Varroc Engineering financials: balance sheet, profit and loss, cash flow

NSE: VARROCBSE: 541578Auto ComponentsSmall Cap

Varroc Engineering Limited · Face value ₹1 · Listed Jul 2018 · Issue price ₹967

₹807.50₹2.05 (0.25%)BSE ₹811.05

Share price at the NSE close on 28 Oct 2026. Previous close ₹805.45.

28 Oct: open ₹801.00, high ₹819.00, low ₹791.80

52-week range of traded prices to 28 Oct 2026

₹462.00Low, 30 Mar 2026₹912.20High, 22 Sep 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar

Market cap: ₹12,338 Cr606th largest listed
P/E: 62.55
P/E without one-offs: 40.84
P/B: 6.93
Dividend yield: 0.19%
ROE: 11.8%
ROE without one-offs: 18.1%
ROCE: 20.4%
Debt to equity: 0.41
Volume, NSE: 2,28,34962.2% delivered

Varroc Engineering's financial statements for the 8 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

8 years at a glance

₹ crore, years to March.Varroc Engineering annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 8 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 13.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2022, the company's revenue for that year, ₹5,844 Cr, differs from its quarters added, ₹10,761 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue8,890
Materials and goods−5,702
Employee costs−963
Other expenses−1,396
Operating profit830
Depreciation−332
Other income+18
One-off items−44
Finance costs−134
Profit before tax338
Tax−112
Joint ventures+3.7
Net profit230

What the company owns

Plant, investments and other assets₹2,965 Cr
Inventory₹933 Cr
Receivables₹735 Cr
Cash and bank₹181 Cr
Current investments₹62 Cr

What pays for it: net worth and liabilities

Net worth₹1,818 Cr
Owed to suppliers₹1,522 Cr
Other liabilities₹797 Cr
Borrowings₹738 Cr

Varroc Engineering business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Varroc Engineering segment results by quarter

Revenue by segment

₹8,890 CrTotal

Automotive₹8,649 Cr97.3% of total
Others₹242 Cr2.7% of total

Profit by segment

Automotive₹428 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Automotive
Revenue, ₹ crore
11,732
10,897
11,114
5,551
6,590
7,358
7,934
8,649
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
571
172
−367
108
218
461
481
428
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
305
225
189
293
274
194
220
242
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
−10
−37
−42
20
−4
−26
−28
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	12,037	11,122	11,303	12,734	10,718	7,552	8,154	8,890
Company revenue, as in its results	12,036	11,122	11,303	5,844	6,863	7,552	8,154	8,890
Revenue	11,732	10,897	11,114	5,551	6,590	7,358	7,934	8,649
Revenue growth	–	−7.1%	2.0%	–	18.7%	11.7%	7.8%	9.0%
Profit	571	172	−367	108	218	461	481	428
Profit growth	–	−69.8%	–	–	101.9%	111.5%	4.3%	−11.1%
Margin	4.9%	1.6%	−3.3%	1.9%	3.3%	6.3%	6.1%	4.9%
Return on capital	11.6%	2.9%	−6.8%	6.3%	11.5%	26.2%	27.1%	19.6%
Assets	7,864	10,081	10,285	3,389	3,599	3,514	3,831	4,407
Liabilities	2,961	4,194	4,867	1,673	1,708	1,752	2,058	2,225
Capital employed	4,903	5,887	5,417	1,715	1,891	1,761	1,773	2,182
Revenue	305	225	189	293	274	194	220	242
Revenue growth	–	−26.2%	−16.1%	–	−6.7%	−29.0%	13.4%	9.8%
Profit	15	−10	−37	−42	20	−4	−26	−28
Margin	4.9%	−4.3%	−19.8%	−14.2%	7.3%	−2.2%	−11.7%	−11.5%
Return on capital	9.5%	−6.1%	−19.7%	−30.3%	11.8%	−2.7%	−15.4%	−14.9%
Assets	240	211	255	246	255	198	226	249
Liabilities	84	55	65	108	85	36	59	63
Capital employed	156	156	190	138	170	161	167	185
Revenue	–	–	–	6,890	3,854	0	–	–
Revenue growth	–	–	–	–	−44.1%	−100.0%	–	–
Profit	–	–	–	−963	−804	−21	–	–
Margin	–	–	–	−14.0%	−20.9%	–	–	–
Return on capital	–	–	–	−36.9%	–	–	–	–
Assets	–	–	–	6,642	0	0	–	–
Liabilities	–	–	–	4,030	0	0	–	–
Capital employed	–	–	–	2,611	0	0	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Varroc Engineering quarterly results

