Vinyl Chemicals (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Vinyl Acetate Monomer: 96.9% • Other Operating Revenue: 3.1%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.6%
- Latest quarter profit grew 48.8% YoY, showing strong momentum
- Company comfortably covers its interest (275.9x coverage)
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (50.5% of PBT)
- Recent results are weak - TTM profit is down 11.9% versus prior year
- Company has delivered a poor profit growth of 7.8% over past five years
- Operating margins have contracted to 1.7% from 4.8%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2894.80 | 52.64 | 391875.62 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 999.50 | 27.25 | 45372.45 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| CPPLUS | 3715.75 | 92.10 | 43957.48 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| AEGISLOG | 1242.80 | 34.86 | 43622.28 | 0.70 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| REDINGTON | 363.00 | 16.68 | 28378.41 | 1.65 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.45 | 61.63 | 15337.81 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 70.95 | 96.45 | 10830.89 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 825.65 | 83.70 | 10406.10 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.14 | 20.84 | 9321.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1799.70 | 62.46 | 7832.85 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 346.70 | 24.48 | 7658.08 | 0.43 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| VINYLINDIA | 225.40 | 22.14 | 413.32 | 3.11 | 6.62 | 48.76 | 99.64 | -34.11 | 17.26 | 2.69 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 115 | 154 | 159 | 168 | 156 | 150 | 146 | 173 | 151 | 152 | 169 | 180 | 100 | |
| 112 | 150 | 150 | 160 | 150 | 144 | 143 | 163 | 149 | 149 | 166 | 177 | 97 | |
| Operating Profit | 3 | 5 | 9 | 9 | 6 | 6 | 4 | 10 | 2 | 3 | 4 | 3 | 3 |
| OPM % | 2.98% | 2.93% | 5.50% | 5.13% | 3.84% | 3.96% | 2.50% | 5.76% | 1.30% | 1.76% | 2.19% | 1.58% | 2.69% |
| Other Income | 1 | 1 | 1 | 2 | 1 | 1 | 3 | 0 | 4 | 1 | 2 | 3 | 6 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | 5 | 9 | 10 | 7 | 7 | 7 | 10 | 6 | 4 | 6 | 6 | 9 | |
| Tax % | 24.89% | 26.93% | 25.96% | 27.11% | 26.89% | 26.19% | 24.21% | 28.09% | 26.08% | 25.77% | 26.50% | 24.14% | 25.53% |
| Net Profit | 4 | 4 | 7 | 8 | 5 | 5 | 5 | 7 | 4 | 3 | 5 | 5 | 7 |
| 2 | 2 | 4 | 4 | 3 | 3 | 3 | 4 | 2 | 2 | 2 | 3 | 0 | |
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 293 | 375 | 483 | 372 | 404 | 865 | 1,013 | 597 | 625 | 652 | 601 | |
| 283 | 361 | 472 | 366 | 390 | 821 | 966 | 572 | 600 | 641 | 589 | |
| Operating Profit | 13 | 18 | 14 | 10 | 15 | 47 | 49 | 30 | 31 | 22 | — |
| OPM % | 5 | 5 | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 3 | — |
| Other Income | 4 | 4 | 4 | 4 | 1 | 2 | 2 | 4 | 5 | 11 | 13 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | 18 | 14 | 10 | 15 | 47 | 48 | 30 | 30 | 22 | 25 | |
| Tax % | 35 | 36 | 37 | 25 | 26 | 25 | 25 | 26 | 27 | 26 | 25 |
| Net Profit | 9 | 12 | 9 | 7 | 11 | 35 | 36 | 22 | 22 | 16 | 19 |
| EPS | 0 | 0 | 0 | 0 | 6 | 19 | 19 | 12 | 12 | 9 | — |
| Dividend Payout % | 38 | 38 | 50 | 59 | 61 | 53 | 51 | 57 | 57 | 78 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 5 | 6 | 5 | 4 | 6 | 19 | 19 | 12 | 12 | 9 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 10%
- 3 Years:
- -14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 8%
- 3 Years:
- -23%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 0%
- 3 Years:
- -22%
- 1 Year:
- -24%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 25%
- 3 Years:
- 17%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| 46 | 54 | 57 | 59 | 66 | 94 | 111 | 115 | 125 | 128 | |
| Trade Payables | 53 | 111 | 78 | 92 | 196 | 57 | 56 | 181 | 125 | 96 |
| 12 | 9 | 18 | 3 | 11 | 21 | 18 | 8 | 16 | 12 | |
| Total Liabilities | 113 | 176 | 155 | 156 | 275 | 175 | 187 | 305 | 268 | 238 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | |
| 39 | 34 | 2 | 47 | 55 | 78 | 40 | 57 | 68 | 52 | |
| 18 | 55 | 66 | 48 | 73 | 53 | 85 | 120 | 63 | 33 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106 | 105 | 123 | |
