ALFA Finder
| Market Cap | ₹15,094.19 CrMid-range Performer |
|---|---|
| P/E TTM | 14.83Sector PE 47.64 |
| Net Profit Qtr | ₹357.03 Cr+90.89% YoY |
| Promoter Holding | 65.06%Zero Pledge |
Key highlights
- Amendment to the Share Subscription and Shareholders' Agreement (SSSHA) approved by the Committee of Directors
- Mr. Nikesh Sinha inducted as a Co-Developer Shareholder for the Punjab solar project
- Project capacity remains at 30 MWac, equivalent to approximately 42 MWp
- Facility being developed on a group captive basis for solar photovoltaic power generation
- Partnership continues with ASG HOLDCO BETA PTE. LTD. and Sone Solar Energy One Private Limited
Strategic Induction of Co-Developer for Solar Assets
Vardhman Textiles is refining its renewable energy roadmap with a structural amendment to its flagship solar partnership in Punjab. On November 13, 2026, the company formalised the induction of Mr. Nikesh Sinha as a co-developer for its 30 MWac ground-mounted solar facility.
This project, initially announced in November 2025, operates under a group captive model intended to provide long-term energy security. The amendment brings Mr. Sinha into the agreement alongside ASG HOLDCO BETA PTE.
LIMITED and Sone Solar Energy One Private Limited, ensuring a broader shareholder base for the 42 MWp capacity project as it progresses toward full operational status.
Growing Portfolio of Renewable Energy Partnerships
- October 2026: Executed a ₹41.85 crore agreement with Serentica Renewables for a 26% equity stake in green energy assets.
- May 2026: Finalised a ₹24.46 crore deal with ReNew Green Energy for a captive hybrid power project.
- November 2025: Initiated the original Sone Solar project with an estimated 19.5% equity stake for ₹9.13 crore.
- April 2026: Secured a 31.2% equity stake in another ReNew Green venture for ₹24.29 crore.
- The current amendment maintains all other terms from the original November 2025 agreement for the Punjab facility.
Capex Deployment and Financial Momentum
The move into captive solar power aligns with Vardhman Textiles' broader ₹3,660 crore capital expenditure programme, which targets spinning, weaving, and green energy transitions. This investment is backed by strong quarterly performance; for the period ended September 30, 2026, the company reported a net profit of ₹357.03 crore, representing a 90.9% year-on-year growth. Revenue also rose 15.6% to ₹2,865.65 crore during the same period.
By transitioning to group captive solar power, the textile manufacturer aims to mitigate volatile energy costs while supporting its manufacturing expansion, including a new site at Dhar scheduled for commissioning in late 2026.
| Date | Announcement | Amount |
|---|---|---|
| 05 Oct 2026 | Share Subscription cum Shareholders' Agreement and Power Delivery Agreement with Serentica Renewables India Pvt Ltd and Serentica Renewables India 32 Pvt Ltd for 26% equity stakeSource: kalkine.co.in | ₹41.85 Cr |
| 29 May 2026 | Amended Share Subscription and Shareholders' Agreement with ReNew Green Energy Solutions Pvt Ltd and ReNew Green (MPR Four) Pvt Ltd for captive hybrid power projectSource: vardhman.com | ₹24.46 Cr |
| 23 Apr 2026 | Share Subscription and Shareholders' Agreement and Power Purchase Agreement with ReNew Green Energy Solutions Pvt Ltd and ReNew Green (MPR Four) Pvt Ltd for 31.2% equity stakeSource: apparelviews.com | ₹24.29 Cr |
| 25 Nov 2025 | Share Subscription and Shareholders' Agreement and Power Purchase Agreement with ASG Holdco Beta Pte Ltd and Sone Solar Energy One Pvt Ltd for 19.5% equity stakeSource: vardhman.com | ₹9.13 Cr |
| 14 Jun 2025 | Amended Share Subscription and Shareholders' Agreement with ReNew Green Energy Solutions Pvt Ltd and ReNew Green (MPR One) Pvt Ltd for captive hybrid power plantSource: vardhman.com | – |
| 02 Jun 2025 | Shareholders' Agreement with Aichi Steel Corporation to define mutual rights and governance as shareholders of Vardhman Special Steels LtdSource: NSE filing | – |
What to watch next
- Commissioning of the new manufacturing facility at the Dhar site in December 2026
- Operational milestones for the 30 MWac solar generation facility in Punjab
- Finalisation of equity stakes following the induction of the new co-developer
| Share price | ₹521.25 |
|---|---|
| Market capitalisation | ₹15,094.19 Cr |
| Revenue (annual) | ₹9,869.05 Cr |
| Net profit (annual) | ₹745.25 Cr |
| Revenue (latest quarter) | ₹2,865.65 Cr+6.01% vs previous quarter |
| Net profit (latest quarter) | ₹357.03 Cr+15.23% vs previous quarter |
| P/E (TTM) | 14.83×Sector 47.64× |
| Promoter holding | 65.06%-0.02% QoQ |
| FII holding | 6.43%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Vardhman Textiles Limited announcing an amendment to the Share Subscription and Shareholders' Agreement for a solar project. Market figures from a third-party data provider.
