V-Marc India LtdNSE:VMARCIND
Current view Q4 2026
Cable maker whose sales doubled and profit tripled. Old worry about 'no room to grow' looks wrong: capacity is tripling toward FY30 and exports just began. Management keeps beating targets, but stock is pricey.
Latest exchange filings last 5 · 5 after Q4 2026
- 1 Sep ’26Notice of 13th AGM on 25 Sept 2026; book closure 18–25 Sept; e-voting details and Rs4 dividend recommended. ↗
- 27 Aug ’26V-Marc India will hold its 13th AGM on September 25, 2026 via VC/OAVM; remote e-voting details provided. ↗
- 26 Aug ’26AGM on 25 Sep 2026 to consider main-board migration, ₹1,000 crore borrowing limit and related-party transaction approvals. ↗
- 26 Aug ’26Board approved AGM items, main board migration, ₹1,000 crore borrowing limit, RPTs, and director remuneration revisions. ↗
- 26 Aug ’26Board approved 25 Sep 2026 AGM, book closure, and migration to NSE/BSE main board. ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +97.5% | +59.9% | +93.6% | +59.5% |
| Operating profit | ▲ +95.2% | +56.5% | +91.6% | +68.5% |
| EPS | ▲ +157.3% | +74.7% | +107.9% | +64.3% |
| PAT | ▲ +157.3% | +74.6% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +97.5%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Average56/100
Cheap, and growing fast. Profit per share grew 60% a year, while the price-tag on its earnings actually got smaller. That gap — real growth nobody has paid up for — is exactly what this score looks for.
₹322 → ₹645 needs the P/E at 23× — it is 48× today, and has ranged 9.4× to 58× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 35× — it has traded there — high was 58×.
At ₹160 the price-tag on its earnings reaches the 24× it is being projected toward — the point where being cheap against that yardstick is used up.
Growth rate is a one-off base reset — the score can't be trusted. Check next quarter.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a small-cap at ₹4,862 cr, so the odds of a re-rate are not fighting its own size.
Growth rate used: 60.0% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR, capped at 60%. Latest quarter reads 60%.
How it compares with its rivals Wires and Cables · 6 of 22 listed
These are the industry's largest names rather than companies of its own size, so the columns are worth reading straight across — a ranking against them would only be restating the size gap.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| V-Marc India | ₹345 | 43.2× | ₹5,058 Cr | 41.4% | +163.6% | +102.4% |
| Polycab India | ₹8,315 | 43.8× | ₹1.25 L Cr | 33.2% | +32.5% | +39.0% |
| KEI Industries | ₹4,565 | 43.7× | ₹43,640 Cr | 20.1% | +40.0% | +23.0% |
| R R Kabel | ₹2,427 | 44.9× | ₹27,453 Cr | 28.1% | +117.3% | +53.9% |
| Finolex Cables | ₹1,402 | 26.8× | ₹21,447 Cr | 16.0% | +53.1% | +44.3% |
| KSH Internationa | ₹1,043 | 54.0× | ₹7,065 Cr | 21.5% | +86.2% | +108.4% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jul 2026
| Did the profit turn into cash? | most of it, with some tied up | 71% last year, 69% over three · free cash flow ₹17 cr, positive in 1 of 5 years |
|---|---|---|
| Is the growth borrowed? | borrowed about as much as it owns | ₹214 cr — 0.74× its own equity (was 0.93×) |
| Is it being collected? | customers are paying faster | 86 days to collect, down 30 in a year · cash cycle 43 days |
| Who has been buying? | the promoters have held steady | promoters 64.9%, 70.0% → 64.9% over 4.3 years · FIIs 0.3% (+0.1) · DIIs 0.0% · shareholders 496 → 3,420 |
| What does it earn on its capital? | earns a high return on the capital it employs | ROCE 41.4% · ROE 41.4% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company has delivered good profit growth of 76.6% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 33.7%
- Company's median sales growth is 37.1% of last 10 years
Against it
- Stock is trading at 17.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company's cost of borrowing seems high
- Promoter holding has decreased over last 3 years: -5.09%
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.