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026Twelve monthsFiled 6 Aug
Revenue from operations	12,036	11,122	11,303	5,844	6,863	7,552	8,154	8,890	9,497
	10,948	10,301	10,906	5,485	6,316	6,778	7,365	8,061	8,640
Materials and goods bought	7,546	6,986	7,512	3,849	4,431	4,733	5,209	5,702	6,148
Employee costs	1,501	1,593	1,630	619	717	809	888	963	989
Other expenses	1,900	1,722	1,765	1,016	1,169	1,236	1,268	1,396	1,503
Operating profit before depreciation	1,089	821	397	359	547	774	789	830	857
Operating margin	9.0%	7.4%	3.5%	6.1%	8.0%	10.2%	9.7%	9.3%	9.0%
Materials, % of revenue	62.7%	62.8%	66.5%	65.9%	64.6%	62.7%	63.9%	64.1%	64.7%
Employee costs, % of revenue	12.5%	14.3%	14.4%	10.6%	10.5%	10.7%	10.9%	10.8%	10.4%
Other expenses, % of revenue	15.8%	15.5%	15.6%	17.4%	17.0%	16.4%	15.6%	15.7%	15.8%
Depreciation and amortisation	566	732	895	305	337	337	323	332	335
Operating profit after depreciation	523	89	−498	55	210	437	465	498	522
Other income	91	99	127	34	58	28	18	18	19
Finance costs	97	139	163	118	190	194	170	134	129
Profit before one-off items and tax	517	49	−534	−30	78	270	313	381	412
One-off items	0	0	0	0	0	0	−147	−44	−105
Profit before tax	517	49	−534	−30	78	270	166	338	307
	99	37	130	48	44	−238	100	112	112
Current tax	144	34	43	35	56	39	16	15	45
Deferred tax	−46	3	87	13	−11	−277	84	96	67
Share of profit of joint ventures and associates	31	−9	36	0	5	44	4	4	4
Profit from discontinued businesses	–	–	–	−1,028	−856	−21	–	–	–
	450	3	−629	−1,107	−817	532	70	230	200
Belonging to the company's shareholders	446	0	−632	−1,110	−820	526	61	225	197
Belonging to outside owners of subsidiaries	3	2	3	3	3	6	8	5	3
Other comprehensive income	−106	60	−30	71	−193	−5	7	6	44
Total comprehensive income	343	63	−659	−1,036	−1,010	527	76	236	244
Net margin	3.7%	0.0%	−5.6%	–	–	7.0%	0.9%	2.6%	2.1%
Net margin without joint ventures and associates	3.5%	0.1%	−5.9%	–	–	6.5%	0.8%	2.5%	–

