India's Richest People 2026 edition · 1 director · Source: Hurun India
- #428 SP Oswal ₹8,700 Cr
Market Cap
₹1,151 Cr
VHL · NSE
Share Price
₹3,569.10
-1.06% today
Revenue
₹12.24 Cr
FY 2025-26 · -46.3% YoY
EBITDA
₹10.26 Cr
Margin 83.8%
Net Profit
₹216 Cr
FY 2025-26 · -16.3% YoY
P/E (TTM)
4.8x
P/B 0.3x
ROE
5.9%
ROCE 6.3%
Authorised capital
₹40 Cr
Registered with MCA
About Vardhman Holdings Limited
Data last updated:
Vardhman Holdings Limited is a public limited company based in Ludhiana, Punjab, India. It operates in the investment and credit NBFC segment of the financial services sector. It was incorporated on 27 December 1962 and has been in existence for over 64 years.
Its director SP Oswal is #428 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN L17111PB1962PLC002463. Its GSTIN is 03AABCV8088P1ZN (Punjab). The company holds 2 GST registrations, of which 1 is active. Its shares are listed on BSE: 500439 and NSE: VHL.
The company has an authorised share capital of ₹40 Cr and a paid-up capital of ₹3.19 Cr. It was formerly known as Vardhman Spinning and General Mills Limited. It is led by directors including Shri Paul Oswal (Managing Director) and Vikas Kumar.
Its last annual general meeting (AGM) was held on 24 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Chandigarh Road Ludhiana, Punjab, India – 141010.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹12.24 Cr, a decline of 46.3% compared to the previous year. For the same year it recorded a net profit of ₹216.01 Cr and EBITDA of ₹10.26 Cr (EBITDA margin 83.8%). The net worth stands at ₹3,765.68 Cr (up 6.4% YoY). Total assets are valued at ₹3,765.69 Cr (up 6.4% YoY).
Court records list 20 cases involving the company, including 4 filed by the company and 16 filed against it; 1 case is pending. The company has 22 deals on record (21 market trades, 1 secondary share transfer); the latest was in January 2025. Its 4 peer companies in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities) are compared by revenue, 1 larger and 3 smaller; the largest is Heritage Finlease Limited with revenue of ₹33.6 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website vardhman.com.
Company Details of Vardhman Holdings Limited
CIN L17111PB1962PLC002463
Registration Number 002463
Incorporation Date 27 December 1962
ROC Chandigarh
Listing Status Listed (BSE: 500439, NSE: VHL)
Company Status Active
Date of Last AGM 24 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
CIN History
Vardhman Holdings has one previous CIN (Corporate Identification Number): U17111PB1962PLC002463. The current CIN is L17111PB1962PLC002463, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L17111PB1962PLC002463 | Current |
| U17111PB1962PLC002463 | Previous |
Recognitions & Rankings of Vardhman Holdings
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered AddressChandigarh Road Ludhiana, Punjab, India – 141010
- IndustryFinancial Services, Investment & Credit NBFC, NBFC
Comprehensive company report
Vardhman Holdings Limited - one report that includes everything
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- Historical financials and ratios
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Business Activity
Vardhman Holdings operates primarily in the financial and insurance service sector. One business activity is registered with the MCA.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| Locked | Financial and insurance Service | Locked | Other financial activities | Locked |
Premium access
Detailed business activity records
Activity codes and each activity's share of turnover are in the company report.
