Varroc Engineering Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹12,297 Cr
- P/E
- 43.08
- ROE
- 15.13%
- PEG
- 1.33
- Price to sales
- 1.30
- Debt to equity
- 0.52
- 52W high / low
- ₹884 / ₹467
- Sales growth (5Y)
- 15.24%
- EBITDA margin
- 9.03%
- Net profit margin
- 2.91%
- Promoter holding
- 75.00%
- Sales (last year)
- ₹9,497 Cr
Varroc Engineering Ltd was incorporated in 1988, is the flagship company of the Chhatrapati Sambhaji Nagar-based Varroc Group. Varroc is a global tier-1 automotive component group. It is engaged in the business of manufacturing and supplying automobile components to a wide range of OEMs across the globe[1]
Guidance scorecard · Q1 FY27 call
What Varroc Engineering Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ1 FY27 call
20–40%- Varroc aims to double overall revenue to INR 20,000 crores by FY31 from around INR 10,000 crores currently, with about 10% inorganic growth supplementing organic growth.
- Overseas business, especially electronics and lighting, is expected to potentially double revenue compared to last year, with focus on passenger vehicle electronics and lighting.
- EV segment showing strong momentum, with order book and revenue growth driven by Bajaj and increasing penetration; EV product share in orders is around 70%.
- Organic growth expected at 20-25% annually, with selective inorganic acquisitions targeted in electronics, e-powertrain, and aftermarket sectors mostly in India.
2 more points from Varroc Engineering Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what Varroc Engineering Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- FY27 capex guidance is INR 500-550 crores, covering both India and overseas operations, reflecting a capex-heavy year to support growth including EV-related capacity expansions.
- Significant capex is allocated to e-mobility capacity expansion and servicing EV models, with front-loaded spending in Q1 (~INR 160 crores).
- Management shows interest in strategic inorganic acquisitions mainly in India, particularly focused on electronics, e-powertrain, and aftermarket segments (especially 4-wheeler and exports).
- Acquisitions or JVs targeted in areas such as e-electronics and powertrain electronics, to gain customer access and export opportunities.
2 more points from Varroc Engineering Ltd's call on capex
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FundraisingQ1 FY27 call
See what Varroc Engineering Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Starting the year, Varroc Engineering had an order book of INR 3,509 crores.
- During the quarter, they added approximately INR 600 crores in new order wins.
- Out of these new orders, close to INR 500 crores have moved to the start of production (SOP).
- The order book includes a mix of Bajaj and non-Bajaj customers, with Bajaj constituting 58% of the annual peak revenue.
- The recent INR 600 crore order win is two-thirds from e-mobility (electric vehicle programs) and the rest primarily from 4-wheeler lighting and smaller product groups.
