By Prashant Marathe | 23 May 2025 | EduInvesting

📌 At a Glance

Vardhman Holdings (BSE: 500439 | NSE: VHL) is technically an “investment company.”
But with ₹3,540 Cr in assets, ₹272 Cr PAT, and zero noise — it might be India’s stealthiest wealth vehicle.

📈 FY25 Consolidated Highlights:

• 💰 PAT: ₹272.97 Cr (vs ₹194.23 Cr last year)
• 🧮 EPS: ₹808.40
• 🏦 Cash & Equivalents: ₹0.49 Cr
• 📦 Investments: ₹3,046 Cr in Vardhman Group stocks
• 💸 Dividend: ₹5/share
• 🔍 CMP: ₹3,920.30
• 🪑 Market Cap: ~₹1,250 Cr
• 📚 Book Value: ~₹1,112/share

Yes, you read that right: trading at ~3.5x book — all because the “book” includes decades-old holdings in Vardhman Textiles & VSGML at cost.

🏭 What Does Vardhman Holdings Do?

Not yarn. Not steel. Not manufacturing.

🎯 Vardhman Holdings is a pure investment vehicle, mainly holding:

• Vardhman Textiles Ltd (Associate)
• Vardhman Spinning & General Mills (Associate)

And the best part? It’s earning:

• 📈 ₹254.5 Cr as share of profits from these associates
• 🪙 ₹2.25 Cr in dividends
• 📊 ₹19.33 Cr in mark-to-market gains (FVTPL)

So basically — it earns passive income like a rich uncle with a killer portfolio. 🧓💼

📊 Standalone vs Consolidated — Know the Difference

👉 Almost all the magic lies in the consolidated numbers — thanks to Vardhman Textiles & VSGML’s monster profits.

🪙 Dividend & Capital Return

🧾 ₹5 per share declared
That’s… not why anyone’s holding this.

But Vardhman is famously conservative. It never sells its holdings. It doesn’t do buybacks. It doesn’t do splits.

It just keeps growing silently.

📈 In 10 years, VHL went from ₹400 to ₹3,900 — a 10-bagger with zero hype.

🧠 EduInvesting Take

Vardhman Holdings is a:

• 🛏️ Deep value sleeper
• 📦 Holding company that doesn’t trade holdings
• 🧾 Cash compounding engine hiding in plain sight

If you:

• Don’t care about liquidity
• Want exposure to Vardhman Textiles group at a discount
• Are okay with holding till retirement (or longer)

Then this could be the most boring, most brilliant ₹3,900 you’ll ever spend.

💣 Red Flags (or are they just beige?)

• ❌ No operating business of its own
• ❌ Underappreciated by the market
• ❌ No intent to sell holdings = low cash returns
• ✅ But: No debt, no drama, full clean audit

📦 EduInvesting Verdict

Think of Vardhman Holdings as a permanent holding company — a family office listed on the stock exchange.

You’re not buying a business. You’re buying their investment thesis — and it’s working.

🧠 CAGR of capital: check.
🧾 Audit: clean.
📦 Holdings: priceless (almost literally, thanks to cost basis accounting).

This is a Gujarat-style long game — where patience is the edge.

🏷️ Tags

Vardhman Holdings FY25 Results, VHL Share Price ₹3,920, Vardhman Dividend ₹5, Vardhman Textiles Holding Company, Deep Value Stocks India, Indian Holding Cos, EduInvesting