- Activity group codes
- Detailed activity codes
- Turnover contribution
Financials of Vardhman Holdings Limited
FY 2025-26 filings availableVardhman Holdings Limited reported revenue of ₹12.24 Cr (down 46.3% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹12.24 Cr
-46.3% YoY
EBITDA
₹10.26 Cr
-38.2% YoY
Profit After Tax
₹216 Cr
-16.3% YoY
Net Worth
₹3,766 Cr
+6.4% YoY
Total Assets
₹3,766 Cr
+6.4% YoY
Total Debt
Nil
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 12.24 | 22.78 | 14.90 | 5.88 | 33.09 | 19.79 | 12.44 |
| Revenue growth | -46.3% | +52.9% | +153.4% | -82.2% | +67.2% | +59.1% | - |
| EBITDA | 10.26 | 16.60 | 10.56 | 1.51 | 30.06 | 17.61 | 6.55 |
| EBITDA margin | +83.8% | +72.9% | +70.9% | +25.7% | +90.8% | +89.0% | +52.7% |
| Profit before tax | 229 | 273 | 194 | 225 | 459 | 133 | 161 |
| Net profit | 216 | 258 | 185 | 228 | 429 | 130 | 160 |
| Net profit margin | +1764.8% | +1132.6% | +1240.8% | +3884.7% | +1296.7% | +654.5% | +1283.9% |
| EPS (₹) | 676.65 | 808.18 | 579.13 | 715.55 | 1,344.06 | 405.69 | 500.30 |
| Balance sheet | |||||||
| Total assets | 3,766 | 3,540 | 3,297 | 3,100 | 2,777 | 2,306 | 2,126 |
| Net worth | 3,766 | 3,540 | 3,297 | 3,100 | 2,777 | 2,306 | 2,126 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank | 1.50 | 1.52 | 3.83 | 4.01 | 2.74 | 76.49 | 4.81 |
| Net working capital | 7.49 | 7.24 | 13.47 | 13.17 | 11.61 | 96.69 | 104 |
| Cash flow | |||||||
| Cash from operations | (5.75) | (5.50) | (2.89) | 1.28 | (4.99) | 82.14 | (94.57) |
| Cash from investing | 7.28 | 4.75 | 4.39 | 2.05 | (68.59) | (10.42) | 98.95 |
| Cash from financing | (1.60) | (1.60) | (1.60) | (1.59) | (1.60) | (0.02) | (1.92) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.83 | 0.33 | 5.76 | 2.75 | 3.41 | 2.20 | 6.57 | 7.40 |
| Revenue growth (YoY) | +217.6% | -85.0% | -12.3% | -62.8% | -48.3% | - | - | - |
| Other income | 90.26 | 54.02 | 49.62 | 55.10 | 60.37 | 68.93 | 61.16 | 57.21 |
| EBITDA | 10.08 | (0.52) | 5.25 | 2.39 | 3.09 | 1.22 | 5.18 | 4.88 |
| EBITDA margin | +93.1% | -157.6% | +91.1% | +86.9% | +90.6% | +55.5% | +78.8% | +65.9% |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Interest | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 100 | 53.45 | 54.87 | 57.49 | 63.46 | 70.15 | 66.33 | 62.09 |
| Tax | 2.26 | (0.17) | 1.16 | 11.37 | 0.88 | 0.42 | 0.57 | 12.71 |
| Net profit | 98.08 | 53.62 | 53.71 | 46.12 | 62.58 | 69.73 | 65.76 | 49.38 |
| EPS (₹) | 307.27 | 167.97 | 168.28 | 144.50 | 196.08 | 218.51 | 206.02 | 154.73 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 53.96 | 56.11 | 43.98 | 5.88 | 115 | 19.79 | 39.24 |
| Revenue growth | -3.8% | +27.6% | +648.0% | -94.9% | +481.0% | -49.6% | - |
| EBITDA | 51.98 | 49.93 | 39.64 | 1.51 | 112 | 17.61 | 33.35 |
| EBITDA margin | +96.3% | +89.0% | +90.1% | +25.7% | +97.4% | +89.0% | +85.0% |
