VTM Q4 FY26 Results (BSE: 532893)
Signal: Steady quarter
The read
Q4 revenue inched up but operating margins compressed sharply, and a steep drop in other income (from ₹5.59 Cr to ₹1.72 Cr) collapsed net profit to just ₹0.43 Cr — the weakest quarterly PAT in the series. Full-year PAT of ₹0.90 Cr confirms the structural earnings erosion flagged by the 3-year CAGR of -70%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹110.17 Cr | 1.36% | |
| EBIT | ₹8.25 Cr | -22.54% | |
| Net profit | ₹0.43 Cr | -92.49% | |
| EPS | ₹0.13 | -92.53% | |
| EBIT margin | 7.49% |
P&L walk
Company files standalone-only — no consolidated statement.
Segments
Company has no subsidiaries, single segment — no segment split available.
Key positives
- Revenue held near ₹110 Cr for the quarter, avoiding a top-line decline in a weak textile environment.
- No auditor qualification (unmodified opinion) – financial reporting integrity intact.
- Zero subsidiaries – no hidden consolidation surprises.
Key concerns
- Net profit collapsed 92.5% YoY to ₹0.43 Cr — entirely dependent on other income which fell 69%.
- OPM contracted ~260bps YoY (est.) — margins are structurally low and weakening; no disclosure on cost breakdown.
- Full-year PAT ₹0.90 Cr on ₹460 Cr revenue implies a net margin of 0.2% – barely profitable.
- P/E of 50.96x on depressed earnings is unsustainably high for a commodity textile business.
Research and educational content only. Not investment advice.