1. At a Glance

Move over, the “wire” is no longer just a crime thriller—it’s V-Marc India Ltd’s business plan. The ₹1,525 crore market-cap SME star just pulled off a jaw-dropping performance in H1 FY26 withrevenues of ₹6,915 million (+100% YoY),EBITDA ₹783 million (+128%), andPAT ₹364 million (+221%). Yes, triple-digit growth figures—something usually reserved for crypto charts or RBI’s inflation nightmares.

The stock trades at₹624 (07 Nov 2025), having more than tripled from ₹200 levels within a year—up43.5% in 3 months and 97.8% in 6 months. With aP/E of 24.9,ROE of 24.3%, andROCE of 26.4%, the wires seem well-connected between earnings and returns.

But it’s not all electric sunshine—43.2% of promoter holdings are pledged, meaning even the owners are “wired” to their lenders. Still, withsales growth of 70% YoYandprofit growth of 87%, the numbers are glowing brighter than Diwali lights.

2. Introduction – A Shockingly Charged Story

Once upon a time in 2014, a small company from Haridwar decided that electricity cables didn’t have to be boring. Thus was bornV-Marc India Ltd, now one of India’s most energetic stories from the SME board.

From a modest ₹5 crore revenue in 2014 to ₹1,251 crore in FY25—this company’s journey has been less of a straight line and more like ahigh-voltage waveform. It doesn’t just make PVC-insulated wires and cables—it manufactures ambition, insulation, and a fair bit of investor excitement.

If you think cable manufacturing sounds dull, think again. V-Marc’s products are found in places likePowerGrid, NTPC, ONGC, Indian Oil, andBSNL—basically every entity that either runs your electricity or your Wi-Fi. Its cables span everything fromFR, HRFR, FRLS, HFFRtoXLPE, which in cable-speak means “the good stuff that doesn’t catch fire easily.”

And while most SMEs struggle to keep up with changing tech, V-Marc just upgraded toDry Curing CCV Line, a tech leap that allows production up to66 kVcables. Basically, the company just moved from making household wires to powering substations—and that’s no small spark.

So the next time you flip a switch in Uttar Pradesh, Uttarakhand, or Madhya Pradesh—there’s a good chance you’re connected (literally) through a V-Marc product.

3. Business Model – WTF Do They Even Do?

In simplest terms:they make cables, and lots of them.

But here’s the breakdown for the lazy investor who’d rather watch Shark Tank than read balance sheets:

• LT Cables– For low-tension electrical networks. IncludesLT PVC Power & Control,XLPE, andAerial BunchedCables.
• HT Cables– For high-voltage applications, up to33 kVcurrently, expanding to66 kVsoon.
• Communication Cables– CCTV, LAN, Co-axial, Telephone cables—so that your data, like their revenue, moves fast.
• Light Duty Cables– Fire-resistant multistrand and flat cables that your local electrician calls “mast maal.”

The customer list reads like a PSU fan club—PowerGrid, NTPC, GAIL, SAIL, Indian Oil, ONGC, PWDs, andstate discoms.

Theirdealer network spans 19 stateswith600+ dealersand5 depots, ensuring that whether it’s an industrial project or a small house rewiring job, there’s a V-Marc wire nearby waiting to conduct business.

Revenue-wise, the company’s mix is smart:70% retail, 30% government.Retail keeps the cash flowing; government keeps the order book fat.

The latestorder book stood at ₹204.17 crore (July 2023), with47% from government,41% from EPCs, and the rest through their own depots.

4. Financials Overview

Annualised EPS: ₹14.92 × 4 = ₹59.68 → P/E ≈ 10.5x on annualised basis (based on CMP ₹624)

Commentary:That’s not