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VARDHMAN POLYTEX LIMITED (VARDMNPOLY)

Process Industries · Textiles · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.47 / 100
Profitability 57Growth 36
Compare withVARDHMAN TEXTILES LIMTEDARVINDTRIDENT

Share price

Closing priceAdjusted for splits and bonus issues.

₹5.01 latest close · −26.8% over the last 90 sessions

₹5₹6₹7Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹5₹6₹7Jul 3Sep 4Nov 9

₹5.01 month-end · −25.0% over 12 months

₹6₹8Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹6₹8Nov '25May '26Nov '26

₹5.01 month-end · −6.9% over 3 years

₹5₹10Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹5₹10Nov '23May '25Nov '26

₹5.01 month-end · +438.7% since Jan '19

₹0₹5₹10Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹5₹10Jan '19Dec '22Nov '26

52-week range ₹4.50 to ₹9.09 · 1-year volatility 50.3%

How rough has the ride been?

Maximum drawdown-87.7%recovered 2020-07
1-year volatility50.3%annualised

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−83.0% 0%−25%−50%−75%2020202220242026−83.0%
Largest drawdowns

-87.7% (2019-01 peak to 2019-11 low, recovered 2020-07)

-68.8% (2025-01 peak to 2026-11 low, not yet recovered)

-48.5% (2021-07 peak to 2022-06 low, recovered 2023-04)

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE93rdflat vs a year ago
  • Op. margin21st▼ 3 pts vs a year ago
  • Revenue growth27th▼ 4 pts vs a year ago
  • Cash cycle ↓96thflat vs a year ago
  • 12M momentum26thflat vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
Cash cycle ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹5.01
ROCE
28.0%
Market Cap
₹255 cr
Revenue (TTM)
₹845 cr
P/S
0.3x
Operating Margin
4.9%
Promoter Holding
37.5%
12M Momentum
-25.0%

52-week range

₹4.50₹9.09
11% of the way from its 52-week low to its high

Price risk

1Y volatility
50.3%
Beta vs sector
1-year daily
1.00

Balance sheet & cash

Interest cover
operating profit ÷ interest
0.8x
Cash from profit, 3Y
operating cash flow ÷ net profit
3.38x
Share count, 1Y
unchanged

Are profits backed by cash?

5 of 5checks within rangeAll clear
Other income reliance—Not enough data

Not enough reported data to compute this.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion3.38xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 3.38x (cash from operations ₹98 cr, net profit ₹29 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (4 vs 4). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, promoters trimmed 11.6 pts; FIIs added 5.0 pts.
  • The number of shareholders rose from 13,529 to 34,136 (+152%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters49.1%37.5%-11.6 pts
FIIs0.7%5.6%+5.0 pts
DIIs0.0%0.0%0.0 pts
Public and others50.2%56.9%+6.7 pts

Number of shareholders

34,136shareholders+152% since Dec '23
13k20k27k34k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 13,529
Mar '24: 13,371
Jun '24: 19,674
Sep '24: 23,189
Dec '24: 26,802
Mar '25: 26,725
Jun '25: 30,510
Sep '25: 32,771
Dec '25: 33,681
Mar '26: 33,997
Jun '26: 34,136
 13k20k27k34k Dec '23Dec '24Dec '25Jun '26
Dec '23: 13,529
Mar '24: 13,371
Jun '24: 19,674
Sep '24: 23,189
Dec '24: 26,802
Mar '25: 26,725
Jun '25: 30,510
Sep '25: 32,771
Dec '25: 33,681
Mar '26: 33,997
Jun '26: 34,136

