---
title: "Varun Industries Ltd (VARUN) — Share Price, Financials & Analysis"
symbol: "VARUN"
company: "Varun Industries Ltd"
canonical: "https://tapetide.com/stocks/VARUN"
sector: "Consumer Discretionary"
industry: "Consumer Durables"
generated_at: "2026-09-13T18:50:54.314Z"
---

# Varun Industries Ltd (VARUN)

Canonical page: https://tapetide.com/stocks/VARUN

## Company

- **Sector:** Consumer Discretionary
- **Industry:** Consumer Durables
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** varun.com

## About

Varun Industries Limited is an India-based manufacturer and exporter of stainless steel cookware, kitchenware, houseware and general merchandise. The Company operates in three segments: merchandise sale, petroleum oil rig hire and wind power. The Company owns wind power generation projects in Rajasthan and Tamil Nadu.

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.02 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -27.6% over past five years.
- Company has a low return on equity of -10.4% over last 3 years.
- Earnings include an other income of Rs.334 Cr.
- Company has high debtors of 3,746 days.
- Working capital days have increased from 1,305 days to 3,710 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -25% | — | — |
| revenue growth | -95% | -52% | -28% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2013 | Jun 2013 | Sep 2013 | Dec 2013 |
| --- | --- | --- | --- | --- |
| Sales | 51 | 18 | 12 | 3 |
| Expenses | 50 | 179 | 20 | 10 |
| Operating Profit | 1 | -160 | -8 | -7 |
| OPM % | 2.1 | -868 | -71 | -192 |
| Other Income | 13 | 359 | -39 | 0 |
| Interest | 32 | 57 | 58 | 50 |
| Depreciation | 4 | 4 | 4 | 4 |
| Profit before tax | -23 | 139 | -109 | -60 |
| Tax % | -6 | 0 | 0 | 0 |
| Net Profit | -22 | 139 | -109 | -60 |
| EPS in Rs | -7.43 | 47.59 | -37.33 | -20.57 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 596 | 743 | 843 | 1194 | 1517 | 2940 | 3109 | 168 | 84 |
| Expenses | 575 | 702 | 806 | 1137 | 1404 | 2785 | 3135 | 210 | 258 |
| Operating Profit | 21 | 41 | 36 | 56 | 114 | 155 | -26 | -42 | -174 |
| OPM % | 3.6 | 6 | 4.3 | 4.7 | 7 | 5 | -0.8 | -25 | -206 |
| Other Income | 14 | 19 | 40 | 30 | 22 | 14 | 3 | 239 | 334 |
| Interest | 12 | 27 | 36 | 55 | 81 | 91 | 116 | 215 | 196 |
| Depreciation | 2 | 4 | 8 | 11 | 18 | 19 | 19 | 18 | 16 |
| Profit before tax | 22 | 29 | 33 | 20 | 36 | 60 | -158 | -36 | -53 |
| Tax % | 34 | 32 | 36 | 36 | 33 | 34 | 0 | -3 | — |
| Net Profit | 14 | 20 | 21 | 13 | 24 | 39 | -158 | -34 | -52 |
| EPS in Rs | 11 | 14.89 | 9.66 | 5.8 | 10.77 | 13.51 | -54.2 | -11.84 | -17.74 |
| Dividend Payout % | 41 | 30 | 16 | 17 | 14 | 13 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 13 | 13 | 22 | 22 | 22 | 29 | 29 | 29 |
| Reserves | 76 | 88 | 356 | 358 | 390 | 433 | 268 | 244 |
| Borrowings | 205 | 341 | 453 | 672 | 830 | 932 | 1254 | 1832 |
| Other Liabilities | 111 | 32 | 77 | 71 | 170 | 787 | 601 | 132 |
| Total Liabilities | 405 | 474 | 907 | 1123 | 1412 | 2181 | 2153 | 2236 |
| Fixed Assets | 47 | 57 | 313 | 315 | 385 | 390 | 409 | 381 |
| CWIP | 13 | 28 | 11 | 49 | 3 | 3 | 1 | 1 |
| Investments | 2 | 10 | 11 | 7 | 7 | 11 | 17 | 17 |
| Other Assets | 343 | 378 | 573 | 752 | 1016 | 1777 | 1726 | 1837 |
| Total Assets | 405 | 474 | 907 | 1123 | 1412 | 2181 | 2153 | 2236 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | 38 | 29 | 44 | 128 | 432 | -235 | -16 |
| Cash from Investing Activity | — | -25 | -51 | -40 | -38 | -26 | -18 | 181 |
| Cash from Financing Activity | — | -9 | 29 | -2 | -83 | -133 | 16 | -253 |
| Net Cash Flow | — | 3 | 7 | 2 | 7 | 273 | -237 | -88 |
| Free Cash Flow | — | 13 | -10 | -6 | 115 | 402 | -273 | 26 |
| CFO/OP | — | 118 | 103 | 89 | 121 | 292 | 851 | 26 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 110 | 101 | 128 | 147 | 166 | 160 | 174 | 3746 |
| Inventory Days | 38 | 38 | 50 | 36 | 27 | 14 | 11 | 96 |
| Days Payable | 42 | 5 | 20 | 9 | 39 | 103 | 71 | 139 |
| Cash Conversion Cycle | 107 | 134 | 159 | 174 | 155 | 72 | 113 | 3702 |
| Working Capital Days | 120 | 156 | 195 | 195 | 191 | 83 | 122 | 3710 |
| ROCE % | — | 15 | 11 | 8 | 10 | 11 | 3 | 7 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 3.52 | Buy |
| EMA (10) | 3.57 | Sell |
| SMA (20) | 3.79 | Sell |
| EMA (20) | 3.7 | Sell |
| SMA (50) | 4.1 | Sell |
| EMA (50) | 3.84 | Sell |
| SMA (100) | 3.71 | Sell |
| EMA (100) | 3.95 | Sell |
| SMA (200) | 4.76 | Sell |
| EMA (200) | 4.77 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 42.59 | Neutral |
| MACD (12,26,9) | -0.15 | Sell |
| Stochastic (14,3,3) | 22.5 | Neutral |
| ADX (14) | 23.09 | Neutral |
| Williams %R (14) | -70.19 | Neutral |
| ATR (14) | 0.24 | High Volatility |
| ROC (12) | -8.53 | Sell |
| Stoch RSI (14) | 50.98 | Neutral |
| UO (7,14,28) | 55.65 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| — | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 30 Dec 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=EC5E8B1D_9F4B_49A2_8EFB_D51FA5D36E0E_110420.pdf) |
| — | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 30 Dec 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/12/EC5E8B1D_9F4B_49A2_8EFB_D51FA5D36E0E_110420.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2010 from nse](https://archives.nseindia.com/annual_reports/AR_VARUN_2009_2010_09092010120000.zip) |
| from bse | [Annual Report 2013 from bse](https://www.bseindia.com/bseplus/AnnualReport/532917/5329170313.pdf) |
| from bse | [Annual Report 2012 from bse](https://www.bseindia.com/bseplus/AnnualReport/532917/5329170312.pdf) |
| from bse | [Annual Report 2011 from bse](https://www.bseindia.com/bseplus/AnnualReport/532917/5329170311.pdf) |
| from bse | [Annual Report 2010 from bse](https://www.bseindia.com/bseplus/AnnualReport/532917/5329170310.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:50:54.314Z.