Net margin is left blank for the years to Mar 2022 and Mar 2023: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,111	3,029	3,056	2,014	1,004	1,526	1,598	1,818
	3,087	3,005	3,028	1,989	976	1,497	1,565	1,780
Share capital	13	13	15	15	15	15	15	15
Reserves	3,074	2,991	3,013	1,973	961	1,482	1,550	1,765
Belonging to outside owners of subsidiaries	24	25	28	25	28	29	33	38
	1,659	2,601	1,758	1,553	1,635	1,209	949	738
Repayable after a year	457	900	936	250	416	652	320	208
Repayable within a year	1,201	1,700	822	1,303	1,219	558	629	529
	4,950	5,997	6,159	3,029	2,874	2,159	2,562	2,627
Trade payables	2,056	2,380	3,031	1,334	1,196	1,224	1,393	1,522
Other financial liabilities	1,142	1,420	1,879	203	263	183	322	360
Other liabilities	477	427	346	150	138	152	177	160
Provisions	38	58	69	19	30	30	30	45
Tax owed	28	11	12	3	9	2	1	4
	692	1,976	2,011	507	742	876	512	429
Other financial liabilities	13	675	641	64	151	150	146	154
Other liabilities	1	183	160	4	4	1	0	–
Provisions	98	118	126	29	28	16	19	22
Deferred tax	91	99	133	127	117	31	5	22
Trade payables	0	0	13	0	0	0	0	0
Liabilities going with businesses held for sale	–	–	–	5,448	–	–	–	–
	8,753	11,002	11,225	10,998	4,621	4,560	4,672	4,875
Held for sale or for a demerger	–	–	–	6,883	–	–	340	–
	5,386	6,794	6,918	2,687	2,845	2,865	2,349	2,557
Plant in use, after depreciation	2,914	4,498	4,514	1,896	1,932	1,916	1,924	2,140
Plant being built	666	398	494	112	121	76	100	95
Intangible assets	433	584	543	91	73	63	45	43
Goodwill	199	201	174	46	47	47	47	49
Intangible assets being developed	333	393	363	27	14	4	3	56
Property held to earn rent	13	0	0	12	0	0	0	0
Investments	0	0	0	0	0	14	15	7
Stakes in joint ventures and associates	343	326	376	388	391	420	17	20
Loans given	13	16	17	0	0	0	0	0
Other financial assets	53	23	23	34	169	20	20	24
Deferred tax	176	218	178	9	7	197	86	7
Other assets	242	137	236	71	92	108	92	117
	3,367	4,208	4,307	1,428	1,776	1,695	1,983	2,317
Inventories	920	1,076	1,256	616	671	674	733	933
Trade receivables	1,350	1,089	1,641	518	597	492	680	735
Cash and cash equivalents	161	1,066	742	116	302	110	111	125
Other bank balances	3	3	4	2	25	20	52	56
Current investments	19	4	0	0	30	96	37	62
Loans given	18	12	22	0	0	0	0	0
Other financial assets	2	2	1	8	9	27	14	22
Tax paid in advance	–	67	0	0	0	–	0	–
Other assets	896	889	642	169	143	275	355	385
Net debt	1,477	1,528	1,013	1,436	1,278	983	748	495

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	474	636	661	638	737	537
	495	710	753	694	728	563
	68	611	293	−82	−54	−175
Receivables	−532	−107	−25	84	−188	−33
Inventories	−125	−167	−68	−2	−55	−179
Payables	591	553	−368	27	152	106
Other working capital	135	332	755	−191	38	−69
Tax paid	−20	−74	−92	−56	9	−26
Capital spending	561	654	531	257	279	397
Free cash flow	−87	−18	130	381	458	139
	−644	−763	−260	−166	−246	−123
Plant and property sold	47	10	28	56	17	19
Companies bought	−8	0	0	0	0	0
Interest received	2	8	2	8	5	11
Dividends received	0	20	0	1	0	1
	−152	−335	−216	−664	−490	−405
Borrowings raised	572	572	779	450	5	234
Borrowings repaid	−1,219	−835	−747	−877	−459	−461
Interest paid	−137	−156	−237	−195	−158	−118
Lease payments	−54	−83	0	−37	−59	−45
Dividends paid	0	6	0	5	0	15
Shares bought back	0	0	0	0	0	0
Shares issued	685	0	0	0	0	0
Net change in cash	−322	−462	185	−192	0	8

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 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Varroc Engineering dividend history

₹ per share	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Earnings per share	₹33.11	₹0.01	−₹46.75	−₹72.64	−₹53.66	₹34.43	₹4.01	₹14.73
Diluted earnings per share	₹33.11	₹0.01	−₹46.75	−₹72.64	−₹53.66	₹34.43	₹4.01	₹14.73
Dividend per share	₹4.00	₹3.00	–	–	–	–	₹1.00	₹1.50
Book value per share	₹229.00	₹222.87	₹198.18	₹130.16	₹63.89	₹97.98	₹102.43	₹116.52
Dividend payout	12.1%	21,174.6%	–	–	–	–	25.0%	10.2%
Shareholder yield	–	–	−13.9%	0.1%	0.0%	0.1%	0.0%	0.2%
Market cap at the year end (₹ crore)	7,806	1,721	4,919	5,283	3,810	7,698	6,572	7,141