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+26.1%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like VARDHMAN POLYTEX LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −5% to +72% vs the market, against −2% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +27.8%, 80% range +11.6% to +40.0%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
SADBHAV · Jul 2021: −80.0% vs market
RAJMET · May 2025: −44.1% vs market
CELEBRITY · Feb 2025: −39.2% vs market
GLOBALVECT · Sep 2025: −38.8% vs market
BASML · May 2022: −35.2% vs market
AKSHOPTFBR · Jul 2023: −35.0% vs market
NIPPOBATRY · Oct 2025: −28.7% vs market
ARCHIDPLY · May 2025: −19.8% vs market
HINDWAREAP · May 2025: −19.2% vs market
ADL · Feb 2025: −12.8% vs market
ZENITHSTL · Jan 2024: −9.0% vs market
WALCHANNAG · Feb 2020: −5.9% vs market
SETCO · Apr 2020: −4.8% vs market
JISLDVREQS · Oct 2024: −4.6% vs market
DWARKESH · Oct 2025: 0% vs market
INSPIRISYS · May 2024: +1.8% vs market
EMAMIPAP · May 2021: +5.6% vs market
SADBHIN · Nov 2023: +8.1% vs market
VGL · Feb 2020: +8.1% vs market
GILLANDERS · Apr 2020: +9.7% vs market
AGROPHOS · Aug 2024: +10.0% vs market
BBTC · Apr 2024: +17.7% vs market
SHIVATEX · Mar 2024: +19.8% vs market
HCC · Aug 2021: +21.2% vs market
KELLTONTEC · Oct 2023: +25.6% vs market
BEARDSELL · Jun 2021: +26.6% vs market
EVEREADY · Jan 2022: +28.4% vs market
STCINDIA · Apr 2020: +28.7% vs market
DISHTV · Aug 2022: +38.7% vs market
TEXRAIL · Mar 2021: +39.2% vs market
MINDACORP · Nov 2020: +42.2% vs market
MMTC · Oct 2022: +45.8% vs market
INDSWFTLAB · Oct 2022: +46.2% vs market
PATELENG · Aug 2021: +57.4% vs market
KESORAMIND · Aug 2022: +61.3% vs market
ESSARSHPNG · Oct 2022: +65.3% vs market
BLKASHYAP · Apr 2022: +66.5% vs market
INDORAMA · Jun 2020: +74.0% vs market
SHIVAMAUTO · Sep 2021: +83.8% vs market
ZEEMEDIA · Feb 2021: +107.9% vs market
AXISCADES · Sep 2021: +113.0% vs market
GFLLIMITED · Oct 2020: +123.7% vs market
IMFA · Mar 2020: +126.4% vs market
TRF · May 2023: +135.1% vs market
MANAKCOAT · Feb 2020: +138.0% vs market
FMNL · Nov 2023: +160.2% vs market
RPOWER · Dec 2020: +196.3% vs market
WANBURY · Aug 2023: +207.0% vs market
SALSTEEL · Jun 2025: +214.8% vs market
HUBTOWN · Apr 2021: +222.6% vs market
Similar setups +26.1%All companies −1.7%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 11 beyond the range shown, drawn at the edge

Similar setups' median
+26.1%
All companies' median
−1.7%
Beat the market
70% vs 48%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDORAMA
Process Industries		 Jun 2020 —— −35%−49% +74%
SHIVATEX
Process Industries		 Mar 2024 —— +17%−27% +20%
WANBURY
Health Technology		 Aug 2023 —21% −16%−29% +207%
ZENITHSTL
Non-Energy Minerals		 Jan 2024 —— +36%−12% −9%
INSPIRISYS
Technology Services		 May 2024 —27% +48%−23% +2%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ESSARSHPNG
Transportation		 Oct 2022 —— −15%−43% +65%
AGROPHOS
Process Industries		 Aug 2024 —— +12%−27% +10%
AXISCADES
Commercial Services		 Sep 2021 —12% +63%−20% +113%
How reliable is this?

Matched on P/S, ROCE, operating margin, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, interest cover and drawdown from 12-month high. Not used (unavailable for this company): P/E and debt/equity. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to VARDHMAN POLYTEX LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

