VGUARD Q2 FY27 Guidance vs Delivery (VGUARD Management Mirror)

Q2 FY27 Consolidated Revenue Hits INR 1,853 Crore, Tracking Above the 15% Baseline Target Guided in Jun'26 Qtr

For Q2 FY27, the company reported consolidated revenue of INR 1,853 crores, representing a 38.2% YoY increase, with H1 FY27 net revenue rising 30.5% YoY. In the Sep'26 Qtr concall, management indicated that excluding wires, the company delivered approximately 25% volume growth and roughly 10% pricing growth. This performance exceeds the initial Mar'26 Qtr guidance for a 15% consolidated top-line growth (comprising 10% to 12% volume and 1% to 2% price growth) and aligns with the Jun'26 Qtr revised guidance that FY27 revenue growth would surpass its long-term 15% baseline target due to elevated price realizations. Looking ahead, management expects H2 FY27 volume growth to moderate to a mid-teens level compared to H1 owing to a higher base in H2 FY26, but remains confident in sustaining healthy overall growth supported by incoming price increases and festive demand across categories.