VGL

VARVEE GLOBAL LIMITED

Denim and textile manufacturer with renewable energy platform

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

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

Price as of 2026-10-16

Stock price
₹57.70
Market cap
298 Cr
Stock P/E
Loss (TTM EPS ₹-3.92)
P/B
3.86
ROE (FY20)
-18.2%
ROCE (FY20)
-0.4%
Operating margin (FY20)
-1.4%
Debt / equity (FY20)
1.78
OCF / EBITDA (FY26)
94.0%

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

VGL (Varvee Global, formerly Aarvee Denims and Exports) makes textile fabrics at its Narol unit in Ahmedabad, with non-denim shirting and suiting fabrics now its focus, for domestic customers.

Company snapshot

52ndBy 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: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Power Generation-Wind farm—0 Cr0 Cr—
Textile
100.0%
35 Cr61 Cr—

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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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
Sales25 Cr26 Cr24 Cr14 Cr15 Cr6 Cr8 Cr-0.55 Cr28 Cr12 Cr23 Cr8 Cr
Operating expenses (approx.)31 Cr35 Cr29 Cr24 Cr20 Cr29 Cr59 Cr0.56 Cr14 Cr14 Cr29 Cr15 Cr
EBITDA-6 Cr-9 Cr-5 Cr-11 Cr-5 Cr-23 Cr-52 Cr-1 Cr14 Cr-1 Cr-6 Cr-7 Cr
OPM %-24.9%-35.9%-22.3%-80.8%-30.2%-380.5%-689.0%202.2%49.7%-12.1%-25.2%-83.2%
Other income2 Cr3 Cr0.68 Cr45 Cr34 Cr23 Cr38 Cr7 Cr6 Cr22 Cr-15 Cr0.63 Cr
Interest12 Cr8 Cr7 Cr5 Cr4 Cr2 Cr1 Cr1 Cr0.0003 Cr0.0003 Cr0.0009 Cr0.0061 Cr
Depreciation3 Cr2 Cr1 Cr1 Cr1 Cr0.97 Cr1 Cr1.00 Cr2 Cr1 Cr2 Cr0.63 Cr
Profit before tax-18 Cr-15 Cr-13 Cr28 Cr25 Cr-3 Cr-16 Cr3 Cr19 Cr19 Cr-23 Cr-7 Cr
Tax %29.0%56.4%48.6%18.6%66.5%-102.1%45.0%-675.5%45.7%71.8%-26.3%4.6%
Net profit-13 Cr-7 Cr-6 Cr23 Cr8 Cr-7 Cr-9 Cr25 Cr10 Cr5 Cr-29 Cr-7 Cr
EPS (₹)₹-5.53₹-2.81₹-2.75₹9.63₹3.52₹-2.96₹-3.78₹9.89₹3.96₹7.36₹-8.32₹-1.27

Profit & loss (annual)

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales844 Cr824 Cr748 Cr565 Cr279 Cr421 Cr261 Cr85 Cr42 Cr63 CrSign in free for the trailing twelve months
Operating expenses (approx.)772 Cr747 Cr669 Cr531 Cr287 Cr431 Cr289 Cr116 Cr132 Cr57 CrSign in free for the trailing twelve months
EBITDA72 Cr78 Cr79 Cr34 Cr-8 Cr-10 Cr-28 Cr-31 Cr-90 Cr5 CrSign in free for the trailing twelve months
OPM %8.5%9.4%10.5%6.0%-2.9%-2.5%-10.8%-36.8%-211.8%8.5%Sign in free for the trailing twelve months
Other income2 Cr5 Cr6 Cr2 Cr8 Cr4 Cr3 Cr7 Cr140 Cr20 CrSign in free for the trailing twelve months
Interest38 Cr43 Cr49 Cr53 Cr51 Cr43 Cr46 Cr37 Cr13 Cr1 CrSign in free for the trailing twelve months
Depreciation33 Cr33 Cr34 Cr38 Cr32 Cr25 Cr25 Cr12 Cr4 Cr5 CrSign in free for the trailing twelve months
Profit before tax3 Cr6 Cr2 Cr-56 Cr-83 Cr-63 Cr-94 Cr-73 Cr33 Cr18 CrSign in free for the trailing twelve months
Tax %34.9%12.0%36.9%24.5%22.7%34.7%31.1%38.9%43.5%32.4%Sign in free for the trailing twelve months
Net profit2 Cr6 Cr1 Cr-42 Cr-64 Cr-41 Cr-65 Cr-45 Cr19 Cr12 CrSign in free for the trailing twelve months
EPS (₹)₹0.75₹2.39₹0.46₹-17.88₹-27.36₹-17.66₹-57.27₹-19.02₹7.90₹2.44Sign in free for the trailing twelve months
Dividend payout %————————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 capital23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr26 Cr
Reserves243 Cr248 Cr250 Cr208 Cr144 Cr103 Cr38 Cr-6 Cr12 Cr51 Cr
Borrowings339 Cr377 Cr429 Cr411 Cr420 Cr413 Cr397 Cr278 Cr94 Cr3 Cr
Other liabilities226 Cr270 Cr247 Cr200 Cr123 Cr89 Cr63 Cr144 Cr74 Cr104 Cr
Total liabilities831 Cr919 Cr949 Cr843 Cr711 Cr629 Cr521 Cr438 Cr204 Cr184 Cr
Fixed assets (net)374 Cr362 Cr388 Cr349 Cr273 Cr231 Cr202 Cr72 Cr68 Cr43 Cr
CWIP5 Cr———0 Cr1 Cr1 Cr0 Cr0 Cr0.81 Cr
Investments——0.01 Cr—0 Cr0 Cr0 Cr0 Cr0 Cr10 Cr
Inventories159 Cr200 Cr223 Cr222 Cr154 Cr156 Cr121 Cr90 Cr8 Cr18 Cr
Trade receivables240 Cr295 Cr288 Cr235 Cr208 Cr166 Cr118 Cr100 Cr8 Cr16 Cr
Cash & bank2 Cr2 Cr2 Cr1 Cr13 Cr10 Cr0.16 Cr0.22 Cr13 Cr3 Cr
Other assets52 Cr60 Cr47 Cr36 Cr62 Cr64 Cr78 Cr177 Cr107 Cr92 Cr
Total assets831 Cr919 Cr949 Cr843 Cr711 Cr629 Cr521 Cr438 Cr204 Cr184 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 activity110 Cr38 Cr51 Cr65 Cr45 Cr13 Cr38 Cr110 Cr27 Cr5 Cr
Cash from investing-50 Cr-19 Cr-53 Cr5 Cr9 Cr47 Cr14 Cr46 Cr182 Cr28 Cr
Cash from financing-63 Cr-19 Cr3 Cr-70 Cr-42 Cr-63 Cr-62 Cr-156 Cr-196 Cr-43 Cr
Net cash flow-3 Cr0.07 Cr0.10 Cr-0.95 Cr12 Cr-4 Cr-10 Cr0.06 Cr13 Cr-10 Cr
Free cash flow (OCF − Capex)63 Cr20 Cr-13 Cr62 Cr45 Cr10 Cr38 Cr110 Cr27 Cr0.41 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020
ROCE %7.7%7.3%-0.4%
ROE %2.1%0.4%-18.2%
Debtor days130140152
Inventory days134173233
Days payable139153166
Cash conversion cycle125160218
OCF / EBITDA %48.7%—210.1%
Debt / equity1.391.571.78
Current ratio1.051.101.10
Net debt / EBITDA—5.4312.04