VARROC

Varroc Engineering Limited

Automotive components for two-wheeler, three-wheeler, passenger and commercial vehicles

Consumer Discretionary›Automobile and Auto Components›Auto Components›Auto Components & Equipments

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

Price as of 2026-10-16

Stock price
₹817.45
Market cap
12,483 Cr
Stock P/E
63.3
P/B
7.01
Dividend yield
0.1%
ROE (FY26)
12.4%
ROCE (FY26)
18.6%
Operating margin (FY26)
5.6%
Debt / equity (FY26)
0.41
OCF / EBITDA (FY26)
64.7%
OCF / EBITDA (3Y)
79.9%

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

Varroc Engineering makes body parts, lighting, engine (ICE, internal combustion engine) powertrain parts, electronics and electric-vehicle (EV) components for two-wheeler, three-wheeler and four-wheeler makers, mostly in India.

Company snapshot

28thBy market cap

Ranked among 94 companies in Auto Components & Equipments.

Segment mix

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

Largest segment: 97.4% of revenue

SegmentRevenue shareRevenuePBTAssets
Automotive
97.4%
5,898 Cr349 Cr—
Others
2.6%
157 Cr-23 Cr—

What we see

Concerns
  • ✗Net margin is very thin at 2.6% — little room for error if costs rise.

Statement tables · Consolidated

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
Sales1,887 Cr1,885 Cr1,975 Cr1,899 Cr2,081 Cr2,075 Cr2,099 Cr2,028 Cr2,207 Cr2,288 Cr2,368 Cr2,634 Cr
Operating expenses (approx.)1,693 Cr1,709 Cr1,754 Cr1,725 Cr1,873 Cr1,889 Cr1,878 Cr1,833 Cr2,004 Cr2,078 Cr2,146 Cr2,412 Cr
EBITDA194 Cr176 Cr221 Cr174 Cr208 Cr186 Cr221 Cr195 Cr203 Cr210 Cr222 Cr222 Cr
OPM %10.3%9.3%11.2%9.2%10.0%9.0%10.5%9.6%9.2%9.2%9.4%8.4%
Other income7 Cr9 Cr6 Cr4 Cr7 Cr3 Cr5 Cr5 Cr3 Cr4 Cr6 Cr6 Cr
Interest50 Cr50 Cr45 Cr44 Cr43 Cr42 Cr41 Cr36 Cr32 Cr31 Cr35 Cr31 Cr
Depreciation85 Cr89 Cr82 Cr80 Cr82 Cr81 Cr81 Cr81 Cr83 Cr82 Cr86 Cr84 Cr
Profit before tax74 Cr71 Cr105 Cr56 Cr91 Cr-25 Cr47 Cr144 Cr92 Cr-3 Cr109 Cr114 Cr
Tax %24.6%-442.6%44.4%39.2%36.4%-82.2%51.3%25.4%31.3%-244.4%35.2%32.1%
Net profit56 Cr384 Cr58 Cr34 Cr58 Cr-45 Cr23 Cr107 Cr63 Cr-11 Cr70 Cr78 Cr
EPS (₹)₹3.55₹25.05₹3.72₹2.12₹3.64₹-3.10₹1.35₹6.88₹3.99₹-0.67₹4.54₹5.06

Profit & loss (annual)

