Varvee Global Limited (NSE: VARVEE | BSE: 514336)

By Raveendran R | Updated on: November 11, 2026

Source: Varvee Global Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)

Metrics for FY 2025-26 Ended Mar 31, 2026
Profit & Loss (₹ Cr)
Revenue
₹62.80 Cr (▲ 47.9%)
Prev Year: ₹42.45 Cr
Gross Profit
₹40.89 Cr
Prev Year: N/M
Operating Profit
₹0.06 Cr (▲ N/M)
Prev Year: -₹94.26 Cr
Net Profit
₹12.45 Cr (▼ 32.8%)
Prev Year: ₹18.54 Cr
Ratios & Margins (% / x)
Gross Margin
65.11 %
Prev Year: N/M
Operating Margin
0.10 % (▲ 22215 bps)
Prev Year: -222.05 %
PAT Margin
19.82 % (▼ 2385 bps)
Prev Year: 43.67 %
ROCE
0.08 % (▲ 11144 bps)
Prev Year: -111.37 %
ROE
16.17 % (▼ 3571 bps)
Prev Year: 51.87 %
ROA
6.78 % (▼ 229 bps)
Prev Year: 9.07 %
Asset Turnover
0.34x (▲ 0.13 pts)
Prev Year: 0.21x
Balance Sheet (₹ Cr)
Total Assets
₹183.59 Cr (▼ 10.2%)
Prev Year: ₹204.41 Cr
Current Assets
₹35.24 Cr (▲ 98.9%)
Prev Year: ₹17.72 Cr
Total Liabilities
₹106.58 Cr (▼ 36.8%)
Prev Year: ₹168.67 Cr
Current Liabilities
₹106.46 Cr (▼ 11.1%)
Prev Year: ₹119.77 Cr
Total Debt
₹2.88 Cr (▼ 96.9%)
Prev Year: ₹94.26 Cr
Total Equity
₹77.01 Cr (▲ 115.5%)
Prev Year: ₹35.74 Cr
Working Capital
-₹71.22 Cr (▲ 30.2%)
Prev Year: -₹102.05 Cr
Ratios & Margins (% / x)
Current Ratio
0.33x (▲ 0.18 pts)
Prev Year: 0.15x
Debt to Equity
0.04x (▼ 2.60 pts)
Prev Year: 2.64x
Debt to Assets
0.02x (▼ 0.45 pts)
Prev Year: 0.46x
Equity Multiplier
2.38x (▼ 3.34 pts)
Prev Year: 5.72x
Cash Flow (₹ Cr)
Operating Cash Flow
₹5.04 Cr (▼ 81.7%)
Prev Year: ₹27.47 Cr
Ratios & Margins (% / x)
Cash ROCE
6.53 % (▼ 2592 bps)
Prev Year: 32.46 %
Cash ROE
6.54 % (▼ 7032 bps)
Prev Year: 76.86 %
CF to Debt
1.75x (▲ 1.46 pts)
Prev Year: 0.29x

