V-Marc India Ltd H1 FY26 — ₹6,915 mn Revenue Explosion, PAT Up 221%, Debt Rising Faster Than Dealer Count

1. At a Glance

V-Marc India Ltd is what happens when a boring-sounding cables company suddenly decides to behave like a mid-cap rockstar. Sitting pretty at a market cap of about ₹1,613 crore, trading around ₹661 per share, and casually delivering a 100% YoY revenue jump in H1 FY26, this NSE SME-born entity has gone from “who?” to “wait, what?” in under three years. Sales in the latest half year came in at ₹6,915 million, EBITDA at ₹783 million, and PAT at ₹364 million, which is a 221% YoY jump — the kind of number that makes even seasoned investors check if the decimal point is drunk. ROCE is hovering around 26%, ROE at 24%, and the stock P/E is 26.4x, meaning the market is no longer laughing at it, but also not fully trusting it. Add to that a 43% promoter pledge, rising borrowings of ₹243 crore, and a dealer network spread across 19 states, and you’ve got a classic desi growth story with both fireworks and fire hazards. Curious already? You should be.

2. Introduction

Let’s be honest. Nobody wakes up excited about PVC insulated wires and cables. This is not EV batteries, not AI chips, not space tech. And yet, every single building, factory, metro line, refinery, and government tender quietly depends on this stuff. V-Marc India Ltd lives exactly in this “boring but unavoidable” zone.

Incorporated in 2014, V-Marc started small, selling wires and cables to retail and government clients, slowly building credibility in a market dominated by giants like Polycab, KEI, and Finolex. For years, it looked like a steady but forgettable SME player. Then infrastructure spending went nuts, government electrification picked pace, and suddenly cables stopped being boring.

H1 FY26 is where things got spicy. Revenue doubled YoY. PAT more than tripled. EBITDA margins expanded. The company upgraded technology, added capacity, and went aggressively after government and EPC orders. The stock price followed like an obedient puppy, delivering a 65% return in one year and 127% in six months.

But before we start celebrating, remember: this is still an SME-origin company with rising debt, heavy working capital needs, and promoters who have pledged nearly half their stake. So the real question is — is this a sustainable growth machine or just a well-timed infrastructure sugar rush?

Let’s dissect it, slowly and sarcastically.

3. Business Model — WTF Do They Even