Interim report
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V-GUARD INDUSTRIES LTD. P +91 484 300 5000, 200 5000 Regd. Office: 42/962, E mail@vguard.in Vennala High School Road, W www.vguard.in Vennala, Kochi – 682 028. CIN: L31200KL1996PLC010010 October 29, 2026 The Manager, Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 The Manager, Listing Department, National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra-East, Mumbai- 400 051 Scrip Code: 532953 Symbol: VGUARD Dear Sir/Madam, Sub: Outcome of Board Meeting held on October 29, 2026 and various disclosures under SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (SEBI Listing Regulations) This is to inform you that Directors of the Company at their meeting held today, i.e. October 29, 2026, inter alia, transacted the following business: Sl. No. Particulars Details 1 Financial Results The Board of Directors have approved the Un-Audited Standalone & Consolidated Financial Results of the Company for the quarter and half - year ended September 30, 2026 along with Statement of Assets and Liabilities and Cash Flow Statement for the half year ended September 30, 2026. The Un -Audited Financial Results and Limited Review Report thereon as submitted by the Auditors of the Company are enclosed herewith. 2 Appointment of Mr. Kurian Puthenpurayil John (DIN: 00498748) as Additional Director in the capacity of Independent Director Based on recommendation of Nomination and Remuneration Committee, the Board of Directors has approved the appointment of Mr. Kurian Puthenpurayil John (DIN: 00498748) as Additional Director in the capacity of Non-Executive Independent Director. The Board of Directors have recommended his appointment as Non- Executive Independent Director for a first term of 5 ( five) consecutive years from October 29, 2026 to October 28, 2031 to the shareholders for their approval. Mr. Kurian Puthenpurayil John has declared to the Company that he is not debarred from holding the office of Director in the Company, pursuant to any order received from Securities Exchange Board of India or any other authority. Brief profile of Mr. Kurian Puthenpurayil John is attached herewith in Annexure-I. 3 Issue and Allotment of Equity Shares The Board of Directors of the Company has allotted 1,63,183 nos. of equity shares having face value of ₹ 1/- each to thirty-six (36) employees who have exercised stock options under Employee Stock Option Scheme
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V-GUARD INDUSTRIES LTD. P +91 484 300 5000, 200 5000 Regd. Office: 42/962, E mail@vguard.in Vennala High School Road, W www.vguard.in Vennala, Kochi – 682 028. CIN: L31200KL1996PLC010010 pursuant to ESOS 2013 of the Company ‘ESOS 2013’. Details of issue and allotment are tabulated below: Particulars Details Type of securities Equity Shares Type of Issue Issuance pursuant to allotment of shares under Employee Stock Option Scheme of the Company 'ESOS 2013' Total number of securities proposed to be issued 1,63,183 The Board of Directors have also approved the postal ballot notice for appointment of Mr. Kurian Puthenpurayil John. The aforesaid meeting commenced at 10:30 AM and concluded at 12:49 PM. We request you to kindly take the above information on record. Thanking You, Yours Sincerely, For V-Guard Industries Limited Vikas Kumar Tak Company Secretary & Compliance Officer Membership No. FCS 6618 Encl: As above
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V-GUARD INDUSTRIES LTD. P +91 484 300 5000, 200 5000 Regd. Office: 42/962, E mail@vguard.in Vennala High School Road, W www.vguard.in Vennala, Kochi – 682 028. CIN: L31200KL1996PLC010010 Annexure-I Disclosure of information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI/HO/CFD/CFD -PoD- 1/P/CIR/2023/123 dated July 13, 2023 Sr. No. Particulars Mr. Kurian Puthenpurayil John 1 Reason for Change viz. Appointment, Resignation, removal, death or otherwise Appointment of Mr. Kurian Puthenpurayil John (DIN: 00498748) as Additional Director in the category of Non-Executive Independent Director. 2 Date of Appointment/ Cessation (as applicable) & term of Appointment October 29, 2026 Appointment for a first term of 5 ( five) consecutive years from October 29, 2026 to October 28, 20 31, subject to the approval of shareholders. 3 Brief Profile Mr. Kurian John is a Fellow Chartered Accountant (FCA) and a member of the Institute of Chartered Accountants of India (ICAI), with over two decades of experience across f inance, capital markets, corporate governance, investor relations and business strategy. He has held senior positions with leading professional Big 4 services firms and has advised listed and unlisted companies across diverse jurisdictions and sectors on corporate g overnance, IPO readiness, regulatory compliance, audit, assurance and i nternal control frameworks. He is the Founder and Chief Executive Officer of KloVr Corporate Advisors LLC, United Arab Emirates, providing strategic counsel to companies, investment entities and their leadership on capital allocation, investment strategy, capital markets transactions , corporate transformation, mergers and acquisitions, governance, investor relations and long-term value creation. He has worked closely with Boards and senior management teams across multiple jurisdictions, providing strategic and financial guidance to support informed decision-making, effective governance and sustainable business growth. His international experience includes advising entities operating within Dubai International Financial Centre ( DIFC) and Abu Dhabi Global Market ( ADGM), as well as companies listed on the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX). His extensive cross -border experience, strategic perspective and expertise in financial oversight, investment strategy and corporate governance will provide valuable guidance to the Board and further strengthen the Company's governance framework and long-t erm growth and strategic objectives. 4 Disclosure of relationships between directors NA
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Price Waterhouse Chartered Accountants LLP To The Board of Directors V-Guard Industries Limited 42/962, Vennala High School Road Vennala , P.O., Kochi Kerala - 682 028 Review Repor t 1. We have reviewed the unaudited standalone financial results of V-Guard Industries Limited (the "Company") for the quarter ended September 30, 2026 and the year to date results for the period April 1, 2026 to September 30, 2026, and the unaudited standalone statement of assets and liabilities as on that date and the unaudited standalone statement of cash flows for the half year ended on that date which are included in the accompanying 'Statement of Unaudited Standalone Financial Results for the quarter and half year ended 30.09.2026', 'the Statement of Unaudited Standalone Assets and Liabilities as at 30.09.2026 ' and the 'Unaudited Standalone Statement of Cash Flows for the half year ended 30.09.2026' (together referred to as the "Standalone Statement"). The Standalone Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended (the "Listing Regulations"), which has been initialled by us for identification purposes . 2. This Standalone Statement, which is the responsibility of the Company 's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting " ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Standalone Statement based on our review. 3. We conducted our review of the Standalone Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Standalone Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Standalone Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement . For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 ~~10~ Amit Kumar Agrawal Partner Membership Number: 064311 UDIN: 26064311IIEYGS5015 Place: Kochi Date: October 29, 2026 Price Waterhouse Chartered Accountants LLP, 5th Floor, Tower 'D', The Millenia, 1 & 2 Murphy Road, Ulsoor Bengaluru - 560 008 T:+91 (80) 40794190 Registered office and Head office: 11-A, Vishnu Digamber Marg, Sucheta Bhawan, New Delhi - 110002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N / N500016 (ICAI registration number before conversion was 012754N)
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SI. No 1 2 3 4 5 6 7 8 9 10 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2026 Fo r the three months ended Particnlnrs 30.09.2026 30.06.2026 (Unaudited) (Un1111ditedl Income Revenue from operations 1,767.73 1,736.87 Other income 13 18 1]16 Totnl income 1,780.91 1,748.03 Expenses Cost ofraw materials consumed 519.04 515.09 Purchase of stock-in-trade 853.96 760.00 (Increase)/ decrease in inventories of finished goods, (14622) (106.45) work-in-progress and stock -in-trade Employee benefits expense 149.13 154.17 Depreciation and amortization expense 21.91 20.91 Finance costs 135 1.59 Other expenses 252.49 259.00 Total expenses 1,651.66 1,60 4.31 Pro lit before exceptional item 11nd tax (1 - 2) 129.25 143.72 Exceptional item (Refer Note 6) Prolit before tax (3-4) 129.25 143.72 Tax expenses: Current tax 29.25 38.29 Deferred tax expense/ (cred it) 5.37 (236) Total tax expenses 34.62 35.93 Prolit for the period/ year (5-6) 94.63 107.79 Other comprehensive income Other comprehensive income not to be reclassified to profit or loss in subsequent periods, net of tax Other comprehensive income for the period/ ye11r net of tax Total comprehensive income for the period / ye11r (Comprising 94.63 107.79 Prolit for the period / year and Other comprehensive income for the period/ year (7+8)) Earnings per equity share (EPS) (nominal value off 1/-each) (not Hnn1111lised for q1rnrter mid year to date) (a) Basic (f) 2.16 2.46 (b) Diluted(~) 2.15 2.45 1, /.'RN 0l2754N/N ·~<( ~alu V-GUARD INDUSTRIES LTD. Regd. office 42/962, Vennala High School Road, Vennala, Kochi - 682 028. CIN:L31200KL1996PLC010010 P +91 484 433 5000 , 200 5000 E mail@vguard.in W www.vgua rd.in Fo r the six months ended 30.09.2025 30.09.2026 30.09.2025 /Un11udited) (Unaudited) (U,rnudited) 1,272. 32 3,504.60 2,678 .70 18.63 24.34 23.50 1,290.95 3,528.94 2,702.20 340.83 1,034.13 662.19 509.14 1,613.96 1,107.99 (5.40) (252.67) 23.23 125.31 303.30 254.87 20.57 42.82 40.77 0.85 2.94 3.82 217.10 511.49 451.22 1,208.40 3,255.97 2,544.09 82.55 272.97 158.11 82.55 272.97 158.11 17.63 67.54 39.01 (105) 3.01 (2.58) 16.58 70.55 36.43 65.97 202.42 121.68 65.97 202.42 121.68 I.SO 4.61 2.78 ISO 4.60 2.77 (~ in crores) For the ve11r ended 31.03.2026 (Audited) 5,691.78 36.12 5,727.90 1,330 .33 2,450.76 72.98 494.13 82.06 6.93 925.93 5,363.12 364.78 20.91 343.87 90.58 (608) 84.50 259.37 (0.67) (0.67) 258.70 5.92 5.90
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V-GU~ STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES AS AT 30.09.2026 (~ in crores) As at As at Particulars 30.09.2026 31.03.2026 (Unaudited ) (Audited ) A. Assets 1. Non-current assets Property plant and equipment 476.92 468.12 Capital work-in-progress 16.24 7.59 Investment property 0.28 0.28 Other intangible assets 40.46 42. 14 Intan gible assets under development 1.76 110 Right of use assets 53.26 59.99 Financial assets (a) Investments 913.58 913.58 (b) Loans 105 0.92 (c) Other financial assets 18.19 17.98 Current tax assets (net) 35.56 35.56 Deferred tax assets (net) 11.79 14.80 Other non-current assets 14 08 14.86 1,583.17 1,576.92 2. Current asse ts Current assets Inventories 1,069 .53 832.11 Financial assets (a) Investments 435.94 180.55 (b) Trade receivables 360.17 5 I 1.45 (c) Cash and cash equivalents 75.62 31.63 (d) Bank balances other than (c) above 0.39 0.39 (e) Loans 1.48 1.32 (f) Other financial assets 5.79 1.70 Other current assets 223.14 153.64 2,172.06 1,712.79 Total assets 3,755.23 3,289.71 B. Equity and liabilities 1. Equity Equity share capital 43.69 43.68 Other equity 2,331.52 2,181.00 Total equity 2,375.21 2,224.68 2. Non-current liabilities Financial liabilities (a) Lease liabilities 32.97 38.53 Provisions 20.81 18.23 53.78 56.76 3. Current liabilities Financial liabilities (a) Borrowings 8.01 8.84 (b) Lease liabilities 15.64 16.99 (c) Trade payables (i) Total outstan ding dues of micro enterprises and small enterprises 49.33 32.42 (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 910.42 650.33 (d) Other financial liabilities 88.46 77.01 Other current liabilities 121.98 91.60 Provisions 127.81 131.08 Current tax liabilities (net) 4.59 1,326.24 1,008.27 Total liabilities 1,380.02 1,065.03 Total equity and liabilities 3,755.23 3,289.71
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V-GU~ UNAUDITED STANDALONE STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30.09.2026 A. Cash flow from operating activities Profit before tax Particulars Adjustments to reconcile profit before tax to net cash flows Depreciation and amortization expense Loss I (profit) on property, plant and equipment sold / scrapped/ written off (net) Finance costs Finance income Net gain on sale of investments Fair value gain on investments Dividend received from subsid iary (Gain) / loss on lease modifications/ termination Liabilities/ provisions no longer required written back Loss allowance for trade receivables (net) Impairment allowance for doubtful advances (net) Unrea lised (gain)/ loss on foreign currency transaction Share based payments expense Operating profit before working capital changes Movement in working capital Decrease I (increase) in inventories Decrease I (increase) in trade receivables Decrease/ (increase) in loans Decrease/ (increase) in other financial assets Decrease/ (increase) in other assets Increase / (decrease) in trade payables Increase I (decrease) in other financial liabiliti es Increase I (decrease) in provisions Increase I (decrease) in other liabilities Cash generated from operations Income tax paid (net ofrefunds) Net cash flow from I (used in) operating activities (A) B. Cash flow from investing activities Purchase of property, plant and equipment, intangible assets including capital work-in-progress, intangible assets under development and capital advances Proceeds from sale of property, plant and equipment (Purchase) I sale of current investments (net) (Investment in) I redemption of fixed deposits with maturity more than 3 months (net) Loan granted to associate Fina nce income Dividend received from subsidiary Net cash flow (used in)/ from investing activities (B) C. Cash flow from financing activities Proceeds from exercise of share options (including share application money) Payment of principal portion of lease liabilities (Repayment of)/ proceeds from short term borrowings (net) Finance costs paid Dividends paid on equity shares Net cash flow (used in)/ from financing activities (C) Net increase/ (decrease) in cash ancl cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the encl of the period Components of cash ancl cash equivalents: (a) Cash on hand (b) Balances with banks: In current accounts In fixed deposits with original maturity of less than 3 months Non cash investing activities Acquisition of right of use assets Disposal of right of use assets For the half year ended For the half year ended 30.09.2026 30.09.2025 Unaudited Unaudited 272.97 158.11 42.82 40.77 0.04 (0.17) 2.94 3.82 (0.73) (0.44) (9.81) (5.39) (1.10) (14 .09) (0.07) (0.22) (0.67) 2.18 (0.01) 1.03 (0.88) 12.79 16.05 43.02 45.84 315.99 203.95 (237.42) 9.34 151.95 120.15 (0.29) (0.38) (3.79) (0.45) (69.51) (14.35) 275.97 (52.58) 10.95 (64.41) (0.69) 8.97 30.38 2.99 157.55 9.28 473.54 213.23 62.95) 44.20) 410.59 169.03 (49.21) (62.61) 0.20 0.38 (240.19) (33.94) (0.03) (4.30) 0.25 0.26 14.09 (288.98) (86.12) 0.86 2.50 (9.17) (10.00) (0.83) (3.32) (2.94) (3.82) (65.54) (65.36) (77.62) 80.00) 43.99 2.91 31.63 30.07 75.62 32.98 0.07 0.02 45.55 32.96 30.00 75.62 32.98 2.26 7.96 ( 4.98) ( 4.80)
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Price Waterhouse Chartered Accountants LLP Review Report To The Board of Directors V-Guard Industries Limited 42/962, Vennala High School Road, Vennala, P.O., Kochi Kerala - 682 028 1. We have reviewed the unaudited consolidated financial results of V-Guard Industries Limited (the "Holding Company") , its subsidiaries (the Holding Company and its subsidiaries hereinafter referred to as the "Group"), and its share of the net loss after tax and total comprehensive income of its associate company (refer Note 4 to the Consolidated Statement) for the quarter ended September 30, 2026 and the year to date results for the period April 1, 2026 to September 30, 2026 and the unaudited consolidated statement of assets and liabilities as on that date and the unaudited consolidated statement of cash flows for the half year ended on that date which are included in the accompanying 'Statement of Unaudited Consolidated Financial Results for the quarter and half year ended 30.09.2026', 'the Statement of Unaudited Consolidated Assets and Liabilities as at 30.09.2026' and the 'Unaudited Consolidated Statement of Cash Flows for the half year ended 30.09.2026' (together referred to as the "Consolidated Statement") . The Consolidated Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialled by us for identification purposes. 2. This Consolidated Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Consolidated Statement based on our review. 3. We conducted our review of the Consolidated Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Consolidated Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 5. The Consolidated Statement includes the results of the following entities: Holding Company: V-Guard Industries Limited Subsidiaries (Wholly owned): V-Guard Consumer Products Limited Guts Electro-Mech Limited Sunflame Enterprises Private Limited Associate: Gegadyne Energy Labs Private Limited Price Waterhouse Chartered Accountants LLP, 5th Floor, Tower 'D', The Millenia, 1 & 2 Murphy Road, Ulsoor Bengaluru - 560 008 T: +91 (80) 40794190 Registered office and Head office: 11-A, Vishnu Digamber Marg, Sucheta Bhawan, New Delhi - 110002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)
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Price Waterhouse Chartered Accountants LLP 6. Based on our review conducted and procedures performed as stated in paragraphs 3 and 4 above, nothing has come to our attention that causes us to believe that the accompanying Consolidated Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement. 7. The consolidated unaudited financial results also includes the Group's share of net (loss) after tax of Rs. (o.oo) crores and Rs. (o.oo) crores and total comprehensive income of Rs. (o.oo) crores and Rs. (o.oo) crores for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, as considered in the consolidated unaudited financial results, in respect of the associate based on their interim financial information, which have not been reviewed / audited by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group. Our conclusion on the Consolidated Statement is not modified in respect of the above matter. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/ N500016 Amit 1::: r1~~ Partner Membership Number: 064311 UDIN: 26064311VKYOFE1562 Place: Kochi Date: October 29, 2026
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V·GU~ STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2026 ('tin crores) For the three months ended For the six months ended For the year SI. Pnrticulnrs ended No 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 !Unaudited) (Unm11lited) /Unaudited) (Unaudited) (Una udit ed) (Audited) 1 Income Revenue from opera tions 1,852.89 1,810.65 1,340 92 3,663.54 2,807.00 5,965.78 Other income 13.65 11.68 4.91 25.33 10.16 23.51 Total income 1,866.54 1,822.33 1,345.83 3,688.87 2,817.16 5,989.29 2 Expenses Cost ofrnw materials consumed 732.63 720.37 471.88 1,453.00 969.76 1,955.91 Pl!rchnse of stock-in- trade 668.45 524.17 376.23 1,192.62 793.95 1,799.16 (Increase)/ decrease in inventories of finished goods, (184 21) (101.72) work-i n-progress and stock-in-trade (11.01) (285 93) (1.20) 42.33 Employee benefits expense 160.35 165.21 136.24 325.56 276.59 536.37 Deprecintion and amor tization expense 28.89 27.66 26.96 56.55 53.27 107.89 Finance costs 2.95 3.11 2.13 6 06 6.40 12.38 Other expenses 307.74 311.66 258.32 619.40 535.05 1, 105.25 Total expenses 1,716.80 1,650.46 1,260.75 3,367.26 2,633.82 5,559.29 3 Profit before share of (loss) of associate, exceptio nal item and tax (I - 2) 149.74 171.87 85.08 321.61 183.34 430.00 4 Share of (loss) of associate (net) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) 5 Profit before exceptio nal item and tax (3 + 4) 149.74 171.87 85.08 321.61 183.34 429.99 6 Exce ptional item (Refer Note 6) 22.11 7 Profit before tax (5-6) 149.74 171.87 85.08 321.61 183.34 407.88 8 Tax expenses : Cllrrcnt tax 33.76 43.78 2I:24 77.54 46.48 105.83 Deferred tnx expense/ (credit) 4.31 (2 16) (1.45) 2.15 (2 28) (6.28) Total tax expenses 38.07 41.62 19.79 79.69 44.20 99.55 9 Profit for the per iod / year (7 - 8) 111.67 130.25 65.29 241.92 139.14 308.33 10 Other compr ehensive income Other comprehensive income not to be reclnssified to profit or loss in subsequent (0.75) periods , net of tax Other comprehensive income for the period/ year net of tax (0.75) 11 Totnl comprehensive income for the period / yenr (Comprising Profit for the 111.67 130.25 65.29 241.92 139.14 307.58 period/ year and Other comprehensive income for the period/ year (9+10)) 12 Profit for the period / year attributable to: Equity holders of the parent company 111.67 130.25 65.29 241.92 139.14 308.33 Non controlling interests 13 Totnl comprehensive income for the period/ year attributable to: Eqt1ity holders of the parent company 111.67 130.25 65.29 241.92 139.14 307.58 Non controlling interests 14 Earnings per equity share (EPS) (nominnl value of'( Ii-each) (not annualised for quarter and year to date) (a) Basic(~) 2.54 2.97 l.49 5.51 3. I 7 7.03 (b) Diluted (~) 2.54 2.96 l.4 8 5.49 3. 16 7.0 1 SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES ('tin crores) For the three month s ended For the six months ended Fo,· the year SI. ended No Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Segment Revenue (a) Electronics 510.24 658.46 319.07 1,168.70 855.36 1,639.58 (b) Electricals 794.25 670. 12 562.62 1,464.37 1,087.32 2,461.08 (c) Consumer Durables 475.22 416.71 396 09 89 l.93 745.67 1,615.88 (d) Sunflame 76.08 65.69 63.14 141.77 118.65 250.23 Total 1,855.79 1,810.98 1,340.92 3,666.77 2,807.00 5,966.77 Less : Inter segment revenue (2.90) (0.33) (3.23) (0 99) Revenue from operations 1,852.89 1,810.65 1,340.92 3,663.54 2,807.00 5,965.78 2 Segment Results (a) Electronics 81.43 130.70 54.86 212.13 159.73 294.12 (b) Electricals 84.24 70.64 65.01 154.88 112.38 279.60 (c) Consumer Durables 22.40 14.92 6.91 37.32 (0.26) 26.08 (d) Sunflame 3.57 2.62 4.13 6. 19 6.56 13.16 Total 191.64 218.88 130.91 410.52 278.41 612.96 Add I (less): (i) Finance costs (2.95) (3.11) (2.13) (6 06) (6.40) (12.38) (ii) Other unallocable (expense)/ income - net (38 95) (43 90) (43.70) (82.85) (88.67) (170.59) (iii) Except ional item (Refer Note 6) (22 I I) Profit before tnx 149.74 171.87 85.08 321.61 183.34 407.88 3 Segment Asse ts (a) Electronics 823.91 681.30 573.69 823.91 573.69 730.31 (b) Electricals 815.33 749.80 609.54 815.33 609.54 719.52 (c) Consumer Durables 738.57 675.74 793.81 738.57 793.81 713.50 (d) Sunflame 804.20 785.81 812.21 804.20 812.2 1 791.73 (e) Unallocated 1,094.26 1,249.89 548.96 1,094.26 548.96 758.66 Total assets 4,276 .27 4,142.54 3,338.21 4,276.27 3,338.21 3,713.72 4 Segment Liabilities (a) Electronics 388.93 389.07 228.29 388.93 228.29 31 l.21 (b) Electrica ls 448.50 428.85 224.10 448.50 224.10 284.59 (c) Consumer Durables ~ \NDUS~R~o' 407.99 359.35 316.03 407.99 316.03 328.57 (d) Sunflame 15l.l8 144.27 148.14 151. 18 148.14 136.73 (e) Unallocated 316.59 311.09 231.53 316.59 231.53 279.57 Total liabilities (b. 1,713.19 1,632.63 1,148.09 1,713.19 1,148.09 1,340.67 . 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V·GU~ STATEMENT OF UNAUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT 30.09.2026 (fin crores) As at As at Part icul ars 30.09.2026 31.03.2026 <Unaudited) (Audited) A. Assets 1. Non-curre nt assets Property , plant and equipment 673 .09 661.84 Capital work-i n-progress 55.41 19.93 Investment property 0.28 0.28 Goodwill 252.80 252.80 Other intangible assets 433.45 437.28 Intangible assets under development 1.76 1.10 Right of use assets 163.70 171.31 Financial assets (a) Investments 95.59 95.59 (b) Loans 1.05 092 (c) Other financial assets 22.45 21.22 Current tax assets (net) 36.32 37.59 Deferred tax assets (net) 12.73 15.69 Other non-current assets 45.79 33.66 1.794.42 1,749.21 2. Current assets Inventories 1,304.75 1,023.93 Financial assets (a) Investments 436 .09 180.70 (b) Trade receivables 388.87 532.85 (c) Cash and cash equivalents 90.86 46.92 (d) Bank balances other than (c) above 11.50 12.38 (e) Loans 1.49 1.33 (f) Other financial assets 4.46 1.79 Other current assets 243.83 164.61 2,481 .85 1,964.51 Tota l assets 4 276.27 3,713.72 B. Equity and liabilities 1. Equity Equity share capital 43 .69 43.68 Other equity 2,519.39 2,329 .37 Total equity 2,563.08 2.373.05 2. No n-current liabilities Financial liabilities (a) Lease liabiliti es 128.17 130.55 Deferred tax liabilities (net) 98.89 99.70 Provisions 23.58 20.89 250 .64 251.14 3. Current liabilities Financial liabilities (a) Borrowings 8.01 8.84 (b) Lease liabilities 24.28 25.87 (c) Trade payables (i) Total outstanding dues of micro enterprises and small enterprises 108.76 75.78 (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 956.58 662.69 (d) Other financial liabilities 98.67 82.18 Other current liabiliti es 128.05 97.98 Provisions 132.33 135.19 Current tax liabilit ies (net) 5.87 1.00 1 462.55 1,089 .53 Total liabilitie s 1,713.19 1,340.67 Total equity and liabilities 4 276.27 3 713.72
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V-GU~ UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30.09.2026 (Rs in crores) For the half year ended For the half year ended Particulars 30.09.2026 30.09.2025 (Unaudited) (Unaudited) A. Cash flow from operating activities Profit before tax 321.61 183.34 Adjustments to reconcile profit before tax to net cash flows Depreciation and amo11ization expense 56.55 53.27 Loss on property, plant and equipment sold/ scrapped/ written off (net) 0.04 (0.19) Loss on sale of investment property 0.01 Finance costs 6.06 6.40 Finance income (1.23) (1.11) Net gain on sale of investments (9.81) Fair value gain on investments (5.39) (1.10) Loss I (gain) on lease modifications/ tem1ination 0.98 0.07 Liabilities/ provisions no longer required written back (0.22) Loss allowance for trade receivables (net) (0.62) 2.49 Impainnent allowance for doubtful adva nces (net) (0.20) 0.23 Unrealised loss/ (gain) on foreign currency transaction 1.03 (0.87) Share based payments expense 12.79 16.05 60.21 75 02 Operating profit before working capital changes 381.82 258.36 Movement in working capital Decrease/ (increase) in inventories (280.82) (2.11) Decrease / (increase) in trade receivables 144.60 112.25 Decrease/ (increase) in loans (0.29) (0.36) Decrease I (increase) in other financial assets (3.39) (2.00) Decrease I (increase) in other assets (79.27) (11.50) Increase/ (decrease) in trade payables 325.84 (53.85) Increase / (decrease) in other financial liabilities 11.36 (64.31) Increase/ (decrease) in provisions (0.17) 9.52 Increase/ (decrease) in other liabilities 30.07 0.73 147.93 (11.63) Cash generated from operations 529.75 246.73 Income tax paid (net of refunds) (71.40) (51.65) Net cash flow from/ (used in) operating activities (A) 458.35 195.08 B. Cash flow from investing activities Purchase of property, plant and equipment, intangible assets including capital work-in- (94.69) (84.99) progress, intangible assets under development and capital advances Proceeds from sale of property, plant and equipment 0.18 0.80 (Purchase)/ sale of current investments (net) (240.19) (33.95) Redemption of/ (investment in) fixed deposits with maturity more than 3 months (net) 0.85 2.45 Loan granted to associate (4.30) Finance income 0.75 0.94 Net cash flow (used in)/ from invest ing activities (B) (333.10) (ll9.05) C. Cash flow from financing activities Proceeds from exercise of share options (includi ng share application money) 0.86 2.50 Payment of principal portion of lease liabilities (9.74) (10.46) (Repayment of)/ proceeds from short tenn borrowings (net) (0.83) (3.32) Finance costs paid (6.06) (6.40) Dividends paid on equity shares (65.54) (65.36) Net cash flow (used in)/ from financing activities (C) (81.31) (83.04) Net (decrease)/ increa se in cash and cash equ ivalent s (A+B+C) 43.94 (7.01) Cash and cash equivalents at the beginning of the period 46.92 49.98 Cash and cash equivalents at the end of the period 90.86 42.97 Compone nts of cash and cash equivalents : (a) Cash on hand 0.07 0.02 (b) Balances with banks: In current accounts 60.55 42.95 In fixed deposits with original maturity of less than 3 months 30.24 90.86 42.97 Non cash investing act ivities Acquisition of right of use assets 6.01 34.05 Disposal of right of use assets (4.98) (4.80)
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·v-Gu~ Notes to the unaudit ed standal one and consolidated finan cial results for the quarter and half year ended 30.09.2026 1. The above unaudited standalone and consolidated financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under section 133 of Companies Act, 2013 read with relevant rules issued thereunder . 2. The above unaudited standalone and consolidated financial results for the quarter and half year ended September 30 , 2026 were reviewed by the Audit Committee and approved by the Board of Directors and taken on record at the meetings held on October 29, 2026. 3. Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments and segment information is presented accordingly. Accordingly , the management has identified Electronics, Electricals , Consumer Durables and Sunflame as business segments. Electronics includes Stabilizers , Digital UPS and Solar Inverters; Electricals includes PVC Insulated Cables , Switch Gears, Pumps Modular Switches and Lighting; Consumer Durables includes Water Heaters, Fans , Kitchen Appliances and Air Coolers ; Sunflame includes products sold under trademark Sunflame and Superflame. The Company publishes the standalone financial results along with the consolidated financial results. In accordance with Ind-AS 108, Operating Segments, the Company has disclosed the segment information only for the consolidated financial results. 4. The consolidated financial results include the results of the following entities: Holding Company : • V-Guard Industries Limited Subsidiaries (wholly owned): • V-Guard Consumer Products Limited • Guts Electro-Mech Limited • Sunflame Enterprises Private Limited Associate: • Gegadyne Energy Labs Private Limited 5. The Board of Directors in its meeting held on July 29, 2025 have accorded in-principle approval for merger of Sunflame Enterprises Private Limited with V-Guard Industries Limited (Holding Company), subject to necessary approvals . The proposed merger is being carried out to take advantage of synergies with the Holding Company. 6. On November 21, 2025, the Government oflndia notified the four Labour Codes -the Code on Wages , 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code , 2020 - replacing 29 existing labour laws, collectively referred to as the 'New Labour Codes'. The Group has assessed and disclosed the incremental financial impact of these changes, taking into consideration the best information available read with the FAQs released by the Ministry of Labour & Employment and the Institute of Chartered Accountants oflndia and the rules notified subsequently. Considering the materiality and non-recurring nature of this impact, the Group has presented incremental charge of Rs . 20.91 crores and Rs. 22.11 crores under "Exceptional item" in the standalone and consolidated financial results for the year ended March 31 , 2026 , respectively. For V-GUARD INDUSTRIES LIMITED Chairm an & Managi ng Direc tor Mithun K Chittilapp illy Place: Kochi Date: October 29, 2026