About Vardhman Polytex Ltd
Data last updated:
Vardhman Polytex Ltd is a public limited company based in Ludhiana, Punjab, India. It operates in the textile and fabric production segment of the manufacturing sector. It was incorporated on 20 August 1980 and has been in existence for over 46 years.
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN L17122PB1980PLC004242. Its GSTIN is 03AAACV5821H1ZM (Punjab). The company holds 8 GST registrations, of which 4 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 514175 and NSE: VARDMNPOLY.
The company has an authorised share capital of ₹70 Cr and a paid-up capital of ₹48.3 Cr. It was formerly known as Punjab Mohta Polytex Ltd. It is led by directors including Adish Oswal (Managing Director) and Suresh Kumar Banka.
Its last annual general meeting (AGM) was held on 28 August 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Vardhman Park Chandigarh Road Ludhiana – 141123, Punjab, India – 141123.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹236.7 Cr, a decline of 16.9% compared to the previous year. For the same year it recorded a net profit of ₹1.45 Cr (net margin 0.6%) and EBITDA of ₹14.22 Cr (EBITDA margin 6%). Total assets are valued at ₹174.56 Cr (up 17.9% YoY).
The company has about 1,847 employees on its provident fund (EPFO) records.
The company is associated with 2 brands: Oswal Group and Vardhman Polytex. As per MCA filings, the company has open charges of ₹384.44 Cr and satisfied charges of ₹2,079.78 Cr on record. Court records list 198 cases involving the company, including 104 filed by the company and 94 filed against it; 50 cases are pending. The company has 68 deals on record (67 market trades, 1 funding round), with disclosed funding of ₹52.65 Cr; the latest was in February 2026. Its 9 peer companies in the Manufacturing industry (Textiles), with the same principal business activity (textile, leather and other apparel products) are compared by revenue, 5 larger and 4 smaller; the largest is Texworld Fashions Private Limited with revenue of ₹316.93 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 vpl.in.
Company details
CIN history
Vardhman Polytex has one previous CIN (Corporate Identification Number): U17122PB1980PLC004242. The current CIN is L17122PB1980PLC004242, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L17122PB1980PLC004242 | Current |
| U17122PB1980PLC004242 | Previous |
Contact details
Vardhman Polytex Ltd's registered office is in Ludhiana, Punjab. Its website is vpl.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressVardhman Park Chandigarh Road Ludhiana – 141123, Punjab, India – 141123
- IndustryManufacturing, Textile & Fabric Production
To see the full contact details of Vardhman Polytex Ltd, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Vardhman Polytex operates two associated brands: Oswal Group and Vardhman Polytex. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Garments are manufactured on a contract basis in Ludhiana, India. | oswalgroup.com | |
| Manufacturer of cotton fabrics, textile yarn and garments | vpl.in |
Business activity
The main business activity of Vardhman Polytex is manufacturing. In detail, this covers textile, leather and other apparel products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C2 | Textile, leather and other apparel products |
To see the full business activity and turnover split of Vardhman Polytex Ltd, buy the company report.
Financials of Vardhman Polytex Ltd
FY 2025-26 filings availableVardhman Polytex Ltd reported revenue of ₹236.7 Cr (down 16.9% YoY) for FY 2025-26.
