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Varvee Global (VGL) AI Stock Analysis
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Varvee Global
(NSE:VGL)
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.
Varvee Global (VGL) vs. iShares MSCI India ETF (INDA)
- Market Cap
- INR 2.73B
- Dividend Yield
- ―
- Average Volume (3M)
- 8,949
- Price to Earnings (P/E)
- -7.3
- Beta (1Y)
- 0.42
- Revenue Growth
- 55.65%
- EPS Growth
- -219.06%
- Country
- India
- Employees
- 85
- Sector
- General
- Sector Strength
- 55
- Industry
- Manufacturing - Textiles
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, high...
Varvee Global Financial Statement Overview
Summary
Financials show a turnaround with strong FY2026 revenue growth (+54%), solid gross margin (~50%), and positive net profitability (~20%), plus much improved leverage (debt-to-equity ~0.04) and healthy ROE (~16%). However, operating margin is near breakeven, results have been highly volatile across prior years, and cash conversion is weak with negative free cash flow—raising sustainability and earnings-quality concerns.
Income Statement
58NeutralBalance Sheet
74PositiveCash Flow
41Neutral| 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 | -8.79M | 274.72M | 1.10B | 396.46M | 103.82M |
| Operating Cash Flow | 0 | 37.51M | 274.72M | 1.10B | 396.46M | 125.21M |
| Investing Cash Flow | 0 | 280.80M | 1.82B | 456.63M | 129.28M | 467.12M |
| Financing Cash Flow | 0 | -418.97M | -1.96B | -1.56B | -622.79M | -627.96M |
Varvee Global Technical Analysis
Price Trends
Market Momentum
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 53.00 is below the 20-day moving average (MA) of 58.57, below the 50-day MA of 59.86, and below 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
Overall Rating
IN:SHIVATEX69Neutral
IN:BELLACASA67Neutral- IN:VGL55Neutral
IN:RNBDENIMS51Neutral
IN:ABCOTS42.2Neutral
IN:GLOSTERLTD34Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| IN:SHIVATEX | 69Neutral | INR 2.30B | 22.96 | ― | 0.35% | -0.02% | -26.96% |
| IN:BELLACASA | 67Neutral | INR 2.92B | 16.22 | ― | 0.92% | 22.45% | 2.37% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| IN:VGL | 55Neutral | INR 2.73B | -7.32 | ― | ― | 55.65% | -219.06% |
| IN:RNBDENIMS | 51Neutral | INR 2.33B | 8.20 | ― | ― | 23.44% | -27.95% |
| IN:ABCOTS | 42Neutral | INR 3.61B | 25.48 | ― | ― | ― | ― |
| IN:GLOSTERLTD | 34Underperform | INR 5.69B | 43.23 | ― | 3.85% | 71.20% | ― |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| IN:VGL | Varvee Global Limited | 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
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 company h...
Varvee Global Restructures Authorised Capital After Equity Share Split
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 com...
Varvee Global Shareholders Clear Postal Ballot Resolutions
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 and...
Varvee Global Announces Board Changes and AGM Notice Addendum
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-Independ...
Varvee Global Reshapes Board Ahead of 37th AGM
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-indepen...
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.
Date of analysis: Sep 12, 2026