📋 Quick Facts: Company Snapshot

Attribute Disclosed Detail
Official Company Name Varvee Global Limited
Corporate Identity Number (CIN) L17110GJ1988PLC010504
ISIN INE729D01030
Stock Exchange Listing National Stock Exchange (NSE) & BSE Limited (BSE)
Date of Incorporation / Founding Year 1988
Founders / Key Founding Figures Mr. Vinod Parmanand Arora, Mr. Ashish V. Shah, Mr. Kalpesh V. Shah (New Promoter and Management led by Mr. Jaimin Kailash Gupta from July 2025)
Registered Office & Corporate Headquarters 188/2, Ranipur Village, Opp. CNI Church, Narol, Ahmedabad – 382 405, Gujarat, India
Telephone & Official Investor Relations Email Phone: +91 9879597904 | Email: cs@varveeglobal.com / info@varveeglobal.com
Chairman / Managing Director & CEO Mr. Jaimin Kailash Gupta (Chairman & Managing Director and CFO)
Chief Financial Officer (CFO) & Company Secretary (CS) CFO: Mr. Jaimin Kailash Gupta | Company Secretary: Ms. Pooja Hemang Khaki
Promoter & Holding Group Mr. Jaimin Kailash Gupta, Mr. Tarachand Gangasahay Agrawal, and Qmin Industries Limited
Industry / Sector Classification Textiles, Apparel, & Renewable Energy Diversification
Total Employees / Workforce 85 Permanent Employees on Rolls
Manufacturing Plants / Branches / Offices Count Narol Unit & Vijay Farm Unit (Ahmedabad, Gujarat) and Dholi Solar Rooftop Plant
Credit Ratings & Rating Agency Issuer Rating-BLR: IND BB/Positive (India Ratings and Research Pvt. Ltd.)
Statutory, Secretarial & Cost Auditors Statutory Auditors: M/s. Pankaj R. Shah & Associates | Secretarial Auditors: M/s. Shah & Shah Associates | Cost Auditors: M/s. Anuj Aggrawal & Co.
Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited (Formerly known as Link Intime India Private Limited)

🏢 The Corporate Identity: Varvee Global Limited Overview, Promoters & History

The Big Picture: Business Model & Core Value Proposition

Varvee Global Limited operates as a globally recognized, vertically integrated textile manufacturing enterprise specializing in high-grade denim and non-denim fabrics. Reimagined under the dynamic leadership of its new management team, the company leverages over five decades of collective industry expertise to execute large-scale fabric production, job-work processing, and global garment trading. The enterprise maintains comprehensive control across its operational supply chain, spanning raw material spinning, dyeing, weaving, and finishing capabilities.

The core business model centres on delivering consistent product quality, flexible execution timelines, and strict adherence to environmental and sustainability benchmarks. By integrating advanced production assets and optimizing resource efficiency, Varvee Global Limited addresses the rigorous demands of domestic and international apparel brands. The management continuously focuses on strategic diversification, operational streamlining, and value-accretive growth opportunities.

The Founders, Promoters & Their Legacy

Originally established in 1988 as Aarvee Denims and Exports Limited by veteran textile industrialists including Mr. Vinod P. Arora, Mr. Ashish V. Shah, and Mr. Kalpesh V. Shah, the company entered a transformative phase following the successful completion of a comprehensive acquisition process. Effective July 5, 2025, control of the company transitioned to the new promoter group led by Mr. Jaimin Kailash Gupta, Mr. Tarachand Gangasahay Agrawal, and corporate promoter Qmin Industries Limited.

The incoming promoter leadership brings profound domain expertise in textile manufacturing, garment trading, and financial restructuring. Under their guidance, the enterprise has initiated strategic operational overhauls, successfully reduced debt obligations through preferential capital raising, and broadened its corporate vision to encompass emerging high-growth sectors such as renewable energy.

The Journey: Corporate History & Key Milestones

Throughout its 37-year corporate history, the company has evolved from a regional denim manufacturer into a diversified global textile player. Key historical milestones include the formal change of the company’s name from Aarvee Denims and Exports Limited to Varvee Global Limited during the financial year 2025-26, reflecting its expanded business identity and strategic vision.

To align its constitutional framework with future growth objectives, the company successfully altered its Memorandum and Articles of Association, expanding its core object clauses to permit diversification into renewable energy and related green initiatives. Furthermore, the company executed a stock split (sub-division) of its equity shares from a face value of ₹10 to ₹5 per share, successfully enhancing stock liquidity and broadening its retail and institutional investor base.

The Corporate Umbrella & Group Structure

Varvee Global Limited operates in close synergy with specialized group entities and strategic business partners engaged in textile manufacturing, trading, and financial services. Subsequent to the close of the financial year on March 31, 2026, the company incorporated M/s. Varvee Energy Private Limited on July 7, 2026, as a subsidiary dedicated to renewable energy ventures and sustainable power generation.

