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Varroc Engineering share price

NSE: VARROCBSE: 541578Auto ComponentsSmall Cap

Varroc Engineering Limited · Face value ₹1 · Listed Jul 2018 · Issue price ₹967
Last close ₹804.40down ₹3.10 (0.38%)BSE ₹804.20

Share price at the NSE close on 29 Oct 2026. Previous close ₹807.50.

29 Oct: open ₹802.70, high ₹810.75, low ₹795.50

52-week range of traded prices to 29 Oct 2026
₹462.00Low, 30 Mar 2026₹912.20High, 22 Sep 2026
Market cap
₹12,290 Cr606th largest listed
P/E
62.31
P/E without one-offs
40.68
P/B
6.90
Dividend yield
0.19%
ROE
11.8%
ROE without one-offs
18.1%
ROCE
20.4%
Debt to equity
0.41
Volume, NSE
39,71754.7% delivered

Varroc Engineering share price chart

Daily closes since Jul 2018, adjusted for splits and bonuses

+30.7%over a year

Results20-session average 1,76,747 shares a day, 45.6% delivered

About Varroc Engineering

Varroc Engineering Limited designs, develops and manufactures automotive systems and components for vehicle makers worldwide.1 Its electrical, electronic, lighting, polymer, metal and safety products go into two-wheelers, three-wheelers, passenger cars, commercial vehicles and off-highway vehicles.2 Based in Chhatrapati Sambhaji Nagar, Maharashtra, it runs plants and R&D centres across India, Europe and Asia, and sells replacement parts through its aftermarket business.31

Its business lines are ICE powertrain (parts for petrol and diesel engines), e-mobility, lighting, HMI (instrument clusters, switches and sensors), body systems, Varroc Connect, aftermarket, lighting electronics, intelligent cockpit and ADAS (driver-assistance systems), and Varroc Smart Mobility.4 Its products range from engine valves and starter motors to electric-vehicle traction motors, motor controllers, chargers and battery management systems, and polymer cockpits, door trims, seats and mirrors.567

Varroc Engineering was established in 1988 and its shares are listed on the National Stock Exchange and BSE.18 It formed a joint venture with Dell'Orto for electronic fuel injection in India and sold its passenger-vehicle lighting business in Europe and the Americas to Plastic Omnium.8 Its subsidiaries include Varroc Connect, Varroc Italy, Varroc Romania, Varroc Electronics Romania, Varroc Vietnam and Varroc (Thailand).9 Tarang Jain is its Chairman and Managing Director.10

Varroc Engineering key points

Results

  • In the quarter to Jun 2026, consolidated revenue from operations was ₹26,342 million, up 29.9% from a year earlier, and profit before tax, one-off items and joint-venture profit was ₹1,132 million, against ₹822 million.11
  • EBITDA (earnings before interest, tax, depreciation and amortisation) was around 8.5% of revenue in the quarter to Jun 2026, against 9.5% a year earlier. Net debt (borrowings less cash) was ₹5,268 million at the end of Jun 2026, 0.28 times equity.1213
  • In the year to Mar 2026, consolidated revenue was ₹88,905 million, up 9.0%; EBITDA was ₹8,364 million, a 9.4% margin, and profit before tax, one-off items and joint-venture items was ₹3,814 million, a 4.3% margin.14
  • In the quarter to Jun 2026, India revenue grew 28.6% and overseas revenue 45.6%; India operations earned a 10.6% EBITDA margin and around 7% profit-before-tax margin.15

Revenue mix

  • Share of revenue by business line16
    Itemyear to Mar 2026
    Body parts35.2%
    ICE powertrain25.1%
    Lighting solutions16.9%
    Aftermarket10.0%
    E-mobility6.2%
    HMI3.9%
    Connectivity (overseas)2.7%
  • Revenue from supplying electric-vehicle models was around 15.8% of revenue in the quarter to Jun 2026, up 87% from a year earlier; it was about 13% in the year to Mar 2026, against 9.8% a year before.1718
  • On its earnings call of 6 Aug 2026, the company said it is a primary supplier to Bajaj Auto for electric vehicles.19

