V-Guard Industries Ltd (NSE:VGUARD)

Q2 2026 V Guard Industries Ltd Earnings Call Transcript

Oct 30, 2025 / 10:00 AM GMT

Release Date Price: ₹369.15 (-3.50%)

Transcript

Key Points

Positve

V-Guard Industries Ltd (BOM:532953) reported a consolidated net revenue increase of 3.6% over the previous quarter, indicating modest growth despite challenging conditions.
The electronic segment, including stabilizers, inverter systems, and solar systems, showed a year-over-year growth of 5.3% in Q2.
Gross margin improved to 37.6% in Q2, up from 36.2% in the same quarter last year, reflecting a healthy margin increase.
The company has initiated backward integration efforts, particularly in battery manufacturing, which is expected to enhance margins in the inverter category.
V-Guard's solar business, although new, is scaling up rapidly, and the company plans to enter the solar pump business next year, indicating future growth potential.

Negative

The prolonged and intense monsoon negatively impacted demand for stabilizers and inverters, leading to a decline in the stabilizer category.
The electrical segment, despite being the largest revenue contributor, only registered a growth of 4.7%, with the pump business remaining flat due to favorable monsoon conditions.
The consumer durable segment, including fans and air coolers, reported minimal growth of 1% due to unseasonal rains affecting demand.
Sunflame's performance was moderate, with a topline growth of only 3.4% year-over-year, and challenges remain in the CSD and e-commerce channels.
The company acknowledged that achieving the initially projected 15% growth for the year is unlikely due to the challenging market conditions and high base from the previous year.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VGUA.NS - V Guard Industries Ltd
Q2 2026 V Guard Industries Ltd Earnings Call
Oct 30, 2025 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to VA Q2 NH1 FY26 earnings conference call hosted by Access Capital Limited.

As a reminder, all participant clients will be in the lesson only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Should you need assistance during the conference call, please signal an operator by pressing, then 0 on your touchstone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Deeam Agarwal from Access Capital Limited.

Thank you and over to you, sir.

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Unidentified_2 [2]
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