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About
Vardhman Polytex Ltd (VARDMNPOLY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 514175 NSE: VARDMNPOLY Textile | Small Cap | Vardhman Polytex Share Price
₹5.90 0.01 (0.17%)
As on 23-Sep'26 16:59
Vardhman Polytex Ltd (VARDMNPOLY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 514175 NSE: VARDMNPOLY Textile | Small Cap | Vardhman Polytex Share Price
₹5.90 0.01 (0.17%)
As on 23-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹300 Cr.
Current Price
₹5.9
52-Week Low / High
₹5 / 9
TTM EPS
₹6.3
TTM Sales
₹238 Cr.
Book Value per Share
₹2.7
P/E Ratio
0.94
Lower than its 3-year historical median
Industry PE
36.3
Price to Book (P/B)
2.17
Higher than its 5-year historical median
Price to Sales (P/S)
1.26
Higher than its 5-year historical median
EV/EBITDA
14.28
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
0.00%
Underperforms industry median
Return on Assets (ROA)
3.35%
Operating Profit Margin
6%
Net Profit Margin
3.25%
Gross Profit Margin
6.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-16.94%
Operating Profit Growth (1 Year)
-
19.3%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-48.53%
Asset Quality
Promoter Holding
37.51%
Pledged shares (%) of Promoter's holding (%)
74.03%
Reserves
₹87 Cr.
Equity
₹50.8 Cr.
Face Value
₹1
All Time Low / High
₹0.15 / 15.30
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Vardhman Polytex Ltd a good quality company?
Vardhman Polytex Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Vardhman Polytex Ltd performance compare with that of its Peers?
Revenue growth of Vardhman Polytex Ltd vs industry peers?
Vardhman Polytex Ltd revenue CAGR is -14.17%, compared to the industry median CAGR of 0.00%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Vardhman Polytex Ltd?
Promoters hold 37.51% of the Vardhman Polytex Ltd, with 74.03% of their stake pledged, indicating high pledge risk.
Stock return of Vardhman Polytex Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 4.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Vardhman Polytex Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 12% | -112.1% | -15.4% | 127.1% | 1.3% | 28.6% | 43.8% | 0% | 0% | 0% | - |
| Value Creation Index ⓘ | -0.1 | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 859 | 621 | 811 | 561 | 508 | 929 | 616 | 371 | 285 | 237 | 238 |
| Sales YoY Gr. | - | -27.7% | 30.5% | -30.8% | -9.3% | 82.7% | -33.7% | -39.8% | -23.1% | -16.9% | - |
| Adj EPS ⓘ | -0 | -16.8 | -2.9 | -0.8 | -2.3 | -0.6 | -2.6 | -1.3 | 0.1 | 0.1 | 6.3 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | -30% | - |
| BVPS (₹) ⓘ | 4.3 | -12.5 | -15.5 | -11.5 | -13.8 | -14.4 | -14.3 | -11.9 | -5.3 | -4.3 | 2.7 |
| Adj Net Profit ⓘ | -0.6 | -424 | -74 | -19.9 | -56.8 | -15.5 | -66.2 | -38.6 | 4.6 | 3.3 | 319 |
| Cash Flow from Ops. ⓘ | 75.7 | 49.4 | 63.5 | 13.5 | 24 | 61.5 | 40.3 | -13.8 | -98.3 | -30.3 | - |
| Debt/CF from Ops. ⓘ | 5.2 | 9.1 | 7 | 36.5 | 21.8 | 8.6 | 11.1 | -5.5 | -0.5 | -1.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -13.4% | -14.2% | -27.3% | -16.9% | ||||
| Adj EPS ⓘ | NA | NA | NA | -30% | ||||
| BVPSⓘ | -200% | NA | NA | NA | ||||
| Share Price | 4.7% | 24.8% | 2.2% | -32.7% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -0.6 | 405 | 20.9 | 5.8 | 17.8 | 4.4 | 18.2 | 10.7 | -1.6 | -1.6 | -814.3 |