| Profit before tax | 53.74 | 51.78 | 42.10 | 3.38 | 114 | 18.76 | 34.63 |
| Net profit | 40.50 | 36.81 | 32.74 | 6.89 | 83.36 | 15.06 | 33.30 |
| Net profit margin | +75.1% | +65.6% | +74.4% | +117.2% | +72.5% | +76.1% | +84.9% |
| EPS (₹) | 126.84 | 115.30 | 102.58 | 21.62 | 261.11 | 47.14 | 104.30 |
| Balance sheet | |||||||
| Total assets | 986 | 940 | 921 | 877 | 794 | 669 | 603 |
| Net worth | 986 | 940 | 921 | 877 | 794 | 669 | 603 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank | 1.50 | 1.52 | 3.83 | 4.01 | 2.74 | 76.49 | 4.81 |
| Net working capital | 7.49 | 7.24 | 13.47 | 13.17 | 11.61 | 96.69 | 104 |
| Cash flow | |||||||
| Cash from operations | 35.97 | 27.84 | 26.19 | 1.28 | 76.89 | 82.14 | (67.77) |
| Cash from investing | (34.44) | (28.59) | (24.69) | 2.05 | (150) | (10.42) | 72.15 |
| Cash from financing | (1.60) | (1.60) | (1.60) | (1.59) | (1.60) | (0.02) | (1.92) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.83 | 0.33 | 5.75 | 44.47 | 3.41 | 2.20 | 6.57 | 40.74 |
| Revenue growth (YoY) | +217.6% | -85.0% | -12.5% | +9.2% | -48.3% | - | - | - |
| Other income | 0.51 | 0.48 | 0.47 | 0.47 | 0.45 | 0.48 | 0.46 | 0.48 |
| Total expenses | 0.75 | 0.85 | 0.50 | 0.36 | 0.32 | 0.98 | 1.40 | 2.52 |
| EBITDA | 10.08 | (0.52) | 5.25 | 44.11 | 3.09 | 1.22 | 5.17 | 38.22 |
| EBITDA margin | +93.1% | -157.6% | +91.3% | +99.2% | +90.6% | +55.5% | +78.7% | +93.8% |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Interest | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 10.59 | (0.09) | 5.72 | 44.58 | 3.54 | 1.70 | 5.62 | 38.70 |
| Tax | 2.26 | (0.17) | 1.16 | 11.37 | 0.88 | 0.42 | 0.57 | 12.71 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.83 | 0.33 | 5.76 | 2.75 | 3.41 | 2.20 | 6.57 | 7.40 |
| Revenue growth (YoY) | +217.6% | -85.0% | -12.3% | -62.8% | -48.3% | - | - | - |
| Other income | 90.26 | 54.02 | 49.62 | 55.10 | 60.37 | 68.93 | 61.16 | 57.21 |
| EBITDA | 10.08 | (0.52) | 5.25 | 2.39 | 3.09 | 1.22 | 5.18 | 4.88 |
| EBITDA margin | +93.1% | -157.6% | +91.1% | +86.9% | +90.6% | +55.5% | +78.8% | +65.9% |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Interest | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 100 | 53.45 | 54.87 | 57.49 | 63.46 | 70.15 | 66.33 | 62.09 |
| Tax | 2.26 | (0.17) | 1.16 | 11.37 | 0.88 | 0.42 | 0.57 | 12.71 |
| Net profit | 98.08 | 53.62 | 53.71 | 46.12 | 62.58 | 69.73 | 65.76 | 49.38 |
| EPS (₹) | 307.27 | 167.97 | 168.28 | 144.50 | 196.08 | 218.51 | 206.02 | 154.73 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 12.24 | 22.78 | 14.90 | 5.88 | 33.09 | 19.79 | 12.44 |
| Revenue growth | -46.3% | +52.9% | +153.4% | -82.2% | +67.2% | +59.1% | - |
| Other income | 219 | 256 | 184 | 223 | 429 | 116 | 155 |
| Total expenses | 1.98 | 6.18 | 4.34 | 4.37 | 3.03 | 2.18 | 5.89 |
| Employee cost | 0.74 | 0.62 | 0.48 | 1.25 | 0.82 | 0.56 | 0.54 |