2 more points from Varroc Engineering Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingFinancials of Varroc Engineering Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Varroc Engineering Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% |
| FIIs + | 4.57% | 4.22% | 4.24% | 3.80% | 3.89% | 3.92% | 3.99% | 4.30% | 4.36% | 4.45% | 4.29% | 4.49% |
| DIIs + | 11.44% | 12.15% | 12.74% | 12.65% | 12.49% | 12.79% | 13.03% | 12.75% | 12.40% | 11.35% | 11.18% | 10.83% |
| Public + | 8.99% | 8.64% | 8.04% | 8.54% | 8.62% | 8.30% | 7.99% | 7.97% | 8.23% | 9.20% | 9.53% | 9.68% |
| No. of Shareholders | 88,080 | 86,738 | 89,549 | 99,500 | 98,417 | 95,594 | 91,287 | 88,841 | 85,292 | 84,692 | 83,288 | 84,702 |
Financials of Varroc Engineering Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,806 | 1,887 | 1,885 | 1,975 | 1,899 | 2,081 | 2,075 | 2,099 | 2,028 | 2,207 | 2,288 | 2,368 | 2,634 |
| Expenses + | 1,623 | 1,693 | 1,709 | 1,754 | 1,725 | 1,873 | 1,889 | 1,878 | 1,833 | 2,004 | 2,078 | 2,146 | 2,412 |
| Operating Profit | 183 | 194 | 176 | 221 | 174 | 208 | 186 | 221 | 195 | 203 | 210 | 222 | 222 |
| OPM % | 10% | 10% | 9% | 11% | 9% | 10% | 9% | 11% | 10% | 9% | 9% | 9% | 8% |
| Other Income + | -9 | 15 | 34 | 12 | 6 | 7 | -88 | -51 | 67 | 3 | -100 | 7 | 7 |
| Interest | 49 | 50 | 50 | 45 | 44 | 43 | 42 | 41 | 36 | 32 | 31 | 35 | 31 |
| Depreciation | 80 | 85 | 89 | 82 | 80 | 82 | 81 | 81 | 81 | 83 | 82 | 86 | 84 |
| Profit before tax | 44 | 74 | 71 | 105 | 56 | 91 | -25 | 47 | 144 | 92 | -3 | 109 | 114 |
| Tax % | 23% | 25% | -443% | 44% | 39% | 36% | 82% | 51% | 25% | 31% | 245% | 35% | 32% |
| Net Profit + | 34 | 56 | 384 | 58 | 34 | 58 | -45 | 23 | 107 | 63 | -11 | 70 | 78 |
| EPS in Rs | 2.11 | 3.55 | 25.05 | 3.72 | 2.12 | 3.64 | -3.10 | 1.35 | 6.88 | 3.99 | -0.67 | 4.54 | 5.06 |
Financials of Varroc Engineering Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 6,770 | 7,909 | 9,299 | 10,279 | 12,036 | 11,122 | 4,374 | 5,844 | 6,891 | 7,552 | 8,154 | 8,890 | 9,497 |
| Expenses + | 6,206 | 7,341 | 8,716 | 9,398 | 10,978 | 10,306 | 4,036 | 5,484 | 6,316 | 6,796 | 7,379 | 8,069 | 8,640 |
| Operating Profit | 564 | 568 | 582 | 881 | 1,059 | 816 | 338 | 360 | 575 | 756 | 775 | 821 | 857 |
| OPM % | 8% | 7% | 6% | 9% | 9% | 7% | 8% | 6% | 8% | 10% | 10% | 9% | 9% |
| Other Income + | 229 | 73 | 172 | 108 | 122 | 94 | -556 | -996 | -821 | 69 | -112 | -14 | -82 |
| Interest | 475 | -43 | 90 | 86 | 97 | 139 | 89 | 118 | 190 | 194 | 170 | 134 | 129 |
| Depreciation | 254 | 292 | 337 | 386 | 566 | 732 | 274 | 305 | 337 | 337 | 323 | 332 | 335 |
| Profit before tax | 63 | 392 | 327 | 516 | 519 | 39 | -581 | -1,059 | -773 | 294 | 169 | 341 | 312 |
| Tax % | 73% | 6% | 4% | 13% | 17% | 94% | 8% | 5% | 6% | -81% | 59% | 33% | |
| Net Profit + | 17 | 370 | 313 | 451 | 429 | 3 | -629 | -1,107 | -817 | 532 | 70 | 230 | 200 |
| EPS in Rs | 1.61 | 35.32 | 25.43 | 36.57 | 31.54 | 0.01 | -41.36 | -72.64 | -53.66 | 34.43 | 4.01 | 14.73 | 12.92 |
| Dividend Payout % | 16% | 1% | 13% | 1% | 14% | 21,284% | 0% | 0% | 0% | 0% | 25% | 10% |
