V-Guard Industries Limited (VGUARD) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 25, 2026 4 min read

V-Guard Industries, the Kochi-based consumer electricals maker of stabilizers, wires, pumps, fans and appliances, reports its September quarter with the business riding an unprecedented pricing cycle of mid-teens price hikes layered on 9% volume growth. The print will speak to whether the 10.5% EBITDA margin of the June quarter holds as the Electronics segment normalises from an 'unusually good' 19.8% margin, and how wires volumes hold up against new competitive intensity and record copper prices.

Quick Details

Results date	October 29, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 1,810.65 Cr
Previous quarter PAT	Rs. 130.25 Cr
Previous quarter EBITDA margin	10.5%
Market cap	Rs. 11,766.12 Cr
CMP	Rs. 269.3

V-Guard Industries Limited Q2 Results Date and Time

The Board of Directors will meet on October 29, 2026 at Kochi to consider the un-audited financial results for the quarter and half year ended September 30, 2026 (Q2/H1 FY27) with Limited Review. The trading window remains closed until 48 hours after the results.

The Q2 FY27 earnings call is scheduled for October 30, 2026 at 3:30 PM IST, hosted by Ashika Institutional Equities. Attendees include Mithun K Chittilappilly (Chairperson & MD), Ramachandran V (Director & COO) and Sudarshan Kasturi (Senior VP & CFO).

Key Things To Watch

Performance vs previously stated guidance: Management's FY27 guidance set will be tracked line by line on the call.

EBITDA margin — 9%-10% for FY27: Q1 FY27 delivered 10.5%; watch whether Q2 sustains double digits or reverts, and whether the 9.5%-10% framing or the 'minimum of 10%' framing prevails
Revenue growth — higher than 15% for FY27: Q1 FY27 grew 23.5%; watch the Q2 print and whether a specific number is still withheld due to commodity volatility
Capex — Rs. 150-170 Cr per annum over the next two years (revised down from Rs. 2-2.5 billion): track the run-rate and any re-acceleration
Gegadyne battery supplies to V-Guard — due within 3-4 months of the January 29, 2026 statement; check the commercialization update
Lighting launch — slated 'this financial year'; check launch status, and Sunflame NPD impact 'from Q2 FY27 onwards' with kitchen pricing transmission completing in the upcoming quarter

Electronics margin normalisation and Consumer Durables recovery: The margin bridge hinges on segment mix reverting to normative levels.

Electronics margin of 19.8% in Q1 FY27 vs 17-18% normative and 18-18.5% long-term guidance — reversion is management's stated expectation
Consumer Durables margin trajectory: 3.6% in Q1 FY27 vs 1.6% in FY26 — sustainability of the recovery against post-cover polymer costs
Gross margin holding near 36.9%, with residual pricing actions in smaller categories expected to complete in the September quarter

Wires competition and copper inventory: The dominant risk overhang sits in the wires business.

Whether wires volume growth remains minimal amid new entrants — a large player entering and lighting peers moving into wires — with management flagging possible 1-2% lower-than-market growth for 1-2 years and contingency plans in place
Copper commentary: record LME prices through the quarter may have produced inventory gains, but October's slide to about $14,076/t creates write-down exposure on high-priced stock if it persists
Consumer deferment after steep wire price hikes and the impact of the GST rate cut (effective September 22nd) on the AC-stabilizer mix, which management called too early to determine

Frequently Asked Questions

Can V-Guard sustain double-digit EBITDA margins?

Management delivered a double-digit EBITDA margin of 10.5% in Q1 FY27 and said 'we should be okay this year in terms of margins', within FY27 guidance of 9-10%. However, the MD flagged the Electronics segment margin of 19.8% as 'unusually good this quarter' and expects reversion to the 17-18% normative level.

How much capex is V-Guard planning for the next two years?

CFO Sudarshan Kasturi revised capex guidance down to Rs. 150-170 crores per annum for the next two years, stating 'INR2.5 billion unlikely. It won't be that high.' Backward integration capex aimed at margin improvement is mostly complete.

How is V-Guard responding to new competition in the wires business?

The MD noted wires is a commoditised, utilitarian category with very low margins where a price war is hard to end — 'you will start it, but you won't be able to end it.' Management said contingency plans are in place to protect business interests, while flagging that new entrants could result in 1-2% lower-than-market growth for some companies in the first one or two years.

Is V-Guard's revenue growing?

Yes — consolidated revenue grew 23.5% YoY to Rs. 1,810.65 Cr in Q1 FY27, the strongest quarter in the recent series, up from 3.6% YoY growth in Q2 FY26. Growth was price-led with blended price growth of 14% and 9% volume growth, though wires growth was almost entirely value-led with 'hardly any' volume growth due to customer postponement.