The company maintains structured commercial arrangements with related entities including M/s. Yarn Syndicate Limited, M/s. Stitched Textiles Limited, M/s. Qmin Industries Limited, and M/s. Brand Cluster LLP. These strategic alliances ensure seamless resource sharing, optimized raw material procurement, and uninterrupted operational productivity.

⚙️ The Business Engine: Segments, Brands, Products & Operations

The Core Divisions & Segment Revenue Breakdown

Varvee Global Limited manages its operations under unified textile manufacturing and trading verticals, delivering comprehensive fabric solutions to institutional and retail clients. The restructuring under the new management has optimized revenue generation across job-work services and direct product sales.

Segment / Revenue Stream FY 2025-26 (₹ Cr) % Share of Total Revenue FY 2024-25 (₹ Cr) % Share of Total Revenue Latest YoY (%)
Sales of Products (Fabrics & Traded Goods) 26.80 32.46% 42.35 23.22% -36.72%
Sales of Services (Job Work Operations) 35.74 43.28% 0.00 0.00% N/M
Other Operating Revenues (Scrap & Export Incentives) 0.27 0.33% 0.11 0.06% +145.45%
Other Non-Operating Income 19.77 23.93% 139.91 76.72% -85.87%
Total Revenue from Operations & Income 82.57 100.00% 182.36 100.00% -54.72%

The Product & Service Catalog (with Operational KPIs & Order Book)

The company’s comprehensive product catalog features premium denim fabrics, non-denim utility textiles, suiting materials, and specialized dyed yarn. Through active technological enhancement, including the deployment of advanced stenter machinery and liquid indigo coloring processes, the company has elevated finished fabric quality while reducing unit energy consumption.

Operational Key Performance Indicators demonstrate improved inventory turnover and asset utilization following the debt-reduction and capacity-optimization initiatives. During the year under review, the company secured a major domestic business order for the supply of suiting fabrics, reinforcing its market standing and reflecting customer trust in its manufacturing capabilities.

The Names You Know: Key Brands & Flagship Portfolio

Varvee Global Limited supplies high-quality textiles and customized fabric solutions tailored to leading domestic and international apparel brands. The company’s flexible manufacturing infrastructure enables rapid turnaround for diverse private-label collections.

Brand / Product Name Category / Business Segment Target Market & Key Positioning
Varvee Denim Fabrics Textile Manufacturing Global apparel brands seeking durable, high-consistency denim wear.
Varvee Non-Denim & Suiting Apparel Fabrics Institutional and retail buyers requiring premium formal and casual suiting.
Varvee Job-Work Processing Textile Processing Services Third-party manufacturers requiring specialized dyeing, weaving, and finishing.

Mapping the Domestic & Global Reach (India vs. Exports)

The company maintains a robust domestic footprint centered in Gujarat—widely regarded as the denim capital of India—while strategically engaging with international markets through export channels and global trading houses.

Geographic Market FY 2025-26 (₹ Cr) % Share of Revenue FY 2024-25 (₹ Cr) % Share of Revenue Latest YoY (%)
Domestic Operations (India) 62.80 100.00% 42.45 100.00% +47.94%
International Exports (Overseas) 0.00 0.00% 0.00 0.00% N/M
Total Revenue from Operations 62.80 100.00% 42.45 100.00% +47.94%

The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices

The company operates fully integrated manufacturing installations strategically situated in Gujarat to ensure proximity to raw material cotton sources and major logistics corridors:

  • Narol Unit: Located at 188/2, Ranipur Village, Opposite CNI Church, Narol, Ahmedabad – 382 405, Gujarat, serving as the registered corporate office and primary operational facility.
  • Vijay Farm Unit: Located at 191, Shahwadi, Near Old Octroi Naka, Narol-Sarkhej Highway, Ahmedabad – 382 405, Gujarat.
  • Dholi Solar Rooftop Plant: A 0.999 MW solar renewable energy installation generating captive power to reduce operating electricity costs.