| EBITDA | 10.26 | 16.60 | 10.56 | 1.51 | 30.06 | 17.61 | 6.55 |
| EBITDA margin | +83.8% | +72.9% | +70.9% | +25.7% | +90.8% | +89.0% | +52.7% |
| Depreciation | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Interest | 0.09 | 0.00 | 0.00 | 0.00 | 0.04 | 0.09 | 0.09 |
| Profit before tax | 229 | 273 | 194 | 225 | 459 | 133 | 161 |
| Tax | 13.24 | 14.97 | 9.36 | (3.51) | 30.39 | 3.70 | 1.33 |
| Net profit | 216 | 258 | 185 | 228 | 429 | 130 | 160 |
| Net profit margin | +1764.8% | +1132.6% | +1240.8% | +3884.7% | +1296.7% | +654.5% | +1283.9% |
| EPS (₹) | 676.65 | 808.18 | 579.13 | 715.55 | 1,344.06 | 405.69 | 500.30 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 |
| Reserves & surplus | 3,762 | 3,537 | 3,294 | 3,096 | 2,774 | 2,303 | 2,122 |
| Shareholders' funds (net worth) | 3,766 | 3,540 | 3,297 | 3,100 | 2,777 | 2,306 | 2,126 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total liabilities | 3,766 | 3,540 | 3,297 | 3,100 | 2,777 | 2,306 | 2,126 |
| Assets | |||||||
| Gross block | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 |
| Net block | 3.18 | 3.19 | 3.19 | 3.20 | 3.21 | 3.21 | 3.22 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 3,758 | 3,528 | 3,270 | 3,065 | 2,738 | 2,167 | 1,979 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank balances | 1.50 | 1.52 | 3.83 | 4.01 | 2.74 | 76.49 | 4.81 |
| Loans & advances | 6.53 | 6.25 | 10.23 | 10.26 | 9.55 | 21.74 | 103 |
| Total current assets | 8.03 | 7.77 | 14.06 | 14.27 | 12.29 | 98.23 | 108 |
| Total current liabilities | 0.54 | 0.53 | 0.59 | 1.10 | 0.68 | 1.54 | 4.08 |
| Net working capital | 7.49 | 7.24 | 13.47 | 13.17 | 11.61 | 96.69 | 104 |
| Total assets | 3,766 | 3,540 | 3,297 | 3,100 | 2,777 | 2,306 | 2,126 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.49 | 2.85 | 2.95 | 1.21 | 76.39 | 4.69 | 2.22 |
| Net cash from operating activities | (5.75) | (5.50) | (2.89) | 1.28 | (4.99) | 82.14 | (94.57) |
| Net cash from investing activities | 7.28 | 4.75 | 4.39 | 2.05 | (68.59) | (10.42) | 98.95 |
| Net cash from financing activities | (1.60) | (1.60) | (1.60) | (1.59) | (1.60) | (0.02) | (1.92) |
| Net change in cash | (0.07) | (2.36) | (0.10) | 1.74 | (75.18) | 71.70 | 2.47 |
| Closing cash | 1.50 | 1.52 | 3.83 | 4.01 | 2.74 | 76.49 | 4.81 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -46.3% | +52.9% | +153.4% | -82.2% | +67.2% | +59.1% | - |
| EBITDA growth | -38.2% | +57.2% | +599.3% | -95.0% | +70.7% | +168.9% | - |
| PBT growth | -16.0% | +40.5% | -13.6% | -51.1% | +244.9% | -17.3% | -20.3% |
| Net income growth | -16.3% | +39.6% | -19.1% | -46.8% | +231.3% | -18.9% | - |
| Revenue CAGR (3Y) | +27.7% | -11.7% | -9.0% | -22.1% | +54.1% | -10.8% | -43.9% |
| EBITDA CAGR (3Y) | +89.4% | -18.0% | -15.7% | -38.7% | +70.0% | -10.6% | -54.2% |
| Profitability & leverage | |||||||
