NSE: VARROC· AutomobileNot in Aug top-30Small cap
Varroc Engineering
Cyclical: 2W lighting, deleveraged
- Last close
- ₹837.40
- 29 Sept 2026 · reference
- 1D · 1M
- −1.3% · +1.9%
- price-only
- Weight
- 0.8%
- 31 Jul 2026 · Aug rank —
- Thesis review
- 8 Sep 2026
- Why We Own, p59
Where the price sits
52-week range, house target and street targets
52w low ₹46752w high ₹884
- Reference close₹837
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹827
Price (2026-09-07)
40.3x / 26.1x
FY27E / FY28E P/E (Buoyant sheet)
14.5%
FY27E ROE (Buoyant sheet)
44.3x
Trailing P/E
7.1x
Price / book
n.a.
EPS CAGR FY26–28E
44.3x TTM PE is inflated by one-offs in FY26/Q1FY27; Buoyant 26.1x FY28e. Profit CAGR 32% over 3 yrs, ROE 15% (3-yr 20%) vs negative 5-yr history (VLS losses) - re-rating from a distressed past rather than an expensive one. EV/EBITDA n.m.; dividend yield 0.2%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | n.m. | n.m. | 18.4x | 9,120.0x | n.m. | n.m. | n.m. | 14.6x | 107.0x | 31.8x |
| Price to Book | n.m. | n.m. | 2.6x | 0.6x | 1.8x | 2.7x | 3.9x | 5.1x | 4.2x | 4.0x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Varroc Engineering plus a reference price. Missing inputs are not substituted.