VIP Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company has delivered good sales growth of 24.7% CAGR over last 5 years
- Working capital cycle has improved - days down from 30 to -19
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a high debt-to-equity of 1.97x
- Company has a low return on equity of -34.7% over last 3 years
- Company has a low return on capital employed of -10.5%
- Promoter holding has decreased over last 2 years: -9.4pp
- Interest coverage is weak at -4.0x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DMART | 3730.00 | 79.55 | 243287.75 | 0.00 | 860.44 | 11.34 | 18794.53 | 14.88 | 18.03 | 7.98 |
| TRENT | 2821.30 | 83.17 | 150446.17 | 0.14 | 518.07 | 21.98 | 5754.71 | 17.84 | 36.73 | 19.45 |
| VMM | 103.45 | 54.34 | 48464.35 | 0.00 | 258.77 | 25.57 | 3727.01 | 18.68 | 19.24 | 14.61 |
| METROBRAND | 958.30 | 64.27 | 26122.56 | 0.63 | 95.26 | -3.58 | 720.36 | 14.66 | 35.77 | 29.85 |
| ABLBL | 84.28 | 58.45 | 10286.56 | 0.59 | 29.02 | 20.62 | 2045.74 | 11.15 | 27.34 | 15.06 |
| PNGJL | 610.05 | 20.14 | 8980.09 | 0.00 | 105.33 | 51.91 | 2412.98 | 40.73 | 20.40 | 7.56 |
| MEDPLUS | 670.65 | 38.28 | 8056.99 | 0.00 | 33.17 | -21.67 | 1879.60 | 21.84 | 22.22 | 7.09 |
| AVL | 622.05 | 57.80 | 8033.03 | 0.20 | 77.22 | 39.99 | 1192.68 | 26.85 | 20.82 | 10.44 |
| V2RETAIL | 219.75 | 44.85 | 8012.91 | 0.00 | 41.85 | 69.70 | 997.20 | 57.73 | 38.43 | 13.99 |
| ETHOSLTD | 2752.40 | 70.90 | 7364.79 | 0.00 | 28.66 | 50.71 | 461.71 | 33.32 | 13.70 | 12.97 |
| EMIL | 182.55 | 34.07 | 7023.59 | 0.00 | 120.64 | 458.07 | 2418.95 | 39.07 | 11.84 | 9.88 |
| VIPIND | 306.35 | 0.00 | 4351.81 | 0.00 | -53.56 | -308.85 | 578.36 | 3.02 | -30.49 | -1.92 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 622 | 538 | 541 | 515 | 638 | 544 | 500 | 488 | 561 | 404 | 453 | 431 | 570 | |
| 564 | 514 | 516 | 494 | 591 | 553 | 482 | 492 | 548 | 509 | 515 | 529 | 634 | |
| Operating Profit | 58 | 24 | 24 | 20 | 46 | -9 | 18 | -4 | 13 | -105 | -62 | -98 | -64 |
| OPM % | 9.36% | 4.55% | 4.49% | 3.97% | 7.27% | -1.58% | 3.59% | -0.75% | 2.32% | -26.00% | -13.73% | -22.77% | -11.28% |
| 29 | 3 | 6 | 4 | 2 | 3 | 3 | 7 | 1 | 14 | 72 | 6 | 5 | |
| Interest | 9 | 11 | 14 | 15 | 17 | 19 | 17 | 16 | 16 | 16 | 16 | 19 | 15 |
| Depreciation | 17 | 20 | 23 | 24 | 26 | 26 | 27 | 28 | 29 | 30 | 29 | 28 | 29 |
| Profit before Tax | 61 | -3 | -6 | -15 | 6 | -51 | -22 | -40 | -31 | -138 | -35 | -139 | -59 |
| Tax % | 24.51% | 26.81% | 21.61% | 29.87% | 24.83% | 24.21% | 24.04% | 24.07% | 24.69% | -1.00% | -9.93% | -2.26% | -0.61% |
| Net Profit | 46 | -2 | -5 | -11 | 4 | -38 | -17 | -31 | -23 | -139 | -38 | -142 | -59 |
| 3.24 | -0.17 | -0.35 | -0.75 | 0.31 | -2.71 | -1.19 | -2.14 | -1.64 | -9.79 | -2.69 | -10.02 | -4.19 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,251 | 1,410 | 1,784 | 1,710 | 613 | 1,257 | 2,020 | 2,216 | 2,170 | 1,849 | 1,857 | |
| 1,132 | 1,227 | 1,582 | 1,463 | 690 | 1,139 | 1,840 | 2,087 | 2,116 | 2,099 | 2,187 | |
| Operating Profit | 119 | 182 | 203 | 247 | -77 | 118 | 179 | 128 | 54 | -250 | -330 |
| OPM % | 9.51% | 12.92% | 11.36% | 14.42% | -12.55% | 9.39% | 8.88% | 5.79% | 2.49% | -13.54% | -17.74% |
| 11 | 11 | 10 | -24 | 60 | 47 | 97 | 42 | 15 | 93 | 98 | |
| Interest | 3 | 2 | 4 | 24 | 29 | 24 | 25 | 51 | 70 | 69 | 67 |
| Depreciation | 11 | 11 | 13 | 78 | 67 | 58 | 58 | 83 | 106 | 117 | 116 |
| Profit before Tax | 116 | 179 | 197 | 121 | -113 | 84 | 193 | 36 | -107 | -343 | -371 |
| Tax % | 34.24% | 33.94% | 34.48% | 26.74% | 25.12% | 24.00% | 16.78% | 22.55% | 24.09% | -0.09% | -2.25% |
| Net Profit | 76 | 119 | 129 | 89 | -85 | 64 | 161 | 28 | -81 | -343 | -379 |
