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Varroc Engineering Limited (VARROC) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹128B (≈ $1.4B) · ISIN INE665L01035

What is Varroc Engineering Limited really worth?

VE Varroc Engineering Limited VARROC · BSE
Price₹825.70
Fair Value₹236.58
Upside−71.4%
Quality56/100

A solid business, but trading 249% above our fair value of ₹236.58.

As of Sep 5, 2026, the fair value of Varroc Engineering Limited is ₹236.58 per share against a price of ₹825.70, so the fair value sits 71% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −4.9 %/yr)
!Thin margins · 2.1% net margin
!Narrow moat 39/100
Evidence: High Range ₹138.00 – ₹338.85

Fair value as of: Sep 5, 2026

From 24 valuation models · updated yesterday

Share price +15.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹338.85). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹138.00 to ₹338.85) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹874.95 ₹240.57 Fair Value ₹236.58 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range ₹240.57 – ₹874.95 · fair‑value band ₹138.00 – ₹338.85 · the ₹825.70 price screens above the ₹236.58 fair value. Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Varroc Engineering Limited (VARROC) currently trades at ₹825.70, while our model-based Fair Value estimate is ₹236.58, implying the stock looks roughly 249.0% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of ₹324.03 per share, and 0 of the 24 models we run sit above the ₹825.70 price. Bear case: the Growth DCF group reads lowest at ₹62.22, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Varroc Engineering Limited generated revenue of ₹95.0B at a net margin of 2.1%. Revenue grew 29.9% year over year. It earns a return on equity of 13.5%. Net debt stands at ₹6.1B. Fundamentals as of Sep 5, 2026

Our scenario range runs from ₹138.00 (bear case) to ₹338.85 (bull case); at ₹825.70, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 79% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at −71%, VARROC screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹5.64 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence ₹41.72 ₹62.08 ₹90.89 78
Growth DCF ₹43.17 ₹62.22 ₹88.07 76
Owner Earnings ₹55.53 ₹81.85 ₹119.08 74
All 24 models by family
DCF Models
FCF DCF best evidence ₹41.72 ₹62.08 ₹90.89 78
Owner Earnings ₹55.53 ₹81.85 ₹119.08 74
5Y Revenue Exit ₹190.50 ₹329.21 ₹502.52 69
5Y EBITDA Exit ₹285.22 ₹496.67 ₹734.54 72
5Y P/E Exit ₹146.64 ₹251.66 ₹356.40 68
10Y Revenue Exit ₹125.49 ₹238.88 ₹382.84 63
10Y EBITDA Exit ₹193.13 ₹351.71 ₹551.00 65
10Y P/E Exit ₹106.72 ₹186.62 ₹276.92 61
Earnings-Based
Graham-Dodd ₹100.15 ₹226.10 ₹289.36 63
PEG = 1.0 ₹37.12 ₹53.02 ₹68.93 55
EPV ₹277.65 ₹324.83 ₹366.12 74
Dividend Discount
Gordon GGM ₹9.18 ₹15.01 ₹21.72 65
DDM Multi-Stage ₹9.18 ₹13.42 ₹18.15 64
Multiples
P/E Multiple ₹243.02 ₹324.03 ₹405.03 63
P/S Multiple ₹187.79 ₹250.38 ₹312.98 58
P/B Multiple ₹187.79 ₹250.38 ₹312.98 55
EV/EBIT ₹440.44 ₹589.07 ₹737.70 66
EV/EBITDA ₹487.20 ₹651.42 ₹815.64 67
EV/Revenue ₹295.11 ₹423.92 ₹552.74 53
Asset-Based
NCAV (Graham) ₹58.26 ₹78.07 ₹116.52 54
Growth DCF
Growth DCF ₹43.17 ₹62.22 ₹88.07 76
Economic Profit
Residual Income ₹109.49 ₹135.21 ₹332.59 67
ROIC Compounder ₹288.58 ₹352.53 ₹419.75 70
Growth Earnings
Growth-Adj P/E ₹181.34 ₹259.06 ₹336.77 65

Widest divergence: Multiples (₹324.03) versus Dividend Discount (₹13.42). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 63.8
P/S ratio 1.65 P/E × margin
EPS (TTM) ₹12.94 price ÷ EPS = P/E 63.8
Dividend yield 0.1% payout 7.6%
Net margin 2.6% FY2026
Return on equity 13.5% TTM
More key figures
Profitability
Return on assets (EBIT) 7.0% avg 5y
Operating margin 5.3% TTM
Growth
Revenue (TTM) ₹95.0B TTM
Revenue growth (YoY) +29.9% 3y avg +8.3%
EPS growth (YoY) −26.5%
Balance sheet & cash flow
Free cash flow ₹681M FY2026
Net debt ₹6.1B FY2026 · ≈ 9.0 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 87

Profitability 62
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 93
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Varroc Engineering Limited designs, manufactures, and supplies exterior lighting systems, plastic and polymer components, electrical and electronics components, advanced safety systems, and precision metallic components worldwide. The company operates through Automotive and Others segments.

