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Vardhman Acrylics Ltd

VARDHACRLC

NSE

₹43.27-1.19%19 Oct 2026

Reports

Textiles Acrylic Fibre

Vardhman Acrylics Ltd

VARDHACRLC

NSE

₹43.27

-1.19%

19 Oct 2026

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Textiles Acrylic Fibre

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Vardhman Acrylics Ltd is a single-factory manufacturer that turns two crude-oil derivatives into acrylic fibre - the soft, wool-like material inside sweaters, blankets and carpets - under the brand name VARLAN®. Incorporated in 1990 and operating from a plant in Gujarat’s Jhagadia Industrial Estate since 1999, the company is a 70.74%-held subsidiary of Vardhman Textiles Limited, which is also its largest customer, buying roughly 30% of its output. The recurring approach is to serve a concentrated set of domestic spinners with a single product made to premium specifications, using high-purity imported raw materials and a production process refined over two decades of incremental improvement - no diversification, no exports, just one fibre done well.

Business segments

A single-engine business - one plant, one product family, one domestic customer base - built around the manufacture of acrylic staple fibre and tow.

1. Acrylic fibre and tow: the group’s in-house wool substitute

Every rupee the company earns comes from selling acrylic fibre and tow to Indian spinners, with its own parent buying nearly a third of what it makes.

One plant, one product family - the entire business runs from a single facility at Jhagadia, Gujarat, with an installed capacity that grew from 18,000 to 22,000 tonnes per annum, making only acrylic fibre and acrylic tow. There are no other segments, no subsidiaries and no joint ventures - the Chief Operating Decision Maker reviews the company as one unit.
Sold to spinners, not to consumers - the fibre goes to acrylic yarn spinners who turn it into yarn for winter wear like sweaters and woollen fabric, as well as technical textiles such as non-wovens and carpets. The customer base is narrow and domestic: as of FY24 the company served customers in just seven Indian states, and it has recorded minimal or no exports across the years covered.
The parent is the anchor customer - Vardhman Textiles Limited has been a long-standing buyer of fibre made with Japan Exlan Technology, the process the company deploys, and its purchases averaged about 30% of production over the three years to May 2026. Sales to the parent are at arm’s-length market prices, and three customers each account for more than 10% of revenue, so the order book is concentrated.
Raw materials are imported crude-oil derivatives - the two main inputs, Acrylonitrile and Vinyl Acetate Monomer, are chemicals derived from crude oil that Indian consumers depend on imports to obtain. They make up a large part of the finished-product cost, so the company buys only from established manufacturers or trading houses, selects high-purity grades to cut waste, and hires international surveyors to supervise every stage of loading and discharge for safety.
R&D is about making the existing line better, not adding new ones - development work focuses on improving wastewater treatment, raising fibre strength, substituting imported spares with indigenous alternatives, and trialling new finish oils for higher-quality dyed and grey yarn. The company has developed 3D Tow and 6D VC & FC products for export markets and built capability to process higher quantities of polymer, but the core business remains the single fibre line.

Group structure and partners

A tightly held subsidiary of Vardhman Textiles with no subsidiaries of its own - the company is a pure operating unit inside a larger textile group.

Controlled by Vardhman Textiles - the holding company owns 70.74% of the equity and is both the largest shareholder and the largest customer, creating a vertically integrated relationship where the subsidiary supplies raw material to its parent’s spinning operations.
No downstream or lateral holdings - the company has no subsidiaries, associates or joint ventures, so its entire economic interest is the Jhagadia plant and the fibre it produces.
Fellow group companies sit alongside, not underneath - sister entities under the holding company include VMT Spinning Company Limited and Vardhman Nisshinbo Garments Company Limited, while associates of the parent include Vardhman Yarns & Threads Limited and Vardhman Special Steels Limited, placing the acrylic fibre unit within a broader textile-and-materials ecosystem.
Listed but not dispersed - the equity shares trade on the National Stock Exchange, but with over 70% held by the parent, the free float is limited and the company operates with the character of a group division that happens to have a public listing.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹347Cr

