Varvee Global
VGL NSE
Varvee Global
Consumer DiscretionaryNSE: VGL BSE: 514274 Textiles & Apparels
Key Fundamentals
MicrocapCotton/BlendedTextilesMarket Cap
₹283 Cr
Volatility
Moderate
P/E Ratio
-15
EBITDA
₹35.80 Cr
Return on Equity
-18.15%
Debt to Equity
0.04
Book Value
₹14.95
52W High
₹92.5
52W Low
₹43.7
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Debtor days have improved from 196 to 92.7 days.
Weaknesses
5- Stock is trading at 4.47 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of -25.0% over past five years.
- Company has a low return on equity of -103% over last 3 years.
- Earnings include an other income of Rs.13.6 Cr.
Growth Rate
Revenue Growth
-24.91% higher than
3Y
Net Income Growth
—
Cash Flow Change
27.7% lower than
3Y
ROE
—
ROCE
-106% lower than
3Y
EBITDA Margin (Avg.)
-43.92% lower than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10.37 | 24.81 | 25.55 | 24 | 13.53 | 15.48 | 5.94 | 7.5 | -0.55 | 27.83 | 12.14 | 23.38 | 8.26 |
| Expenses | 20.9 | 30.97 | 34.72 | 29.26 | 24.46 | 20.16 | 28.55 | 59.2 | 0.56 | 13.98 | 13.62 | 29.27 | 15.12 |
| Operating Profit | -10.53 | -6.16 | -9.17 | -5.26 | -10.93 | -4.68 | -22.61 | -51.7 | -1.11 | 13.85 | -1.48 | -5.89 | -6.86 |
| OPM % | -101.54% | -24.83% | -35.89% | -21.92% | -80.78% | -30.23% | -380.64% | -689.33% | — | 49.77% | -12.19% | -25.19% | -83.05% |
| Other Income | 0.17 | 2.39 | 3.37 | 0.58 | 45.1 | 34.25 | 22.63 | 37.94 | 6.82 | 6.49 | 21.64 | -15.18 | 0.63 |
| Interest | 10.46 | 11.74 | 7.69 | 6.76 | 5.33 | 3.81 | 2.49 | 1.21 | 1.43 | 0 | 0 | 0 | 0.01 |
| Depreciation | 6.2 | 2.75 | 1.63 | 1.12 | 1.11 | 1.12 | 0.97 | 1.15 | 1 | 1.53 | 1.22 | 1.57 | 0.63 |
| PBT | -27.02 | -18.26 | -15.12 | -12.56 | 27.73 | 24.64 | -3.44 | -16.12 | 3.28 | 18.81 | 18.94 | -22.64 | -6.87 |
| Tax % | -31.2% | -28.97% | -56.35% | -48.57% | 18.54% | 66.48% | 102.03% | -44.98% | -676.52% | 45.67% | 71.81% | 26.28% | -4.51% |
| Net Profit | -18.59 | -12.97 | -6.6 | -6.46 | 22.58 | 8.27 | -6.94 | -8.87 | 25.48 | 10.21 | 5.35 | -28.59 | -6.56 |
| EPS in Rs | -3.96 | -2.77 | -1.41 | -1.38 | 4.81 | 1.76 | -1.48 | -1.89 | 4.95 | 1.98 | 1.04 | -5.55 | -1.27 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 746 | 841 | 844 | 827 | 752 | 565 | 265 | 421 | 261 | 85 | 42 | 63 | 72 |
| Expenses | 679 | 764 | 772 | 747 | 669 | 529 | 285 | 431 | 289 | 113 | 122 | 57 | 72 |
| Operating Profit | 66 | 77 | 72 | 80 | 82 | 36 | -20 | -10 | -28 | -29 | -80 | 5 | 0 |
| OPM % | 9% | 9% | 9% | 10% | 11% | 6% | -7% | -2.5% | -11% | -34% | -189% | 9% | -0.5% |
| Other Income | 3 | -1 | 2 | 3 | 3 | 0 | 12 | 25 | 7 | 4 | 130 | 20 | 14 |
| Interest | 35 | 37 | 38 | 43 | 49 | 53 | 51 | 43 | 46 | 37 | 13 | 1 | 0 |
| Depreciation | 31 | 31 | 33 | 33 | 34 | 38 | 28 | 25 | 25 | 12 | 4 | 5 | 5 |
| PBT | 3 | 8 | 3 | 6 | 2 | -56 | -87 | -54 | -92 | -73 | 33 | 18 | 8 |
| Tax % | 95% | 17% | 35% | 12% | 37% | -24% | -27% | -24% | -30% | -39% | 43% | 32% | — |
| Net Profit | 0 | 7 | 2 | 6 | 1 | -42 | -64 | -41 | -65 | -45 | 19 | 12 | -20 |
| EPS in Rs | 0.04 | 1.5 | 0.38 | 1.2 | 0.23 | -8.94 | -13.69 | -8.83 | -13.87 | -9.51 | 3.95 | 2.42 | -3.8 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 26 |
| Reserves | 232 | 240 | 243 | 248 | 250 | 208 | 144 | 103 | 38 | -6 | 12 | 51 |
| Borrowings | 370 | 382 | 355 | 379 | 434 | 419 | 433 | 413 | 397 | 278 | 94 | 3 |
| Other Liabilities | 145 | 178 | 210 | 268 | 241 | 193 | 110 | 89 | 70 | 144 | 74 | 104 |
| Total Liabilities | 771 | 825 | 831 | 919 | 949 | 843 | 711 | 629 | 528 | 438 | 204 | 184 |
| Fixed Assets | 372 | 367 | 375 | 363 | 389 | 350 | 274 | 231 | 202 | 72 | 68 | 43 |
| CWIP | 2 | 1 | 5 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Other Assets | 397 | 457 | 451 | 556 | 560 | 492 | 437 | 397 | 324 | 366 | 136 | 129 |
| Total Assets | 771 | 825 | 831 | 919 | 949 | 843 | 711 | 629 | 528 | 438 | 204 | 184 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 47 | 75 | 110 | 38 | 51 | 65 | 45 | 13 | 40 | 110 | 27 | 5 |
| Investing | -11 | -38 | -50 | -19 | -53 | 5 | 9 | 47 | 13 | 46 | 182 | 28 |
