Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Vardhman Textiles Ltd.
NSE: VTLConsumer CyclicalTextile Manufacturing
- Last close
- ₹501.45
- Day change
- −₹1.55 (−0.31%)vs
- Market cap
- ₹15,397 crIndian rupees
- Research updated
- 1 report
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About Vardhman Textiles
Vardhman Textiles Ltd. is a prominent player in the textile industry, focusing on a comprehensive range of yarns, fabrics, threads, and garments. Its primary function is to manufacture and distribute high-quality textile products, serving diverse sectors including fashion, home textiles, and industrial textiles. With state-of-the-art production facilities and a robust supply chain, Vardhman Textiles stands out for its innovative fabric blends and sustainable production practices. The company has built a significant presence both domestically in India and internationally, contributing to its strong market relevance. It plays an essential role in the textile supply chain, impacting industries that range from apparel and home furnishings to automotive and healthcare. As a leader in cotton and blended yarns, Vardhman Textiles is integral to the operations of global clothing brands and retailers. Its focus on sustainability and technology adoption underscores its commitment to adapting to modern consumer demands and environmental considerations.
- Sector
- Consumer Cyclical
- Industry
- Textile Manufacturing
- Listing
- NSE: VTL
- Chief executive
- Mr. Neeraj Jain
- Employees
- 24,097
- Headquarters
- Ludhiana, India
- ISIN
- INE825A01020
- Website
- vardhman.com
Public research · Report of
Business model & financial foundation
Vardhman Textiles (NSE: VTL), Cotton and blended yarn, woven fabric and garments (integrated textiles): revenue of ₹9,869 crore in FY26 (+0.9% on FY25), an EBITDA margin of 12.6%, net profit of ₹745.3 crore and net debt of ₹254.7 crore.
- Revenue, FY26 (₹ crore)
- 9,869
- consolidated
- Revenue growth, FY26
- +0.9%
- on FY25
- EBITDA margin, FY26
- 12.6%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 745.3
- to owners
- Return on equity, FY26
- 7.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 254.7
- Net debt including eligible treasury investments
- Market capitalisation (₹ crore)
- 16,551
- at the close of 17 Oct 2026
Company profile
Vardhman Textiles is India's largest integrated textile manufacturer, with about 1.25 million spindles, 1,550 looms and roughly 240 million metres a year of processed fabric across Punjab, Himachal Pradesh and Madhya Pradesh. Yarn is about two-thirds of revenue and fabric about a third, with direct exports at 44-47% of sales. It is adding garments (2.2 to 4.5 million shirts), technical textiles and open-end spinning under a Rs 3,660 crore capex programme.
| Item | Value |
|---|---|
| Legal name | Vardhman Textiles Limited (formerly Mahavir Spinning Mills Limited) |
| Exchange and ticker | NSE: VTL; BSE: 502986 |
| ISIN | INE825A01020 |
| CIN | L17111PB1973PLC003345 |
| Sector | Textiles |
| Industry | Cotton and blended yarn, woven fabric and garments (integrated textiles) |
| Headquarters | Ludhiana, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2017) |
| Market capitalisation | ₹16,551 crore (17 Oct 2026) |
| Shares outstanding | 28.46 crore shares (FY26) |
| Price | ₹531.9 (close, 17 Oct 2026) |
| 52-week range | ₹391.0 - ₹688.0 (to 17 Oct 2026) |
| Website | https://www.vardhman.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Vardhman Acrylics Limited | 70.83% | Manufacture and sale of acrylic fibre (listed) |
| VTL Investments Limited | 100% | Lending and investing |
| Vardhman Spinning & General Mills Limited (associate) | 50% | Trading of cotton and man-made fibre |
| Vardhman Special Steels Limited (associate) | 20.08% | Special and alloy steels (listed) |
| Vardhman Yarns and Threads Limited (associate) | 11% | Sewing threads, JV with American & Efird |
Promoter holding company is Vardhman Holdings Ltd (listed) with the Oswal/Jain family. Associates equity-accounted.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 64.44% | 65.09% | 65.08% | 65.06% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.72% | 5.69% | 6.07% | 6.43% |
