V-MARC India — Revenue Growth by 84% and PAT Growth by 104% in H1 FY27 (YoY basis)

VMPL
Haridwar (Uttarakhand) [India], November 12:  V-MARC India Limited (NSE: VMARCIND), a manufacturer of wires and cables, today announced its unaudited financial results for the quarter and half year ended 30 September 2026. H1 FY27 revenue of ₹1,275.4 crore was the highest in the Company's history for a half year. Revenue rose 84% YoY and profit after tax rose 104% to ₹76.4 crore. Growth came from government and EPC demand for power cables, a near-tripling of building-wire and industrial-cable sales, and the scale-up of exports.
In the first half of FY27, revenue stood at ₹1,275.4 crore, EBITDA at ₹147.3 crore and profit after tax at ₹76.4 crore, rising 84%, 84% and 104% YoY respectively. For the second quarter alone, revenue came in at ₹719.9 crore, a 73% increase over Q2 FY26.
KEY FINANCIAL HIGHLIGHTS
On a consolidated basis, revenue from operations for H1 FY27 rose 84% to ₹1,275.36 crore from ₹691.54 crore in H1 FY26. EBITDA also grew 84%, to ₹147.33 crore from ₹79.96 crore, with the EBITDA margin at 11.55% against 11.56% a year earlier, a marginal dip of 1 bp. Profit after tax increased 104% to ₹76.43 crore from ₹37.50 crore, and the PAT margin expanded by 57 bps to 5.99% from 5.42%.
EBITDA excludes other income. H1 FY26 figures are the Ind AS comparatives in the current results and differ from the figures published in November 2025.
H1 FY27 revenue of ₹1,275.4 crore achieved 71% of full-year FY26 revenue of ₹1,797.3 crore. EBITDA margin was steady at 11.55%. PAT margin widened 57 bps to 5.99%: finance cost improved to 2.4% of revenue from 2.7%, in spite of the increased working capital requirements of the business growth.
QUARTERLY PERFORMANCE
In Q2 FY27, revenue from operations was ₹719.85 crore, up 73% from ₹417.11 crore in Q2 FY26 and up 30% from ₹555.51 crore in Q1 FY27. EBITDA rose to ₹87.89 crore, 77% higher than ₹49.53 crore a year ago and 48% higher than ₹59.44 crore in the previous quarter. The EBITDA margin was 12.21%, an improvement of 34 bps over 11.87% in Q2 FY26 and of 151 bps over 10.70% in Q1 FY27.
Profit after tax for the quarter stood at ₹47.91 crore, up 80% YoY from ₹26.67 crore and 68% QoQ from ₹28.52 crore. The PAT margin reached 6.66%, which is 26 bps above the 6.39% recorded a year earlier and 152 bps above the 5.13% recorded in Q1 FY27.
Q2 FY27 was the Company's strongest quarter to date. Revenue rose 73% YoY and 30% QoQ to ₹719.9 crore. HT cables grew 47% QoQ to ₹348.5 crore and exports grew 89% QoQ to ₹118.5 crore. Gross margin recovered to 22.5% from 19.6% in Q1, lifting EBITDA margin to 12.2%.
Across H1 Customer Segment: B2G (government) revenue rose 87% to ₹453.6 crore and B2B (EPC) revenue rose 75% to ₹432.6 crore. B2C (dealer) revenue rose by 3% to ₹207.7 crore and exports grew to ₹181.4 crore from ₹1.4 crore.
Product Segment: Building wires and industrial cables rose 181% to ₹485.38 crore & HT Cables rose 62% to ₹585.3 crore & LT Cables rose 29% to ₹204.64 crore
BALANCE SHEET AND CASH FLOW
As of 30 September 2026, net worth stood at ₹365.26 crore, compared with ₹288.91 crore on 31 March 2026. Total borrowings, excluding leases, rose to ₹359.82 crore from ₹213.65 crore, taking the debt-to-equity ratio to 0.99x from 0.74x.
Over the same period, trade receivables increased to ₹543.50 crore from ₹418.58 crore, inventories to ₹488.84 crore from ₹266.13 crore, and trade payables to ₹625.91 crore from ₹433.38 crore. Capital work-in-progress was ₹57.33 crore, up from ₹36.30 crore at the end of March.
Consolidated. Cash flow from operations was ₹(45.70) crore in H1 FY27, against ₹114.43 crore for full-year FY26. Working capital rose with the scale of the business: inventories increased by ₹222.7 crore and receivables by ₹124.9 crore since March, partly offset by higher trade payables. Higher working-capital and term borrowings funded the rest. Capital expenditure (purchase of PPE including CWIP) was ₹106.4 crore in H1 FY27. Share capital rose to ₹146.5 crore following the 5:1 bonus issue, capitalised from reserves.
OPERATIONAL HIGHLIGHTS
-        Highest-ever half-yearly revenue: H1 FY27 revenue of ₹1,275.36 crore is already 71% of full-year FY26 revenue of ₹1,797.31 crore.
