Vardhman Polytex logo

Vardhman Polytex financials: balance sheet, profit and loss, cash flow

NSE: VARDMNPOLYBSE: 514175Textiles & ApparelsSmall Cap

Vardhman Polytex Limited · Face value ₹1 · Listed Mar 1992 on BSE, May 2003 on NSE
Last close ₹4.74down ₹0.02 (0.42%)BSE ₹4.79

Share price at the NSE close on 30 Oct 2026. Previous close ₹4.76.

30 Oct: open ₹4.98, high ₹4.98, low ₹4.60

52-week range of traded prices to 30 Oct 2026
₹4.50Low, 29 Oct 2026₹9.15High, 3 Nov 2025
Market cap
₹241 Cr2,095th largest listed
P/E
0.76
P/E without one-offs
26.43
P/B
Shares changed
Dividend yield
Nonein the last 12 months
ROE
Net worth zero or below
Debt to equity
Net worth zero or below
Volume, NSE
1,19,69887.3% delivered

Vardhman Polytex's financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Vardhman Polytex annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
8560.2Mar 17621−424Mar 18811−74445Mar 19561102489Mar 20508−57522Mar 21929−16529Mar 226161.5447Mar 23371−2776Mar 242851550Mar 252377.755Mar 26
Peak revenue ₹929 Cr, year to Mar 2022; lowest ₹237 Cr, year to Mar 2026A loss in 5 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin
18.2%−68.2%6.9%−6.9%0.1%−0.1%2.8%6.4%−5.9%−11.3%4.2%6.0%0.0%−68.2%−9.2%18.2%−11.2%−1.7%0.2%−7.2%5.2%3.2%Mar 17Mar 19Mar 21Mar 23Mar 25Mar 26

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue237
  2. Materials and goods−176
  3. Employee costs−16
  4. Other expenses−30
  5. Operating profit14
  6. Depreciation−6.7
  7. Other income+9.2
  8. One-off items0.0
  9. Finance costs−9.0
  10. Profit before tax7.7
  11. Tax0.0
  12. Net profit7.7

What the company owns

  • Plant, investments and other assets₹201 Cr
  • Inventory₹79 Cr
  • Receivables₹3 Cr
  • Cash and bank₹0 Cr

What pays for it: net worth and liabilities

  • Other liabilities₹153 Cr
  • Owed to suppliers₹75 Cr
  • Borrowings₹55 Cr

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Vardhman Polytex quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 29 MayJun 2026Twelve monthsFiled 10 Aug
Revenue from operations856621811561508929616371285237238
797664810561494869652413273222227
Materials and goods bought601487618430372686530325208176178
Employee costs5448574539574538251617
Other expenses14312913486841267649403033
Operating profit before depreciation59−43101459−36−42121411
Operating margin6.9%−6.9%0.1%−0.1%2.8%6.4%−5.9%−11.3%4.2%6.0%4.7%
Materials, % of revenue70.2%78.4%76.3%76.7%73.1%73.9%86.2%87.7%73.0%74.5%74.7%
Employee costs, % of revenue6.3%7.7%7.0%8.1%7.6%6.2%7.3%10.3%8.9%6.9%6.9%
Other expenses, % of revenue16.7%20.8%16.6%15.3%16.5%13.6%12.4%13.3%13.9%12.7%13.7%
Depreciation and amortisation2121181615141210977
Operating profit after depreciation38−64−17−16046−48−52374
Other income194333362926914
Finance costs5766606059645331499
Profit before one-off items and tax0−125−74−73−57−16−96−271589
One-off items–−29901740097000310
Profit before tax0−424−74102−57−161−27158319
Tax––000000000
Net profit0−424−74102−57−161−27158319
Other comprehensive income––−1−1−1000000
Total comprehensive income––−75101−57−161−27158318
Net margin0.0%−68.2%−9.2%18.2%−11.2%−1.7%0.2%−7.2%5.2%3.2%133.9%
Earlier years, Mar 2008 to Mar 2016
₹ croreMar 2008Mar 2009Mar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016
Revenue from operations370428528716749786923942878
340405465614778704835883821
Materials and goods bought241272342494585507613657602
Employee costs––––3846535555
Other expenses––––155151169171165
Operating profit before depreciation312463102−2982885957
Operating margin8.3%5.5%11.9%14.3%−3.8%10.5%9.5%6.3%6.5%
Materials, % of revenue––––78.0%64.5%66.4%69.8%68.5%
Employee costs, % of revenue––––5.1%5.8%5.7%5.8%6.2%
Other expenses, % of revenue––––20.7%19.2%18.3%18.2%18.7%
Depreciation and amortisation242828273037333228
Operating profit after depreciation7−53475−5846552729
Other income11343219202450
Finance costs163234426860727370
Profit before one-off items and tax–−34536−105−53−229
One-off items–26−36––––−36–
Profit before tax1−8−3136−105−53−589
Tax−20−89−23−6−1−29–
Net profit3−8−2227−8115−299
Net margin0.8%−1.8%−4.2%3.7%−10.9%0.1%0.5%−3.1%1.0%
Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 29 May
−392−291−348−364−362−361−227−197
Share capital2222222222274648
Reserves−414−313−370−386−385−388−273−245
445489522529447765055
708594650687651255161164
76433382342317
324309306326291276276283
269261253230223192183153
54485396687390130
Net debt445489522529447754955
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ croreMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 29 May
246140−14−98−30
807033−112−47
Receivables−8−16−4287
Inventories2−2528−1−27−35
Payables14334732−94−19
Other working capital080000
Capital spending2210513
Free cash flow225939−14−103−43
−1−1−1263120
−23−61−39−126710
Dividends paid000000
Shares bought back000000
Shares issued0002811823
Net change in cash0001−10
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Standalone, ₹ per share, years to March.Vardhman Polytex dividend history