| Net income margin | +1764.8% | +1132.6% | +1240.8% | +3884.7% | +1296.7% | +654.5% | +1283.9% |
| Return on capital employed | +6.3% | +8.0% | +6.1% | +7.7% | +18.1% | +6.0% | +7.8% |
| Return on net worth | +5.9% | +7.6% | +5.8% | +7.8% | +16.9% | +5.9% | +7.8% |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 0.88 | 0.00 | 0.00 | 0.00 | 0.13 | 0.51 | 1.38 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 71.18 | 85.90 | 61.10 | 70.55 | 142.32 | 41.69 | 52.94 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS (₹) | 676.65 | 808.18 | 579.13 | 715.55 | 1,344.06 | 405.69 | 500.30 |
| Dividend per share (₹) | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 0.00 |
| Book value per share (₹) | 11,795.78 | 11,090.29 | 10,328.20 | 9,709.30 | 8,698.27 | 7,222.76 | 6,658.56 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.83 | 0.33 | 5.75 | 44.47 | 3.41 | 2.20 | 6.57 | 40.74 |
| Revenue growth (YoY) | +217.6% | -85.0% | -12.5% | +9.2% | -48.3% | - | - | - |
| Other income | 0.51 | 0.48 | 0.47 | 0.47 | 0.45 | 0.48 | 0.46 | 0.48 |
| Total expenses | 0.75 | 0.85 | 0.50 | 0.36 | 0.32 | 0.98 | 1.40 | 2.52 |
| EBITDA | 10.08 | (0.52) | 5.25 | 44.11 | 3.09 | 1.22 | 5.17 | 38.22 |
| EBITDA margin | +93.1% | -157.6% | +91.3% | +99.2% | +90.6% | +55.5% | +78.7% | +93.8% |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Interest | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 10.59 | (0.09) | 5.72 | 44.58 | 3.54 | 1.70 | 5.62 | 38.70 |
| Tax | 2.26 | (0.17) | 1.16 | 11.37 | 0.88 | 0.42 | 0.57 | 12.71 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 53.96 | 56.11 | 43.98 | 5.88 | 115 | 19.79 | 39.24 |
| Revenue growth | -3.8% | +27.6% | +648.0% | -94.9% | +481.0% | -49.6% | - |
| Other income | 1.86 | 1.86 | 2.47 | 1.88 | 1.85 | 1.25 | 1.38 |
| Total expenses | 1.98 | 6.18 | 4.34 | 4.37 | 3.03 | 2.18 | 5.89 |
| Employee cost | 0.74 | 0.62 | 0.48 | 1.25 | 0.82 | 0.56 | 0.54 |
| EBITDA | 51.98 | 49.93 | 39.64 | 1.51 | 112 | 17.61 | 33.35 |
| EBITDA margin | +96.3% | +89.0% | +90.1% | +25.7% | +97.4% | +89.0% | +85.0% |
| Depreciation | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Interest | 0.09 | 0.00 | 0.00 | 0.00 | 0.04 | 0.09 | 0.09 |
| Profit before tax | 53.74 | 51.78 | 42.10 | 3.38 | 114 | 18.76 | 34.63 |
| Tax | 13.24 | 14.97 | 9.36 | (3.51) | 30.39 | 3.70 | 1.33 |
| Net profit | 40.50 | 36.81 | 32.74 | 6.89 | 83.36 | 15.06 | 33.30 |
| Net profit margin | +75.1% | +65.6% | +74.4% | +117.2% | +72.5% | +76.1% | +84.9% |
| EPS (₹) | 126.84 | 115.30 | 102.58 | 21.62 | 261.11 | 47.14 | 104.30 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 | 3.19 |
| Reserves & surplus | 983 | 937 | 918 | 874 | 791 | 666 | 600 |
| Shareholders' funds (net worth) | 986 | 940 | 921 | 877 | 794 | 669 | 603 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total liabilities | 986 | 940 | 921 | 877 | 794 | 669 | 603 |
