Key Metrics of V-Guard Industries Ltd
About V-Guard Industries Ltd
Sectors
Company details
- Website
- vguard.in
- Founded
- 1977
- Listed
- NSE: VGUARD · ₹264.00
Operational Areas of V-Guard Industries Ltd
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 08 Apr 2026 (from AA)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Apr 2026 | ICRA | Upgraded (from AA) | AA+ | A1+ | Stable | ₹1,640 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Strong brand equity and recall, supporting a leading position in the domestic stabiliser market
V‑Guard is a well‑established consumer electrical and electronics brand in India, with over four decades of operating track record and strong brand recall, which supports premium pricing in select product categories such as ceiling fans and voltage stabilisers.
+ Diversified product portfolio with presence across electricals, electronics and consumer durable segments
VGIL commenced operations with its first product, stabilisers, in 1977 and has gradually expanded its product range over the years to around 14 items.
+ Increasing penetration into non-South markets resulting in gradual geographical diversification
VGIL has been a predominantly South India-based player since its inception.
+ Healthy financial risk profile characterised by a highly conservative capital structure and strong debt protection metrics
The capital structure of the company has remained conservative over the past years owing to a healthy net worth and low reliance on external debt.
Credit challenges
− Profit margins vulnerable to fluctuation in raw material prices and demand for its products
VGIL’s margins are susceptible to commodity/crude price fluctuations, leading to a volatility in profit margins and cash flows.
− Exposed to intense competition
VGIL faces intense price competition across most product categories due to the presence of several organised and unorganised players.
Could lead to an upgrade
ICRA may upgrade the long-term rating in case of a substantial increase in revenues and earnings, leading to a notable improvement in cash accruals while maintaining strong debt coverage metrics on a sustained basis. www.icra .in Sensitivity Label : Public Page |3
Could lead to a downgrade
Pressure on VGIL’s ratings may arise in case of a sharp deterioration in the earnings or a significant rise in debt level, with Total debt/OPBDITA of more than 1.0 times on a sustained basis. Any large debt-funded acquisition/capex, impacting the credit metrics and the
Agency-reported financials (ICRA, 08 Apr 2026)
| Metric | FY2024 | FY2025 | FY2024 | FY2025 | 9M FY2026 | 9M FY2025 |
|---|---|---|---|---|---|---|
| Operating income | ₹4,559 Cr | ₹5,309 Cr | ₹4,857 Cr | ₹5,578 Cr | ₹4,211 Cr | ₹4,040 Cr |
| PAT | ₹231 Cr | ₹260 Cr | ₹258 Cr | ₹314 Cr | ₹196 Cr | ₹223 Cr |
| OPBDIT/OI | 7.8% | 8.0% | 8.9% | 9.3% | 8.5% | 9.2% |
| PAT/OI | 5.1% | 4.9% | 5.3% | 5.6% | 4.7% | 5.5% |
| Total outside liabilities/Tangible net worth (times) | 0.60× | 0.50× | 0.70× | 0.60× | — | — |
| Total debt/OPBDIT (times) | 1.00× | 0.20× | 0.90× | 0.30× | — | — |
| Interest coverage (times) | 9.50× | 21.30× | 10.90× | 21.10× | 38.00× | 16.90× |
| Revenue growth (YoY) | — | 16.4% | −8.5% | 14.8% | — | — |
| EBITDA (margin × income) | ₹356 Cr | ₹425 Cr | ₹432 Cr | ₹519 Cr | ₹358 Cr | ₹372 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹356 Cr | ₹84.94 Cr | ₹389 Cr | ₹156 Cr | — | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹37.43 Cr | ₹19.94 Cr | ₹39.66 Cr | ₹24.58 Cr | ₹9.42 Cr | ₹21.99 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| long-term Long-term Short term – Fund-based/Non-fund-based Limits – Working Capital Facilities to short-term Total | Non-fund based limits | ₹820 Cr | ₹820 Cr | 0.0% | AA+ / A1+ (Stable) | Upgraded | ICRA |
| Rated facility | Other | ₹865 Cr | ₹820 Cr | −5.2% | — | Other | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 47% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 47% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 16.9×
Rated limits by facility
Timeline
From the report
Also, the company had unencumbered cash/bank balance and liquid investments of around Rs. 64 crore as on March 31, 2025.
From the report
The company has long-term debt repayment obligations of around Rs. 25 crore, towards lease liabilities, over the next two years.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of V-Guard Industries Ltd
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
 Polycab India Limited |
Wires & Cables · Electrical Equipment & Appliances | polycab.com | — | Halol, Gujarat, India |
| Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | kei-ind.com | — | New Delhi, India | |
 Crompton Greaves Consumer Electricals |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | crompton.co.in | — | Mumbai, India |
| Pipes & Tubes · Steel, Metals & Pipes | surya.co.in | — | Bahadurgarh, India | |
 Bajaj Electricals |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | bajajelectricals.com | 1938 | Mumbai, India |
 Finolex Cables |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | finolex.com | — | Pune, India |
| India Nippon Electricals Limited | Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | — | — | Chennai, Tamil Nadu, India |
| Wonder Electricals Limited | · Manufacturing (Machinery and Equipments) | — | — | New Delhi, Delhi, India |
| Marine Electricals (India) Limited | · Manufacturing (Machinery and Equipments) | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Stabilisers, wires and appliances
Filings
No filings on record yet.