Full company description

Varroc Engineering Limited designs, manufactures, and supplies exterior lighting systems, plastic and polymer components, electrical and electronics components, advanced safety systems, and precision metallic components worldwide. The company operates through Automotive and Others segments. It offers unpainted and painted body parts; exterior and interior systems; seating systems; mirror systems; air filters; automotive accessories; lighting systems; instrument clusters; catalytic converters; switches; motors and magnetos; electronics; traction motors and controllers; DC-DC converters; and battery management systems, as well as engine valves. The company also provides precision, forged, and machined parts for engine and transmissions to two-wheeler, three-wheeler, four-wheeler, commercial vehicle, off-highway, earthmoving, and oil drilling applications; and transmission gears and assemblies, crankpins, connecting rods, flanges, ring gears, crankshafts, camshafts, knuckles, front axle beams, hydraulic shafts, heavy undercarriage parts, and drill bits and cones, as well as head and signal lamps. It serves passenger car, commercial vehicle, two-wheeler, three-wheeler, and off-highway vehicle original equipment manufacturers. Varroc Engineering Limited was incorporated in 1988 and is based in Aurangabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Varroc Engineering Limited reported revenue of ₹87.2B in FY2026 versus ₹57.9B in FY2022, a compound +10.8%/yr. Reported net income was ₹2.3B in FY2026.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹87.2B
Latest YoY
+9.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.9%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.7%
Value creation/yr (3Y, in INR) Earnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−24.6% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−24.7%
Dividend yield0.1%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−4.1% (2021) → 5.8% (2026) · rising
Worst earnings drop512,825% (2022) (loss year, drop beyond 100%) · in INR
Revenue +10.8%/yr
FY22 ₹57.9B
FY23 ₹68.6B
FY24 ₹73.5B
FY25 ₹80.0B
FY26 ₹87.2B
Net income
FY22 −₹11.1B
FY23 −₹8.2B
FY24 ₹5.3B
FY25 ₹612M
FY26 ₹2.3B

VARROC screens 249% overvalued. Compare with O'Reilly Automotive, Inc →

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Cite: Fair Value Calculator (2026). "Varroc Engineering Limited Fair Value". https://www.fairvalue-calculator.com/stock/VARROC.BSE

Peer Group

Auto Parts · 641 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Above median
Fair Value upside −71% · Bottom 25%
Return on equity (TTM) 13% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth 30% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 63.8× · Pricier than 75% of peers
P/B 7.17× · Pricier than 75% of peers
P/S (TTM) 1.34× · Pricier than median
P/FCF 2.0× · Cheaper than median
EV/EBITDA 15.8× · Pricier than median

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

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Samvardhana Motherson International Limited MOTHERSON ₹165.30 ₹80.63 −51%
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Genuine Parts Company GPC $137.51 $58.07 −58%
Bosch Limited BOSCHLTD ₹48,700 ₹11,534 −76%
Ningbo Tuopu Group 601689 ¥45.82 ¥28.28 −38%
Bharat Forge Limited BHARATFORG ₹2,063 ₹393.20 −81%

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Frequently asked questions

Is Varroc Engineering Limited (VARROC) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ₹236.58 versus a price of ₹825.70, about −71% upside (overvalued).
What is the fair value of VARROC?
Our model-based fair value for Varroc Engineering Limited is ₹236.58 (as of Sep 5, 2026), built from audited fundamentals. The current price: ₹825.70.
What is the quality score of VARROC?
Varroc Engineering Limited has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Varroc Engineering Limited (VARROC)?
Our model-based price target is the fair value of ₹236.58 (as of Sep 5, 2026) from 24 valuation models. Cautious scenario ₹138.00, optimistic scenario ₹338.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Varroc Engineering Limited stock forecast for 2026?
Our models put fair value at ₹236.58, about −71% upside versus a price of ₹825.70 (overvalued). Cautious scenario ₹138.00, optimistic scenario ₹338.85. The calculation is refreshed regularly with new filings.
What is the revenue of Varroc Engineering Limited (VARROC)?
Varroc Engineering Limited reported trailing-twelve-month revenue of about ₹95.0B (latest available figure, as of Sep 5, 2026).
What is the net profit margin of VARROC?
The net profit margin of Varroc Engineering Limited is about 2.1%, meaning it keeps roughly 2.1% of revenue as net income. Based on the latest reported figures.
Does Varroc Engineering Limited pay a dividend?
Varroc Engineering Limited currently shows a dividend yield of about 0.12% relative to its recent price (as of Sep 5, 2026).
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