📊 The Financial Health: The Numbers Simplified

Multi-Year Financial Highlights (₹ in Crores)

Financial Parameter FY 2025-26 FY 2024-25 Latest YoY (%)
Revenue from Operations 62.80 42.45 +47.94%
Total Revenue (Including Other Income) 82.57 182.36 -54.72%
EBITDA 25.14 50.01 -49.73%
Profit After Tax (PAT) 12.45 18.54 -32.85%
Total Net Worth / Equity 77.01 35.74 +115.47%
Total Debt 2.88 94.26 -96.94%

Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)

During the financial year ended March 31, 2026, Varvee Global Limited recorded revenue from operations of ₹62.80 Crores, compared to ₹42.45 Crores in the previous fiscal year, representing a robust top-line growth of 47.94% in core operations. Total revenue stood at ₹82.57 Crores inclusive of ₹19.77 Crores in other income (which included significant non-operating adjustments and liabilities written back).

The company reported a Profit Before Tax (PBT) of ₹18.40 Crores and a Net Profit After Tax (PAT) of ₹12.45 Crores. Earnings per share (EPS) for the year stood at ₹2.44 per equity share on the post-split equity base.

Consolidated Profit & Loss Statement (₹ Crores) FY 2025-26 FY 2024-25 Latest YoY (%)
Revenue from Operations 62.80 42.45 +47.94%
Other Income 19.77 139.91 -85.87%
Total Income 82.57 182.36 -54.72%
Purchase of Traded Goods 18.89 0.00 N/M
Cost of Materials Consumed 12.87 7.42 +73.45%
Changes in Inventories of Work-In-Progress, Finished Goods and Stock-in-Trade (9.85) 78.89 N/M
Employee Benefit Expenses 4.35 5.29 -17.77%
Finance Cost 1.43 12.84 -88.86%
Depreciation & Amortisation Expenses 5.31 4.35 +22.07%
Other Expenses 31.17 40.75 -23.51%
Total Expenses 64.17 149.55 -57.09%
Profit Before Tax 18.40 32.81 -43.92%
Tax Expenses (Deferred Tax) 5.95 14.27 -58.30%
Profit for the Year (PAT) 12.45 18.54 -32.85%

Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)

The financial position of the company underwent a structural strengthening during FY 2025-26, driven by a successful preferential equity issue aggregating ₹31.03 Crores (₹31.03 Crores gross proceeds). The net proceeds were deployed towards the repayment and prepayment of outstanding debt, successfully reducing total borrowings from ₹94.26 Crores down to ₹2.88 Crores.

Consequently, the Debt-to-Equity ratio improved dramatically to 0.04x, while total Net Worth expanded by 115.46% to reach ₹77.01 Crores. Working capital efficiency improved, with inventory turnover settling at 4.86x and trade receivable turnover reaching 5.36x.

Consolidated Balance Sheet (₹ Crores) As at March 31, 2026 As at March 31, 2025 Latest YoY (%)
ASSETS
Property, Plant & Equipment & Intangible Assets 43.15 68.23 -36.76%
Capital Work-In-Progress 0.81 0.00 N/M
Non-Current Investments 10.40 0.00 N/M
Other Non-Current Financial & Tax Assets 6.59 7.05 -6.52%
Deferred Tax Assets (Net) 61.80 67.25 -8.10%
Inventories 17.74 8.08 +119.55%
Trade Receivables 15.95 7.47 +113.52%
Cash & Cash Equivalents 3.36 13.43 -74.98%
Other Bank Balances 0.30 1.46 -79.45%
Other Current Financial & Tax Assets 10.83 0.81 +1237.04%
Other Current Assets 1.25 0.71 +76.06%
Assets Held for Sale 14.42 33.71 -57.22%
Total Assets 183.59 204.41 -10.19%
EQUITY & LIABILITIES
Equity Share Capital 25.76 23.46 +9.80%
Other Equity 51.25 12.28 +317.35%
Total Equity (Net Worth) 77.01 35.74 +115.47%
Non-Current Borrowings 0.10 48.69 -99.79%
Other Non-Current Liabilities & Provisions 0.01 20.72 -99.95%
Total Non-Current Liabilities 0.11 69.41 -99.84%
Current Borrowings 2.78 45.57 -93.90%
Trade Payables 27.43 17.82 +53.93%
Other Current Financial & Statutory Liabilities 76.25 56.38 +35.24%
Total Current Liabilities 106.46 119.77 -11.11%
Total Liabilities 106.58 189.18 -43.66%
Total Equity & Liabilities 183.59 204.41 -10.19%