Close Price

₹43.19

Industry

Textiles Acrylic Fibre

Price To Earnings

8.32

Price To Sales

1.06

Revenue

₹327Cr

Rev Gr TTM

Revenue Growth TTM

11.41%

PAT Gr TTM

PAT Growth TTM

351.52%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	86	62	68	57	71	82	72	69	89	76	84	78
Growth YoY Revenue Growth YoY%	-27.1	-42.8	-15.2	-29.4	-18.3	32.1	5.5	21.6	26.6	-6.7	15.8	12.8
Expenses ExpensesCr	81	57	64	55	70	81	72	70	89	69	73	61
Operating Profit Operating ProfitCr	5	5	5	2	1	1	0	-1	0	7	10	18
OPM OPM%	6.2	7.9	6.7	3.8	1.1	1.0	0.0	-0.9	0.2	9.3	12.1	22.7
Other Income Other IncomeCr	4	3	4	4	3	5	3	4	4	3	4	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	8	6	7	5	3	5	2	2	3	10	14	21
Tax TaxCr	2	1	1	1	2	1	0	1	1	2	-2	5
PAT PATCr	6	6	5	4	2	4	2	2	3	7	16	16
Growth YoY PAT Growth YoY%	-10.2	-45.8	35.0	843.5	-74.8	-29.1	-63.0	-59.7	60.3	86.7	695.4	826.9
NPM NPM%	7.2	9.1	7.7	7.6	2.2	4.8	2.7	2.5	2.8	9.7	18.7	20.7
EPS EPS₹	0.8	0.7	0.6	0.5	0.2	0.5	0.2	0.2	0.3	0.9	1.9	2.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	86	62	68	57	71	82	72	69	89	76	84	78
Growth YoY Revenue Growth YoY%	-27.1	-42.8	-15.2	-29.4	-18.3	32.1	5.5	21.6	26.6	-6.7	15.8	12.8
Expenses ExpensesCr	81	57	64	55	70	81	72	70	89	69	73	61
Operating Profit Operating ProfitCr	5	5	5	2	1	1	0	-1	0	7	10	18
OPM OPM%	6.2	7.9	6.7	3.8	1.1	1.0	0.0	-0.9	0.2	9.3	12.1	22.7
Other Income Other IncomeCr	4	3	4	4	3	5	3	4	4	3	4	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	8	6	7	5	3	5	2	2	3	10	14	21
Tax TaxCr	2	1	1	1	2	1	0	1	1	2	-2	5
PAT PATCr	6	6	5	4	2	4	2	2	3	7	16	16
Growth YoY PAT Growth YoY%	-10.2	-45.8	35.0	843.5	-74.8	-29.1	-63.0	-59.7	60.3	86.7	695.4	826.9
NPM NPM%	7.2	9.1	7.7	7.6	2.2	4.8	2.7	2.5	2.8	9.7	18.7	20.7
EPS EPS₹	0.8	0.7	0.6	0.5	0.2	0.5	0.2	0.2	0.3	0.9	1.9	2.0

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	448	368	327	392	334	280	303	427	297	282	319	327
Growth Revenue Growth%	-10.1	-17.7	-11.3	19.9	-14.7	-16.2	8.3	40.7	-30.3	-5.3	13.1	11.4
Expenses ExpensesCr	403	331	295	364	308	233	294	391	284	278	302	292
Operating Profit Operating ProfitCr	44	38	31	28	27	48	9	36	13	4	17	35
OPM OPM%	9.9	10.2	9.6	7.1	8.0	17.0	2.9	8.5	4.5	1.3	5.2	10.7
Other Income Other IncomeCr	22	25	21	25	27	15	14	13	14	16	15	16
Interest Expense Interest ExpenseCr	0	0	1	0	0	1	0	0	0	0	0	0
Depreciation DepreciationCr	4	5	5	5	5	5	5	5	6	3	3	3
PBT PBTCr	62	57	47	47	48	57	17	43	21	16	29	47
Tax TaxCr	21	16	8	12	2	14	3	10	4	4	2	6
PAT PATCr	41	41	39	34	46	43	15	33	18	12	27	42
Growth PAT Growth%	22.0	0.8	-6.2	-10.6	34.1	-7.2	-66.1	125.7	-46.6	-32.6	130.5	351.5
NPM NPM%	9.1	11.2	11.8	8.8	13.8	15.3	4.8	7.7	5.9	4.2	8.6	12.7
EPS EPS₹	4.4	4.5	4.8	4.3	5.8	5.3	1.8	4.1	2.2	1.5	3.4	5.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	448	368	327	392	334	280	303	427	297	282	319	327
Growth Revenue Growth%	-10.1	-17.7	-11.3	19.9	-14.7	-16.2	8.3	40.7	-30.3	-5.3	13.1	11.4
Expenses ExpensesCr	403	331	295	364	308	233	294	391	284	278	302	292
Operating Profit Operating ProfitCr	44	38	31	28	27	48	9	36	13	4	17	35
OPM OPM%	9.9	10.2	9.6	7.1	8.0	17.0	2.9	8.5	4.5	1.3	5.2	10.7
Other Income Other IncomeCr	22	25	21	25	27	15	14	13	14	16	15	16
Interest Expense Interest ExpenseCr	0	0	1	0	0	1	0	0	0	0	0	0
Depreciation DepreciationCr	4	5	5	5	5	5	5	5	6	3	3	3
PBT PBTCr	62	57	47	47	48	57	17	43	21	16	29	47
Tax TaxCr	21	16	8	12	2	14	3	10	4	4	2	6
PAT PATCr	41	41	39	34	46	43	15	33	18	12	27	42
Growth PAT Growth%	22.0	0.8	-6.2	-10.6	34.1	-7.2	-66.1	125.7	-46.6	-32.6	130.5	351.5
NPM NPM%	9.1	11.2	11.8	8.8	13.8	15.3	4.8	7.7	5.9	4.2	8.6	12.7
EPS EPS₹	4.4	4.5	4.8	4.3	5.8	5.3	1.8	4.1	2.2	1.5	3.4	5.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	93	80	80	80	80	80	80	80	80	80	80
Reserves ReservesCr	225	215	239	253	275	318	132	165	163	158	174
Current Liabilities Current LiabilitiesCr	50	101	73	99	87	76	82	89	77	100	79
Non Current Liabilities Non Current LiabilitiesCr	27	27	21	20	11	11	8	8	7	10	10
Total Liabilities Total LiabilitiesCr	395	423	413	453	453	485	302	342	328	349	343
Current Assets Current AssetsCr	215	342	227	331	306	372	189	199	181	224	276
Non Current Assets Non Current AssetsCr	180	81	186	122	147	113	113	143	147	125	67
Total Assets Total AssetsCr	395	423	413	453	453	485	302	342	328	349	343