| Op. Profit Mgn % ⓘ | 7.7 | -6.6 | 0.2 | -0.2 | 2.8 | 6.3 | -5.8 | -12.7 | 4.2 | 6 | 4.7 |
| Net Profit Mgn % ⓘ | -0.1 | -68.2 | -9.1 | -3.5 | -11.2 | -1.7 | -10.8 | -10.4 | 1.6 | 1.4 | 134 |
| Debt to Equity ⓘ | 3.7 | -1.4 | -1.1 | -1.7 | -1.5 | -1.5 | -1.2 | -0.2 | -0.2 | -0.3 | - |
| Working Cap Days ⓘ | 101 | 100 | 39 | 42 | 50 | 35 | 55 | 82 | 122 | 184 | 91 |
| Cash Conv. Cycle ⓘ | 34 | 35 | 3 | -16 | -32 | -20 | -49 | -127 | -150 | -40 | -32 |
Valuation of Vardhman Polytex - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 81.52 | 81.52 | 81.52 | 81.52 | 69.62 | 69.62 | 69.62 | 69.62 | 60.34 | 74.03 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 859 | 621 | 811 | 561 | 508 | 929 | 616 | 371 | 285 | 237 |
| Operating Expenses ⓘ + | 793 | 662 | 810 | 562 | 494 | 870 | 652 | 418 | 273 | 222 |
| Operating Profit ⓘ | 66 | -41 | 1 | -2 | 14 | 59 | -36 | -47 | 12 | 14 |
| Operating Profit Margin (%) | 7.7% | -6.6% | 0.1% | -0.3% | 2.8% | 6.3% | -5.9% | -12.7% | 4.2% | 6.0% |
| Other Income ⓘ + | 15 | 5 | 3 | 4 | 3 | 4 | 6 | 34 | 26 | 9 |
| Interest ⓘ | 62 | 68 | 60 | 60 | 59 | 64 | 53 | 3 | 14 | 9 |
| Depreciation ⓘ | 21 | 21 | 18 | 16 | 15 | 14 | 12 | 10 | 9 | 7 |
| Profit Before Tax ⓘ | -1 | -424 | -74 | 102 | -57 | -16 | 1 | -27 | 15 | 8 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -1 | -424 | -74 | 102 | -57 | -16 | 1 | -27 | 15 | 8 |
| PAT Margin (%) | -0.1% | -68.2% | -9.2% | 18.2% | -11.2% | -1.7% | 0.2% | -7.2% | 5.2% | 3.3% |
| Adjusted EPS (₹) | -0.0 | -16.8 | -2.9 | 4.0 | -2.2 | -0.6 | 0.1 | -0.9 | 0.3 | 0.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 107 | -317 | -392 | -291 | -348 | -364 | -362 | -369 | -243 | -205 | |
| Debt + | 351 | 378 | 445 | 489 | 522 | 528 | 447 | 47 | 16 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 69 | 41 | 44 | 62 | 75 | 101 | 143 | 186 | 97 | 75 | |
| Others Liabilities ⓘ | 48 | 244 | 176 | 2 | 6 | 11 | 13 | 361 | 355 | 363 | |
| Total Liabilities ⓘ | 575 | 345 | 274 | 262 | 255 | 276 | 241 | 225 | 226 | 233 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 238 | 224 | 206 | 191 | 178 | 165 | 154 | 129 | 113 | 95 | |
| CWIP ⓘ | 5 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | |
| Investments ⓘ | 92 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 77 | 43 | 21 | 21 | 19 | 44 | 16 | 17 | 44 | 79 | |
| Trade Receivables | 77 | 28 | 9 | 6 | 8 | 11 | 0 | 0 | 4 | 3 | |
| Cash Equivalents | 7 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | |
| Others Assets ⓘ | 79 | 46 | 38 | 45 | 50 | 56 | 70 | 79 | 61 | 56 | |
| Total Assets ⓘ | 575 | 345 | 274 | 262 | 255 | 276 | 241 | 225 | 226 | 233 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 76 | 49 | 63 | 13 | 24 | 61 | 40 | -14 | -98 | -30 |
| Cash Flow From Investing Activity ⓘ + | -20 | -5 | -1 | 0 | -1 | -1 | -1 | 26 | 31 | 20 |
| Cash Flow From Financing Activity ⓘ + | -55 | -50 | -64 | -14 | -23 | -61 | -39 | -12 | 67 | 10 |
| Net Cash Flow ⓘ | 1 | -5 | -1 | -0 | -0 | 0 | 0 | 1 | -1 | -0 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -0.62 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROCE (%) | 12 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover Ratio | 1.47 | 1.35 | 2.62 | 2.09 | 1.97 | 3.5 | 2.39 | 1.59 | 1.26 | 1.03 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 0.13 | N/A | N/A | 40 | N/A | -6.53 | -3.75 |