| Financing | -36 | -33 | -63 | -19 | 3 | -70 | -42 | -63 | -62 | -156 | -196 | -43 |
| Net Cash Flow | 0 | 4 | -3 | 0 | 0 | -1 | 12 | -4 | -10 | 0 | 13 | -10 |
| Free Cash Flow | 39 | 35 | 66 | 22 | -10 | 63 | 50 | 59 | 53 | 151 | 209 | 45 |
| CFO/OP | 71 | 100 | 154 | 48 | 63 | 181 | -223 | -125 | -141 | -385 | -34 | 111 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 85 | 92 | 104 | 130 | 140 | 152 | 287 | 144 | 174 | 430 | 67 | 93 |
| Inventory Days | 132 | 127 | 114 | 146 | 189 | 234 | 283 | 204 | 230 | 405 | 34 | 296 |
| Days Payable | 74 | 90 | 109 | 151 | 167 | 167 | 160 | 100 | 109 | 235 | 78 | 457 |
| Cash Conversion Cycle | 143 | 129 | 109 | 125 | 161 | 219 | 410 | 247 | 295 | 600 | 23 | -69 |
| Working Capital Days | -18 | -22 | -25 | 1 | 16 | 20 | 8 | -6 | -65 | -369 | -886 | -272 |
| ROCE % | 6% | 8% | 6% | 8% | 8% | 0% | -7% | -6% | -11% | -10% | -37% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Varvee Global insights
47 extracted metrics + investor summaries across FY15–FY26.
Documents
1
Declaration With Respect To Non-Applicability Of Large Entity Framework
30 Apr - Varvee Global confirms it is not a Large Corporate under SEBI debt fundraising framework. 30 Apr - Varvee Global confirms it is not a Large Corporate under SEBI debt fundraising framework.
2
Declaration With Respect To Non-Applicability Of Large Entity Framework
30 Apr - Varvee Global confirms it is not a Large Corporate under SEBI debt fundraising framework. 30 Apr - Varvee Global confirms it is not a Large Corporate under SEBI debt fundraising framework.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
13 Apr - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026. 13 Apr - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026.
4
Announcement Under Regulation 30 LODR- Clarification On Price Movement
8 Apr - Varvee Global clarifies no undisclosed price-sensitive information behind recent share price movement. 8 Apr - Varvee Global clarifies no undisclosed price-sensitive information behind recent share price movement.
5
Clarification Sought from Varvee Global Ltd
8 Apr - Exchange has sought clarification from Varvee Global Ltd on April 8, 2026 with reference to significant movement in price, in order to ensure that investors … 8 Apr - Exchange has sought clarification from Varvee Global Ltd on April 8, 2026 with reference to significant movement in price, in order to ensure that investors …
Frequently Asked Questions about Varvee Global
What does Varvee Global Ltd do?
Varvee Global Ltd (formerly Aarvee Denims
& Exports Ltd) is an Ahmedabad-based textile company operating from the Narol facility.
After a 2024–25 control change, it is pivoting from denim manufacturing to non-denim shirting/suiting, B2B job work, trading and leasing; it incorporated a renewable...
Where is Varvee Global Ltd (VGL) listed?
Varvee Global Ltd trades as VGL on the NSE and under code 514274 on the BSE.
Which sector does Varvee Global Ltd belong to?
Varvee Global Ltd is classified under the Consumer Discretionary sector, in the Textiles & Apparels industry.
What is the market capitalisation of Varvee Global Ltd?
Varvee Global Ltd has a market capitalisation of ₹283.41 Cr, which places it in the Small Cap band.
What is the PE ratio of Varvee Global Ltd?
Varvee Global Ltd trades at a PE ratio of -15.00, against a book value of ₹14.95 per share.
What is the 52-week high and low of Varvee Global Ltd?
Over the last 52 weeks Varvee Global Ltd has traded between ₹43.7 and ₹92.5.
What is the Return on Equity (ROE) of Varvee Global Ltd?
Varvee Global Ltd reported a return on equity of -18.15%. Its debt-to-equity ratio is 0.04.
Company Information
Varvee Global Ltd (formerly Aarvee Denims & Exports Ltd) is an Ahmedabad-based textile company operating from the Narol facility. After a 2024–25 control change, it is pivoting from denim manufacturing to non-denim shirting/suiting, B2B job work, trading and leasing; it incorporated a renewable-energy subsidiary in July 2026.
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