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	93	80	80	80	80	80	80	80	80	80	80
Reserves ReservesCr	225	215	239	253	275	318	132	165	163	158	174
Current Liabilities Current LiabilitiesCr	50	101	73	99	87	76	82	89	77	100	79
Non Current Liabilities Non Current LiabilitiesCr	27	27	21	20	11	11	8	8	7	10	10
Total Liabilities Total LiabilitiesCr	395	423	413	453	453	485	302	342	328	349	343
Current Assets Current AssetsCr	215	342	227	331	306	372	189	199	181	224	276
Non Current Assets Non Current AssetsCr	180	81	186	122	147	113	113	143	147	125	67
Total Assets Total AssetsCr	395	423	413	453	453	485	302	342	328	349	343

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	23	42	3	26	4	39	-9	39	7	26	7
Investing Cash Flow Investing Cash FlowCr	43	30	7	-8	80	-83	190	-37	12	-9	8
Financing Cash Flow Financing Cash FlowCr	-68	-63	-15	-20	-24	-1	-198	-3	-20	-17	-12
Net Cash Flow Net Cash FlowCr	-2	8	-5	-2	61	-44	-17	-1	0	0	2
Free Cash Flow Free Cash FlowCr	20	41	1	23	-2	39	-12	31	4	21	2
CFO To PAT CFO To PAT%	56.9	102.6	7.6	74.0	9.0	91.9	-64.7	117.3	42.1	221.2	25.9
CFO To EBITDA CFO To EBITDA%	52.5	112.2	9.3	91.7	15.6	82.8	-106.5	106.8	55.7	708.8	42.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	23	42	3	26	4	39	-9	39	7	26	7
Investing Cash Flow Investing Cash FlowCr	43	30	7	-8	80	-83	190	-37	12	-9	8
Financing Cash Flow Financing Cash FlowCr	-68	-63	-15	-20	-24	-1	-198	-3	-20	-17	-12
Net Cash Flow Net Cash FlowCr	-2	8	-5	-2	61	-44	-17	-1	0	0	2
Free Cash Flow Free Cash FlowCr	20	41	1	23	-2	39	-12	31	4	21	2
CFO To PAT CFO To PAT%	56.9	102.6	7.6	74.0	9.0	91.9	-64.7	117.3	42.1	221.2	25.9
CFO To EBITDA CFO To EBITDA%	52.5	112.2	9.3	91.7	15.6	82.8	-106.5	106.8	55.7	708.8	42.2