Financial Highlights
FY 2021-22 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 930 | 510 | 561 | 811 | 642 | 927 | 954 |
| Revenue growth | +82.3% | -9.1% | -30.8% | +26.4% | -30.8% | -2.8% | - |
| EBITDA | 59.29 | 14.52 | (0.28) | 1.23 | (62.71) | 61.10 | 61.72 |
| EBITDA margin | +6.4% | +2.9% | -0.1% | +0.2% | -9.8% | +6.6% | +6.5% |
| Profit before tax | (15.49) | (56.69) | 102 | (73.97) | (172) | (33.44) | (15.01) |
| Net profit | (15.84) | (56.65) | (72.24) | (73.34) | (170) | (33.08) | (23.70) |
| Net profit margin | -1.7% | -11.1% | -12.9% | -9.0% | -26.5% | -3.6% | -2.5% |
| EPS (₹) | (6.96) | (25.43) | 45.68 | 0.00 | 0.00 | 0.00 | (6.72) |
| Balance sheet | |||||||
| Total assets | 168 | 177 | 201 | 54.81 | 349 | 471 | 521 |
| Net worth | (364) | (348) | (291) | (392) | (223) | (51.25) | (17.39) |
| Total debt | 529 | 523 | 490 | 446 | 569 | 518 | 534 |
| Cash & bank | 0.15 | 0.09 | 0.14 | 0.27 | 3.89 | 9.09 | 9.29 |
| Net working capital | (62.30) | (75.54) | (60.03) | (215) | (55.99) | 38.64 | 78.61 |
| Cash flow | |||||||
| Cash from operations | 61.34 | 24.03 | 13.45 | 134 | 50.86 | 91.76 | 109 |
| Cash from investing | (0.52) | (1.22) | 0.37 | 114 | (5.20) | (23.66) | (7.14) |
| Cash from financing | (60.76) | (22.86) | (13.94) | (251) | (50.86) | (68.31) | (103) |
| Particulars | Mar 2022 | Dec 2021 | Sep 2021 | Jun 2021 | Mar 2021 | Dec 2020 | Sep 2020 | Jun 2020 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 278 | 244 | 215 | 192 | 194 | 151 | 121 | 42.79 |
| Revenue growth (YoY) | +43.4% | +61.5% | +78.3% | +347.7% | +43.1% | - | - | - |
| Other income | 0.61 | 0.78 | 1.14 | 0.60 | 0.64 | 0.66 | 0.65 | 0.66 |
| EBITDA | 13.23 | 12.01 | 16.31 | 17.69 | 17.81 | (0.23) | (0.06) | (3.14) |
| EBITDA margin | +4.8% | +4.9% | +7.6% | +9.2% | +9.2% | -0.2% | -0.0% | -7.3% |
| Depreciation | 3.25 | 3.44 | 3.51 | 3.52 | 3.58 | 3.50 | 3.88 | 3.70 |
| Interest | 17.36 | 15.82 | 15.76 | 15.21 | 16.05 | 11.06 | 16.54 | 15.35 |
| Profit before tax | (6.77) | (6.47) | (1.82) | (0.44) | (1.18) | (14.13) | (19.83) | (21.53) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Net profit | (6.77) | (6.47) | (1.82) | (0.44) | (1.18) | (14.13) | (19.84) | (21.53) |
| EPS (₹) | 0.00 | (2.90) | (0.82) | (0.20) | (0.53) | (6.34) | (8.90) | (9.66) |
| 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 | 237 | 285 | 371 | 619 | 930 | 510 | 561 |
| Revenue growth | -16.9% | -23.1% | -40.1% | -33.4% | +82.4% | -9.1% | - |
| EBITDA | 14.22 | 11.92 | (41.89) | (36.26) | 59.21 | 14.39 | (0.41) |
| EBITDA margin | +6.0% | +4.2% | -11.3% | -5.9% | +6.4% | +2.8% | -0.1% |
| Profit before tax | 7.68 | 14.93 | (26.76) | 1.49 | (15.55) | (56.70) | 102 |
| Net profit | 1.45 | 0.08 | (43.64) | (95.62) | (15.89) | (56.69) | (72.52) |
| Net profit margin | +0.6% | +0.0% | -11.8% | -15.5% | -1.7% | -11.1% | -12.9% |
| EPS (₹) | 0.16 | 0.33 | (9.81) | 0.67 | (6.98) | (25.43) | 45.66 |
| Balance sheet | |||||||
| Total assets | 175 | 148 | 51.80 | 87.83 | 168 | 178 | 202 |