| Domestic institutions | 16.34% | 16.02% | 14.69% | 14.17% |
| of which mutual funds | 14.93% | 14.44% | 12.43% | 11.95% |
| Retail | 9.44% | 9.31% | 9.98% | 10.15% |
| Other | 4.06% | 3.89% | 4.18% | 4.19% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
India's largest integrated cotton textile maker: ~1.25 mn spindles, 1,550 looms, ~240 mn m a year of processed fabric, garments (2.2 mn shirts, doubling to 4.5 mn) and a 70.83% stake in listed Vardhman Acrylics. Yarn is 65% of FY26 revenue and fabric 35%; one third of yarn is exported, one third sold domestically and one third used captively. Direct exports were 44% of FY26 revenue and 47% in Q1FY27. The company buys cotton (Indian and imported) and earns a conversion spread; it controls conversion cost, mix and procurement timing but not cotton or yarn prices. Reported segments are Textiles and Fibre; FY26 Textiles EBIT Rs1,007.9 cr on Rs9,652 cr revenue.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Textiles | 9,652 | 96.8% | 1,008 | 98.2% | 11,599 | 98.6% |
| Fibre (quarterly label: Acrylic Fibre) | 318.6 | 3.2% | 18.4 | 1.8% | 159.5 | 1.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Nitin Spinners (NITINSPIN) | Cotton yarn and fabric spinner with export exposure, same spread economics |
| Trident (TRIDENT) | Integrated yarn-to-home-textile maker; Punjab-based, export heavy |
| Arvind (ARVIND) | Integrated woven/denim fabric and garments; fabric peer |
| Welspun Living (WELSPUNLIV) | Home textile exporter, US tariff exposure, cotton input |
| KPR Mill (KPRMILL) | |
| Sanathan Textiles (SANATHAN) | Yarn maker (polyester and cotton), recent listing |
| Filatex India (FILATEX) | Synthetic yarn manufacturer, spinning commodity cycle |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,402 | 9,925 | 9,505 | 9,785 | 9,869 |
| Cost of revenue (vendor classification) * | 5,625 | 7,115 | 6,791 | 5,401 | 6,680 |
| Other operating costs (vendor classification) * | 912.5 | 865.3 | 873.1 | 2,690 | 944.4 |
| EBITDA (vendor classification) * | 2,508 | 1,490 | 1,176 | 1,646 | 1,404 |
| EBIT * | 2,151 | 1,148 | 923.9 | 1,246 | 1,049 |
| Finance cost | 80.7 | 87.8 | 102.3 | 77.3 | 92.5 |
| Profit before tax before share of associates | 2,071 | 1,060 | 792.3 | 1,121 | 905.1 |
| Tax expense | 519.7 | 255.2 | 198.2 | 281.5 | 201.9 |
| Profit after tax before associates and minority | 1,551 | 804.8 | 594.1 | 839.0 | 703.1 |
| Diluted EPS (₹) | 54.42 | 27.95 | 22.20 | 31.05 | 26.18 |
| Materials, traded goods and inventory change | 5,594 | 5,401 | 5,446 | ||
| Employee benefits expense | 840.0 | 887.5 | 930.5 | ||
| Other expenses | 2,098 | 2,233 | 2,254 | ||
| EBITDA excluding other income | 973.2 | 1,263 | 1,239 | ||
| Other income | 325.9 | 336.0 | 223.5 | ||
| Depreciation and amortisation expense | 404.6 | 400.9 | 464.5 | ||
| Exceptional items | n.d. | n.d. | n.d. | ||
| Share of profit of associates | 42.7 | 47.7 | 50.1 | ||
| Profit attributable to non-controlling interests | 5.11 | 3.45 | 7.95 | ||
| Profit attributable to owners | 631.6 | 883.3 | 745.3 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners (FY25-FY26) | 7,841 | 8,652 | 9,100 | 9,896 | 10,514 |
| Current and non-current borrowings | 1,983 | 1,678 | 1,791 | 1,238 | 1,855 |
| Cash and cash equivalents | 66.6 | 75.6 | 34.3 | 53.6 | 43.3 |
| Trade receivables | 1,321 | 1,191 | 1,220 | 1,298 | 1,306 |
| Inventories | 2,882 | 2,393 | 4,180 | 3,761 | 3,643 |
| Trade payables | 400.8 | 368.9 | 358.4 | 496.6 | 496.8 |
| Net property, plant and equipment * | 3,490 | 3,933 | 3,757 | 4,140 | 5,084 |
| Capital work in progress * | 241.2 | 65.5 | 100.7 | 370.2 | 738.0 |
| Total assets * | 10,979 | 11,333 | 11,981 | 12,432 | 13,866 |
| Net debt including eligible treasury investments | 229.6 | -445.3 | 254.7 | ||
| Other bank balances | 53.5 | 35.5 | 40.1 | ||
| Current investments | 226.1 | 462.5 | 1,006 | ||
| Non-current investments excluding equity-method associates | 1,253 | 1,138 | 582.8 | ||