| Assets | |||||||
| Gross block | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 |
| Net block | 3.18 | 3.19 | 3.19 | 3.20 | 3.21 | 3.21 | 3.22 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 978 | 928 | 893 | 842 | 755 | 530 | 457 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank balances | 1.50 | 1.52 | 3.83 | 4.01 | 2.74 | 76.49 | 4.81 |
| Loans & advances | 6.53 | 6.25 | 10.23 | 10.26 | 9.55 | 21.74 | 103 |
| Total current assets | 8.03 | 7.77 | 14.06 | 14.27 | 12.29 | 98.23 | 108 |
| Total current liabilities | 0.54 | 0.53 | 0.59 | 1.10 | 0.68 | 1.54 | 4.08 |
| Net working capital | 7.49 | 7.24 | 13.47 | 13.17 | 11.61 | 96.69 | 104 |
| Total assets | 986 | 940 | 921 | 877 | 794 | 669 | 603 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.49 | 2.85 | 2.95 | 1.21 | 76.39 | 4.69 | 2.22 |
| Net cash from operating activities | 35.97 | 27.84 | 26.19 | 1.28 | 76.89 | 82.14 | (67.77) |
| Net cash from investing activities | (34.44) | (28.59) | (24.69) | 2.05 | (150) | (10.42) | 72.15 |
| Net cash from financing activities | (1.60) | (1.60) | (1.60) | (1.59) | (1.60) | (0.02) | (1.92) |
| Net change in cash | (0.07) | (2.36) | (0.10) | 1.74 | (75.18) | 71.70 | 2.47 |
| Closing cash | 1.50 | 1.52 | 3.83 | 4.01 | 2.74 | 76.49 | 4.81 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -3.8% | +27.6% | +648.0% | -94.9% | +481.0% | -49.6% | - |
| EBITDA growth | +4.1% | +26.0% | +2525.2% | -98.7% | +535.7% | -47.2% | - |
| PBT growth | +3.8% | +23.0% | +1145.6% | -97.0% | +506.3% | -45.8% | +13.8% |
| Net income growth | +10.0% | +12.4% | +375.2% | -91.7% | +453.5% | -54.8% | - |
| Revenue CAGR (3Y) | +109.4% | -21.3% | +30.5% | -46.9% | +53.1% | -26.2% | -40.8% |
| EBITDA CAGR (3Y) | +225.3% | -23.6% | +31.1% | -64.4% | +56.7% | -27.5% | -43.7% |
| Profitability & leverage | |||||||
| Net income margin | +75.1% | +65.6% | +74.4% | +117.2% | +72.5% | +76.1% | +84.9% |
| Return on capital employed | +5.6% | +5.6% | +4.7% | +0.4% | +15.6% | +3.0% | +5.8% |
| Return on net worth | +4.2% | +4.0% | +3.6% | +0.8% | +11.4% | +2.4% | +5.5% |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 0.17 | 0.00 | 0.00 | 0.00 | 0.04 | 0.51 | 0.27 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 17.18 | 17.84 | 14.29 | 2.39 | 35.95 | 6.47 | 12.87 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS (₹) | 126.84 | 115.30 | 102.58 | 21.62 | 261.11 | 47.14 | 104.30 |
| Dividend per share (₹) | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 0.00 |
| Book value per share (₹) | 3,088.32 | 2,945.79 | 2,885.06 | 2,746.84 | 2,488.33 | 2,095.76 | 1,890.11 |
Want more history and ratios?
You're viewing the latest exchange-filed financials for Vardhman Holdings Limited. The full report adds 10+ years of line-item history, 20+ ratios, peer benchmarks and a downloadable PDF.