Plants and capacity

  • The group has 37 operating manufacturing facilities and 7 technical centres, and has filed more than 130 patents.2021
  • Its lighting business has manufacturing facilities in India, Thailand, Italy, Romania and Vietnam.22
  • Its polymer body parts business has 14 dedicated plants, 1 integrated plant and 2 R&D centres.23
  • Its aftermarket business sells more than 9,000 SKUs (individual products) across 40 product lines.24

Order book

  • Net new business wins (new orders won) in the quarter to Jun 2026 were ₹5,991 million in annualised peak revenue (the yearly revenue the orders bring at their peak), including a 4-wheeler lighting order for its Thailand operations.2526
  • In the year to Mar 2026, net new business wins were about ₹32,890 million in annualised peak revenue, around 65% of them for electric-vehicle models.27
  • The order book (orders won but not yet delivered, counted in annual peak revenue) was ₹3,509 crore at the start of the financial year, the company said on its earnings call of 6 Aug 2026.28

Expansion and capital spending

  • On its earnings call of 6 Aug 2026, the company said capital spending in the year to Mar 2027 would be ₹500 crore to ₹550 crore across India and overseas, much of it for e-mobility capacity.29
  • In the year to Mar 2026, the company set up a dedicated R&D centre in China and a new manufacturing plant in Thailand.3031

What the company expects

  • On its earnings call of 6 Aug 2026, the company said revenue could grow at least 20% to 25% in the year to Mar 2027, calling this an ambition rather than guidance.32
  • The company stated in its annual report for the year to Mar 2026 that it expects its overseas operations, excluding advanced overseas R&D, to reach EBITDA breakeven by the quarter to Mar 2027.33
  • On its earnings call of 6 Aug 2026, the company said it intends to double revenue to ₹20,000 crore by the year to Mar 2031, with 80% from India and 20% from overseas.34

Recent events

  • On 26 Oct 2026, the company signed agreements for a proposed purchase of a 45% stake in Forsee Power India, which makes electric-vehicle battery packs and battery management systems, for at most €4.5 million; completion, subject to conditions, is expected by 31 Dec 2026.353637
  • On 30 Sep 2026, the company said subsidiary Varroc Italy S.p.A. (turnover ₹1,252.21 million in the year to Mar 2026) plans to stop manufacturing and testing in Italy from January 2027, keeping sales and part of R&D, subject to trade-union consultation, after continuous losses.3839
  • On 24 Apr 2026, India Ratings & Research upgraded the long-term credit rating on the company's bank loans to IND AA+/Stable from IND AA/Stable.40
  • On 16 Jan 2026, the company concluded a voluntary separation scheme for permanent workmen, accepting 411 of 432 applications at a total outflow of ₹799.49 million.41

Litigation and regulatory matters

  • Subsidiary Varroc Electronics Romania has appealed a Paris Commercial Court judgment in its claim against OP Mobility, which has also appealed or counterclaimed. The 20 Mar 2026 filing puts the claim at €39.16 million plus costs, against an original €76 million.4243
  • As of its annual report of 28 Jul 2026, the auditor's qualified opinion (a reservation about part of the accounts) on arbitration-linked income remained open; the company is pursuing a resolution with the counterparty.33