| Net worth | (197) | (227) | (361) | (362) | (364) | (348) | (291) |
| Total debt | 55.12 | 49.65 | 76.19 | 447 | 529 | 523 | 490 |
| Cash & bank | 0.28 | 0.44 | 1.11 | 0.44 | 0.15 | 0.09 | 0.14 |
| Net working capital | 21.91 | (34.73) | (140) | (135) | (62.30) | (75.23) | (59.68) |
| Cash flow | |||||||
| Cash from operations | (30.34) | (98.28) | (13.78) | 40.30 | 61.46 | 24.03 | 13.45 |
| Cash from investing | 20.19 | 30.64 | 26.29 | (0.65) | (0.65) | (1.22) | 0.37 |
| Cash from financing | 10.00 | 66.96 | (11.83) | (39.36) | (60.76) | (22.86) | (13.95) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 60.75 | 64.85 | 50.60 | 61.72 | 59.54 | 81.20 | 75.35 | 64.40 |
| Revenue growth (YoY) | +2.0% | -20.1% | -32.9% | -4.2% | -7.0% | - | - | - |
| Other income | 318 | 1.47 | 2.24 | 1.72 | 3.74 | 8.53 | 3.16 | 9.36 |
| Total expenses | 62.05 | 63.17 | 50.49 | 50.96 | 57.87 | 83.16 | 48.67 | 68.20 |
| EBITDA | (1.30) | 1.68 | 0.11 | 10.76 | 1.67 | (1.96) | 26.68 | (3.80) |
| EBITDA margin | -2.1% | +2.6% | +0.2% | +17.4% | +2.8% | -2.4% | +35.4% | -5.9% |
| Depreciation | 1.72 | 1.70 | 1.75 | 1.75 | 1.52 | 2.13 | 2.20 | 2.33 |
| Interest | 3.52 | 0.57 | 0.45 | 4.27 | 3.69 | 3.45 | 3.59 | 2.60 |
| Profit before tax | 311 | 0.88 | 0.15 | 6.46 | 0.20 | 0.99 | 24.05 | 0.63 |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Financial Statements
| Particulars | Mar 2022 | Dec 2021 | Sep 2021 | Jun 2021 | Mar 2021 | Dec 2020 | Sep 2020 | Jun 2020 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 278 | 244 | 215 | 192 | 194 | 151 | 121 | 42.79 |
| Revenue growth (YoY) | +43.4% | +61.5% | +78.3% | +347.7% | +43.1% | - | - | - |
| Other income | 0.61 | 0.78 | 1.14 | 0.60 | 0.64 | 0.66 | 0.65 | 0.66 |
| EBITDA | 13.23 | 12.01 | 16.31 | 17.69 | 17.81 | (0.23) | (0.06) | (3.14) |
| EBITDA margin | +4.8% | +4.9% | +7.6% | +9.2% | +9.2% | -0.2% | -0.0% | -7.3% |
| Depreciation | 3.25 | 3.44 | 3.51 | 3.52 | 3.58 | 3.50 | 3.88 | 3.70 |
| Interest | 17.36 | 15.82 | 15.76 | 15.21 | 16.05 | 11.06 | 16.54 | 15.35 |
| Profit before tax | (6.77) | (6.47) | (1.82) | (0.44) | (1.18) | (14.13) | (19.83) | (21.53) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Net profit | (6.77) | (6.47) | (1.82) | (0.44) | (1.18) | (14.13) | (19.84) | (21.53) |
| EPS (₹) | 0.00 | (2.90) | (0.82) | (0.20) | (0.53) | (6.34) | (8.90) | (9.66) |
| Particulars | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
|---|---|---|---|---|---|---|---|
| Revenue | 930 | 510 | 561 | 811 | 642 | 927 | 954 |
| Revenue growth | +82.3% | -9.1% | -30.8% | +26.4% | -30.8% | -2.8% | - |
| Other income | 3.13 | 2.60 | 178 | 2.97 | 5.46 | 12.70 | 51.92 |
| Total expenses | 870 | 495 | 561 | 810 | 705 | 866 | 892 |
| Employee cost | 57.21 | 38.76 | 45.20 | 57.07 | 63.86 | 72.58 | 72.53 |
| EBITDA | 59.29 | 14.52 | (0.28) | 1.23 | (62.71) | 61.10 | 61.72 |
| EBITDA margin | +6.4% | +2.9% | -0.1% | +0.2% | -9.8% | +6.6% | +6.5% |
| Depreciation | 13.71 | 14.65 | 15.71 | 18.38 | 29.91 | 30.48 | 38.26 |
