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Varvee Global
(VGL)
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Rating:55Neutral
Price Target:
₹54.00
▼(-64.88% Downside)
Action:Reiterated
Date:09/12/26
The score is primarily held back by financial quality concerns—especially weak cash conversion and negative free cash flow alongside historically volatile profitability—despite a strong FY2026 revenue rebound and improved leverage. Technicals are moderately supportive with price above key moving averages, but mixed momentum indicators and a negative P/E keep valuation confidence low.
Positive Factors
Revenue rebound
The sharp FY2026 revenue rebound indicates renewed business activity and improved top-line traction. If maintained, stronger sales can support operating leverage, broaden the company’s earnings base, and provide a foundation for more durable growth over the next several quarters.
Negative Factors
Negative free cash flow
Negative free cash flow means reported profitability is not currently translating into cash generation. Persistent weak conversion could constrain internally funded growth, increase reliance on financing, and make future earnings less valuable if working capital or reinvestment demands remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The sharp FY2026 revenue rebound indicates renewed business activity and improved top-line traction. If maintained, stronger sales can support operating leverage, broaden the company’s earnings base, and provide a foundation for more durable growth over the next several quarters.
Read all positive factors
Varvee Global (VGL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.73B
Dividend Yield1.34%
Average Volume (3M)9.06K
Price to Earnings (P/E)―
Beta (1Y)0.42
Revenue Growth55.65%
EPS Growth-219.06%
CountryIN
Employees85
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Textiles
Share Statistics
EPS (TTM)-7.23
Shares Outstanding51,528,680
10 Day Avg. Volume2,799
30 Day Avg. Volume9,065
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)3.08
Price to Sales (P/S)3.78
P/FCF Ratio-269.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Varvee Global Business Overview & Revenue Model
Company Description
Varvee Global Limited specializes in the production and global distribution of textiles, serving both Indian and international markets. Their product line features a wide array of denim fabrics, including ring, shirting, printed, stretch, satin, h...
Varvee Global Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
74
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 633.85M | 628.00M | 424.53M | 844.14M | 2.59B | 4.10B |
| Gross Profit | 216.21M | 312.29M | -438.63M | 31.91M | 654.36M | 1.26B |
| EBITDA | -49.25M | 251.39M | 500.05M | -246.05M | -254.90M | -82.00M |
| Net Income | -230.11M | 124.49M | 185.44M | -446.16M | -650.49M | -414.23M |
Balance Sheet | ||||||
| Total Assets | 1.58B | 1.84B | 2.04B | 4.38B | 5.28B | 6.29B |
| Cash, Cash Equivalents and Short-Term Investments | 33.84M | 33.65M | 154.08M | 22.21M | 1.60M | 98.65M |
| Total Debt | 40.76M | 28.77M | 942.59M | 2.78B | 3.97B | 4.13B |
| Total Liabilities | 792.93M | 1.07B | 1.69B | 4.21B | 4.66B | 5.02B |
| Stockholders Equity | 788.66M | 770.11M | 357.42M | 171.98M | 614.02M | 1.26B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -8.79M | 274.72M | 1.10B | 396.46M | 103.82M |
| Operating Cash Flow | 0.00 | 37.51M | 274.72M | 1.10B | 396.46M | 125.21M |
| Investing Cash Flow | 0.00 | 280.80M | 1.82B | 456.63M | 129.28M | 467.12M |
| Financing Cash Flow | 0.00 | -418.97M | -1.96B | -1.56B | -622.79M | -627.96M |
Varvee Global Technical Analysis
Negative
153.75
Price Trends
59.86
Negative
62.02
Negative
62.61
Negative
Market Momentum
-2.54
Positive
37.34
Neutral
55.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VGL, the sentiment is Negative. The current price of 153.75 is above the 20-day moving average (MA) of 58.57, above the 50-day MA of 59.86, and above the 200-day MA of 62.61, indicating a bearish trend. The MACD of -2.54 indicates Positive momentum. The RSI at 37.34 is Neutral, neither overbought nor oversold. The STOCH value of 55.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:VGL.
Varvee Global Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | ₹2.30B | 22.96 | ― | 0.35% | -0.02% | -26.96% | |
62 Neutral | ₹2.92B | 16.22 | ― | 0.91% | 22.45% | 2.37% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹2.73B | -7.32 | ― | 1.34% | 55.65% | -219.06% | |
52 Neutral | ₹3.61B | 25.48 | ― | ― | ― | ― | |
52 Neutral | ₹2.33B | 8.20 | ― | ― | 23.44% | -27.95% | |
46 Neutral | ₹5.69B | 43.23 | ― | 3.85% | 71.20% | ― |
* General Sector Average
IN:VGL
Varvee Global
53.00
-13.60
-20.42%
IN:ABCOTS
AB Cotspin India Ltd.
164.45
-255.55
-60.85%
IN:GLOSTERLTD
Gloster Ltd.
519.50
-122.90
-19.13%
IN:SHIVATEX
Shiva Texyarn Limited
177.70
-2.46
-1.37%
IN:BELLACASA
Bella Casa Fashion & Retail Ltd.
218.25
-226.70
-50.95%
IN:RNBDENIMS
R&B Denims Ltd
8.65
-33.83
-79.64%
Varvee Global Corporate Events
Varvee Global Shareholders Approve All Postal Ballot Resolutions
Oct 31, 2026
Varvee Global Limited has disclosed that shareholders approved all resolutions presented through a postal ballot dated 22 September 2026, with the requisite majority, based on the scrutinizer’s report finalized on 31 October 2026. The compan...
Varvee Global Restructures Authorised Capital After Equity Share Split
Oct 31, 2026
Varvee Global Limited has secured shareholder approval to amend its Memorandum of Association following a sub-division of existing equity shares, implemented via an ordinary resolution passed through postal ballot on October 30, 2026. The company ...
Varvee Global Shareholders Clear Postal Ballot Resolutions
Oct 31, 2026
Varvee Global Limited, a listed textiles and denim-focused exporter in India, maintains a significant presence on both the BSE and NSE, supported by formal governance and investor-relations practices. The company’s history as Aarvee Denims a...
Varvee Global Announces Board Changes and AGM Notice Addendum
Sep 21, 2026
Varvee Global Ltd has announced changes to its board of directors following a meeting held on September 21, 2026, at its registered office. The board approved the appointment of Mr. Mithleshkumar M Agraval as an Additional Non-Executive, Non-Indep...
Varvee Global Reshapes Board Ahead of 37th AGM
Sep 21, 2026
Varvee Global Ltd has announced changes to its board of directors following a meeting held on September 21, 2026, at its registered office. The board approved the appointment of Mr. Mithleshkumar M. Agraval as an additional non-executive, non-inde...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.