30 events since Dec '20

  1. NovPriceFell 69% from the Jan 2025 peak to the Nov 2026 low.
  2. SepPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
  3. JunPromoterPromoter holding rose 3.3 pts to 37.5% (largest rise since 2025-06).
  4. JunInstitutionsFII + DII holding rose 5.3 pts over 2 quarters to 5.6%.
  5. DecPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
  6. SepPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
  7. JunPromoterPromoter holding rose 3.5 pts to 34.2%.
  8. MarPromoterPromoter holding fell 18.4 pts to 30.8%.
Show 22 earlier events
  1. JanPriceRegained the 2024-10 peak, 2 months after the low.
  2. NovPriceFell 34% from the Oct 2024 peak to the Nov 2024 low.
  3. AugPriceRegained the 2024-05 peak, 1 month after the low.
  4. JulPriceFell 32% from the May 2024 peak to the Jul 2024 low.
  5. MarPriceRegained the 2023-08 peak, 5 months after the low.
  6. DecPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  7. OctPriceFell 32% from the Aug 2023 peak to the Oct 2023 low.
  8. SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  9. AprPriceRegained the 2021-07 peak, 10 months after the low.
  10. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  11. DecPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  12. JunPriceFell 48% from the Jul 2021 peak to the Jun 2022 low.
  13. JunPeer rankMoved into the top quartile of Process Industries on ROCE (from the bottom quartile).
  14. MarResultsRevenue (TTM) reached a new high of ₹845 cr.
  15. MarPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  16. DecPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
  17. SepPeer rankSlipped to the 3rd quartile of Process Industries on operating margin (from the 2nd quartile).
  18. JulPriceRegained the 2021-02 peak, 3 months after the low.
  19. JunPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the bottom quartile).
  20. AprPriceFell 46% from the Feb 2021 peak to the Apr 2021 low.
  21. DecPriceRegained the 2020-07 peak, 4 months after the low.
  22. DecPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11
MonthRevenue (TTM)ROCE
2026-11₹845 cr28.0%
2026-10₹845 cr28.0%
2026-09₹845 cr28.0%
2026-08₹845 cr28.0%
2026-07₹845 cr28.0%
2026-06₹845 cr28.0%
2026-05₹845 cr28.0%
2026-04₹845 cr28.0%
2026-03₹845 cr28.0%
2026-02₹845 cr28.0%
2026-01₹845 cr28.0%
2025-12₹845 cr28.0%
2025-11₹845 cr28.0%
2025-10₹845 cr28.0%
2025-09₹845 cr28.0%
2025-08₹845 cr28.0%
2025-07₹845 cr28.0%
2025-06₹845 cr28.0%
2025-05₹845 cr28.0%
2025-04₹845 cr28.0%
2025-03₹845 cr28.0%
2025-02₹845 cr28.0%
2025-01₹845 cr28.0%
2024-12₹845 cr28.0%
2024-11₹845 cr28.0%
2024-10₹845 cr28.0%
2024-09₹845 cr28.0%
2024-08₹845 cr28.0%
2024-07₹845 cr28.0%
2024-06₹845 cr28.0%
2024-05₹845 cr28.0%
2024-04₹845 cr28.0%
2024-03₹845 cr28.0%
2024-02₹845 cr28.0%
2024-01₹845 cr28.0%
2023-12₹845 cr28.0%
2023-11₹845 cr28.0%
2023-10₹845 cr28.0%
2023-09₹845 cr28.0%
2023-08₹845 cr28.0%
2023-07₹845 cr28.0%
2023-06₹845 cr28.0%
2023-05₹845 cr28.0%
2023-04₹845 cr28.0%
2023-03₹845 cr28.0%
2023-02₹845 cr28.0%
2023-01₹845 cr28.0%
2022-12₹845 cr28.0%
2022-11₹845 cr28.0%
2022-10₹845 cr28.0%
2022-09₹845 cr28.0%
2022-08₹845 cr28.0%
2022-07₹845 cr28.0%
2022-06₹845 cr28.0%
2022-05₹845 cr1.0%
2022-04₹845 cr1.0%
2022-03₹845 cr1.0%
2022-02₹752 cr1.0%
2022-01₹752 cr1.0%
2021-12₹752 cr1.0%
2021-11₹657 cr1.0%
2021-10₹657 cr1.0%
2021-09₹657 cr1.0%
2021-08₹509 cr1.0%
2021-07₹509 cr1.0%
2021-06₹509 cr1.0%
2021-05₹450 cr-10.0%
2021-04₹450 cr-10.0%
2021-03₹450 cr-10.0%
2021-02₹422 cr-10.0%
2021-01₹422 cr-10.0%
2020-12₹422 cr-10.0%
2020-11₹399 cr-10.0%
2020-10₹399 cr-10.0%
2020-09₹399 cr-10.0%
2020-08₹561 cr-10.0%
2020-07₹561 cr-10.0%
2020-06₹561 cr-10.0%
2020-05₹639 cr-7.0%
2020-04₹639 cr-7.0%
2020-03₹639 cr-7.0%
2020-02₹718 cr-7.0%
2020-01₹718 cr-7.0%
2019-12₹718 cr-7.0%
2019-11₹808 cr-7.0%
2019-10₹808 cr-7.0%
2019-09₹808 cr-7.0%
2019-08₹808 cr-7.0%
2019-07₹808 cr-7.0%
2019-06₹808 cr-7.0%
2019-05₹637 cr-21.0%
2019-04₹637 cr-21.0%
2019-03₹637 cr-21.0%
2019-02₹637 cr-21.0%
2019-01₹637 cr-21.0%

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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