| Interest | 64.20 | 59.16 | 59.71 | 59.79 | 84.50 | 76.76 | 90.39 |
| Profit before tax | (15.49) | (56.69) | 102 | (73.97) | (172) | (33.44) | (15.01) |
| Tax | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Net profit | (15.84) | (56.65) | (72.24) | (73.34) | (170) | (33.08) | (23.70) |
| Net profit margin | -1.7% | -11.1% | -12.9% | -9.0% | -26.5% | -3.6% | -2.5% |
| EPS (₹) | (6.96) | (25.43) | 45.68 | 0.00 | 0.00 | 0.00 | (6.72) |
| Particulars | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 22.29 | 22.29 | 22.29 | 22.33 | 34.53 | 34.53 | 22.33 |
| Reserves & surplus | (386) | (371) | (313) | (414) | (258) | (85.78) | (51.93) |
| Shareholders' funds (net worth) | (364) | (348) | (291) | (392) | (223) | (51.25) | (17.39) |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 523 | 518 | 484 | 442 | 566 | 516 | 522 |
| Unsecured loans | 5.59 | 5.59 | 5.84 | 4.54 | 2.25 | 2.25 | 11.76 |
| Total debt | 529 | 523 | 490 | 446 | 569 | 518 | 534 |
| Total liabilities | 168 | 177 | 201 | 54.81 | 349 | 471 | 521 |
| Assets | |||||||
| Gross block | 588 | 600 | 600 | 616 | 857 | 854 | 829 |
| Net block | 170 | 183 | 196 | 211 | 340 | 363 | 368 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 3.11 | 6.67 | 6.64 |
| Investments | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | 0.19 |
| Inventories | 43.75 | 18.92 | 20.77 | 20.61 | 44.46 | 88.34 | 85.97 |
| Sundry debtors | 10.80 | 8.30 | 5.70 | 8.55 | 28.41 | 85.83 | 90.89 |
| Cash & bank balances | 0.15 | 0.09 | 0.14 | 0.27 | 3.89 | 9.09 | 9.29 |
| Loans & advances | 41.25 | 25.49 | 24.62 | 24.99 | 30.74 | 39.91 | 46.62 |
| Total current assets | 95.95 | 52.80 | 51.23 | 54.42 | 108 | 223 | 233 |
| Total current liabilities | 158 | 128 | 111 | 269 | 163 | 185 | 154 |
| Net working capital | (62.30) | (75.54) | (60.03) | (215) | (55.99) | 38.64 | 78.61 |
| Total assets | 168 | 177 | 201 | 54.81 | 349 | 471 | 521 |
| Particulars | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.09 | 0.14 | 0.27 | 3.89 | 9.09 | 9.29 | 10.41 |
| Net cash from operating activities | 61.34 | 24.03 | 13.45 | 134 | 50.86 | 91.76 | 109 |
| Net cash from investing activities | (0.52) | (1.22) | 0.37 | 114 | (5.20) | (23.66) | (7.14) |
| Net cash from financing activities | (60.76) | (22.86) | (13.94) | (251) | (50.86) | (68.31) | (103) |
| Net change in cash | 0.06 | (0.05) | (0.13) | (3.62) | (5.19) | (0.21) | (1.12) |
| Closing cash | 0.15 | 0.09 | 0.14 | 0.27 | 3.89 | 9.09 | 9.29 |
| Particulars | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 | FY 2015-16 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +82.3% | -9.1% | -30.8% | +26.4% | -30.8% | -2.8% | - |
| EBITDA growth | +308.3% | +5285.7% | -122.8% | +102.0% | -202.6% | -1.0% | - |
| PBT growth | +72.7% | - | +9998.0% | +56.9% | -413.3% | -122.8% | +79.8% |
| Net income growth | +72.0% | +21.6% | +1.5% | +56.8% | -413.3% | -39.6% | - |
| Revenue CAGR (3Y) | +4.7% | -7.4% | -15.4% | -5.3% | -14.4% | -4.2% | +0.4% |
| EBITDA CAGR (3Y) | +263.9% | - | - | -72.9% | - | -16.2% | -15.3% |
