There are companies that grow slowly, steadily and quietly. Then there are companies that suddenly wake up one day, drink three cups of espresso, and start sprinting like they are late for their own IPO party. V-Marc India Limited looks very much like the second category.
The company, which manufactures wires, cables and conductors, has gone from being a fairly normal-sized player to posting numbers that make people sit up and ask, “What exactly happened here?” Revenue jumped from Rs. 249 crore in FY23 to nearly Rs. 905 crore in FY25. That is not growth. That is the kind of jump usually seen when someone accidentally adds an extra zero in Excel and then prays nobody notices.
The interesting part is that this growth is not coming from one lucky contract or one flashy client. The company has managed to diversify its revenue mix. Earlier, it leaned heavily on government-related orders, which is a polite way of saying it depended on customers who are famous for paying somewhere between “eventually” and “never before retirement.” Now, retail and EPC clients are contributing much more meaningfully to the business.
Retail revenue jumped from Rs. 64 crore in H1FY25 to Rs. 218 crore in H1FY26. EPC revenue moved from Rs. 68 crore to Rs. 231 crore during the same period. That is a major shift because it reduces dependence on government business and creates a more balanced customer base. A company with multiple engines is usually safer than one running on a single tired government contract.
Profitability has also improved, though not in a dramatic, champagne-opening kind of way. EBITDA increased from Rs. 65.78 crore in FY24 to Rs. 97.14 crore in FY25, while PAT rose from Rs. 26.85 crore to Rs. 36.09 crore. The funny thing about manufacturing businesses is that even when revenue doubles, margins still behave like stingy relatives at a wedding. EBITDA margin stayed around 10–11%, which tells you competition in this industry is brutal.
And that is one of the big realities here. The wires and cables industry is crowded. Every city has some local manufacturer claiming their cables are “international quality.” It is a business where everybody promises quality, everybody fights on price, and nobody wants to leave margin on the table. So V-Marc may be growing fast, but it is still operating in a sector where pricing power is about as strong as wet tissue paper.
Still, there are positives. The company’s balance sheet has improved. Overall gearing reduced from 1.32 times in FY24 to 0.92 times in FY25. Interest coverage improved as well. Debt has gone up because the company is expanding capacity, but the increase in profits has helped keep things under control.
The management also deserves some credit. Founder Vikas Garg has been in the wires and cables business for around 25 years. That matters because this is not an industry where you can learn everything from motivational podcasts and LinkedIn posts about “hustle culture.” Manufacturing is messy. It involves supply chains, raw materials, dealer networks, payments, inventories and customers who want yesterday’s delivery tomorrow morning.
Speaking of dealer networks, V-Marc has built a presence across 21 states with more than 1,200 dealers and distributors. That is significant because in this industry, reach matters. You can manufacture the best cable in the country, but if nobody stocks it, it is about as useful as a gym membership bought on January 1 and forgotten by January 7.
The order book is another major strength. As of October 2025, the company had an unexecuted order book of Rs. 510 crore, expected to be executed over the next year. That gives strong visibility. Roughly one-third comes from government orders, over half from EPC clients, and the rest from dealers and channel partners. In simple language, the company is not sitting around wondering where next year’s revenue will come from.
But it is not all sunshine and copper wiring.
The company remains vulnerable to raw material price fluctuations, especially aluminium. If aluminium prices rise sharply, margins can get squeezed very quickly. Manufacturing companies love to talk about demand, but raw material inflation has a habit of entering the room like an uninvited guest and ruining the entire party.
Then there is the working capital problem. Receivable days increased from 65 days to 86 days in FY25. Translation: the company is waiting longer to get paid. This is especially common when dealing with government entities. Selling to government departments is a bit like lending money to that one friend who always says, “I’ll transfer it tomorrow.” Tomorrow, of course, is a very flexible concept.
Despite that, inventory management has improved nicely. Inventory days reduced from 126 days in FY23 to 60 days in FY25. That is a big achievement because sitting on excess inventory is one of the easiest ways for manufacturing companies to quietly destroy cash without anyone noticing.
The rating upgrade from BBB+ to A- on long-term facilities is a sign that the company’s financial profile has become stronger. But let us not pretend this is a perfect business. It is still in a competitive industry with moderate margins, heavy working capital requirements and dependence on commodity prices.
That said, the company has clearly moved into a different league over the last two years. Revenue growth is strong, profitability is improving, the order book is healthy and the business mix is becoming more diversified. The biggest question now is whether management can maintain this pace without losing control of margins, debt and receivables.
Because in business, growing too fast can sometimes be just as dangerous as growing too slow. One makes you irrelevant. The other makes you exhausted.