1. Opening Hook
Another quarter, another reminder that Indian weather gods don’t care about guidance models. V-Guard’s summer portfolio spent most of Q2 underwater—literally—thanks to the heaviest monsoon in 15 years. Stabilizers sulked, pumps slept, and fans questioned their purpose.
Yet somehow, V-Guard pulled off a gross margin glow-up like an influencer using good lighting.As theBhagavad Gitateaches: “Yogaḥ karmasu kauśalam”—perfection in action. V-Guard applied that to cost control, not Karna’s chariot.
Read on… it gets spicier when GST cuts meet BEE regulations and stabilizers fight for dignity. 😏
2. At a Glance
- Revenue ₹1,340 cr – Up 3.6%:Growth slower than your Wi-Fi during rains.
- Gross Margin 37.6% – Up 140 bps:Copper price timing finally worked like jugaad magic.
- EBITDA ₹109 cr – Flat YoY:Festive season didn’t get the memo.
- EBITDA Margin 8.1%:Down 40 bps—thanks, monsoon.
- PAT ₹65 cr – Up 3%:Profit tip-toed upwards while revenue napped.
- Electronics +5.3%:Stabilizers cried; Solar danced.
- Electricals +4.7%:Wires drove growth, pumps stayed on holiday.
- Consumer Durables +1%:Fans and coolers took a sick leave.
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
“We witnessed modest top line growth due to heavy rainfall, weak demand and GST transition.”(Translation: Everything that could go wrong… did.)
“Stabilizers declined due to weak AC sales.”(Translation: Thanks to the weather, even ACs didn’t want stabilizers.)
“Wires gross margin improved due to copper price movement.”(Translation: Inventory gains saved the quarter—again.)
“Pump business was flat because water table is high.”(Translation: Too much water = no pump demand. Irony at its peak.)
“Fans saw flat to low single-digit growth; TPW had double-digit degrowth.”(Translation: Nobody wanted air. Perfect.)
“Sunflame margins were depressed last year; improvement now is just normalization.”(Translation: Don’t celebrate yet—we’re still fixing stuff.)
“We expect water heaters to do well if winter is strong.”(Translation: Please, weather gods, do one thing right.)
“Achieving 15% growth this year is unlikely.”(Translation: Absolutely not happening, boss.)
4. Numbers Decoded
Metric | Q2 FY26 | YoY Change | One-Line Analysis
------------------------|--------------------|------------|------------------------------------------
Revenue | ₹1,340 cr | +3.6% | Held back by monsoon and weak summer.
Gross Margin | 37.6% | +140 bps | Copper timing = hero of the quarter.
EBITDA | ₹109 cr | -1% | Margins hurt by low volumes.
EBITDA Margin | 8.1% | -40 bps | Weather > operating leverage.
PAT | ₹65 cr | +3% | A small, but welcome, lift.
Electronics Revenue | +5.3% | Mild | Solar & inverters up; stabilizers down.
Electricals Revenue | +4.7% | Modest | Pumps flat, wires mixed.
Consumer Durables | +1% | Weak | Fans & coolers rained out.
Sunflame Revenue | +3.4% | Improving | Margin repair underway.
Battery In-house Prod | ~50% now | Expanding | Aiming for 70–80% in 2 years.
Capex Plan | ₹120–130 cr | Stable | New R&D centre + fan & battery factories.5. Analyst Questions – Summarised & Roasted
Q: Why are Electronics margins down?A: Mix + lower plant utilization.(Translation: Stabilizers ruined the party.)
Q: Pumps flat?A: Yes, because monsoon.(Translation: When nature refills aquifers, pump sales go for a swim.)
Q: Sunflame margins jumped—sustainable?A: Yes, because last year was abnormally low.(Translation: We’re still