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 29 May
₹0.01−₹19.02−₹3.33₹4.57−₹2.54−₹0.70₹0.07−₹10.83₹0.45₹0.17
As stated that year₹0.10−₹190.16−₹33.32₹45.66−₹25.43−₹6.98₹0.67−₹10.83₹0.45₹0.17
₹0.01−₹19.02−₹3.33₹4.57−₹2.54−₹0.70₹0.07−₹8.31₹0.45₹0.17
––−₹17.54−₹13.04−₹15.62−₹16.31−₹16.25−₹13.23−₹4.96−₹4.08
Shareholder yield––––0.0%0.0%0.0%−13.9%−31.6%−7.3%
Market cap at the year end (₹ crore)15240207385455204375313
Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Standalone, years to March.Vardhman Polytex PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 29 May
Revenue growth−2.5%−27.5%30.4%−30.8%−9.3%82.7%−33.7%−39.8%−23.1%−16.9%
Operating profit growth3.2%––––315.1%–––19.4%
Net profit growth−97.5%––––––––−48.5%
Earnings per share growth–––––––––−62.2%
––19.0%−29.8%17.7%4.4%−0.4%7.4%−5.1%−3.6%
–––−48.8 pts47.6 pts−13.4 pts−4.8 pts7.8 pts−12.5 pts1.5 pts
From the net margin–––−56.5 pts48.2 pts−15.1 pts−5.0 pts12.7 pts−12.8 pts1.9 pts
From asset turnover–––11.0 pts−1.2 pts2.1 pts0.2 pts−4.2 pts1.1 pts0.6 pts
From borrowing–––−3.2 pts0.6 pts−0.4 pts0.0 pts−0.6 pts−0.8 pts−1.0 pts
Return on capital employed––−32.4%−8.1%−0.2%27.5%−56.9%–––
Cash conversion––––––2,702.2%–−658.5%−395.0%
Interest cover0.7––––0.7––0.20.8
Receivable days––44640055
Inventory days––12181923111977163
Payable days––2653745499209171156
Cash conversion cycle, days––−10−31−49−26−88−190−8812
Working capital days––−97−41−55−25−80−149−4933
Asset turnover––2.501.771.652.941.991.311.030.85
Assets per rupee of net worth––−0.83−0.93−0.96−0.89−0.85−0.78−0.94−1.32
Sales per rupee of plant––3.932.942.865.623.992.882.512.49
Capital spending to depreciation––––0.120.150.100.020.521.89
Plant being built, % of plant in use––0.0%0.0%0.0%0.0%0.0%0.0%2.3%–
Interest cover is left blank for the years to Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2023 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2024, Mar 2025 and Mar 2026: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year
2.7%
Cash from operations against operating profit
−213.5%
Measure10 years5 years3 years
Revenue growth, yearly rate−12.3%−14.2%−27.3%
Profit growth, yearly rate−1.6%–72.7%
Return on equity, average–0.5%−0.4%
Operating margin, average0.2%−0.1%−0.4%
Net margin, average−7.1%0.0%0.4%
Asset turnover, average–1.621.06
Cash conversion cycle, days, average–−76−89
Interest cover, average––0.5

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations−41−142−30
Cash from investing767720
Cash from financing−356510
Capital spending211813
Dividends paid000
Shares bought back000
Shares issued for cash17017023
Borrowings raised700
Borrowings repaid116804

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 96253
Altman Z-scorePublished threshold 1.81−1.46−1.510.150.07
Beneish M-scorePublished threshold −1.78−3.75−3.38139.68−2.07
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets−12.36−13.8529.956.38
Receivables growth less revenue growthOur threshold 0 percentage points−64.56−40.9911,751.68−3.06
Inventory growth less cost-of-goods growthOur threshold 0 percentage points−40.9444.27196.2794.85
Other current assets growth less revenue growthOur threshold 5 per cent of revenue1.731.01−5.032.99
Assets under construction, years of additionsOur threshold 2 years of additions0.00–––
Effective tax ratePublished threshold 17.16 per cent0.00–0.000.00
Tax charged less tax paid, % of profitOur threshold 10 percentage points0.00–0.000.00
A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
23 Mar 2026Infomerics Valuation and Ratings Private LimitedNon-Convertible Debentures (Proposed)IVR DNew, New95
16 Mar 2026ICRA LimitedFund-based-Term loan[ICRA]D ISSUER NOT COOPERATINGReview, Other232.31
16 Mar 2026ICRA LimitedUnallocated limits-Unallocated limits[ICRA]D ISSUER NOT COOPERATINGReview, Other72.38
16 Mar 2026ICRA LimitedNon-fund based-Others[ICRA]D ISSUER NOT COOPERATINGReview, Other50
16 Mar 2026ICRA LimitedFund-based-Cash credit[ICRA]D ISSUER NOT COOPERATINGReview, Other159.31
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.