| Profitability & leverage | |||||||
| Net income margin | -1.7% | -11.1% | +18.2% | -9.1% | -26.8% | -3.6% | -1.6% |
| Return on capital employed | 0.0% | 0.0% | -3.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Return on net worth | 0.0% | 0.0% | +74.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 101.26 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 63.59 |
| Interest cover | 140.85 | -45,507.69 | -373.42 | -348.63 | -91.23 | 250.69 | 385.29 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.57 | 0.85 | 0.92 | 1.10 | 0.75 | 1.10 | 1.16 |
| Inventory turnover | 29.67 | 25.70 | 27.12 | 24.93 | 9.67 | 10.63 | 7.94 |
| Debtors turnover | 97.35 | 72.85 | 78.74 | 43.89 | 11.24 | 10.49 | 11.73 |
| EPS (₹) | (6.96) | (25.43) | 45.68 | 0.00 | 0.00 | 0.00 | (6.72) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | (163.10) | (156.34) | (130.51) | (175.60) | (105.53) | (28.42) | (13.26) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 60.75 | 64.85 | 50.60 | 61.72 | 59.54 | 81.20 | 75.35 | 64.40 |
| Revenue growth (YoY) | +2.0% | -20.1% | -32.9% | -4.2% | -7.0% | - | - | - |
| Other income | 318 | 1.47 | 2.24 | 1.72 | 3.74 | 8.53 | 3.16 | 9.36 |
| Total expenses | 62.05 | 63.17 | 50.49 | 50.96 | 57.87 | 83.16 | 48.67 | 68.20 |
| EBITDA | (1.30) | 1.68 | 0.11 | 10.76 | 1.67 | (1.96) | 26.68 | (3.80) |
| EBITDA margin | -2.1% | +2.6% | +0.2% | +17.4% | +2.8% | -2.4% | +35.4% | -5.9% |
| Depreciation | 1.72 | 1.70 | 1.75 | 1.75 | 1.52 | 2.13 | 2.20 | 2.33 |
| Interest | 3.52 | 0.57 | 0.45 | 4.27 | 3.69 | 3.45 | 3.59 | 2.60 |
| Profit before tax | 311 | 0.88 | 0.15 | 6.46 | 0.20 | 0.99 | 24.05 | 0.63 |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 237 | 285 | 371 | 619 | 930 | 510 | 561 |
| Revenue growth | -16.9% | -23.1% | -40.1% | -33.4% | +82.4% | -9.1% | - |
| Other income | 9.17 | 26.09 | 28.97 | 103 | 3.08 | 2.60 | 178 |
| Total expenses | 222 | 273 | 413 | 655 | 870 | 495 | 561 |
| Employee cost | 16.25 | 25.32 | 38.28 | 45.18 | 57.19 | 38.70 | 45.15 |
| EBITDA | 14.22 | 11.92 | (41.89) | (36.26) | 59.21 | 14.39 | (0.41) |
| EBITDA margin | +6.0% | +4.2% | -11.3% | -5.9% | +6.4% | +2.8% | -0.1% |
| Depreciation | 6.72 | 8.98 | 10.48 | 12.19 | 13.65 | 14.54 | 15.64 |
| Interest | 8.99 | 14.10 | 3.36 | 53.41 | 64.19 | 59.15 | 59.71 |
| Profit before tax | 7.68 | 14.93 | (26.76) | 1.49 | (15.55) | (56.70) | 102 |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit | 1.45 | 0.08 | (43.64) | (95.62) | (15.89) | (56.69) | (72.52) |
| Net profit margin | +0.6% | +0.0% | -11.8% | -15.5% | -1.7% | -11.1% | -12.9% |
| EPS (₹) | 0.16 | 0.33 | (9.81) | 0.67 | (6.98) | (25.43) | 45.66 |
| 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 | 48.30 | 45.89 | 27.29 | 22.29 | 22.29 | 22.29 | 22.29 |
| Reserves & surplus | (253) | (289) | (396) | (385) | (386) | (370) | (313) |
| Shareholders' funds (net worth) | (197) | (227) | (361) | (362) | (364) | (348) | (291) |
| Secured loans | 54.97 | 49.50 | 74.26 | 444 | 523 | 518 | 484 |
