Vardhman Holdings Limited (VHL) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Vardhman Holdings Limited ₹6,716, price ₹3,305, upside +103.2%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹2,453 – ₹5,520 · fair‑value band ₹6,347 – ₹9,695 · the ₹3,305 price screens below the ₹6,716 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Vardhman Holdings Limited operates as a non-banking financial company in India. It engages in investing activities. The company was formerly known as Vardhman Spinning and General Mills Limited and changed its name to Vardhman Holdings Limited in March 2006. Vardhman Holdings Limited was incorporated in 1962 and is based in Ludhiana, India.
Stock analysis
Vardhman Holdings Limited (VHL) currently trades at ₹3,305, while our model-based Fair Value estimate is ₹6,716, implying the stock looks roughly 50.8% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of ₹9,042 per share, and 7 of the 9 models we run sit above the ₹3,305 price.
Bear case: the Asset-Based group reads lowest at ₹7,905, and 2 of the 9 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹6,347 (bear) to ₹9,695 (bull), the price of ₹3,305 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Vardhman Holdings Limited reported revenue of ₹141M in FY2026 versus ₹141M in FY2022, a compound +0.0%/yr. Reported net income was ₹2.2B in FY2026, compounding −15.8%/yr from FY2022.
Key figures
Market cap ₹10.5B (≈ $110M) · P/E ratio 4.9 · P/S ratio 74.8 · EPS (TTM) ₹676.82 · Dividend yield 0.2% · Net margin 1,455% · Return on equity 6.8% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 10% fair-value upside, at 103%, VHL screens cheaper than that median.
Fair Value models
Bear ₹6,347Fair Value ₹6,716Bull ₹9,695
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹334.99 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.17/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+6.6%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−16.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Start year 2021 (pandemic). Over 10 years: +1.0% a year
Revenue growth 20 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. 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.
+6.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.2% vs 3.1%, picking up
Profit margin 2021 to 2026 ⓘ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.137% → 85%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 3.4%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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Peer Groupⓘ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.Credit Services · 332 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+103.2% · Top 25%
Profitability
Return on equity (TTM)6.8% · Below median
Return on assets0.2% · Bottom 25%
Operating margin (TTM)91.8% · Top 25%
Growth and dividend
Revenue growth−11.4% · Bottom 25%
Dividend yield (TTM)0.2% · Bottom 25%
Valuation Multiplesvs Credit Services median · lower = cheaper
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Is Vardhman Holdings Limited (VHL) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹6,716 versus a price of ₹3,305, about +103% upside (undervalued).
What is the fair value of VHL?
Our model-based fair value for Vardhman Holdings Limited is ₹6,716 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹3,305.
What is the quality score of VHL?
Vardhman Holdings 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 Vardhman Holdings Limited (VHL)?
Our model-based price target is the fair value of ₹6,716 (as of Sep 27, 2026) from 9 valuation models. Cautious scenario ₹6,347, optimistic scenario ₹9,695. It is a calculation from audited fundamentals, not an analyst target.
What is the Vardhman Holdings Limited stock forecast for 2026?
Our models put fair value at ₹6,716, about +103% upside versus a price of ₹3,305 (undervalued). Cautious scenario ₹6,347, optimistic scenario ₹9,695. The calculation is refreshed regularly with new filings.
What is the revenue of Vardhman Holdings Limited (VHL)?
Vardhman Holdings Limited reported trailing-twelve-month revenue of about ₹160M (latest available figure, as of Sep 27, 2026).
Does Vardhman Holdings Limited pay a dividend?
Vardhman Holdings Limited currently shows a dividend yield of about 0.15% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Vardhman Holdings Limited (VHL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vardhman Holdings Limited it is ₹6,716 per share (as of Sep 27, 2026), against a price of ₹3,305. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Vardhman Holdings Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, VHL trades below its calculated fair value: price ₹3,305, fair value ₹6,716, a gap of about +103% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VHL?
No. The price is what the market pays today (₹3,305); the fair value is what the company's own numbers justify (₹6,716). For Vardhman Holdings Limited the two are ₹3,411 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vardhman Holdings Limited worth?
The market values Vardhman Holdings Limited at about ₹10.5B (market capitalisation, as of Sep 27, 2026). Per share that is ₹3,305; our models calculate a fair value of ₹6,716 per share.
What do the bullish and bearish scenarios say about VHL?
Our models span a range for Vardhman Holdings Limited: cautious scenario ₹6,347, base ₹6,716, optimistic ₹9,695 per share (as of Sep 27, 2026, price ₹3,305). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VHL?
Vardhman Holdings Limited trades at a price-to-earnings ratio of 4.9 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹6,716 is built from several models across several years. Other multiples: P/S 0.7, EV/EBITDA 0.7.
How solid is the balance sheet of Vardhman Holdings Limited (VHL)?
Balance-sheet figures for Vardhman Holdings Limited (as of Sep 27, 2026): return on equity 6.8%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is VHL from its 52-week high?
Vardhman Holdings Limited trades at ₹3,305, about 22% below its 52-week high of ₹4,234 and 11% above the low of ₹2,977 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of ₹6,716 is for.
Which stocks are comparable to Vardhman Holdings Limited?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Vardhman Holdings Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹3,305, calculated fair value ₹6,716 (+103%), Quality Score 56/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VHL calculated?
We run Vardhman Holdings Limited through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹6,716, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Vardhman Holdings Limited currently trades 51 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Vardhman Holdings Limited (VHL)?
The closing price on Sep 29, 2026 was ₹3,305. Our model-based fair value is ₹6,716, about +103% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vardhman Holdings Limited right now?
The price is below even our cautious bear case (₹6,347). The market is more pessimistic than our downside scenario. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Vardhman Holdings Limited (VHL) come from?
Earnings per share at Vardhman Holdings Limited grew +3.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share −11.8 %, EBIT margin −10.6 %, tax rate −0.7 %, residual (interest, one-offs) +32.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Vardhman Holdings Limited
How large is the market capitalisation of Vardhman Holdings Limited (VHL)?
The market capitalisation of Vardhman Holdings Limited is ₹10.5B (≈ $110M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Vardhman Holdings Limited (VHL)?
The price-to-sales ratio of Vardhman Holdings Limited is 74.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vardhman Holdings Limited (VHL)?
Earnings per share at Vardhman Holdings Limited are ₹676.82 (price ÷ EPS = P/E 4.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vardhman Holdings Limited (VHL)?
The dividend yield of Vardhman Holdings Limited is 0.2% (payout 0.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Vardhman Holdings Limited (VHL)?
The net margin of Vardhman Holdings Limited is 1,455% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Vardhman Holdings Limited (VHL)?
The return on equity (ROE) of Vardhman Holdings Limited is 6.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Vardhman Holdings Limited (VHL)?
On an EBIT basis the return on assets of Vardhman Holdings Limited is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Vardhman Holdings Limited (VHL)?
The operating margin of Vardhman Holdings Limited is 91.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vardhman Holdings Limited (VHL)?
Revenue at Vardhman Holdings Limited is growing −11.4% versus a year earlier (3y avg −16.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Vardhman Holdings Limited (VHL)?
Earnings per share at Vardhman Holdings Limited are growing −18.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Vardhman Holdings Limited (VHL) generate?
The free cash flow of Vardhman Holdings Limited is −₹57.5M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Vardhman Holdings Limited (VHL) hold?
Vardhman Holdings Limited holds more cash than debt, ₹15.0M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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