| Cash & Bank | 1 | 2 | 10 | 12 | 12 | 1 | 2 | 6 | 12 | 10 |
| 56 | 85 | 77 | 49 | 136 | 43 | 60 | 15 | 19 | 19 | |
| Total Assets | 113 | 176 | 155 | 156 | 275 | 175 | 187 | 305 | 268 | 238 |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Net Working Capital | 47 | 55 | 59 | 61 | 68 | 96 | 113 | 116 | 126 | 129 |
| Contingent Liabilities | 9 | 7 | 9 | 6 | 6 | 7 | 6 | 6 | 6 | 6 |
| Book Value per Share | 26.06 | 30.26 | 32.19 | 33.35 | 37.13 | 52.37 | 61.80 | 63.68 | 69.08 | 71.04 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -7 | -3 | -21 | 51 | 11 | 17 | -20 | 36 | 24 | -16 | |
| Cash from Investing | 10 | 8 | 34 | -44 | -6 | -21 | 40 | -14 | -6 | 21 |
| Cash from Financing | -3 | -4 | -5 | -5 | -4 | -7 | -19 | -18 | -12 | -13 |
| -0 | 1 | 7 | 2 | 0 | -11 | 1 | 4 | 5 | -8 | |
| Free Cash Flow | -7 | -3 | -21 | 51 | 11 | 17 | -21 | 36 | 24 | -16 |
| OCF / Net Profit | -0.81 | -0.23 | -2.39 | 6.86 | 0.93 | 0.48 | -0.57 | 1.66 | 1.06 | -0.97 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 31 | 55 | 36 | 94 | 66 | 39 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 4.75 | 6.36 | 4.83 | 4.07 | 6.19 | 19.01 | 19.44 | 11.91 | 12.18 | 8.99 |
| Book Value (₹) | 26.06 | 30.26 | 32.19 | 33.35 | 37.13 | 52.37 | 61.80 | 63.68 | 69.08 | 71.04 |
| Dividend per Share (₹) | 1.80 | 2.40 | 2.40 | 2.40 | 3.75 | 10.00 | 10.00 | 6.75 | 7.00 | 7.00 |
| Cash EPS (₹) | 4.76 | 6.37 | 4.84 | 4.07 | 6.19 | 19.02 | 19.49 | 11.97 | 12.23 | 9.06 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 4.60% | 4.85% | 2.92% | 2.70% | 3.78% | 5.42% | 4.84% | 4.25% | 4.08% | 1.71% |
| Net Margin % | 2.98% | 3.11% | 1.84% | 2.00% | 2.81% | 4.03% | 3.52% | 3.66% | 3.57% | 2.53% |
| ROE % | 19.33% | 22.59% | 15.47% | 12.41% | 17.57% | 42.49% | 34.06% | 18.99% | 18.35% | 12.84% |
| ROCE % | 29.51% | 34.90% | 24.38% | 16.57% | 23.48% | 56.65% | 46.41% | 25.72% | 24.91% | 17.26% |
| 7.11% | 8.07% | 5.35% | 4.80% | 5.27% | 15.48% | 19.67% | 8.87% | 7.79% | 6.52% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 59 | 60 | 53 | 54 | 71 | 26 | 8 | 42 | 62 | 64 |
| Inventory Days | 27 | 36 | 46 | 56 | 55 | 27 | 25 | 62 | 53 | 27 |
| Payable Days | 85 | 85 | 76 | 88 | 138 | 57 | 22 | 77 | 95 | 65 |
| 1 | 10 | 23 | 22 | -12 | -5 | 11 | 27 | 20 | 26 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 467.19x | 228.56x | 186.64x | 196.27x | 329.53x | 283.95x | 36.15x | 608.93x | 761.03x | 275.88x |
| 1.73x | 1.46x | 1.62x | 1.65x | 1.33x | 2.22x | 2.54x | 1.62x | 1.89x | 2.27x | |
| GROWTH | ||||||||||
| Revenue Growth % | -12.72% | 28.18% | 28.67% | -22.88% | 8.55% | 114.05% | 17.04% | -41.04% | 4.73% | 4.35% |
| Operating Profit Growth % | 8.89% | 35.22% | -22.61% | -28.67% | 52.24% | 206.32% | 4.52% | -39.12% | 2.43% | -26.72% |
| Net Profit Growth % | 9.11% | 33.85% | -24.05% | -15.81% | 52.19% | 207.13% | 2.25% | -38.72% | 2.24% | -26.15% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -38.72% | 2.24% | -26.15% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 26.55x | 23.22x | 18.19x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.97x | 4.09x | 2.30x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.13% | 2.48% | 4.28% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 19.26x | 16.62x | 12.99x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-07-31 - Vinyl Chemicals (India) Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-30 - Vinyl Chemicals (India) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-08 - Vinyl Chemicals (India) Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-25 - Vinyl Chemicals (India) Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-23 - Vinyl Chemicals (India) Limited has informed the Exchange with copy of minutes of Annual General Meeting held on Jun 05, 2026
2026-06-05 - Vinyl Chemicals (India) Limited has informed the Exchange about General Updates
2026-06-05 - Vinyl Chemicals (India) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on Jun 05, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-06-01 - Vinyl Chemicals (India) Limited has informed the Exchange about General Updates
2026-05-13 - Vinyl Chemicals (India) Limited has informed the Exchange about General Updates
News
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