| Unsecured loans | 0.15 | 0.15 | 1.93 | 3.17 | 5.59 | 5.59 | 5.84 |
| Total debt | 55.12 | 49.65 | 76.19 | 447 | 529 | 523 | 490 |
| Total liabilities | 175 | 148 | 51.80 | 87.83 | 168 | 178 | 202 |
| Assets | |||||||
| Gross block | 266 | 357 | 386 | 583 | 588 | 598 | 599 |
| Net block | 95.31 | 114 | 130 | 159 | 170 | 182 | 195 |
| Capital work in progress | 0.00 | 2.62 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.23 | 0.23 |
| Inventories | 78.56 | 43.76 | 16.81 | 15.93 | 43.75 | 18.92 | 20.77 |
| Sundry debtors | 3.38 | 4.22 | 0.04 | 0.19 | 10.80 | 8.30 | 5.70 |
| Cash & bank balances | 0.28 | 0.44 | 1.11 | 0.44 | 0.15 | 0.09 | 0.14 |
| Loans & advances | 48.27 | 44.57 | 65.61 | 51.83 | 41.25 | 25.48 | 24.60 |
| Total current assets | 130 | 92.99 | 83.57 | 68.39 | 95.95 | 52.79 | 51.21 |
| Total current liabilities | 109 | 128 | 224 | 204 | 158 | 128 | 111 |
| Net working capital | 21.91 | (34.73) | (140) | (135) | (62.30) | (75.23) | (59.68) |
| Total assets | 175 | 148 | 51.80 | 87.83 | 168 | 178 | 202 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.44 | 1.11 | 0.44 | 0.15 | 0.09 | 0.14 | 0.27 |
| Net cash from operating activities | (30.34) | (98.28) | (13.78) | 40.30 | 61.46 | 24.03 | 13.45 |
| Net cash from investing activities | 20.19 | 30.64 | 26.29 | (0.65) | (0.65) | (1.22) | 0.37 |
| Net cash from financing activities | 10.00 | 66.96 | (11.83) | (39.36) | (60.76) | (22.86) | (13.95) |
| Net change in cash | (0.15) | (0.67) | 0.67 | 0.29 | 0.06 | (0.05) | (0.13) |
| Closing cash | 0.28 | 0.44 | 1.11 | 0.44 | 0.15 | 0.09 | 0.14 |
| 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 | -16.9% | -23.1% | -40.1% | -33.4% | +82.4% | -9.1% | - |
| EBITDA growth | +19.3% | +128.5% | -15.5% | -161.2% | +311.5% | +3609.8% | - |
| PBT growth | -48.6% | +9998.0% | - | +9998.0% | +72.6% | - | +9998.0% |
| Net income growth | +1712.5% | +100.2% | +54.4% | -501.8% | +72.0% | +21.8% | - |
| Revenue CAGR (3Y) | -27.4% | -32.6% | -10.1% | +3.3% | +4.7% | -6.4% | -13.3% |
| EBITDA CAGR (3Y) | - | -41.4% | - | +345.5% | +306.7% | - | - |
| Profitability & leverage | |||||||
| Net income margin | +3.2% | +5.2% | -7.2% | +0.2% | -1.7% | -11.1% | +18.2% |
| Return on capital employed | +1.4% | +3.7% | 0.0% | -10.4% | 0.0% | 0.0% | -3.4% |
| Return on net worth | +0.4% | -0.8% | 0.0% | +114.5% | 0.0% | 0.0% | +74.7% |
| 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 | 119.87 | 479.59 | -6.42 | -110.24 | 140.89 | -39,433.33 | -372.02 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.76 | 0.77 | 0.76 | 1.06 | 1.57 | 0.85 | 0.92 |
| Inventory turnover | 3.87 | 9.41 | 22.65 | 20.73 | 29.67 | 25.69 | 27.11 |
| Debtors turnover | 62.29 | 133.79 | 3,224.00 | 112.59 | 97.34 | 72.82 | 78.71 |
| EPS (₹) | 0.16 | 0.33 | (9.81) | 0.67 | (6.98) | (25.43) | 45.66 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | (4.25) | (5.29) | (135.26) | (162.53) | (163.10) | (156.18) | (130.38) |
To see the full year-wise statements and ratios of Vardhman Polytex Ltd, buy the company report.
