VARDHMAN HOLDINGS LTD. Q1 FY27 Results

Vardhman Holdings, a pure investment-holding company with no operating business of its own, reported consolidated PAT of ₹98.08 Cr for Q1 FY27, up 56.7% YoY from ₹62.58 Cr and up 82.9% QoQ from ₹53.62 Cr; consolidated EPS was ₹307.27 versus ₹196.08 a year ago. Standalone PAT was a much smaller ₹8.33 Cr versus ₹2.66 Cr YoY. There is no analyst consensus or brokerage preview tracked for this stock (extremely low free float, virtually no sell-side coverage), so vsStreet is unknown; management also gives no formal guidance or outlook — it describes itself in the filing only as a single-segment investment entity under Ind AS 108, so there is no guidance to grade the print against.

The entire consolidated growth story sits below the standalone P&L: share of profit of associates (Vardhman Textiles Ltd and Vardhman Spinning & General Mills Ltd) rose to ₹89.75 Cr from ₹59.92 Cr YoY (+49.8%), accounting for ~91% of the ₹100.34 Cr consolidated PBT. That tracks Vardhman Textiles' own reported Q1 FY27 print — revenue up ~13.3% YoY to ₹2,703 Cr and consolidated PAT up ~49.6-51% YoY to roughly ₹310-315 Cr per press reports — so VHL's headline growth is essentially a pass-through of its associate's strong quarter rather than anything generated by VHL's own ₹11.34 Cr standalone total income. On the standalone book, the ₹8.33 Cr PAT was itself driven by a ₹10.61 Cr mark-to-market 'net gain on fair value changes' on the investment portfolio, versus just ₹0.09 Cr in Q4 FY26 and ₹3.25 Cr a year ago — a non-cash, non-operating swing rather than a repeatable earnings driver, so conventional margin ratios (NPM/OPM) are not meaningful here.

The stock went into the print at ₹3,590.5, down 0.4% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

Other comprehensive income was large and volatile too: total comprehensive income swung to +₹162.60 Cr consolidated (versus -₹16.03 Cr in Q4 FY26), driven by a ₹75.42 Cr gross FVOCI equity revaluation gain (net of ₹10.25 Cr tax) plus a -₹0.65 Cr associate OCI share — this reflects listed-investment price moves, not operating performance. The auditor's review report separately flags that the ₹89.75 Cr associate profit contribution (and ₹89.10 Cr of comprehensive income) was reviewed by other auditors and relied upon, not independently reviewed by the principal auditor K.C. Khanna & Co. These are unaudited, limited-review results approved at the August 6, 2026 board meeting; the prior quarter (Q4 FY26) figures are themselves a balancing derivation between FY26 audited numbers and 9M FY26 reviewed figures, per the filing's own note.