Board of Directors of Vardhman Holdings Limited
Vardhman Holdings has 8 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Vikas Kumar | Director | 11 Nov 2016 | 9 Years 11 Months | Current |
| Sachit Jain Also directs: Adishwar Enterprises LLP, Vardhman Textiles Limited, Vardhman Acrylics Limited and 5 more | Director | 30 Mar 2005 | 21 Years 6 Months | Current |
| Suchita Jain Also directs: Vardhman Textiles Limited, Vardhman Acrylics Limited, Mahavir Spinning Mills Private Limited and 5 more | Director | 30 Mar 2005 | 21 Years 6 Months | Current |
| Shri Paul Oswal Also directs: Adishwar Enterprises LLP, Vardhman Textiles Limited, Vardhman Acrylics Limited and 5 more | Managing Director | 12 Apr 1971 | 55 Years 6 Months | Current |
| Devendrabhushan Jain | Director | 29 Sep 2022 | 4 Years 0 Months | Current |
| Manjul Pahwa Also directs: Anandvan Enterprises LLP, Ralson (India) Limited, Ralson Enterprises Limited and 1 more | Director | 29 Sep 2022 | 4 Years 0 Months | Current |
Showing 6 of 8 current directors. View all directors
Peer Comparison
Vardhman Holdings Limited is compared with the companies closest to it by revenue in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Heritage Finlease Limited | ₹33.6 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Hyderabad, Telangana, India |
| Yms Finance Private Limited | ₹33.27 Cr (FY 2025) | •••• | •••• | 112.0% | •••• | Kolkata, West Bengal, India |
| Devmuni Leasing and Finance Limited | ₹32.88 Cr (FY 2024) | •••• | •••• | 2514.0% | •••• | New Delhi, Delhi, India |
| Bhagyoday Investments Pvt Ltd | ₹32.85 Cr (FY 2025) | •••• | •••• | -2.0% | •••• | Punjab, India |
| Vardhman Holdings Limited this company | ₹12.24 Cr (FY 2026) | •••• | •••• | -46.3% | •••• | Ludhiana, Punjab, India |
Peers are the companies nearest to Vardhman Holdings by revenue, above and below it, in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details
Vardhman Holdings Limited is audited by R Dewan & CO. for the financial year 2019.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| R Dewan & CO. | Locked | Locked | Locked |
: available in the company report
Shareholding Pattern
Shareholding for the quarter ended Sep 2026: promoters hold 74.90%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.10% and retail and other public shareholders hold 25.00%.
Sep 2026
QUARTER
74.90% Promoters
0.10% DII (Domestic Institutional)
25.00% Retail & Others
Promoter holding - history
Now 74.90% · Sep 2026High 74.90% · Dec 2025Low 74.90% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 74.90% | 74.90% | 74.90% | 74.90% |
| Public | 25.10% | 25.10% | 25.10% | 25.10% |
Charges & Borrowings
Vardhman Holdings Limited does not have any charges (loans) registered with the Registrar of Companies.
Deals & Funding
Vardhman Holdings Limited has 22 deals on record (21 market trades, 1 secondary share transfer); the latest was in January 2025.
Total deals
22
Market trades
21
Secondary share transfer
1
Deals on record (5 of 22)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2025 | Market trade | ₹10.87 Cr | Buyer: CD Equifinance Private Limited Seller: an individual |
| Jul 2016 | Market trade | ₹3.29 Cr | Buyer: an individual Seller: CD Equifinance Private Limited |
| Jun 2016 | Market trade | ₹6 Cr | Buyer: an individual Seller: CD Equifinance Private Limited |
| Jun 2016 | Market trade | ₹1.82 Cr | Buyer: an individual Seller: CD Equifinance Private Limited |
| Apr 2014 | Market trade | ₹2.1 Cr | Buyer: CD Equifinance Private Limited Seller: an individual |
: available in the company report
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases
Vardhman Holdings Limited has 20 court cases on record: 4 filed by Vardhman Holdings, 16 filed against it. 1 case is pending and 19 are disposed.