Financials of Varroc Engineering Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 11 | 12 | 13 | 13 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 1,073 | 1,737 | 2,172 | 2,815 | 3,053 | 2,991 | 3,013 | 1,973 | 961 | 1,482 | 1,550 | 1,765 |
| Borrowings + | 1,651 | 1,617 | 1,510 | 1,194 | 2,432 | 4,255 | 3,695 | 1,625 | 1,806 | 1,390 | 1,118 | 925 |
| Other Liabilities + | 1,695 | 1,869 | 2,154 | 2,780 | 3,142 | 3,644 | 4,369 | 7,375 | 1,832 | 1,643 | 1,984 | 2,163 |
| Total Liabilities | 4,428 | 5,233 | 5,847 | 6,802 | 8,641 | 10,904 | 11,092 | 10,989 | 4,614 | 4,530 | 4,667 | 4,868 |
| Fixed Assets + | 2,054 | 2,390 | 2,396 | 2,804 | 3,560 | 5,283 | 5,231 | 2,046 | 2,051 | 2,027 | 2,016 | 2,232 |
| CWIP | 178 | 315 | 293 | 344 | 999 | 790 | 856 | 140 | 135 | 80 | 103 | 151 |
| Investments | 22 | 12 | 293 | 360 | 362 | 330 | 376 | 388 | 421 | 530 | 69 | 88 |
| Other Assets + | 2,174 | 2,515 | 2,867 | 3,294 | 3,720 | 4,500 | 4,629 | 8,416 | 2,007 | 1,893 | 2,479 | 2,396 |
| Total Assets | 4,428 | 5,233 | 5,847 | 6,802 | 8,641 | 10,904 | 11,092 | 10,989 | 4,614 | 4,530 | 4,667 | 4,868 |
Financials of Varroc Engineering Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 128 | 290 | 676 | 1,075 | 474 | 1,414 | 474 | 636 | 686 | 638 | 737 | 537 |
| Cash from Investing Activity + | -286 | -575 | -577 | -545 | -1,769 | -1,259 | -613 | -762 | -448 | -166 | -245 | -118 |
| Cash from Financing Activity + | 70 | 386 | 94 | -523 | 1,129 | 733 | -152 | -335 | -216 | -664 | -490 | -405 |
| Net Cash Flow | -87 | 101 | 193 | 6 | -166 | 888 | -292 | -461 | 22 | -192 | 1 | 14 |
| Free Cash Flow | -222 | -309 | 52 | 497 | -951 | 27 | -254 | -208 | 116 | 420 | 465 | 87 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 33% | 58% | 125% | 136% | 57% | 189% | 146% | 197% | 135% | 92% | 94% | 69% |
Financials of Varroc Engineering Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58 | 55 | 45 | 50 | 41 | 36 | 137 | 32 | 32 | 24 | 30 | 30 |
| Inventory Days | 51 | 49 | 46 | 49 | 43 | 56 | 164 | 58 | 55 | 52 | 51 | 60 |
| Days Payable | 90 | 92 | 94 | 114 | 99 | 124 | 396 | 127 | 99 | 94 | 98 | 97 |
| Cash Conversion Cycle | 19 | 12 | -3 | -15 | -15 | -32 | -95 | -36 | -12 | -19 | -16 | -8 |
| Working Capital Days | 22 | 21 | -17 | -16 | -49 | -96 | -217 | -18 | -77 | -33 | -35 | -23 |
| ROCE % | 11% | 12% | 16% | 13% | 3% | 3% | 2% | 8% | 17% | 17% | 19% |
Guidance history
How Varroc Engineering Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Up 0–2% | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
42 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +30.7% | 78% |
| Last 6 months | +50.7% | 89% |
| Last 3 months | +21.0% | 87% |
The price is 30.1% below its all-time high of ₹1,151.15 (31 Aug 2018). Stocks more than 20% below their peak have their score halved, so 84 became 42.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Varroc Engineering Ltd: 0.4 × 78 + 0.4 × 89 + 0.2 × 87 = 84, halved to 42 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Varroc Engineering Ltd's management said in earlier quarters
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