| Equity-method associate investments excluded from net debt | 219.5 | 243.0 | 239.0 | ||
| Non-controlling interest | 87.9 | 69.6 | 74.1 | ||
| Eligible quoted MF/bond liquidity used in net debt | 1,474 | 1,594 | 1,517 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,600 | 1,887 | -1,055 | 1,644 | 1,108 |
| Free cash flow (vendor definition) * | 925.5 | 1,231 | -1,339 | 611.2 | -629.8 |
| Equity dividends paid (negative outflow) | -349.2 | -0.54 | -105.6 | -118.4 | -145.8 |
| PPE CWIP intangibles and capital-advance payments (negative outflow) | -508.4 | -615.2 | -284.0 | -1,033 | -1,738 |
| Proceeds from non-current borrowings | 20.7 | 421.1 | 661.3 | ||
| Repayment of non-current borrowings | -402.3 | -538.7 | -83.3 | ||
| Current borrowing net proceeds or repayments | 495.5 | -435.4 | 38.9 | ||
| PPE disposal proceeds | 9.76 | 63.9 | 50.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding at fiscal year end | 28.34 | 28.44 | 28.45 | 28.45 | 28.46 |
| Final dividend per share for fiscal year (₹) | 5.00 | 5.00 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,502 | 2,465 | 2,509 | 2,386 | 2,480 | 2,505 | 2,498 | 2,703 |
| Cost of revenue (vendor classification) * | 1,419 | 1,372 | 1,397 | 1,309 | 1,429 | 1,349 | 1,417 | |
| Other operating costs (vendor classification) * | 540.9 | 557.4 | 606.6 | 529.0 | 552.5 | 613.4 | 585.9 | |
| EBITDA (vendor classification) * | 407.9 | 392.2 | 419.5 | 408.1 | 358.2 | 362.4 | 567.5 | |
| EBIT * | 308.3 | 291.3 | 316.1 | 298.6 | 239.8 | 239.8 | 441.2 | |
| Finance cost | 17.8 | 18.8 | 22.9 | 22.5 | 20.6 | 26.2 | 23.2 | 23.1 |
| Profit before tax before share of associates | 279.3 | 261.5 | 280.5 | 264.1 | 236.5 | 198.3 | 206.2 | 402.2 |
| Tax expense | 93.2 | 60.8 | 55.3 | 68.4 | 61.0 | 45.1 | 27.4 | 103.5 |
| Profit after tax before associates and minority | 186.1 | 200.8 | 225.2 | 195.6 | 175.5 | 153.2 | 178.9 | 298.7 |
| Diluted EPS (₹) | 6.92 | 7.40 | 8.35 | 7.28 | 6.57 | 5.85 | 6.49 | 10.86 |
| Materials, traded goods and inventory change | 1,419 | 1,372 | 1,397 | 1,309 | 1,359 | 1,429 | 1,349 | 1,417 |
| Employee benefits expense | 227.0 | 223.0 | 218.4 | 221.9 | 228.0 | 239.6 | 241.0 | 226.8 |
| Other expenses | 540.9 | 557.4 | 606.6 | 529.0 | 559.0 | 552.5 | 613.4 | 585.9 |
| EBITDA excluding other income | 315.1 | 312.8 | 286.9 | 325.7 | 334.4 | 284.4 | 294.1 | 473.6 |
| Other income | 81.6 | 68.4 | 120.0 | 70.3 | 36.8 | 58.5 | 57.9 | 78.1 |
| Depreciation and amortisation expense | 99.6 | 100.8 | 103.5 | 109.4 | 114.1 | 118.3 | 122.6 | 126.3 |
| Exceptional items | 0.00 | n.d. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates | 11.3 | 11.0 | 12.7 | 12.1 | 12.3 | 15.3 | 10.4 | 15.8 |
| Profit attributable to non-controlling interests | 0.45 | 1.16 | 0.57 | 0.51 | 0.73 | 2.16 | 4.55 | 4.73 |
| Profit attributable to owners | 196.9 | 210.6 | 237.3 | 207.2 | 187.0 | 166.3 | 184.7 | 309.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 55.1% | 5.6% | -4.2% | 2.9% | 0.9% |
| EBITDA margin | 10.2% | 12.9% | 12.6% | ||
| Net margin | 6.6% | 9.0% | 7.6% | ||
| Return on equity | 7.1% | 9.3% | 7.3% | ||
| Return on capital employed | 23.2% | 11.4% | 8.7% | 11.3% | 8.9% |
| Return on assets | 5.4% | 7.2% | 5.7% | ||
| Net debt (₹ crore) | 229.6 | -445.3 | 254.7 | ||
| Net debt / EBITDA | 0.24x | -0.35x | 0.21x | ||
| Interest cover | 26.7x | 13.1x | 9.03x | 16.1x | 11.3x |
| Asset turnover | 0.91x | 0.89x | 0.82x | 0.80x | 0.75x |
| Receivable days | 51 | 44 | 47 | 48 | 48 |
| Inventory days (on revenue) | 112 | 88 | 161 | 140 | 135 |
| Payable days (on revenue) | 16 | 14 | 14 | 19 | 18 |
| Cash conversion | -1.67x | 1.86x | 1.49x | ||
| Capex intensity | 5.4% | 6.2% | 3.0% | 10.6% | 17.6% |
| Free cash flow (₹ crore) | 1,091 | 1,272 | -1,339 | 611.2 | -629.8 |
| Dividend payout | 16.7% | 13.4% | 19.6% | ||
| EPS, diluted (₹) | 54.42 | 27.95 | 22.20 | 31.05 | 26.18 |
| Book value per share (₹) | 276.7 | 304.2 | 319.9 | 347.8 | 369.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including eligible treasury investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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