Ratios

Consolidated, years to March.Varroc Engineering PE ratio and valuation

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	–	−7.6%	1.6%	–	17.4%	10.0%	8.0%	9.0%
Operating profit growth	–	−24.6%	−51.7%	–	52.1%	41.5%	2.0%	5.2%
Net profit growth	–	−99.4%	–	–	–	–	−86.9%	229.9%
Earnings per share growth	–	−100.0%	–	–	–	–	−88.4%	267.3%
	14.5%	0.0%	−21.0%	–	–	42.5%	4.0%	13.5%
	–	−14.5 pts	−21.0 pts	–	–	–	−38.5 pts	9.5 pts
From the net margin	–	−14.5 pts	−20.4 pts	–	–	–	−38.0 pts	9.5 pts
From asset turnover	–	0.0 pts	2.0 pts	–	–	–	0.3 pts	0.7 pts
From borrowing	–	0.0 pts	−2.5 pts	–	–	–	−0.9 pts	−0.8 pts
Return on capital employed	11.0%	1.6%	−10.4%	–	8.0%	16.0%	18.3%	19.5%
Cash conversion	–	–	–	–	–	120.0%	1,057.4%	233.6%
Interest cover	5.4	0.6	–	0.5	1.1	2.3	2.7	3.7
Debt to equity	0.53	0.86	0.58	–	1.63	0.79	0.59	0.41
Receivable days	41	36	53	–	32	24	30	30
Inventory days	44	56	61	–	55	52	51	60
Payable days	99	124	147	–	99	94	98	97
Cash conversion cycle, days	−14	−32	−33	–	−12	−19	−16	−8
Working capital days	−17	−38	−57	–	−13	−6	−7	−1
Asset turnover	1.38	1.13	1.02	–	–	1.65	1.77	1.86
Assets per rupee of net worth	2.84	3.24	3.68	–	–	3.71	3.02	2.85
Sales per rupee of plant	4.13	2.47	2.50	3.08	3.55	3.94	4.24	4.15
Capital spending to depreciation	–	–	0.63	2.15	1.58	0.76	0.86	1.20
Plant being built, % of plant in use	22.9%	8.8%	10.9%	5.9%	6.3%	4.0%	5.2%	4.4%

Interest cover is left blank for the year to Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022 and Mar 2023: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023 and Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2022: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.7%
Cash from operations against operating profit: 64.7%

Measure	5 years	3 years
Revenue growth, yearly rate	–	9.0%
Return on equity, average	–	20.0%
Return on capital employed, average	15.4%	17.9%
Operating margin, average	8.7%	9.8%
Net margin, average	–	3.5%
Asset turnover, average	–	1.76
Cash conversion cycle, days, average	−13	−14
Interest cover, average	2.1	2.9
Debt to equity, average	0.86	0.60

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,208	1,912	537
Cash from investing	−1,558	−536	−123
Cash from financing	−2,111	−1,560	−405
Capital spending	2,118	934	397
Dividends paid	26	20	15
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	2,040	689	234
Borrowings repaid	3,380	1,798	461

Accounting checks

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

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	2	5	7	8	6	8
Altman Z-scorePublished threshold 1.81	2.71	1.38	1.49	0.99	2.31	3.85	3.58	3.98
Beneish M-scorePublished threshold −1.78	–	–	−2.42	−2.50	−3.73	−2.69	−2.89	−2.86
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−4.12	−8.82	−15.59	1.31	−9.11	−3.85
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	2.30
Receivables growth less revenue growthOur threshold 0 percentage points	–	−11.68	48.99	−20.16	−2.06	−27.67	30.23	−0.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	24.36	9.27	−2.25	−6.10	−6.32	−1.41	17.89
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	0.54	−2.79	−7.97	−0.38	2.00	0.83	0.42
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.17	0.54	–	0.32	0.24	0.30	0.17
Effective tax ratePublished threshold 17.16 per cent	19.12	76.01	–	–	56.84	−88.05	60.15	33.05
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−61.90	−108.65	54.64	25.43

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.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
24 Apr 2026	India Ratings and Research Private Limited	Bank loan facilities	IND AA+; IND A1+Review, Other	Stable	1,136.33
24 Apr 2026	India Ratings and Research Private Limited	Non-convertible debentures	WDReview, Other		250
24 Apr 2026	India Ratings and Research Private Limited	Commercial paper	IND A1+Review, Re-affirm		100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.