VMARCIND - V-Marc India

📊 NSE: VMARCIND 🏢 Cables - Power 📅 Last Updated: 12/14/2025 14:50

💰 Financial Performance

Revenue Growth by Segment

HT Cables grew 115% YoY to INR 3,379 Mn; LT Cables grew 110% YoY to INR 2,537 Mn; Building Wires grew 64% YoY to INR 942 Mn; Others declined 41% YoY to INR 57 Mn.

Geographic Revenue Split

The company supplies products within India and through exports; however, specific percentage splits for regions are not disclosed in available documents.

Profitability Margins

Gross Margin stood at 22.6% in H1 FY26 (INR 1,560 Mn); PAT Margin improved significantly to 5.3% in H1 FY26 from 3.3% in H1 FY25, driven by volume growth and lower interest costs.

EBITDA Margin

EBITDA Margin was 11.3% in H1 FY26, an improvement of 130 basis points from 10.0% in H1 FY25, reflecting operating leverage and a focus on high-margin products.

Capital Expenditure

H1 FY26 Capex was INR 39.5 Cr (INR 395 Mn), with a full-year FY26 plan of approximately INR 80 Cr (INR 800 Mn) to support capacity expansion.

Credit Rating & Borrowing

Ratings reaffirmed by Infomerics; liquidity is adequate with a current ratio of 1.22x as of March 31, 2025. Fund-based limit utilization was ~91% for the 12 months ended March 2025.

⚙️ Operational Drivers

Raw Materials

Aluminum (primary raw material) and Copper; specific percentage of total cost for each is not disclosed but aluminum is cited as the major input.

Import Sources

Sourced domestically within India; specific states or international import sources are not detailed.

Key Suppliers

National Aluminium Company Limited (NALCO) and Hindalco Industries Limited.

Capacity Expansion

Current capacity is 1.69 lakh kms in FY25; planned expansion to 7 lakh kms (quadrupling capacity) over the next five years (by FY30).

Raw Material Costs

Cost of Goods Sold (COGS) was INR 5,355 Mn in H1 FY26, representing 77.4% of revenue; margins are susceptible to volatility in aluminum prices.

Manufacturing Efficiency

Inventory management improved with inventory days decreasing from 77 days in FY24 to 60 days in FY25.

📈 Strategic Growth

Expected Growth Rate

50%

Growth Strategy

Achieved through quadrupling production capacity to 7 lakh kms, aggressive brand-building investments, team expansion, and increasing the mix of high-margin retail products and backward integration.

Products & Services

HT Cables, LT Cables, Building Wires, and other electrical conductors.

Brand Portfolio

V-Marc

New Products/Services

Focus on high-margin products and retail-led business model; specific new product revenue contributions are not disclosed.

Market Expansion

Expanding geographic presence and dealer activation across India to fuel future scale.

🌍 External Factors

Industry Trends

The industry is growing but remains highly fragmented; there is a shift toward organized players and higher demand for HT cables in infrastructure projects.

Competitive Landscape

Faces intense competition from large organized players and a significant number of unorganized players.

Competitive Moat

Moat is built on backward integration and an established pan-India dealer network, though margins remain range-bound between 10-11% due to competition.