cr-42 Cr12 Cr14 CrSign in free for the trailing twelve months
OPM %7.2%-6.9%0.1%-0.1%2.8%6.4%-5.9%-11.3%4.2%6.0%Sign in free for the trailing twelve months
Other income14 Cr4 Cr3 Cr3 Cr3 Cr3 Cr6 Cr29 Cr26 Cr9 CrSign in free for the trailing twelve months
Interest56 Cr66 Cr60 Cr60 Cr59 Cr64 Cr53 Cr3 Cr14 Cr9 CrSign in free for the trailing twelve months
Depreciation21 Cr21 Cr18 Cr16 Cr15 Cr14 Cr12 Cr10 Cr9 Cr7 CrSign in free for the trailing twelve months
Profit before tax-0.66 Cr-424 Cr-74 Cr102 Cr-57 Cr-16 Cr1 Cr-27 Cr15 Cr8 CrSign in free for the trailing twelve months
Tax %—0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Net profit-0.66 Cr-424 Cr-74 Cr102 Cr-57 Cr-16 Cr1 Cr-27 Cr15 Cr8 CrSign in free for the trailing twelve months
EPS (₹)₹-0.30₹-190.16₹-33.32₹45.66₹-25.43₹-6.98₹0.67₹-10.83₹0.45₹0.17Sign in free for the trailing twelve months
Dividend payout %——————0.0%—0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr27 Cr46 Cr48 Cr
Reserves85 Cr-339 Cr-414 Cr-313 Cr-370 Cr-386 Cr-385 Cr-388 Cr-273 Cr-245 Cr
Borrowings351 Cr378 Cr445 Cr489 Cr522 Cr529 Cr447 Cr76 Cr50 Cr55 Cr
Other liabilities168 Cr335 Cr270 Cr111 Cr131 Cr161 Cr206 Cr560 Cr454 Cr425 Cr
Total liabilities626 Cr395 Cr324 Cr309 Cr306 Cr326 Cr291 Cr276 Cr276 Cr283 Cr
Fixed assets (net)238 Cr224 Cr206 Cr191 Cr178 Cr165 Cr154 Cr129 Cr113 Cr95 Cr
CWIP5 Cr3 Cr0 Cr0.0011 Cr0 Cr0 Cr0 Cr0 Cr3 Cr—
Investments92 Cr0.23 Cr5 Cr5 Cr5 Cr5 Cr5 Cr0.69 Cr0.29 Cr0.29 Cr
Loans & advances——0.12 Cr0.10 Cr0.10 Cr0.15 Cr0.12 Cr0.07 Cr0.11 Cr0.07 Cr
Inventories77 Cr43 Cr21 Cr21 Cr19 Cr44 Cr16 Cr17 Cr44 Cr79 Cr
Trade receivables77 Cr28 Cr9 Cr6 Cr8 Cr11 Cr0.19 Cr0.04 Cr4 Cr3 Cr
Cash & bank3 Cr0.40 Cr0.19 Cr0.08 Cr0.08 Cr0.06 Cr0.30 Cr1 Cr0.38 Cr0.28 Cr
Other assets133 Cr98 Cr83 Cr87 Cr95 Cr101 Cr116 Cr128 Cr111 Cr106 Cr
Total assets626 Cr395 Cr324 Cr309 Cr306 Cr326 Cr291 Cr276 Cr276 Cr283 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity76 Cr49 Cr63 Cr13 Cr24 Cr61 Cr40 Cr-14 Cr-98 Cr-30 Cr
Cash from investing-20 Cr-5 Cr-0.85 Cr0.37 Cr-1 Cr-0.65 Cr-0.65 Cr26 Cr31 Cr20 Cr
Cash from financing-55 Cr-50 Cr-64 Cr-14 Cr-23 Cr-61 Cr-39 Cr-12 Cr67 Cr10 Cr
Net cash flow0.76 Cr-5 Cr-1 Cr-0.13 Cr-0.05 Cr0.06 Cr0.29 Cr0.67 Cr-0.67 Cr-0.15 Cr
Free cash flow (OCF − Capex)51 Cr42 Cr62 Cr12 Cr22 Cr59 Cr39 Cr-14 Cr-103 Cr-43 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
ROCE %——-32.1%-8.1%-0.2%—
ROE %——————
Debtor days34164464
Inventory days593813181922
Days payable544228547552
Cash conversion cycle3812-11-32-50-25
OCF / EBITDA %159.8%—n.m.—n.m.103.5%
OCF / EBITDA % (3 years)————n.m.134.7%
Debt / equity——0.00———
Current ratio0.520.220.080.080.080.14
Net debt / EBITDA8.17—350.78—36.31—