Last updated

All 43 sources, each with its page
  1. 1. Annual report, 28 Jul 2026, page 64
  2. 2. Annual report, 28 Jul 2026, page 140
  3. 3. Annual report, 28 Jul 2026, page 130
  4. 4. Annual report, 28 Jul 2026, page 28
  5. 5. Annual report, 28 Jul 2026, page 18
  6. 6. Annual report, 28 Jul 2026, page 19
  7. 7. Annual report, 28 Jul 2026, page 20
  8. 8. Annual report, 28 Jul 2026, page 8
  9. 9. Annual report, 28 Jul 2026, page 143
  10. 10. Annual report, 28 Jul 2026, page 11
  11. 11. Exchange filing, 7 Aug 2026, page 2
  12. 12. Exchange filing, 7 Aug 2026, page 2
  13. 13. Exchange filing, 7 Aug 2026, page 3
  14. 14. Annual report, 28 Jul 2026, page 12
  15. 15. Exchange filing, 7 Aug 2026, page 2
  16. 16. Annual report, 28 Jul 2026, page 28
  17. 17. Exchange filing, 7 Aug 2026, page 2
  18. 18. Annual report, 28 Jul 2026, page 12
  19. 19. Earnings call, 6 Aug 2026, page 14
  20. 20. Annual report, 28 Jul 2026, page 64
  21. 21. Annual report, 28 Jul 2026, page 68
  22. 22. Annual report, 28 Jul 2026, page 66
  23. 23. Annual report, 28 Jul 2026, page 20
  24. 24. Annual report, 28 Jul 2026, page 27
  25. 25. Exchange filing, 7 Aug 2026, page 3
  26. 26. Earnings call, 6 Aug 2026, page 5
  27. 27. Annual report, 28 Jul 2026, page 10
  28. 28. Earnings call, 6 Aug 2026, page 7
  29. 29. Earnings call, 6 Aug 2026, page 14
  30. 30. Annual report, 28 Jul 2026, page 12
  31. 31. Annual report, 28 Jul 2026, page 28
  32. 32. Earnings call, 6 Aug 2026, page 11
  33. 33. Annual report, 28 Jul 2026, page 13
  34. 34. Earnings call, 6 Aug 2026, page 17
  35. 35. Exchange filing, 26 Oct 2026, page 1
  36. 36. Exchange filing, 26 Oct 2026, page 2
  37. 37. Exchange filing, 26 Oct 2026, page 3
  38. 38. Exchange filing, 30 Sep 2026, page 1
  39. 39. Exchange filing, 30 Sep 2026, page 2
  40. 40. Exchange filing, 24 Apr 2026, page 1
  41. 41. Annual report, 28 Jul 2026, page 70
  42. 42. Exchange filing, 20 Mar 2026, page 1
  43. 43. Exchange filing, 20 Mar 2026, page 2

Results

Consolidated; ₹ crore.Varroc Engineering quarterly results

Revenue growth, 12 months
+14.7%
Net profit growth, 12 months
+47.3%

Quarter to Jun 2026, against the quarter before

Revenue
₹2,634 Crup 11.24%
Net profit
₹78 Crup 10.29%
Net margin
2.9%

Revenue by quarter

₹2,081 CrSep 24₹2,075 CrDec 24₹2,099 CrMar 25₹2,028 CrJun 25₹2,207 CrSep 25₹2,288 CrDec 25₹2,368 CrMar 26₹2,634 CrJun 26
Peak revenue ₹2,634 Cr, quarter to Jun 2026; lowest ₹2,028 Cr, quarter to Jun 2025

Net profit by quarter, a loss in red

  • Net profit
  • Loss
₹58 CrSep 24−₹45 CrDec 24₹23 CrMar 25₹107 CrJun 25₹63 CrSep 25−₹11 CrDec 25₹70 CrMar 26₹78 CrJun 26
A loss in 2 of the 8 quarters shown
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue2,0812,0752,0992,0282,2072,2882,3682,634
Net profit58−452310763−117078
Net margin2.8%−2.2%1.1%5.3%2.9%−0.5%3.0%2.9%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Automotive₹8,649 Crup 9.01%97.3%
  • Others₹242 Crup 9.79%2.7%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2022: days before it are of the company before the change.Varroc Engineering PE ratio and valuation

Price to earnings

At or below today's level on 69% of 736 trading days over the last 3 years.

LowestHighest
Its median35.33Industry median23.13
Price to book

At or below today's level on 89% of 1,925 trading days since Nov 2018.

LowestHighest
Its median4.11Industry median2.62
Dividend yield

At or below today's level on 78% of 2,016 trading days since Sep 2018.

LowestHighest
Its median0.00%Industry median0.61%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+9.0%+267.3%−70.4%0.3%
3 years+23.5%––0.2%
5 years+5.2%––0.1%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 1 year includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2025 and Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Varroc Engineering shareholding pattern

Shareholding by group

  • Promoters75.00%
  • Foreign institutions4.49%
  • Indian institutions10.83%
  • Individuals and others9.68%
Holder
Tarang JainPromoter39.74%
TJ Holding Trust (Mr. Tarang Jain in his capacity as the family trustee of TJ Holding Trust)Promoter22.16%
Arjun Family Trust (Mr. Naresh Chandra in his capacity as the family trustee of Arjun Family Trust)Promoter6.55%
Dhruv Family Trust (Mrs. Suman Jain in her capacity as the family trustee of Dhruv Family Trust)Promoter6.55%
GOVERNMENT PENSION FUND GLOBALForeign portfolio investors, category I1.94%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions +0.20 pts, Indian institutions −0.35 pts, mutual funds −0.29 pts.