Cash Flow: Tracking the Money Movement

Net cash generated from operating activities stood at ₹5.04 Crores for FY 2025-26, supported by healthy operational adjustments and working capital management. Net cash generated from investing activities was ₹28.22 Crores, primarily driven by proceeds from the disposal of non-core property, plant, and equipment and assets held for sale, offset by strategic investments in quoted equity instruments amounting to ₹0.14 Crores. Net cash used in financing activities was ₹43.33 Crores, reflecting substantial debt repayments and servicing costs.

Consolidated Statement of Cash Flows (₹ Crores) FY 2025-26 FY 2024-25 Latest YoY (%)
Net Cash Generated from Operating Activities 5.04 27.47 -81.65%
Net Cash Generated from Investing Activities 28.22 181.98 -84.49%
Net Cash Used in Financing Activities (43.33) (196.24) -77.92%
Net Increase / (Decrease) in Cash & Cash Equivalents (10.07) 13.21 N/M
Cash & Cash Equivalents at Beginning of Year 13.43 2.21 +507.69%
Cash & Cash Equivalents at End of Year 3.36 13.43 -74.98%

Funding the Future: CapEx, CWIP, R&D & Foreign Exchange

During the year, capital expenditure was directed towards plant efficiency upgrades and solar infrastructure. Capital Work-In-Progress (CWIP) stood at ₹0.08 Crores at year-end. The company incurred negligible expenditure on formal R&D, focusing instead on applied manufacturing improvements and energy-saving automation. Foreign exchange earnings and outgo remained negligible for the period under review.

👥 Power & Control: Corporate Governance, Leadership & Ownership

The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)

Name of Director / KMP Designation / Role DIN Category
Mr. Jaimin Kailash Gupta Chairman & Managing Director and CFO 06833388 Executive Promoter
Mr. Tarachand Gangasahay Agrawal Whole-Time Director 00465635 Executive Promoter
Mr. Nipun Vinodkumar Arora Non-Executive Director 00989835 Non-Executive Promoter Group
Mr. Ankit Naresh Mittal Independent Director 10056094 Non-Executive Independent
Ms. Aarti Pravinbhai Thakkar Independent Director 08603909 Non-Executive Independent
Mr. Ravi Jitendra Modi Independent Director 10932249 Non-Executive Independent
Ms. Pooja Hemang Khaki Company Secretary N.A. Key Managerial Personnel

Who Owns the Stock? Shareholding Pattern

As of March 31, 2026, the paid-up equity share capital of the company stood at ₹25.76 Crores, comprising 5,15,28,678 equity shares of ₹5 each following the stock sub-division.