| Working Capital Days | ||||||||||
| Receivable Days | 32 | 30.60 | 8.10 | 4.60 | 5 | 3.80 | 3.20 | 0.10 | 2.70 | 5.90 |
| Inventory Days | 31.90 | 35.20 | 14.20 | 13.50 | 14.20 | 12.30 | 17.60 | 16.10 | 38.80 | 94.30 |
| Payable Days | 40.30 | 41.10 | 25.10 | 45.10 | 67.30 | 46.80 | 84 | 185 | 248.50 | 178.50 |
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Vardhman Polytex Ltd FAQs
The current trading price of Vardhman Polytex on 23-Sep-2026 16:59 is ₹5.90.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Sep-2026 the market cap of Vardhman Polytex stood at ₹300.0 Cr
The latest P/E ratio of Vardhman Polytex as of 22-Sep-2026 is 0.94.
The latest P/B ratio of Vardhman Polytex as of 22-Sep-2026 is 2.17.
The 52-week high of Vardhman Polytex is ₹9.49 and the 52-week low is ₹5.02.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Vardhman Polytex is ₹238 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Vardhman Polytex Ltd is a average quality company.
The key valuation ratios of Vardhman Polytex Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Vardhman Polytex Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Vardhman Polytex Ltd
Vardhman Polytex, an Oswal Group company, manufactures yarns that are synonymous with the highest quality. Its range of cotton yarns (carded, combed, organic, BCI), cotton polyester yarns, and value-added yarns (grey and dyed) in variable counts holds a place of pride in the industry. Using the finest raw materials and cutting-edge production technology, each yarn conforms to the highest global standards. The company endeavors to introduce new products through constant innovation and alignment with market trends. It holds a prominent position in both domestic and international markets. The company operates in two segments: textiles and real estate.
Business area of the company
The company is engaged in the manufacturing of yarns and it is also into real estate sector.
Milestones
- 1980: Incorporation of Punjab Mohta Polytex
- 1990: Changed name from Punjab Mohta Polytex to Vardhman Polytex
- 1990: Increased installed capacity to 25,000 spindles
- 1990: Set-up worsted unit with a capacity of 8,000 spindles
- 1994: Increased installed capacity by 12,000 spindles
- 1999: Modernised the Bathinda plant
- 1999: Increased capacity further by 12,000 spindles
- 2003: Installed spinning plant at Ludhiana with capacity of 25,000 spindles
- 2004: Installed Dye House at Ludhiana with capacity of 7 tons per day.
- 2005: Installed additional capacity of 25000 spindles in the Bathinda Plant
- 2006: Installed additional capacity of 25000 spindles in the Ludhiana Plant
- 2008: Further expansion of 30,000 spindles in the Bathinda plant.
- 2011: Installed spindles plant in Nalagarh (HP) with capacity of 40,800 spindles
- 2014: Diversified into Real Estate debut project - Vardhman Park
- 2021: Successful launch of Vardhman City Center
- 2022: Land acquired at South city, Sidhwan canal for new real estate project
- 2023: Successful launch of VCC office suites - new age offices in Ludhiana
- 2026: Got approval to raise Rs 35 crore via NCDs on a private placement basis
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