-        Exports scaling fast: H1 FY27 exports of ₹181.4 crore are 2.9x the ₹62.6 crore earned in FY26, the Company's first year of exports. Exports were 14% of H1 FY27revenue.
-        Broad-based demand: B2G (government)  and B2B (EPC) revenue grew 86% and 75.5% respectively. Together they formed 69.5% of H1FY27 revenue.
-        Product mix: HT cables were 46% of H1 revenue, building wires and industrial cables 38%, and LT cables 16%.
-        Capacity: Installed capacity stood at 2.60 lakh km as on 30 September 2026. CWIP rose to ₹57.3 crore at 30 September 2026 from ₹36.3 crore in March26. The Company's second E-beam line is operational.
-        Product innovation: The Company has launched an E-beam submersible cable for agricultural applications.
-        Reach: A distribution network of 1,200+ dealers and 150+ turnkey EPC contractors across 25 states and union territories.
-        Bonus issue: The Company issued bonus shares in the ratio of 5:1, raising shares outstanding to 14.65 crore.
OUTLOOK AND GUIDANCE
Demand remains structural, driven by public capex, renewables and grid investment. India added 24.6 GW of renewable capacity in H1 FY27, taking installed renewable capacity to about 299 GW by 30 September 2026 (MNRE data). The target is 500 GW of non-fossil capacity by 2030. The Union Budget 2026-27 lifts capital expenditure to ₹12.2 lakh crore, and the National Electricity Plan earmarks ₹9.15 lakh crore for transmission to 2032. Cables account for about 14–15% of T&D capex. The Indian wires and cables market is projected to grow at 13–14% a year, to about ₹1,46,700 crore by FY29 (CRISIL Ratings).
At Q1, management guided to FY27 revenue growth of 40%+ and an EBITDA margin of 11–12%. H1 revenue growth of 84% leaves the Company well ahead of that guidance. Meeting the guided floor needs H2 FY27 revenue of only about ₹1,241 crore, 12% above H2 FY26. H1 EBITDA margin of 11.55% sits within the guided band. On the strength of first half performance, management is revising its full year FY27 revenue growth guidance to upwards of 60% from 40% earlier and maintains its EBITDA margin target of 11-12%.
Over the longer term, the Company plans incremental capital expenditure of about ₹400 crore through FY30. The aim is installed capacity of over 10 lakh km by FY30, nearly five times the FY26 base of 2.12 lakh  km. International expansion into Europe, the US and MENA is supported by a dedicated export team in Mumbai and participation in 6–10 international exhibitions during FY27.
MANAGEMENT PERSPECTIVE
Mr. Vikas Garg, Chairman & Managing Director and Promoter of V-MARC India Limited, said:
“H1 FY27 is the strongest half-year in our history. Revenue of ₹1,275 crore is up 84%, and profit after tax of ₹76 crore has more than doubled. Q2 was our best quarter yet: revenue of ₹720 crore was up 73% on last year, and our EBITDA margin recovered to 12.2% as gross margins improved after the first quarter.
Growth has been broad-based. Government and EPC customers have each roughly doubled their business with us, as investment in transmission, renewables and infrastructure continues. Building wires and industrial cables have nearly tripled, and our exports reached ₹181 crore in six months, almost three times what we achieved in all of FY26.
At Q1 we guided to more than 40% revenue growth and an 11–12% EBITDA margin for FY27. We are well ahead of that pace and maintain our guidance. For the rest of the year our focus is on converting this growth into cash — bringing inventory and receivables back in line — rebuilding momentum in our dealer channel, and adding the capacity that will take us towards 10 lakh km by FY30. The Board and management remain committed to building V-MARC with discipline and to creating durable, long-term value for all our stakeholders.”
ABOUT V-MARC INDIA LIMITED
V-MARC India Limited makes wires and cables for households, industry and infrastructure, including HT and LT power cables, building wires, industrial and solar cables. The Company's factory at SIDCUL, Haridwar, was established in 2006, and it now operates three manufacturing facilities. It listed on the National Stock Exchange in April 2021.
V-MARC is among a select few Indian manufacturers using E-beam (electron beam) irradiation technology, which improves the strength, durability and heat resistance of cables. Its flagship Flexi Tuf wire is positioned as India's Safest Wire. The Company serves government utilities, EPC contractors, dealers and export customers across 25 states and union territories, with 850+ employees and installed capacity of 2.12 lakh km (FY26).
INVESTOR RELATIONS
Anuj Ahluwalia · Company Secretary & Compliance Officer | investor@v-marc.in · +91-1334-239638
SAFE HARBOUR
Certain statements in this release concerning future growth prospects are forward-looking statements. They involve risks and uncertainties that could cause actual results to differ materially, including the performance of the economy and industry, competition, commodity prices, the Company's ability to implement its strategy, and changes in government policy. The Company assumes no obligation to update any forward-looking statement.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same.)