Arthneeti

Varvee Global Q2 FY27 Share Price & Earnings Call Analysis

₹56.02+3.17% today
Market cap
₹289 Cr
ROE
18.11%
Price to sales
4.02
Debt to equity
0.04
52W high / low
₹161 / ₹47.0
Sales growth (5Y)
-25.02%
EBITDA margin
-0.53%
Net profit margin
16.26%
Promoter holding
65.64%
Sales (last year)
₹72 Cr

Guidance scorecard · Q2 FY27 call

What Varvee Global's management guided

Revenue20–40%MarginsFlatCapexPlannedFundraisingNone plannedOrder bookWhat management said

RevenueQ2 FY26 call

20–40%
  • Focus on scaling non-denim segment with ramp-up from 30 lakh meters to 50-60 lakh meters per month by April.
  • Target turnover of around ₹200 crore through job work (conversion services) once factory is fully operational.
  • Capacity scalable up to 80-90 lakh meters per month due to large plant and pollution permissions.
  • Revenues initially will come mainly from textiles but vision is to evolve into an enterprise with multiple verticals over 5 years.
  • Projected growth to reach around ₹200 crore turnover by FY26–27.
  • EBITDA margins expected around 45-50% in job work; margins may shrink by 5-7% with scaling but overall profit journey remains strong.

2 more points from Varvee Global's call on revenue

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Full Q2 FY26 analysis

MarginsQ2 FY26 call

Flat

See what Varvee Global said on margins — free account, 30 seconds.

Full Q2 FY26 analysis

CapexQ2 FY26 call

Planned
  • Denim-to-non-denim capacity conversion requires no more than ₹10 crore capex.
  • This capex will be funded by selling unused machines; no new fund infusion needed.
  • Main capital expenses involve maintenance and changeover, estimated at ₹4–₹5 crore.
  • Weaving machinery remains the same for both denim and non-denim; major changes are in dyeing/processing machines and technical adjustments.
  • The company aims to invest internal accruals to expand into multiple verticals (infrastructure, renewable energy, chemicals) over the next five years.

2 more points from Varvee Global's call on capex

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Full Q2 FY26 analysis

FundraisingQ2 FY26 call

None planned

See what Varvee Global said on fundraising — free account, 30 seconds.

Full Q2 FY26 analysis

Order bookQ2 FY26 call

  • The company focuses on job work, where customers provide raw materials and Varvee handles processing.
  • For non-denim production, the company plans to ramp capacity from about 30 lakh meters per month to 50–60 lakh meters by April.
  • The factory aims to be 100% operational over the next 2 to 3 quarters.
  • With job work of 50 to 60 lakh meters per month, turnover of around ₹200 crore is achievable.

2 more points from Varvee Global's call on the order book

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Full Q2 FY26 analysis

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

This quarter's potential multibaggers
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Varvee Global rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Financials of Varvee Global

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Varvee Global

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +65.80%65.80%65.80%60.81%60.81%38.77%30.56%65.64%65.64%65.64%65.64%65.64%
FIIs +0.00%0.00%0.00%0.37%0.25%0.00%0.01%0.00%0.00%0.01%0.58%0.69%
DIIs +2.10%2.10%2.10%0.00%0.00%0.07%1.30%1.30%1.30%1.30%1.30%1.30%
Public +32.08%32.10%32.09%38.81%38.94%61.16%68.14%33.07%33.06%33.06%32.49%32.38%
No. of Shareholders10,56611,43911,30310,43910,18110,20210,25210,3419,8988,2419,1139,381

Financials of Varvee Global

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +24.8125.5524.0013.5315.485.947.50-0.5527.8312.1423.388.2619.61
Expenses +30.9734.7229.2624.4620.1628.5559.200.5613.9813.6229.2715.1216.76
Operating Profit-6.16-9.17-5.26-10.93-4.68-22.61-51.70-1.1113.85-1.48-5.89-6.862.85
OPM %-24.83%-35.89%-21.92%-80.78%-30.23%-380.64%-689.33%49.77%-12.19%-25.19%-83.05%14.53%
Other Income +2.393.370.5845.1034.2522.6337.946.826.4921.64-15.180.638.07
Interest11.747.696.765.333.812.491.211.430.000.000.000.010.05
Depreciation2.751.631.121.111.120.971.151.001.531.221.570.630.56
Profit before tax-18.26-15.12-12.5627.7324.64-3.44-16.123.2818.8118.94-22.64-6.8710.31
Tax %-28.97%-56.35%-48.57%18.54%66.48%102.03%-44.98%-676.52%45.67%71.81%26.28%-4.51%34.04%
Net Profit +-12.97-6.60-6.4622.588.27-6.94-8.8725.4810.215.35-28.59-6.566.79
EPS in Rs-2.77-1.41-1.384.811.76-1.48-1.894.951.981.04-5.55-1.271.32

Financials of Varvee Global

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +74684184482775256526542126185426363
Expenses +6797647727476695292854312891131225775
Operating Profit667772808236-20-10-28-29-805-11
OPM %9%9%9%10%11%6%-7%-2.5%-11%-34%-189%9%-18%
Other Income +3-1233-01225741302015
Interest353738434953514346371310
Depreciation31313333343828252512454
Profit before tax38362-56-87-54-92-733318-0
Tax %95%17%35%12%37%-24%-27%-24%-30%-39%43%32%
Net Profit +07261-42-64-41-65-451912-23
EPS in Rs0.041.500.381.200.23-8.94-13.69-8.83-13.87-9.513.952.42-4.46
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Financials of Varvee Global

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital23232323232323232323232626
Reserves23224024324825020814410338-6125153
Borrowings +3703823553794344194334133972789434
Other Liabilities +14517821026824119311089701447410475
Total Liabilities771825831919949843711629528438204184158
Fixed Assets +37236737536338935027423120272684329
CWIP2150000110010
Investments00000000000106
Other Assets +397457451556560492437397324366136129123
Total Assets771825831919949843711629528438204184158

Financials of Varvee Global

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +4775110385165451340110275
Cash from Investing Activity +-11-38-50-19-535947134618228
Cash from Financing Activity +-36-33-63-193-70-42-63-62-156-196-43
Net Cash Flow-04-300-112-4-10013-10
Free Cash Flow39356622-106350595315120945
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit71%100%154%48%63%181%-223%-125%-141%-385%-34%110%

Financials of Varvee Global

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days85921041301401522871441744306493
Inventory Days13212711414618923428320423040534296
Days Payable749010915116716716010010923575457
Cash Conversion Cycle14312910912516121941024729560023-69
Working Capital Days-18-22-25116208-6-65-369-593-272
ROCE %6%8%6%8%8%-0%-7%-6%-11%-10%-37%17%

Continue your research

What Varvee Global's management said in earlier quarters