Mutual fund holdings

7 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before.

Added
1
Cut
2
Held unchanged
4
Sold out
7
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.Varroc Engineering insider trading

No promoter, director, key manager or employee bought or sold on the market.

  • Promoters and promoter group: no market trade · 2 off-market moves
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Varroc Engineering competitors and peers

Auto Components & Equipments, 155 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Varroc Engineering in market cap.Automobile companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Lumax Auto Technologies logoLumax Auto TechnologiesLUMAXTECH14,03038.689.99+32.8%+71.5%29.5%22.4%0.27%
CIE Automotive India logoCIE Automotive IndiaCIEINDIA13,46914.441.74+12.4%+15.3%12.7%13.6%1.97%
Amara Raja Energy & Mobility logoAmara Raja Energy & MobilityARE&M12,88713.981.59+12.7%+7.2%11.9%10.9%1.51%
Ramkrishna Forgings logoRamkrishna ForgingsRKFORGE12,474116.703.79+8.5%–3.4%6.4%0.15%
JBM Auto logoJBM AutoJBMA11,54050.137.12+15.9%+10.5%15.2%13.0%0.17%
ASK Automotive logoASK AutomotiveASKAUTOLTD11,45636.218.74+27.9%+23.2%26.9%23.0%0.32%
Banco Products (I) logoBanco Products (I)BANCOINDIA8,34716.884.96+21.6%+14.3%33.1%26.9%3.94%
Steel Strips Wheels logoSteel Strips WheelsSSWL8,26928.144.17+32.8%+53.7%15.9%18.0%0.29%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Varroc Engineering dividend history

Dividend per share, ₹, restated for later splits and bonuses

4Mar 193Mar 20Mar 21Mar 22Mar 23Mar 241Mar 251.5Mar 26
Highest ₹4.00 a share, year to Mar 2019.
Ex-dateTypePer share
7 Aug 2026Final₹1.50
8 Aug 2025Final₹1.00
25 Feb 2020Interim₹3.00
8 Aug 2019Final₹4.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Varroc Engineering announcements

Varroc Engineering share price by year

Each calendar year to 2025.Varroc Engineering share price history

YearClose at year endChangeHighest closeLowest close
2025590.60+0.3%669.95400.90
2024588.95+6.3%694.90446.95
2023554.20+86.7%571.60241.40
2022296.85−10.7%457.60280.05
2021332.35−16.4%464.55260.90
2020397.40−4.9%500.60124.80
2019418.00−42.4%736.85394.15
2018726.15–1,151.95648.90
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2018 is from its first session, 6 Jul 2018.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 2026801.00819.00791.80807.50806.712,28,34962.2%
27 Oct 2026777.70820.00773.10805.45806.742,77,26755.0%
26 Oct 2026764.25780.70743.70778.55768.112,01,50246.9%
23 Oct 2026785.10787.05746.65764.25759.782,88,35256.5%
22 Oct 2026797.00807.60775.00791.00791.641,52,66335.7%
21 Oct 2026806.25816.60788.35796.75798.281,06,18249.4%
19 Oct 2026820.80824.80798.00803.00813.321,17,37946.0%
16 Oct 2026821.00828.00812.70817.45819.4782,97642.2%
15 Oct 2026817.20826.00811.20820.40818.6364,08645.5%
Prices in ₹ per share as traded, not adjusted.

Company details

Chairperson and managing director
Tarang Naresh Jain
At the end of the quarter to Sep 2026
NSE symbol
VARROC
BSE code
541578
ISIN
INE665L01035
Industry
Auto Components
CIN
L28920MH1988PLC047335
Corporate identity number, the registrar of companies' code for it
Incorporated
1988
Registered office
L-4, MIDC Area, Waluj, Aurangabad 431136, Maharashtra
Share registrar
MUFG Intime India Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments