V Guard Industries Limited — Q4 FY26

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.