VGUARD
Micro CapV-Guard Industries Limited
Consumer
V-Guard Industries Limited, founded in 1977, manufactures and markets light electricals and consumer durables. Products include stabilizers, UPS, wires, pumps, switchgears, water heaters, fans, and kitchen appliances. It has diversified from a South-dominant player to expanding rapidly in non-South geographies, with ~48% revenue from non-South in FY26.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +14% YoY · PAT +23% YoY · margin expansion · +25% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,755 Cr | +14.1% | +25.0% |
| EBITDA | ₹171 Cr | +19.6% | +39.0% |
| Operating margin | 10.0% | +100 bps | +100 bps |
| PAT | ₹112 Cr | +23.1% | +96.5% |
| PAT margin | 6.4% | +46 bps | +232 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
V-Guard reports robust Q4 FY26 performance with consolidated revenue up 14.1% YoY to ₹1,755 crore and PAT up 23.0% YoY to ₹112 crore. Full-year FY26 revenue grew 7.0% to ₹5,966 crore, but PAT declined 1.7% YoY due to an exceptional charge.
Q4 FY26 showed strong revenue and PAT growth, driven by South markets and Electricals/Electronics segments. Full-year PAT was impacted by an exceptional item, but underlying PAT grew. Non-South expansion continues, and Sunflame integration is complete. Management is optimistic for FY27, despite ongoing commodity and supply chain challenges from the West Asia crisis.
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Electricals Segment
Q4 FY26 revenue grew 15.9% YoY; segment result grew 23.6% YoY.
Electronics Segment
Q4 FY26 revenue grew 22.3% YoY; segment result grew 11.4% YoY.
Non-South Expansion
Non-South markets grew 11.8% YoY in Q4 FY26 and contributed 46.3% of total revenues.
Sunflame Business
Integration is complete, and management sees some growth traction from actions taken.
Supportive Summer
Management sees indications of a supportive summer, hopeful for a strong start to FY27.
West Asia Crisis
Continues to pose challenges in commodity inflation and supply disruptions for materials/components.
Weak H1 FY26 Demand
First half of FY26 experienced weak summer and tepid demand.
Commodity Inflation
West Asia crisis poses challenges in terms of commodity inflation in some categories.
Supply Disruptions
West Asia crisis causes supply disruptions for certain materials and components.
Consumer Durables Performance
Consumer Durables segment result declined 50.0% YoY in Q4 FY26 and 62.4% YoY in FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for understanding seasonal demand patterns in consumer durables and electricals, especially with the mention of 'summer' impact. QoQ provides insight into sequential momentum and recovery from a 'challenging first half' of FY26.
Gross Margin (Q4 FY26)
Contracted by 20 bps YoY to 35.3% in Q4 FY26 from 35.5% in Q4 FY25.
Gross Margin (FY26)
Maintained at 36.3% in FY26, same as FY25.
Ad & Promotion Exp./Net Revenue (Q4 FY26)
Decreased to 1.8% in Q4 FY26 from 2.6% in Q4 FY25.
Non-South Revenue Contribution (Q4 FY26)
46.3% of total revenues in Q4 FY26, down from 47.3% in Q4 FY25.
FY27 Outlook
Hopeful of a strong start to FY27, with indications of a supportive summer.
Sunflame Integration
Business integration is complete, and growth traction is seen from actions taken.
Risk Mitigation
Company continues to monitor the West Asia situation closely and will take appropriate actions to mitigate risk.
Cash Generation
Cash generation remains strong with consistent profitability and efficient working capital management.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Non-South Revenue Growth | 11.8% YoY in Q4 FY26; 46.3% of total revenue. | Continued expansion and increasing contribution to total revenue, indicating successful pan-India strategy. |
| Consumer Durables Segment Result | Declined 50.0% YoY in Q4 FY26 (₹6.96 Cr). | Reversal of negative trend and improvement in profitability, especially with summer demand. |
| Gross Margin | 35.3% in Q4 FY26 (down 20 bps YoY). | Stability or improvement, given commodity inflation concerns and ad/promo spend changes. |
| Sunflame Business Traction | Integration complete, "some growth traction" seen. | Quantifiable growth rates and improved profitability contribution from the acquired business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -4.3% / mo · near 52W low
Technical chart
VGUARDweekly · 1Y-19.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 40. Wait for confirmation.
- SMA20 falling (~4.5% over last month) — short-term momentum negative.
- RSI(14) at 40 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Fair-value margin of safety is negative at -1.0%.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 1.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 91st pctile, median 67 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸Promoter holding fell 1.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 40.50
- P/B
- 5.54
- EV/EBITDA
- 20.95
- Market Cap
- 13140.00Cr
Profitability
- ROE
- 14.50%
- ROCE
- 18.60%
- ROA
- 8.29%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 43.92×
- Altman Z
- 9.06
- Book Value
- 54.30
Cash Flow
- FCF Yield
- 0.72%
- FCF Positive Y
- 8/5
- OCF
- 459.00 Cr
- EPS TTM
- 7.06
Shareholding
- Promoter Hold
- 53.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.