V-Guard Industries reported modest growth in Q2 FY26 with consolidated net revenue from operations at ₹1,341 crore, a 3.6% increase YoY. Profit After Tax (PAT) rose by 3% YoY to ₹65 crore. The company faced headwinds, including higher rainfall and GST transition, but saw improved gross margins. The merger of Sunflame is progressing and is expected to unlock synergies.
Financial Performance Overview
V-Guard Industries announced its financial results for the second quarter of fiscal year 2026. Despite facing headwinds like higher-than-average rainfall and GST transition, the business delivered modest growth across segments. Consolidated Net Revenue from operations reached ₹1,341 crore, representing a 3.6% increase compared to the same period last year. Consolidated Profit After Tax (PAT) for the quarter stood at ₹65 crore, a 3% increase year-over-year.
Segment and Regional Performance
The Electronics segment led the growth with a 5.3% year-on-year increase in topline, followed by Electricals and Consumer Durables, growing by 4.7% and 1%, respectively. Sunflame recorded a growth of 3.4% YoY. South markets grew by 4.3% YoY, while Non-South markets posted growth of 2.8% YoY.
Margin and Synergies
Gross margin improved during the quarter, sustaining gains made in recent periods. The merger of Sunflame with V-Guard is progressing well, expected to unlock significant synergies and operational efficiencies.
Key Financial Highlights (Q2 FY26 vs. Q2 FY25)
- Q2 FY26 revenue increased by 3.6% YoY to ₹1340.92 crore.
- Gross margin expanded by 140 bps YoY, at 37.6% in Q2 FY26.
- EBITDA at ₹109.26 crore in Q2 FY26, a 0.9% YoY decrease.
- Q2 FY26 PAT increased 3.0% YoY to ₹65.29 crore.
H1 FY26 Highlights
- CFO generation for H1 FY26 at ₹195.08 crore.
- Net cash as of September 30, 2025, is ₹92.78 crore.
Source: BSE
