V-Guard Industries has released the transcript of its earnings call pertaining to the unaudited financial results for the quarter and half year ended September 30, 2025. The call, held on October 30, 2025, discussed the company’s performance amid headwinds such as higher-than-average rainfall and weak demand. Key points included segment growth details and margin discussions. The transcript is available on V-Guard’s website.
Q2 & H1 FY26 Performance Overview
V-Guard Industries addressed its financial performance for Q2 & H1 FY26 in an earnings conference call held on October 30, 2025. The discussion included senior management insights into challenges and achievements during the period.
Segment Performance
The Electronics segment, comprising Stabilizers, Inverter Systems, UPS Systems, and Solar Systems, showed a growth of 5.3% Y-o-Y. Prolonged monsoon impacted demand for Stabilizers and Inverters.
The Electricals segment, including Wires, Pumps, Switchgears, and Modular Switches, grew by 4.7%. This segment remains the largest revenue contributor.
The Consumer Durables segment reported a revenue growth of 1% Y-o-Y, impacted by unseasonal rain affecting Fans and Air Coolers.
Sunflame reported a top-line growth of 3.4%. The company anticipates improved efficiencies through integration and eventual merger.
Financial Highlights
Consolidated net revenue from operations for the quarter stood at INR 1,340 crores, up by 3.6% compared to the previous year.
Gross margin increased by 140 basis points to 37.6%. EBITDA (excluding other income) for Q2 was INR 109 crores, with the EBITDA margin at 8.1%.
Consolidated PAT for the quarter was INR 65 crores, an increase of 3% from the same period last year.
Strategic Initiatives and Outlook
V-Guard is focusing on expanding its battery manufacturing capacity to cover 70%-80% of its total sales in the next two years.
The company aims to achieve a 12% EBIT margin for Sunflame in the next 2 to 3 years.
Growth Drivers
The company plans to expand distribution in non-South regions and is targeting a 60% revenue contribution from these regions in the next 4 years.
V-Guard intends to enter the Solar Pump business by next year.
Capex and Investments
The capex for the current and next year is projected to be between INR 120 crores and INR 130 crores, including investments in a new Research and Innovation Centre.
Source: BSE
