V-Marc India Ltd is a prominent manufacturer of various types of wires and cables, including single and multi-core options with Copper/Aluminium Conductors, featuring properties like FR, HRFR, FRLS, and HFFR. The company operates under the brand name 'V-Marc'. Its journey began in 2006 when Promoter Vikas Garg started a partnership firm focused on manufacturing and distributing PVC insulated wires and cables. Over the years, the business has evolved, expanded, and diversified significantly.
V-Marc India was founded in March 2014 and is headquartered in Haridwar, Uttarakhand, India. The company operates two manufacturing facilities in Haridwar and employs a total of 227 individuals.
The company employs a well-diversified business model catering to multiple market segments. V-Marc India distributes its products through a combination of channels:
1. Government Tenders: Securing contracts for supply to government projects.
2. EPC Contractors: Supplying to turnkey projects managed by Engineering, Procurement, and Construction contractors.
3. Dealer & Distribution Network: A broad network reaching various regions.
4. Direct Sales: Engaging directly with select private companies.
This multi-channel approach ensures stable revenue streams from diverse customer bases. Quality and compliance are paramount. V-Marc India's products are certified by the Bureau of Indian Standards (BIS) and Certiva Limited (CE), ensuring adherence to stringent industry standards and regulatory requirements. This is critical for market credibility and securing government contracts.
As of recent data, V-Marc India boasts a market capitalization of ₹965 Crore, marking a significant 99.1% increase in the past year. The company reports revenue of ₹905 Cr and a profit of ₹36.1 Cr. The market cap stood at ₹707.95 Cr as of 16th May 2025. V-Marc India has demonstrated consistent profitability, although it has not yet issued dividends.
The company's revenue growth has been notable. Over the last 5 years, revenue has grown at a compounded annual rate of 11.73%, slightly below the industry average of 13.58%. However, alternative reports indicate a higher 5-year revenue growth rate of 22.48%, significantly outpacing the industry average of 9.51%. More impressively, net income has grown at a compounded annual rate of 36.02% over the last 5 years, vastly outperforming the industry average of 4.75%.
Market share dynamics present mixed indications. One view suggests a decrease in market share from 0.37% to 0.33% over the last 5 years. Conversely, another report indicates an increase from 0.39% to 0.63% during the same period.
Valuation metrics highlight the company's growth trajectory:
- P/E Ratio: 19.62
- P/B Ratio: 6.65
- 52-Week High: ₹494.15
- 52-Week Low: ₹154.35
Recent financial performance as of 31-Mar-2025 shows trailing 12-month revenue of approximately $107 million and an Earnings Per Share (EPS) of $0.17 for the same period.
Recent leadership developments include the appointment of D.K. Bansal as Chief Financial Officer (CFO) and Key Management Personnel (KMP), effective July 1, 2025. With over 20 years of experience, this appointment aims to strengthen the company's financial management capabilities as it scales its operations.
The shareholding pattern reveals a promoter holding of 64.9%. However, concerns exist regarding promoter pledging, with approximately 43.2% of their holdings being pledged or encumbered. Furthermore, promoter holding has seen a decrease of -5.09% over the last three years.
V-Marc India Ltd operates within the Industrials sector, specifically the Electrical Components & Equipments sub-sector. Its key competitors include:
- Birla Cable
- Cords Cable Inds
- RTS Power Corp
- Ultracab
- Bharat Wire Ropes
- CMI
- Dynamic Cables
The company's market positioning appears strong relative to its peers. With a market capitalization of ₹686 Crores, V-Marc India is significantly larger than the median market cap of its competitors, which stands at ₹242 Crores.
From a risk-reward perspective, V-Marc India Ltd, with a market cap of ₹707 Cr, ranks 1,606 and is considered high risk, with its stock being 3.55 times more volatile than the Nifty index. Analysis suggests the stock may be overvalued compared to the market average.
Despite potential overvaluation, the company exhibits solid fundamentals, strong financials, and a consistent growth story. It shows good signs of profitability and efficiency. Importantly, while the stock might be considered overpriced, it is not currently in the overbought zone.
V-Marc India Ltd represents a growing entity in India's electrical cables and wires industry, characterized by strong operational performance and an expanding market presence. While its stock commands a premium valuation, the company's sustained profitability, diverse revenue streams, and quality certifications position it favorably for continued growth within India's expanding infrastructure and electrical equipment markets.
