V-Guard Industries Limited — Investor Meet, 07-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

V-Guard Industries reported Q2 FY26 consolidated net revenue of INR1,340 Cr, up 3.6% YoY. Gross margin improved to 37.6%, though EBITDA marginally declined 1% to INR109 Cr, with PAT up 3% to INR65 Cr. Growth was modest across segments due to heavy monsoon, weak demand, and GST transition. Electronics grew 5.3% despite stabilizer declines, Electricals 4.7%, and Consumer Durables 1%. Sunflame grew 3.4%, with integration aiming for 12% EBIT in 2-3 years. The company is expanding battery manufacturing and exploring Solar Pump entry. FY26 15% growth target is now unlikely; the management remains cautious on the short-term outlook.