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9,609 Cr10,378 Cr12,036 Cr11,122 Cr11,303 Cr5,844 Cr6,863 Cr7,552 Cr8,154 Cr8,890 CrSign in free for the trailing twelve months
Operating expenses (approx.)9,027 Cr9,501 Cr10,948 Cr10,301 Cr10,906 Cr5,485 Cr6,316 Cr6,778 Cr7,365 Cr8,061 CrSign in free for the trailing twelve months
EBITDA582 Cr878 Cr1,089 Cr821 Cr397 Cr359 Cr547 Cr774 Cr789 Cr830 CrSign in free for the trailing twelve months
OPM %6.1%8.5%9.0%7.4%3.5%6.1%8.0%10.2%9.7%9.3%Sign in free for the trailing twelve months
Other income94 Cr39 Cr91 Cr99 Cr127 Cr34 Cr58 Cr28 Cr18 Cr18 CrSign in free for the trailing twelve months
Interest90 Cr86 Cr97 Cr139 Cr163 Cr118 Cr190 Cr194 Cr170 Cr134 CrSign in free for the trailing twelve months
Depreciation337 Cr386 Cr566 Cr732 Cr895 Cr305 Cr337 Cr337 Cr323 Cr332 CrSign in free for the trailing twelve months
Profit before tax327 Cr513 Cr549 Cr39 Cr-498 Cr-1,065 Cr-773 Cr294 Cr169 Cr341 CrSign in free for the trailing twelve months
Tax %7.3%12.1%18.0%93.7%-26.2%-3.9%-5.7%-81.0%58.8%32.7%Sign in free for the trailing twelve months
Net profit303 Cr451 Cr450 Cr3 Cr-629 Cr-1,107 Cr-817 Cr532 Cr70 Cr230 CrSign in free for the trailing twelve months
EPS (₹)₹27.74₹33.40₹33.11₹0.01₹-46.75₹-72.64₹-53.66₹34.43₹4.01₹14.73Sign in free for the trailing twelve months
Dividend payout %———————0.9%0.0%6.6%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 capital13 Cr13 Cr13 Cr13 Cr15 Cr15 Cr15 Cr15 Cr15 Cr15 Cr
Reserves2,172 Cr2,815 Cr3,074 Cr2,991 Cr3,013 Cr1,973 Cr961 Cr1,482 Cr1,550 Cr1,765 Cr
Borrowings1,354 Cr980 Cr1,659 Cr2,601 Cr1,758 Cr1,553 Cr1,635 Cr1,209 Cr949 Cr738 Cr
Other liabilities2,300 Cr3,024 Cr3,983 Cr5,372 Cr6,411 Cr7,431 Cr1,982 Cr1,825 Cr2,125 Cr2,319 Cr
Total liabilities5,860 Cr6,852 Cr8,753 Cr11,002 Cr11,225 Cr10,998 Cr4,621 Cr4,560 Cr4,672 Cr4,875 Cr
Fixed assets (net)2,251 Cr2,586 Cr2,914 Cr4,498 Cr4,514 Cr1,896 Cr1,932 Cr1,916 Cr1,924 Cr2,140 Cr
CWIP246 Cr244 Cr666 Cr398 Cr494 Cr112 Cr121 Cr76 Cr100 Cr95 Cr
Investments293 Cr360 Cr375 Cr330 Cr376 Cr400 Cr421 Cr530 Cr69 Cr88 Cr
Loans & advances——18 Cr12 Cr22 Cr0.21 Cr0.03 Cr0.02 Cr0.01 Cr0.01 Cr
Inventories753 Cr864 Cr920 Cr1,076 Cr1,256 Cr616 Cr671 Cr674 Cr733 Cr933 Cr
Trade receivables1,138 Cr1,403 Cr1,350 Cr1,089 Cr1,641 Cr518 Cr597 Cr492 Cr680 Cr735 Cr
Cash & bank350 Cr327 Cr161 Cr1,066 Cr742 Cr116 Cr302 Cr110 Cr111 Cr125 Cr
Other assets828 Cr1,069 Cr2,349 Cr2,533 Cr2,181 Cr7,341 Cr577 Cr761 Cr1,055 Cr759 Cr
Total assets5,860 Cr6,852 Cr8,753 Cr11,002 Cr11,225 Cr10,998 Cr4,621 Cr4,560 Cr4,672 Cr4,875 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 activity677 Cr1,075 Cr—1,414 Cr474 Cr636 Cr661 Cr638 Cr737 Cr537 Cr
Cash from investing-565 Cr-601 Cr—-1,268 Cr-644 Cr-763 Cr-260 Cr-166 Cr-246 Cr-123 Cr
Cash from financing94 Cr-523 Cr—733 Cr-152 Cr-335 Cr-216 Cr-664 Cr-490 Cr-405 Cr
Net cash flow205 Cr-50 Cr—879 Cr-292 Cr-461 Cr175 Cr-192 Cr1 Cr14 Cr
Free cash flow (OCF − Capex)52 Cr497 Cr—27 Cr-301 Cr-218 Cr62 Cr364 Cr448 Cr68 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.7%15.6%13.5%3.2%-7.0%-26.5%-22.1%17.8%13.3%18.6%
ROE %13.7%15.8%14.3%0.0%-20.7%-55.1%-81.6%34.5%3.8%12.4%
Debtor days43494136533232243030
Inventory days46504456605755525159
Days payable921149812414512498949796
Cash conversion cycle-3-15-14-32-32-35-11-18-15-7
OCF / EBITDA %116.3%122.5%—172.2%119.4%176.9%120.8%82.5%93.4%64.7%
OCF / EBITDA % (3 years)—————160.0%135.9%115.2%96.5%79.9%
Debt / equity0.620.350.540.870.580.781.670.810.610.41
Current ratio0.970.960.680.700.700.470.620.790.770.88
Net debt / EBITDA1.730.741.381.872.564.002.441.421.060.74