V-Marc India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

V-Marc India Ltd trades at ₹277, in a confirmed uptrend and 55 weeks into that stage. That is +74.3% against its own 200-day average. It sits at 6% of a 52-week range of ₹187 to ₹1,664. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 55 of stage 2, confirmed. At ₹277 it trades +74.3% versus its 200-day average and sits at 6% of its 52-week range (₹187–₹1,664).

Against the market, two honest reads. Cumulative: over the last 5.3 years the stock moved +575% while the NIFTY 500 moved +94% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

V-Marc India Ltd trades at 41.0× P/E, against too little history to rank. Its long-run median P/E is 37.7×, measured across 0.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 41.0× is against too little history to rank, against a long-run median of 37.7× measured over 0.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +177.6% against a −37.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

V-Marc India Ltd reads as consistent on its fundamental arc. Consistent — revenue and profit growth have stayed positive through the window, with ROCE at 90.2% and holding. The read is built from 11 quarters across 3 curves, on partial evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

61.5/100 — rank 3 of 10 in Cables - Power · 76% evidence confidence

V-Marc India Ltd scores 61.5 out of 100 against the 10 companies it is compared with in Cables - Power, ranking 3. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -64.3% and the one-year return is -37.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 23.7 + 17.6 + 15.2 + 5 = 61.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

V-Marc India Ltd reported ₹1,106 Cr of revenue in the Mar 26 quarter, +97.5% year on year. That is the 9th straight quarter of year-on-year growth. Over 12 years it has compounded at 63.3% a year. The last full year, FY26, came in at ₹1,797 Cr. The last four reported quarters add to ₹2,703 Cr.

V-Marc India Ltd reported ₹1,106 Cr of revenue in the Mar 26 quarter, +97.5% year on year. That is the 9th straight quarter of year-on-year growth. Over 12 years it has compounded at 63.3% a year. The last full year, FY26, came in at ₹1,797 Cr. The last four reported quarters add to ₹2,703 Cr.

FY26 revenue came in at ₹1,797 Cr (+98.6% on the year), capping 12 years at 63.3% compound. The latest quarter (Mar 26) printed ₹1,106 Cr, +97.5% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +84.7% growth against the decade's 63.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +232.5% over the last 4 quarters against +175.5%/yr over the last 8 — accelerating; TTM profit +267.6% vs +251.6%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

V-Marc India Ltd's operating margin is 11.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −1.0 percentage points. Across 11 fiscal years the operating margin has ranged 5.0% to 12.0%. The current quarter sits inside that band.

V-Marc India Ltd's operating margin is 11.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −1.0 percentage points. Across 11 fiscal years the operating margin has ranged 5.0% to 12.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, +0.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 5.0%–12.0%.

🚨 Why the margin moved: operating margin went −1.4 pp year on year while gross margin went −2.8 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +156.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

V-Marc India Ltd earned ₹64.0 Cr of net profit in the Mar 26 quarter, +156.0% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹100 Cr. That is 5.8% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.

V-Marc India Ltd earned ₹64.0 Cr of net profit in the Mar 26 quarter, +156.0% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹100 Cr. That is 5.8% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.

Mar 26 profit was ₹64.0 Cr, +156.0% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹100 Cr (+177.8%).

Why profit moved: revenue contributed +97.5% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +121.4% vs revenue +84.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 116% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 116% of V-Marc India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹109 Cr of operating cash against ₹100 Cr of profit. After ₹93.0 Cr of capital spending, ₹16.0 Cr was left as free cash.

FY26: operating cash of ₹109 Cr against reported profit of ₹100 Cr, leaving free cash of ₹16.0 Cr after ₹93.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 116% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 116%: the cash cycle tightened 87 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 4.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹213 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

V-Marc India Ltd's cash conversion cycle runs 42 days in FY26, down from 129 days in FY21. Capital spending ran ₹213 Cr over the last 3 years. At FY26 sales of ₹1,797 Cr each day of that cycle holds about ₹4.9 Cr, so roughly ₹207 Cr sits inside the business at any moment.

FY26: debtors at 85 days, inventory at 69 days — roughly 2.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 42 days, tighter than FY21's 129.

The full loop: cash goes out to suppliers and production on day 0; stock waits 69 days to sell; customers pay about 85 days after that; and suppliers themselves are paid at 112 days — netting out to the 42-day cycle.

In money terms: at FY26 sales of ₹1,797 Cr, each day of the cycle holds about ₹4.9 Cr — so the 42-day loop keeps roughly ₹207 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹213 Cr over the last 3 fiscal years against ₹52.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹36.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 41% and the ROIC − WACC spread is +14.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

V-Marc India Ltd earns a ROCE of 41% in FY26. That is up from a trough of 13% in FY22. Return on invested capital clears the cost of that capital by +14.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.6% net margin on 1.75× asset turns.

FY26 ROCE is 41%, recovered from a FY22 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 5.6% net margin × 1.75× asset turns × 3.55× balance-sheet leverage ≈ 34.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 26.6% − 12.0% = a +14.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.74.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

V-Marc India Ltd carries total debt of ₹214 Cr against shareholder equity of ₹289 Cr as of Mar 26, a debt-to-equity of 0.74. On the annual view that ratio went from 0.83 in FY22 to 0.74 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹214 Cr against shareholder equity of ₹289 Cr — a debt-to-equity of 0.74. On the annual view, debt-to-equity went from 0.83 (FY22) to 0.74 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 5.1 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 5.1 points of V-Marc India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 64.9% of the company. Foreign institutions moved +0.3 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −5.1 points over 8 quarters to 64.9%; Foreign institutions: +0.3 points over 8 quarters to 0.3%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

🚨 Why the register moved: promoters drove it (−5.1 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

V-Marc India Ltd: the Z-score reads 3.86. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 3.86 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 3.86.

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