Board of directors of Vardhman Polytex Ltd
Vardhman Polytex has 6 current directors and 24 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Suresh Kumar Banka | Director | 01 Sep 2020 | 6 Years 1 Months | Current |
| Manju Oswal | Director | 12 Aug 2017 | 9 Years 2 Months | Current |
| Adish Oswal Also directs: Amrante LLP, Panchsheel Textile Mfg and Trading Company Private Limited, Pioneer Marcantile India Pvt Ltd and 5 more | Managing Director | 01 Aug 2009 | 17 Years 2 Months | Current |
| Shubham Jain | Additional Director | 03 Dec 2025 | 0 Years 10 Months | Current |
| Rohit Jain | Director | 28 Mar 2024 | 2 Years 6 Months | Current |
| Sanchi Taneja Also directs: Fmi Limited | Director | 18 Jul 2023 | 3 Years 3 Months | Current |
Peer comparison
Vardhman Polytex Ltd is compared with the 9 companies closest to it by revenue in the Manufacturing industry (Textiles), with the same principal business activity (textile, leather and other apparel products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Texworld Fashions Private Limited | ₹316.93 Cr (FY 2025) | 5.0% | Ahmedabad, Gujarat, India | |||
| Gopi Synthetics Private Limited | ₹316.65 Cr (FY 2021) | -32.0% | Ahmedabad, Gujarat, India | |||
| Baba Spinners Limited | ₹315.46 Cr (FY 2025) | 118.0% | Bhilwara, Rajasthan, India | |||
| Avani Textiles Limited | ₹315.03 Cr (FY 2025) | -3.0% | Sangrur, Punjab, India | |||
| G M Fabrics Private Limited | ₹312.3 Cr (FY 2023) | 9.0% | Mumbai, Maharashtra, India | |||
| Shri Siddhi Vinayaga Tex India Private Limited | ₹310.6 Cr (FY 2025) | 18.0% | Tirupur, Tamil Nadu, India | |||
| E-Land Apparel Limited | ₹310.34 Cr (FY 2025) | 39.0% | Bangalore, Karnataka, India | |||
| Premchand Jute & Industries Private Limited | ₹308.18 Cr (FY 2024) | 10.0% | Kolkata, West Bengal, India | |||
| Jinendram Texspin Private Limited | ₹306.66 Cr (FY 2025) | 45.0% | Malegaon, Maharashtra, India | |||
| Vardhman Polytex Ltdthis company | ₹236.7 Cr (FY 2026) | ₹1.45 Cr | 0.6% | -16.9% | 1,847 | Ludhiana, Punjab, India |
To see the full peer comparison of Vardhman Polytex Ltd, buy the company report.
Auditor
Vardhman Polytex Ltd is audited by Romesh K Aggarwal & Associates for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Romesh K Aggarwal & Associates | FY 2023 | 000711N |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 37.50%, foreign institutional investors hold 5.60%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 56.90%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 37.50% | 37.50% | 34.20% | 34.20% |
| Public | 62.50% | 62.50% | 65.80% | 65.80% |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 09 Apr 2026 | 101280640 | Others | ₹120 Cr | Open | |
| 02 Apr 2026 | 101280572 | Others | ₹120 Cr | Open | |
| 30 Mar 2026 | 101280567 | Others | ₹120 Cr | Open | |
| 25 Oct 2016 | 100061755 | Canara Bank | ₹11.4 Lakh | Open | |
| 19 Feb 2016 | 10624376 | Canara Bank | ₹19.75 Lakh | Open |
To see the full charge records of Vardhman Polytex Ltd, buy the company report.
Total charge records: 88 View all charges
Deals & funding
Vardhman Polytex Ltd has 68 deals on record (67 market trades, 1 funding round), with disclosed funding of ₹52.65 Cr; the latest was in February 2026.
Deals on record (5 of 68)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2023 | Funding round | ₹52.65 Cr | Investors: 4 individuals |
| Apr 2023 | Market trade | ₹1.34 Cr | Buyer: Multiplier Share and Stock Advisors Private Limited Seller: Multiplier Share and Stock Advisors Private Limited |
| Apr 2023 | Market trade | ₹2.59 Cr | Buyer: Multiplier Share and Stock Advisors Private Limited , BP Equities Private Limited , 2 individuals Seller: BP Equities Private Limited , Multiplier Share and Stock Advisors Private Limited , 2 individuals |
| Mar 2021 | Market trade | ₹40.5 Lakh | Buyer: Alpha Leon Enterprises LLP Seller: Alpha Leon Enterprises LLP |
| Feb 2017 | Market trade | ₹2.2 Cr | Buyer: RLG Online Solutions LLP Seller: RLG Online Solutions LLP |
To see the full deal history of Vardhman Polytex Ltd, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Vardhman Polytex Ltd has 198 court cases on record: 104 filed by Vardhman Polytex, 94 filed against it. 50 cases are pending and 148 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 100 | 54 | 15 |
| High courts | 73 | 31 | 29 |
| Supreme Court | 11 | 3 | 1 |
| NCLAT | 8 | 0 | 5 |
| NCLT | 6 | 6 | 0 |
Cases on record (5 of 198)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, HIMACHAL PRADESH | Interim or miscellaneous application | Filed by the company against Himachal Pradesh State Electricity Board Limited and Others(Not Applicable) | Pending |
| High Court, PUNJAB | Revision petition | Filed by the company against Shreepat Financial Services Pvt. Ltd and Others and 4 others | Pending |
| High Court, CHANDIGARH (UT) | Court case (RERA-APPL) | Filed against the company by Vardhman Amrante Pvt Ltd | Pending |
| High Court, HIMACHAL PRADESH | Interim or miscellaneous application | Filed against the company by Himachal Pradesh State Electricity Board Ltd and Ors(Not Applicable) | Pending |
| High Court, HIMACHAL PRADESH | Writ petition | Filed against the company by Himachal Pradesh State Electricity Board Ltd and Ors(Not Applicable) | Pending |
To see the full case history of Vardhman Polytex Ltd, buy 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.