Total cases
20
Filed by the company
4
Filed against the company
16
Pending
1
Disposed
19
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 14 | 11 | 1 |
| District courts | 6 | 5 | 0 |
Cases on record (5 of 20)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, PUNJAB | Tax appeal | Filed against the company by The PR. Commissioner of Income Tax-I, Ludhiana | Pending |
| District court, Faridabad, Haryana | Court case (SUCC) | Filed against the company | Disposed |
| District court, Ludhiana, Punjab | Court case (SUCC) | Filed against the company by an individual | Disposed |
| High Court of Delhi | Court case (C.A.(COMM.IPD-TM)) | Filed by the company against The Registrar of Trademarks | Disposed |
| High Court, PUNJAB | Tax appeal | Filed against the company by The PR. Commissioner of Income Tax 1, Ludhiana | Disposed |
: available in the company report
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Employees and EPFO Compliance
Employment history and EPFO contributions of people linked to Vardhman Holdings.
: available in the company report
Group Structure
Vardhman Holdings has 2 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
2
Associated companies
Recent Activity
Vardhman Holdings Limited has 38 board changes on record since 1971: 23 appointments and 15 cessations. The latest: Pooja Mehta ceased to be Director on 28 Sep 2025.
Ceased
Pooja Mehta ceased to be Director.
AGM
Vardhman Holdings Limited last Annual general meeting of members was held on 24 Sep 2025 as per latest MCA records.
Ceased
Rajeev Mittal ceased to be Director.
Appointed
Anila Nair was appointed as Director.
Appointed
Parampal Singh was appointed as Director.
Filing
Vardhman Holdings Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Chandigarh.
Ceased
Sanjeev Jain ceased to be Director.
Ceased
Shakun Oswal ceased to be Director.
Ceased
Apinder Sodhi ceased to be Director.
Ceased
Jagdish Rai Singal ceased to be Director.
Ceased
Omparkash Sharma ceased to be Director.
Ceased
Sat Pal Kanwar ceased to be Director.
29 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts
: available in the company report
MSME Payment Delays
: available in the company report
Subsidiaries & Group Companies
: available in the company report
GST Compliance
Vardhman Holdings has 2 GST registrations: 1 active and 1 cancelled or inactive.
Total GSTINs
2
Active
1
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AABCV8088P1ZN | Punjab | Active | 01 Jul 2017 |
: available in the company report
MCA Filings & Documents
: available in the company report
Related news
Frequently Asked Questions
Vardhman Holdings is an active public limited company based in Ludhiana, Punjab, India. The company works in investment and credit nbfc, within the financial services industry. It was incorporated on 27 December 1962 (64+ years old) and is registered under CIN L17111PB1962PLC002463. Listed on BSE: 500439 and NSE: VHL.
Vardhman Holdings reported revenue of ₹12.24 Cr for FY 2025-26 (down 46.3% YoY) based on consolidated financials.
Vardhman Holdings has 8 current directors:
- Shri Paul Oswal - Managing Director
- Vikas Kumar - Director
- Sachit Jain - Director
- Suchita Jain - Director
- Devendrabhushan Jain - Director
- Manjul Pahwa - Director
- Anila Nair - Director
- Parampal Singh - Director
The latest financial statements of Vardhman Holdings on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 24 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Vardhman Holdings is 03AABCV8088P1ZN, registered in Punjab. The company has 2 GST registrations in all, of which 1 is active and 1 is cancelled or inactive.
The CIN (Corporate Identification Number) of Vardhman Holdings is L17111PB1962PLC002463. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Vardhman Holdings is listed on both BSE (code: 500439) and NSE (symbol: VHL).
Vardhman Holdings has 20 court cases on record: 4 filed by the company and 16 filed against it. 1 is pending. Most are in the high courts.
Vardhman Holdings was incorporated on 27 December 1962, making it 64+ years old. It is registered with the Registrar of Companies, Chandigarh.
Vardhman Holdings has 22 deals on record (21 market trades, 1 secondary share transfer); the latest was in January 2025.
The peers of Vardhman Holdings by revenue are Heritage Finlease Limited, Yms Finance Private Limited, Devmuni Leasing and Finance Limited, Bhagyoday Investments Pvt Ltd, all in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities).