VTM Limited Q2 FY27 Earnings Presentation Summary

Quarterly Financial Performance

Revenue Metrics:

  • Net Sales: ₹9,816.53 lakh, representing +9.2% YoY growth but -0.2% QoQ decline
  • Total Income: ₹9,930.63 lakh (+9.1% YoY, +0.3% QoQ)
  • Other Income: ₹114.10 lakh (+79.2% QoQ, -2.0% YoY)

Profitability Metrics:

  • Gross Margin: ₹3,946.72 lakh (+25.3% YoY, +24.8% QoQ)
  • Gross Margin Percentage: 40.2% (vs 35.0% in Q2 FY26 and 32.1% in Q1 FY27)
  • EBITDA: ₹693.59 lakh (+38.9% YoY, +19.0% QoQ)
  • EBITDA Margin: 7.1% (vs 5.6% in Q2 FY26 and 5.9% in Q1 FY27)
  • PBT (pre-exceptional): ₹363.05 lakh (+24.8% YoY, +40.0% QoQ)
  • Profit After Tax: ₹293.90 lakh (+26.6% YoY, +52.1% QoQ)
  • EPS: ₹0.29 (vs ₹0.23 in Q2 FY26 and ₹0.19 in Q1 FY27)
  • Total Comprehensive Income: ₹371 lakh (+4.6% YoY, +38.3% QoQ)

Cost Structure Analysis:

  • Materials Cost (net of inventory change): ₹5,869.81 lakh (+0.5% YoY, -12.1% QoQ)
  • Material-to-Sales Ratio: 59.8% (vs 65.0% YoY and 67.9% QoQ)
  • Employee Benefits: ₹833.80 lakh (+26.1% YoY, -0.7% QoQ)
  • Other Expenses: ₹2,419.33 lakh (+21.6% YoY, +39.2% QoQ)
  • Depreciation & Amortization: ₹358.59 lakh (+25.8% YoY, +16.7% QoQ)
  • Finance Cost: ₹86.05 lakh (+116.2% YoY, +7.7% QoQ)

Management Commentary

Key Takeaways from Quarter:

1. Sales increased YoY but remained flat QoQ, with material-to-sales ratio falling significantly due to change in product mix

2. Other expenses increased 21.6% YoY due to additional selling and distribution expenses for retaining existing customer base and exploring new markets

3. Fixed charges increased with employee cost up 26.1% due to human resources addition and impact of change in labor code compliances, and finance cost up 116% YoY

4. PAT increased significantly but total comprehensive income growth lagged at 4.6% YoY as Other Comprehensive Income fell to ₹77 lakh from ₹123 lakh

Capital Structure and Share Information

Shareholding Pattern:

  • Promoters: 75%
  • Public: 25%

Stock Data (as of November 5, 2026):

  • Market Capitalization: ₹428 crore
  • Stock Price: ₹42.30
  • 52-week High/Low: ₹103.33 / ₹30.75
  • Shares Outstanding: 10,05,69,000
  • Face Value: ₹1.00
  • Other Equity (Sep 30, 2026): ₹31,133 lakh

Definitions and Methodologies

  • Materials (net) = cost of materials consumed + change in inventories of FG, WIP and stock-in-trade
  • Gross margin = Net sales − Materials (net)
  • EBITDA = Gross margin − employee − other expenses (excludes other income)
  • QoQ = vs Q1 FY27; YoY = vs Q2 FY26
  • All figures in ₹ lakhs unless otherwise stated