VMPL
Haridwar (Uttarakhand) [India], August 18: V-MARC India Limited (NSE: VMARCIND), one of India's fastest-growing manufacturers of wires and cables, 12th august 2026 reported consolidated results for the first quarter ended 30 June 2026. Revenue from operations rose 102.4% year-on-year to ₹555.5 crore (₹5,555 million) from ₹274.4 crore, EBITDA grew 95.3% to ₹59.4 crore (₹594 million), and profit after tax rose 163.3% to ₹28.5 crore (₹285 million), 2.6 times the corresponding quarter.
This is the Company's strongest first quarter to date. The first quarter is historically the lightest period of V-Marc's financial year and accounted for roughly 15% of FY26 revenue. Q1 FY27 on its own accounted for close to a third of the ₹1,797 crore reported for the whole of FY26.
Key Highlights of the Quarter
- Revenue doubles, led by building wires: Revenue from operations more than doubled to ₹555.5 crore. Building wires and industrial cables, the retail-led portfolio, grew 256.5% to ₹246.6 crore and now account for 44.4% of revenue against 25.2% a year ago. High tension grew 70.2% to ₹236.8 crore and low tension cables 9.0% to ₹72.1 crore.
- Exports for the quarter exceed all of FY26: Exports contributed ₹62.8 crore in Q1 FY27, higher than the ₹62.6 crore recorded across the whole of FY26, and accounted for 11.3% of quarterly revenue against nil in Q1 FY26. FY26 was the Company's first year of exports.
- Growth led by the non-government channels: Retail-led B2C dealer revenue grew 99.3% to ₹76.0 crore and B2B EPC and OEM revenue grew 91.3% to ₹228.0 crore, both outpacing the 61.0% growth in B2G government and utility revenue. The government channel now accounts for 34.0% of revenue against 42.7% a year ago, broadening the revenue base.
- Operating leverage offsets input costs: EBITDA rose 95.3% to ₹59.4 crore. Gross margin at 19.6% (23.1% in Q1 FY26) reflects input cost pass-through and product mix; this was substantially absorbed by operating leverage, with operating expenses falling to 8.9% of revenue from 12.0%. EBITDA margin was held at 10.7% against 11.1%, a decline of only 39 bps on a doubled revenue base.
- Profitability outpaces revenue: PAT margin expanded 119 bps to 5.1%, supported by finance cost growing well below revenue (2.9% of revenue versus 3.7%) and an effective tax rate of 21.9% against 27.3% a year ago.
- Technology leadership: The second electron-beam (E-beam) line is now operational and the Company has launched India's first e-beam submersible cable for agricultural applications.
- Distribution reach: The dealer network has grown to over 1,200 partners across 25 states and union territories, alongside more than 150 turnkey EPC contractor relationships.
- Building the export engine: Supporting the export ramp, a dedicated export team has been established at the Company's Mumbai office, with participation planned in 6-10 international cable and wire exhibitions during FY27. Europe, the United States and MENA are priority markets.
Management Commentary
Commenting on the performance, Mr. Vikas Garg, Chairman & Managing Director, V-MARC India Limited, said:
"Q1 FY27 has been our strongest first quarter so far. Revenue more than doubled, EBITDA grew 95% and profit after tax was 2.6 times the corresponding quarter. The growth came from higher volumes across all four of our channels. Our dealer and EPC businesses each grew over 90%, and exports in this quarter alone were higher than our total exports in FY26. We were able to hold EBITDA margin close to last year's level while absorbing higher input costs. Demand in power transmission and housing continues to be healthy and our order position for the rest of FY27 is comfortable. We remain focused on margins, on widening distribution and on adding capacity in a planned manner."
Outlook and Capacity Roadmap
- Guidance reaffirmed: Management has clear visibility to meet full-year FY27 revenue growth guidance of over 40%, backed by the current order book and despatch schedule, and reiterates its target of 11-12%+ EBITDA margin for FY27 against 11.1% delivered in FY26.
- ₹500 crore capex to FY30: The Company has lined up capital expenditure of over ₹500 crore through FY30 to take installed capacity beyond 10 lakh circuit kilometres by the end of the decade, from 2.13 lakh circuit kilometres at present, roughly 4.7 times the current base.
- Margin outlook: Margins are expected to be supported by a better mix as B2C and exports gain share, by further backward integration in compounds and conductors, and by operating leverage on a larger base. Industry seasonality usually brings stronger volumes and margins in the second half of the financial year.
About V-MARC India Limited
V-MARC India Limited is a manufacturer of wires and cables headquartered in Haridwar, Uttarakhand, listed on the National Stock Exchange since April 2021. The Company operates three manufacturing facilities with installed capacity of 2.13 lakh circuit kilometres and a workforce of over 850, serving customers across 25 states and union territories through a network of 1,200+ dealers and 150+ turnkey EPC contractors. Its portfolio spans HT and , LT cables, building wires and industrial cables, and fast-moving electrical goods, sold across government (B2G), EPC and OEM (B2B), retail dealer (B2C), and export channels. V-Marc is one of a small number of Indian manufacturers using electron-beam (E-beam) irradiation technology, on which its Flexi-TUF range of HFFR wires and cables is based. In FY26 the Company reported consolidated revenue of ₹1,797 crore, EBITDA of ₹202 crore, ROCE of 35.0% and ROE of 34.6%.
For further information
Investor Relations * V-Marc India Limited * investor@v-marc.in
Safe harbour: This release contains statements regarding the Company's market opportunity and business prospects that are forward-looking. Such statements are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict, including the performance of the economy, the industry and competition, the Company's ability to implement its strategy, technological change, market preferences and exposure to market risk. Actual results may differ materially from those expressed or implied. The Company assumes no obligation to update any forward-looking information contained in this release. Financial figures are consolidated and unaudited unless otherwise stated. ₹1 crore = ₹10 million.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same.)