| EPS | 5.41 | 8.39 | 9.11 | 6.28 | -5.98 | 4.48 | 11.33 | 1.97 | -5.73 | -24.14 | — |
| Dividend Payout % | 44.39% | 35.75% | 35.10% | 50.96% | 0.00% | 55.49% | 39.61% | 101.32% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 25%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- -9%
- 3 Years:
- -24%
- 1 Year:
- -33%
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- -12%
- 3 Years:
- -35%
- Last Year:
- -95%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
| 370 | 444 | 517 | 516 | 435 | 467 | 566 | 576 | 503 | 165 | |
| 1 | 2 | 89 | 200 | 298 | 201 | 255 | 703 | 597 | 640 | |
| Trade Payables | 152 | 224 | 313 | 286 | 147 | 212 | 243 | 390 | 385 | 392 |
| 49 | 62 | 76 | 111 | 350 | 395 | 457 | 470 | 458 | 476 | |
| Total Liabilities | 600 | 761 | 1,024 | 1,142 | 1,259 | 1,303 | 1,549 | 2,168 | 1,972 | 1,702 |
| 47 | 61 | 81 | 309 | 231 | 200 | 236 | 459 | 448 | 454 | |
| Capital Work in Progress | 0 | 0 | 4 | 3 | 2 | 6 | 14 | 3 | 7 | 3 |
| 88 | 101 | 44 | 89 | 198 | 100 | 76 | 54 | 56 | 113 | |
| 273 | 303 | 484 | 377 | 222 | 370 | 482 | 768 | 575 | 355 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325 | 368 | 266 | |
| Cash & Bank | 10 | 20 | 9 | 7 | 81 | 10 | 25 | 30 | 30 | 26 |
| 181 | 275 | 401 | 357 | 524 | 617 | 717 | 529 | 487 | 485 | |
| Total Assets | 600 | 761 | 1,024 | 1,142 | 1,259 | 1,303 | 1,549 | 2,168 | 1,972 | 1,702 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 164 | 146 | 7 | 310 | 77 | -7 | 103 | -116 | 264 | 97 | |
| Cash from Investing | -72 | -30 | 23 | -67 | -139 | 173 | 15 | -49 | -36 | -25 |
| Cash from Financing | -51 | -44 | 31 | -207 | 73 | -163 | -63 | 171 | -227 | -76 |
| 2 | 10 | -11 | -3 | 9 | -5 | 15 | 6 | 1 | -4 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-21 - VIP Industries Limited has submitted the Exchange a copy Srutinizers report of 59th Annual General Meeting held on August 21, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-21 - VIP Industries Limited has informed the Exchange regarding Proceedings of 59th Annual General Meeting held on August 21, 2026
2026-08-14 - VIP Industries Limited has informed the Exchange about Copy of Newspaper Publication on August 14, 2026 pertaining to the Financial Results for the quarter ended June 30, 2026.
2026-08-12 - VIP Industries Limited has informed the Exchange regarding a press release dated August 12, 2026, titled "VIP Industries registers a Revenue Uptrend within Two Quarters under the New Management Team".
2026-08-12 - VIP Industries Limited has informed the Exchange about investor presentation on the business and financial performance of the Company for the quarter ended June 30, 2026.
2026-08-12 - VIP Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03 - VIP Industries Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-03 - VIP Industries Limited has informed the Exchange that the Nomination and Remuneration Committee of the Company at its meeting held today i.e. August 3, 2026, has approved the grant of 1,50,000 Employee Stock Appreciation Rights (ESARs ) to the eligible employees under the VIP Employees Stock Appreciation Rights Plan 2018.
2026-08-03 - VIP Industries Limited has informed the Exchange that the Board of Directors of the Company, upon the recommendation of the Nomination and Remuneration Committee and Audit Committee has approved appointment of Mr. Narayan Saraf as Chief Financial Officer (CFO) and Key Managerial Personnel of the Company w.e.f. September 1, 2026.
News
Recent coverage and analyst commentary for VIPIND
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