Credit ratings & regulatory alerts
Vardhman Polytex Ltd was last rated by Icra on 09 Aug 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 09 Aug 2020 |
To see the full credit ratings and regulatory alerts of Vardhman Polytex Ltd, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Vardhman Polytex Ltd; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Vardhman Polytex Ltd has a workforce of 1,847 employees on its EPFO records as of Apr 05, 2024, across 4 active EPFO establishments.
GST
Vardhman Polytex has 8 GST registrations: 4 active and 4 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AAACV5821H1ZM | Punjab | Active | 01 Jul 2017 |
| 02AAACV5821H2ZN | Himachal Pradesh | Active | 01 Jul 2017 |
| 07AAACV5821H2ZD | Delhi | Active | 21 Jul 2017 |
| 27AAACV5821H1ZC | Maharashtra | Active | 24 Jul 2017 |
To see the full GST registrations and return filing status of Vardhman Polytex Ltd, buy the company report.
Recent activity
Vardhman Polytex Ltd has 50 board changes on record since 1987: 28 appointments and 22 cessations. The latest: Sagar Bhatia ceased to be Director on 03 Dec 2025.
231 earlier events are in the company report.
News
Frequently asked questions
Vardhman Polytex is an active public limited company based in Ludhiana, Punjab, India. The company works in textile and fabric production, within the manufacturing industry. It was incorporated on 20 August 1980 (46+ years old) and is registered under CIN L17122PB1980PLC004242. Listed on BSE: 514175 and NSE: VARDMNPOLY.
Vardhman Polytex reported revenue of ₹236.7 Cr for FY 2025-26 (down 16.9% YoY) based on standalone financials.
Vardhman Polytex has 6 current directors:
- Adish Oswal - Managing Director
- Suresh Kumar Banka - Director
- Manju Oswal - Director
- Shubham Jain - Additional Director
- Rohit Jain - Director
- Sanchi Taneja - Director
The latest financial statements of Vardhman Polytex on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 28 August 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Vardhman Polytex is 03AAACV5821H1ZM, registered in Punjab. The company has 8 GST registrations in all, of which 4 are active and 4 are cancelled or inactive. Other active GSTINs include 02AAACV5821H2ZN (Himachal Pradesh), 07AAACV5821H2ZD (Delhi), 27AAACV5821H1ZC (Maharashtra).
The CIN (Corporate Identification Number) of Vardhman Polytex is L17122PB1980PLC004242. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Vardhman Polytex is a listed company as per MCA records. Its shares are listed on both BSE (code: 514175) and NSE (symbol: VARDMNPOLY).
Vardhman Polytex has 198 court cases on record: 104 filed by the company and 94 filed against it. 50 are pending. Most are in the district courts.
Vardhman Polytex was incorporated on 20 August 1980, making it 46+ years old. It is registered with the Registrar of Companies, Chandigarh.
Vardhman Polytex has 68 deals on record (67 market trades, 1 funding round), with disclosed funding of ₹52.65 Cr; the latest was in February 2026.
The peers of Vardhman Polytex by revenue are Texworld Fashions Private Limited, Gopi Synthetics Private Limited, Baba Spinners Limited, Avani Textiles Limited, G M Fabrics Private Limited and 4 more, all in the Manufacturing industry (Textiles), with the same principal business activity (textile, leather and other apparel products).