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	304	434	382	320	215	295	432	350	410	324	219	347
Price To Earnings Price To Earnings	10.3	10.6	9.9	9.3	4.6	6.9	29.7	10.6	23.4	27.4	8.0	8.3
Price To Sales Price To Sales	0.7	1.2	1.2	0.8	0.6	1.1	1.4	0.8	1.4	1.1	0.7	1.1
Price To Book Price To Book	1.0	1.5	1.2	1.0	0.6	0.7	2.0	1.4	1.7	1.4	0.9	1.4
EV To EBITDA EV To EBITDA	6.9	11.3	12.0	11.4	3.4	4.0	48.6	9.6	30.8	86.8	12.8	9.9
Profitability Ratios Profitability Ratios
GPM GPM%	15.4	17.8	18.5	14.8	17.3	28.1	12.5	16.7	16.3	13.5	17.4	17.4
OPM OPM%	9.9	10.2	9.6	7.1	8.0	17.0	2.9	8.5	4.5	1.3	5.2	10.7
NPM NPM%	9.1	11.2	11.8	8.8	13.8	15.3	4.8	7.7	5.9	4.2	8.6	12.7
ROCE ROCE%	19.4	19.4	14.8	14.1	13.5	14.5	8.3	17.7	8.9	6.8	11.4	11.4
ROE ROE%	12.8	13.9	12.1	10.3	13.0	10.8	6.9	13.4	7.2	5.0	10.7	10.7
ROA ROA%	10.3	9.7	9.3	7.6	10.2	8.8	4.8	9.6	5.3	3.4	8.0	8.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	304	434	382	320	215	295	432	350	410	324	219	347
Price To Earnings Price To Earnings	10.3	10.6	9.9	9.3	4.6	6.9	29.7	10.6	23.4	27.4	8.0	8.3
Price To Sales Price To Sales	0.7	1.2	1.2	0.8	0.6	1.1	1.4	0.8	1.4	1.1	0.7	1.1
Price To Book Price To Book	1.0	1.5	1.2	1.0	0.6	0.7	2.0	1.4	1.7	1.4	0.9	1.4
EV To EBITDA EV To EBITDA	6.9	11.3	12.0	11.4	3.4	4.0	48.6	9.6	30.8	86.8	12.8	9.9
Profitability Ratios Profitability Ratios
GPM GPM%	15.4	17.8	18.5	14.8	17.3	28.1	12.5	16.7	16.3	13.5	17.4	17.4
OPM OPM%	9.9	10.2	9.6	7.1	8.0	17.0	2.9	8.5	4.5	1.3	5.2	10.7
NPM NPM%	9.1	11.2	11.8	8.8	13.8	15.3	4.8	7.7	5.9	4.2	8.6	12.7
ROCE ROCE%	19.4	19.4	14.8	14.1	13.5	14.5	8.3	17.7	8.9	6.8	11.4	11.4
ROE ROE%	12.8	13.9	12.1	10.3	13.0	10.8	6.9	13.4	7.2	5.0	10.7	10.7
ROA ROA%	10.3	9.7	9.3	7.6	10.2	8.8	4.8	9.6	5.3	3.4	8.0	8.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PASUPTAC	VARDHACRLC	INDIANACRY	GRASIMPP1
Market CapitalizationMkt CapCr	669	347	71	8
Close PriceClose₹	75.00	43.19	5.21	1,739.25
IndustryIndustry	Textiles Acrylic Fibre	Textiles Acrylic Fibre	Textiles Acrylic Fibre	Textiles Acrylic Fibre
Price To EarningsPE	7.00	8.32
Price To SalesPS	0.65	1.06	0.19
RevenueRevenueCr	1,032	327	372
Revenue Growth TTMRev Gr TTM%	51.2%	11.4%	3.1%
PAT Growth TTMPAT Gr TTM%	269.2%	351.5%	21.6%

	PASUPTAC	VARDHACRLC	INDIANACRY	GRASIMPP1
Market CapitalizationMkt CapCr	669	347	71	8
Close PriceClose₹	75.00	43.19	5.21	1,739.25
IndustryIndustry	Textiles Acrylic Fibre	Textiles Acrylic Fibre	Textiles Acrylic Fibre	Textiles Acrylic Fibre
Price To EarningsPE	7.00	8.32
Price To SalesPS	0.65	1.06	0.19
RevenueRevenueCr	1,032	327	372
Revenue Growth TTMRev Gr TTM%	51.2%	11.4%	3.1%
PAT Growth TTMPAT Gr TTM%	269.2%	351.5%	21.6%

FY2026

FY2025

FY2024

FY2023

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FY2026

Jun 26