Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,755 Cr
verified against source
Revenue YoY
14.1%
reported change
EBITDA
₹171 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
V Guard delivered a robust Q4 FY26 with consolidated revenue of ₹755 cr (+14.1% YoY) and PAT of ₹112 cr (+23% YoY), driven by strong performance in electronics (+22.3%) and electricals (+15.9%). EBITDA grew 19.3% to ₹171 cr, though full-year EBITDA margin contracted to 8.8% due to a weak H1. Management highlighted proactive price hikes (75% passed) to offset 8-13% input cost inflation from the West Asia conflict, with the balance expected by May-June. Summer demand has started well in South India, and the low base from last year's poor summer supports optimism for FY27. However, sustained commodity inflation and supply chain disruptions (e.g., polymers, sulfuric acid) remain key risks that could pressure margins if pricing actions lag.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims for 10-12% volume growth, plus 1-2% price growth, targeting ~15% revenue growth, though price growth may be higher due to cost inflation.
- Management targets double-digit EBITDA margins but refrains from committing due to high cost inflation; expects at least 10% if summer is supportive.
- 75% of required price hikes have been passed; the balance 25% will be implemented as high-cost inventory arrives in May-June.
- Sales integration benefits expected over next three quarters; deeper benefits from NPD pipeline in H2 FY27 and beyond.
Risks flagged
- Input costs have risen 8-13% across categories; if pricing actions lag, margins could compress further.
- Shortages in polymers, sulfuric acid, and other inputs could constrain production, especially for smaller players; V Guard has secured supplies till June but risks remain.
- April saw mixed weather; if non-south summer underperforms, seasonal categories (fans, coolers) may see slower offtake.
- New entrants (including large players) are entering the wires market, potentially pressuring market share and pricing.
Key quotes
- We are in a state of supply shock. You could see some of the smaller players not even being able to produce products.
- We have pegged our growth and we have to grow despite all these macro headwinds. We have done this by integrating our manufacturing.
- The inflationary trend is pretty severe and it is as bad or a little worse than the Ukraine war inflationary trend.
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