Category of Shareholder Number of Shareholders Total Shares Held % of Total Holding
Promoters & Promoter Group Individuals (Mr. Jaimin K. Gupta & Mr. Tarachand Agrawal) 2 2,91,47,388 56.56%
Promoters Body Corporate (Qmin Industries Limited) 1 46,71,122 9.06%
Alternate Investment Funds (AIF) 2 6,70,644 1.30%
Foreign Portfolio Investors (FPI) 2 4,725 0.009%
Investor Education and Protection Fund (IEPF) 1 7,70,726 1.50%
Bodies Corporate & LLPs 46 14,32,807 2.78%
Resident Individuals, HUF, & Clearing Members 8,286 1,38,56,175 26.89%
Non-Resident Indians (NRIs) & Trusts 75 4,58,685 0.89%
Unclaimed or Suspense Escrow Account 1 5,16,406 1.00%
Total 8,420 5,15,28,678 100.00%

🗺️ The Corporate Family Tree: Group Structure & Strategic Investments

Subsidiaries, Associates, & Joint Ventures (Form AOC-1)

As of March 31, 2026, the company did not have any operational subsidiary, associate, or joint venture whose accounts required consolidation for the financial year. Subsequent to year-end, M/s. Varvee Energy Private Limited was incorporated on July 7, 2026, as a wholly owned subsidiary dedicated to renewable energy objectives.

Strategic Investments, Credit Facilities & Contingent Liabilities

The company maintains non-current treasury investments in quoted equity instruments valued at ₹0.10 Crores as of March 31, 2026. Contingent liabilities comprise income tax demands under appeal amounting to ₹0.12 Crores, while capital commitments remaining to be executed stand at ₹0.01 Crores.

🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans

Competitive Advantages & Economic Moats

Varvee Global Limited possesses distinct competitive advantages anchored by its large-scale manufacturing infrastructure in Gujarat, deep technical expertise in denim production, and a restructured balance sheet with negligible debt. The vertical integration from yarn processing to finished fabric weaving ensures cost competitiveness and rigorous quality control.

What Could Go Wrong? Key Challenges & Business Risks

Key business risks include inherent volatility in raw material cotton prices, potential fluctuations in energy and utility tariffs, and intense competitive pressures within domestic and international textile markets. Regulatory changes in environmental compliance standards also require ongoing capital allocation.

The Next Chapter: Growth, Order Pipeline & CapEx Initiatives

The management is actively pursuing diversification into high-margin technical textiles and renewable energy generation through its newly incorporated subsidiary, Varvee Energy Private Limited. With a strengthened balance sheet following the preferential issue, the company is well-positioned to capitalize on rising domestic consumption and expanding export trade agreements.

The Verdict: Strategic Outlook & Conclusion

Varvee Global Limited has successfully navigated a complex transformational phase under new entrepreneurial leadership. The decisive reduction of debt, substantial expansion of net worth, and strategic pivot toward sustainable and renewable energy sectors provide a resilient foundation for long-term stakeholder value creation.

Frequently Asked Questions (FAQs) About Varvee Global

Q1: What is the core business and product portfolio of Varvee Global Limited?

Varvee Global Limited is a vertically integrated textile manufacturer specializing in high-grade denim fabrics, non-denim utility textiles, suiting materials, and outsourced job-work processing services.

Q2: What were the revenue and net profit figures for FY 2025-26?

For the financial year ended March 31, 2026, the company reported revenue from operations of ₹62.80 Crores, total revenue of ₹82.57 Crores, and a Net Profit After Tax (PAT) of ₹12.45 Crores.

Q3: Who are the promoters and key leaders managing the company?

The company is led by Mr. Jaimin Kailash Gupta, Chairman, Managing Director and CFO, alongside Whole-Time Director Mr. Tarachand Gangasahay Agrawal and corporate promoter Qmin Industries Limited.

Q4: Where are the manufacturing facilities located?

The company’s primary manufacturing facilities are located at Narol and Vijay Farm in Ahmedabad, Gujarat, supplemented by a 0.999 MW solar rooftop plant at Dholi.

Q5: What is the current debt and financial stability profile of the company?

Following a successful preferential equity issue that raised ₹31.03 Crores, the company repaid major borrowings, reducing total debt to ₹2.88 Crores and establishing a robust Debt-to-Equity ratio of 0.04x alongside a net worth of ₹77.01 Crores.

Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.

Official Site: https://varveeglobal.com/