V-Guard Industries closed its second quarter with a sharp rebound in profitability, posting a consolidated net profit of ₹112 crore. That is a 72.3% jump from the ₹65 crore reported in the same quarter last year. The top line followed suit, climbing 38.2% to ₹1,853 crore, signaling that the demand recovery is not just a pricing story but a volume one as well.
The underlying operating leverage is visible in the margins. EBITDA expanded to ₹167 crore, up 53.2% YoY, pushing the EBITDA margin to 9%. That represents a 90-basis-point improvement over the 8.1% posted in Q2 FY25. For a company operating in the competitive home appliance space, squeezing out nearly a full point of margin is a significant operational win.
Segment-wise, the Electricals division remains the revenue anchor, contributing ₹794.25 crore, up from ₹562.62 crore a year ago. However, the real story is in Consumer Durables. Segment results for this division more than tripled to ₹22.40 crore from a thin ₹6.91 crore in the prior year period. Electronics also showed healthy momentum, with revenue hitting ₹510.24 crore against ₹319.07 crore in the year-ago quarter.
Mithun K Chittilappilly, Chairman and Managing Director, attributed the performance to a mix of price increases and volume growth across categories. He noted, however, that the West Asia crisis continues to create headwinds for margins. The company is actively monitoring geopolitical developments to protect supply chains, though it remains optimistic on near-term growth.
The market reaction was immediate. V-Guard shares spiked 11% to an intraday high of ₹292.95 on Thursday, October 29. By 1:44 pm, the stock had settled to a gain of 8.3% at ₹286. Despite the pop, the stock is still trading over 11% below its levels at the start of 2026, suggesting investors are treating this as a recovery play rather than a new all-time high breakout.