V-Marc India Limited has reported its strongest annual performance on record for FY26, with consolidated revenue from operations nearly doubling to ₹17,973 million, a 99% year-on-year growth that significantly exceeded the company's own guidance of 40–50% growth set at the start of the year. The Board of Directors, at its meeting held on May 11, 2026, also approved a 5:1 bonus share issue and a significant increase in authorised share capital, marking a series of major corporate milestones alongside the financial results. The statutory auditors, M/s Rajeev Singal & Co., Chartered Accountants, issued an unmodified opinion on both the standalone and consolidated audited financial results.

FY26 Full-Year Financial Performance

V-Marc India's consolidated full-year results reflect broad-based operational scale-up across revenue, margins, and profitability. The following table summarises the key consolidated metrics on a year-on-year basis:

(Consolidated Numbers)

EBITDA expanded 107% to ₹2,008 million with margin improving 44 bps to 11.2%, reflecting operating leverage beginning to come through. PAT rose to ₹1,001 million with margin improving 158 bps to 5.6%, supported by operating leverage on finance costs and a richer mix with higher B2C contribution. ROCE improved sharply to 35.0% from 21.7% in FY25, while ROE expanded to 34.6% from 19.1%, reflecting the significant improvement in capital efficiency. The Debt/Equity ratio improved to 0.7x in FY26 from 0.9x in FY25, underscoring a strengthening balance sheet. Working capital management also strengthened materially, with the net cash conversion cycle compressing by approximately 40 days to 51 days in FY26 from 92 days in FY25, receivable days improving to 85 from 115, payable days extending to 88 from 79, and inventory days broadly stable at 54. On a standalone basis, the company reported basic and diluted EPS of ₹40.98 for the full year, compared to ₹14.78 (basic) and ₹15.29 (diluted) in the prior year.

H2 FY26 Financial Performance

The second half of FY26 continued the strong momentum, with revenue of ₹11,058 million coming in 98% higher year-on-year and 60% higher than H1 FY26, reflecting both seasonal weighting and the ramp from expanded production capacity. The table below presents H2 performance in detail:

(Consolidated Numbers)

PAT of ₹636 million was up 2.6x year-on-year with PAT margin expanding 133 bps to 5.8%, supported by operating leverage on employee, distribution and finance costs.

Revenue Segmentation

Growth was broad-based with the revenue mix shifting meaningfully across both product categories and customer channels. The tables below present the standalone revenue breakdown:

By Product Segment

(Standalone Numbers)

By Customer Channel

(Standalone Numbers)

Building Wires & Industrial Cables more than tripled and now contribute 38% of revenue versus 20% in FY25, supported by dealer network expansion to 1,200+ across 24 states from approximately 950 dealers across 19 states a year earlier. B2C and B2B channels each grew over 100% and together contribute over 70% of revenue. FY26 also marked the company's first-ever exports, with revenue of ₹626 million for the year, of which ₹612 million fell in H2. A new office has been set up in Mumbai and a dedicated export team is now engaging with target geographies including the U.S., Europe, Australia and Japan.

Multi-Year Financial Track Record

The investor presentation highlights a strong multi-year growth trajectory. The table below presents consolidated revenue and profitability metrics across fiscal years:

(Consolidated Numbers)

Production capacity has scaled from 63,000 circuit kilometres in FY23 to 212,600 circuit kilometres in FY26, reflecting the significant manufacturing investments made over the period. Net cash from operating activities improved substantially to ₹1,091.5 million in FY26 from ₹225.3 million in FY25, while total assets grew to ₹10,246.7 million from ₹6,457.7 million.

Subsidiary Performance

The consolidated financial results include the audited financials of V-Marc India's wholly owned subsidiary, V-Marc Defence and Aerospace Limited, which was incorporated on September 24, 2025. The subsidiary's key financial metrics are presented below:

(All amounts in INR Lacs)

Management Commentary

Commenting on the performance, Mr. Vikas Garg, Chairman & Managing Director of V-Marc India, stated: "FY26 has been a landmark year for V-Marc. We crossed ₹1,800 Crore in turnover, nearly doubling our scale over the prior year, on the back of strong demand across our segments and an unwavering commitment towards quality. We have lined up capacity expansion plans of over ₹5 billion through FY30, taking our installed capacity to more than 4 times of current levels and beyond 10 lakh km by the end of the decade. During FY26, we commissioned an additional e-beam line and launched India's first e-beam submersible cable for agricultural applications. Exports will be a defining theme for our next leg of growth — we have set up a dedicated export team out of our Mumbai office and plan to participate in 6–10 global expos in FY27, with the EU, US and Australia as priority markets. With capacity, retail, exports and product innovation moving in step, we are confident of sustaining 40%+ revenue growth over the next 3–5 years."

