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Vardhman Holdings Limited
(VHL)
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Rating:68Neutral
Price Target:
₹3,702.00
▲(6.00% Upside)
Action:Reiterated
Date:08/28/26
The score is supported primarily by attractive valuation (low P/E and high dividend yield) and a very conservative, debt-free balance sheet. Offsetting these positives are weak technical momentum (below key moving averages with negative MACD) and, most importantly, inconsistent operating/free cash flow and revenue volatility, which raise questions about earnings quality and stability.
Positive Factors
Debt-free balance sheet
A debt-free structure limits interest burden, refinancing exposure, and solvency risk. This gives VHL financial flexibility to preserve capital and manage its investment portfolio through periods of weaker market conditions.
Negative Factors
Inconsistent operating cash flow
Repeated negative operating and free cash flow weakens confidence that reported earnings consistently convert into cash. Persistent variability can restrict reinvestment capacity and make future distributions more dependent on asset sales or portfolio receipts.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free structure limits interest burden, refinancing exposure, and solvency risk. This gives VHL financial flexibility to preserve capital and manage its investment portfolio through periods of weaker market conditions.
Read all positive factors
Vardhman Holdings Limited (VHL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹11.60B
Dividend Yield0.14%
Average Volume (3M)43.00
Price to Earnings (P/E)4.6
Beta (1Y)1.28
Revenue Growth0.70%
EPS Growth1.65%
CountryIN
Employees3
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)788.06
Shares Outstanding3,191,536
10 Day Avg. Volume42
30 Day Avg. Volume43
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)0.25
Price to Sales (P/S)67.32
P/FCF Ratio0.00
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
Vardhman Holdings Limited Business Overview & Revenue Model
Company Description
Established in 1962 and headquartered in Ludhiana, India, Vardhman Holdings Limited functions as a non-banking financial institution within the country. Its core business centers on lending and investment activities. The company underwent a name c...
How the Company Makes Money
VHL makes money primarily through income earned on its investment portfolio and holdings. Key revenue streams typically include: (1) Dividend income from equity investments (including dividends received on strategic/long-term holdings in other com...
Vardhman Holdings Limited Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
92
Very Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 157.80M | 141.10M | 132.34M | 84.78M | 244.13M | 140.99M |
| Gross Profit | 153.70M | 140.40M | 126.11M | 79.94M | 231.65M | 132.35M |
| EBITDA | 1.62B | 2.29B | 202.70M | 134.39M | 33.41M | 309.90M |
| Net Income | 2.52B | 2.16B | 2.58B | 1.85B | 2.28B | 4.29B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 37.69B | 35.41B | 32.98B | 31.01B | 27.78B |
| Cash, Cash Equivalents and Short-Term Investments | 15.00M | 15.00M | 1.19B | 816.30M | 624.52M | 2.12B |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | -37.66B | 35.50M | 5.29M | 5.98M | 10.99M | 6.75M |
| Stockholders Equity | 37.66B | 37.66B | 35.40B | 32.97B | 31.00B | 27.77B |
Cash Flow | ||||||
| Free Cash Flow | -9.50M | 0.00 | -55.10M | -28.91M | -2.87M | -35.96M |
| Operating Cash Flow | -9.50M | 359.70M | -55.10M | -28.91M | 12.85M | -35.96M |
| Investing Cash Flow | 25.30M | -344.40M | 47.60M | 43.93M | 20.48M | -685.74M |
| Financing Cash Flow | -15.70M | -16.00M | -16.10M | -16.02M | -15.95M | -15.96M |
Vardhman Holdings Limited Technical Analysis
Positive
3492.40
Price Trends
3496.01
Positive
3483.40
Positive
3437.53
Positive
Market Momentum
29.24
Negative
57.49
Neutral
84.47
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VHL, the sentiment is Positive. The current price of 3492.4 is below the 20-day moving average (MA) of 3503.14, below the 50-day MA of 3496.01, and above the 200-day MA of 3437.53, indicating a bullish trend. The MACD of 29.24 indicates Negative momentum. The RSI at 57.49 is Neutral, neither overbought nor oversold. The STOCH value of 84.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:VHL.
Vardhman Holdings Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹11.60B | 4.62 | ― | 0.14% | 0.70% | 1.65% | |
60 Neutral | ₹4.81B | 26.69 | ― | 0.33% | 48.83% | 36.34% | |
59 Neutral | ₹21.76B | 18.71 | ― | 0.33% | <0.01% | 1773.87% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹13.28B | 5.80 | ― | 3.06% | 35.80% | -5.33% | |
50 Neutral | ₹7.87B | 20.62 | ― | 0.10% | -11.20% | 12093.83% | |
43 Neutral | ₹4.12B | 241.83 | ― | ― | 5.87% | ― |
* General Sector Average
IN:VHL
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Vardhman Holdings Limited Corporate Events
Vardhman Holdings Sets September 17, 2026 for Digitally-Enabled AGM and E-Voting
Aug 25, 2026
Vardhman Holdings Limited has scheduled its 62nd Annual General Meeting for September 17, 2026, at 11:15 a.m., to be conducted via video conferencing and other audio-visual means in line with Ministry of Corporate Affairs and SEBI guidelines. The ...
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.