Vikas EcoTech Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Chemical, Polymers & Special Additives: 52.8% • Infra & Energy: 47.2%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company has delivered good profit growth of 69.6% CAGR over last 5 years
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.51x)
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.2
- Company comfortably covers its interest (6.3x coverage)
CONS
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 115.8% versus prior year
- Company has a low return on equity of 3.3% over last 3 years
- Company has a low return on capital employed of 5.8%
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (25.1% of PBT)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22307.50 | 101.37 | 201860.69 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1567.45 | 60.23 | 159547.55 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2483.00 | 34.05 | 73602.28 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4771.75 | 85.23 | 52417.67 | 0.06 | 2190.00 | 1103.30 | 15880.00 | 1139.66 | 9.58 | 26.83 |
| NAVINFLUOR | 8541.10 | 55.49 | 43822.77 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1127.00 | 32.29 | 37963.11 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| AETHER | 1672.95 | 94.41 | 22204.70 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| DEEPAKNTR | 1587.10 | 27.64 | 21646.94 | 0.47 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| ATUL | 6244.55 | 23.11 | 18385.05 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 492.15 | 33.62 | 17851.59 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1320.45 | 17.00 | 16725.20 | 0.76 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| VIKASECO | 1.05 | 402.70 | 145.78 | 0.00 | 2.00 | -15.70 | 119.15 | 15.06 | 6.37 | 2.01 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 58 | 61 | 68 | 60 | 80 | 67 | 61 | 78 | 84 | 46 | 50 | 82 | 86 | |
| 54 | 55 | 65 | 57 | 78 | 63 | 60 | 75 | 80 | 44 | 50 | 84 | 89 | |
| Operating Profit | 4 | 6 | 4 | 3 | 2 | 4 | 1 | 3 | 3 | 1 | 0 | -1 | -2 |
| OPM % | 7.07% | 9.05% | 5.45% | 5.08% | 2.28% | 6.24% | 2.10% | 3.24% | 3.88% | 3.14% | 0.52% | -1.77% | -2.83% |
| 1 | -0 | 0 | 2 | 14 | 1 | 1 | 2 | 1 | 2 | 2 | 1 | 3 | |
| Interest | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 2 | 2 | 2 | 3 | 14 | 3 | 1 | 2 | 2 | 1 | 1 | -3 | 1 |
| Tax % | 25.48% | 25.11% | 25.00% | 31.79% | 26.12% | 24.14% | 123.53% | 20.48% | 27.35% | 35.83% | 338.46% | 61.54% | 93.87% |
| Net Profit | 2 | 2 | 1 | 2 | 10 | 2 | -0 | 2 | 2 | 1 | -1 | -1 | 0 |
| 0.01 | 0.01 | 0.01 | 0.02 | 0.06 | 0.01 | 0.00 | 0.01 | 0.02 | 0.01 | -0.01 | -0.01 | 0.00 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 307 | 371 | 233 | 245 | 192 | 116 | 250 | 403 | 247 | 286 | 264 | |
| 258 | 304 | 181 | 216 | 181 | 112 | 228 | 381 | 230 | 276 | 266 | |
| Operating Profit | 49 | 68 | 52 | 30 | 12 | 4 | 23 | 22 | 17 | 10 | -2 |
| OPM % | 15.95% | 18.21% | 22.18% | 12.05% | 6.08% | 3.60% | 9.09% | 5.45% | 6.79% | 3.52% | -0.83% |
| 5 | -15 | 4 | 14 | 15 | 5 | 2 | 3 | 3 | 18 | 8 | |
| Interest | 11 | 13 | 11 | 14 | 19 | 18 | 19 | 11 | 7 | 4 | 4 |
| Depreciation | 3 | 4 | 4 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | 39 | 36 | 41 | 25 | 3 | -13 | 2 | 10 | 9 | 20 | -1 |
| Tax % | 34.96% | 35.08% | 35.18% | 39.56% | 64.69% | -9.76% | 33.52% | 9.17% | 27.35% | 29.18% | -186.01% |
| Net Profit | 26 | 23 | 27 | 15 | 1 | -14 | 1 | 10 | 7 | 14 | -2 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.51 | 0.02 | 0.10 | 0.05 | 0.10 | — |
| Dividend Payout % | 4.98% | 6.03% | 5.23% | 9.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 8%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 70%
- 3 Years:
- 117%
STOCK PRICE CAGR
- 10 Years:
- -18%
- 5 Years:
- -11%
- 3 Years:
- -37%
- 1 Year:
- -49%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 0%
- 3 Years:
- 3%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 28 | 28 | 28 | 28 | 28 | 94 | 95 | 139 | 139 |
| 41 | 105 | 100 | 114 | 115 | 101 | 133 | 143 | 237 | 252 | |
| 98 | 115 | 141 | 158 | 147 | 145 | 91 | 62 | 19 | 19 | |
| Trade Payables | 45 | 43 | 30 | 60 | 26 | 37 | 15 | 27 | 26 | 49 |
| 19 | 17 | 17 | 31 | 29 | 15 | 11 | 17 | 8 | 26 | |
| Total Liabilities | 228 | 308 | 317 | 391 | 345 | 325 | 344 | 343 | 429 | 485 |
| 28 | 27 | 27 | 40 | 30 | 22 | 20 | 21 | 22 | 23 | |
| 0 | 0 | 5 | 0 | 2 | 0 | 0 | 55 | 258 | 181 | |
| 38 | 57 | 79 | 107 | 110 | 102 | 82 | 35 | 36 | 29 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69 | 93 | |
| Cash & Bank | 4 | 27 | 9 | 14 | 9 | 9 | 11 | 4 | 3 | 3 |
| 158 | 197 | 197 | 230 | 193 | 192 | 230 | 228 | 41 | 156 | |
| Total Assets | 228 | 308 | 317 | 391 | 345 | 325 | 344 | 343 | 429 | 485 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | -8 | 5 | 20 | 28 | 13 | -17 | 92 | 119 | -43 | |
| Cash from Investing | -10 | -9 | -22 | -12 | 6 | -0 | 0 | -58 | -203 | 47 |
| Cash from Financing | 12 | 53 | 11 | 1 | -32 | -12 | 20 | -41 | 82 | -3 |
| -2 | 21 | -18 | -3 | -0 | 0 | 2 | -7 | -1 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Vikas EcoTech Limited has informed the Exchange about General Updates
2026-08-26 - Result outcome of board Meeting
2026-08-19 - Vikas EcoTech Limited has informed the Exchange about General Updates
2026-08-17 - Vikas EcoTech Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-17 - Vikas EcoTech Limited has informed the Exchange regarding Outcome of Board Meeting held on August 17, 2026.
2026-07-15 - Vikas EcoTech Limited has informed the Exchange about General Updates
2026-07-15 - The Exchange has sought clarification from Vikas EcoTech Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-07-11 - : Outcome of Board Meeting held on July 1, 2026
2026-07-08 - Vikas EcoTech Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for VIKASECO
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