Corporate Actions: Bonus Issue and Capital Restructuring

Alongside the financial results, the Board approved several significant corporate actions. The company has proposed a 5:1 bonus share issue — five new fully paid-up equity shares of ₹10 each for every one existing equity share — subject to shareholder approval through Postal Ballot. The bonus issue will be funded from available free reserves and share premium. The key details of the bonus issue and capital restructuring are as follows:

The Board also approved the regularisation of the appointment of Dr. Shailesh Kumar Agrawal (DIN: 11622405) as Independent Director, appointed on March 23, 2026 for a term of five years, subject to shareholder approval. Dr. Agrawal holds a Ph.D. from IIT Roorkee and served as Executive Director of Building Materials and Technology Promotion Council under the Ministry of Housing & Urban Affairs, Government of India, with over 35 years of experience in structural engineering, earthquake engineering, and building technologies. Additionally, S A H A G & Associates, Chartered Accountants were re-appointed as Internal Auditors and M/s Pinki & Associates, Cost Accountants were re-appointed as Cost Auditor, both for Financial Year 2026-27.

Shareholding and Market Statistics

As of March 31, 2026, the shareholding pattern reflects promoter confidence in the company's growth trajectory. Key statistics are presented below:

Industry Backdrop and Outlook

India's wires and cables industry, valued at approximately ₹900 billion in FY25, has accelerated to a 13–14% growth pace against the long-term approximately 10% trajectory, driven by sustained capital expenditure across power transmission and distribution, renewables, real estate, railways and manufacturing. The market is expected to reach approximately ₹1,500 billion by FY29 at approximately 13% CAGR. The National Electricity Plan envisages ₹9.15 trillion of transmission investment through FY32, with cables and wires typically accounting for 14–15% of T&D project capital expenditure. For FY27, the company is targeting revenue growth of 40%+, with EBITDA margin reiterated in the 11–12% band, supported by a richer product mix, deeper backward integration in compounds and conductors, and operating leverage. To support the next phase of growth, the company has committed to a capital expenditure programme of approximately ₹5,000 million through FY30 — inclusive of ₹979 million already deployed during FY26 — which will take installed production capacity to over 10 lakh circuit kilometres, commissioned in calibrated tranches across FY27 to FY30 and broadly self-funded from internal accruals.

V-Marc India Limited has formally informed the National Stock Exchange of India Limited that it does not qualify as a 'Large Corporate' under the regulatory framework established by SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023. The disclosure, dated May 11, 2026, was submitted by Company Secretary Anuj Ahluwalia and pertains to the financial year ending March 31, 2026. The SEBI circular in reference governs the raising of funds through issuance of debt securities by Large Corporates and mandates specific disclosures and compliances from entities falling under that classification.

Large Corporate Classification Status

As per the company's communication to the exchange, V-Marc India Limited confirmed that as on March 31, 2026, it does not meet the criteria to be categorised as a 'Large Corporate' under the aforesaid SEBI framework. This classification carries regulatory significance, as Large Corporates are required to mandatorily raise a specified portion of their incremental borrowings through the issuance of debt securities in the market. The company's non-applicability under this classification means it is not subject to these additional compliance requirements for FY26.

Borrowing Profile for FY26

Alongside the classification disclosure, V-Marc India Limited submitted its LC Disclosure document detailing the company's borrowing position for the financial year from April 1, 2025 to March 31, 2026. The data provides a comprehensive view of the company's qualified borrowings and credit standing during the period.

The company's outstanding qualified borrowings increased from ₹72.91 crores at the start of the financial year to ₹106.93 crores by March 31, 2026, reflecting incremental qualified borrowings of ₹34.02 crores during the year. The company holds a credit rating of IVR A- / Stable, which represents the highest rating applicable in case of multiple ratings. No borrowings were raised through the issuance of debt securities during the year, as indicated by the nil entry in that field.

Regulatory Context

The SEBI circular referenced in the disclosure was issued to strengthen the corporate bond market in India by encouraging Large Corporates to raise a portion of their funding requirements through debt capital markets. Companies are required to periodically disclose their Large Corporate status and borrowing details to the stock exchanges as part of this framework. V-Marc India Limited's submission confirms its compliance with the disclosure obligation, even while confirming that the substantive requirements applicable to Large Corporates do not apply to it for FY26.