Vipul Ltd.
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ABOUT
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 9.56x)
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 366.7% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -33.3pp
- Company has a low return on equity of 2.0% over last 3 years
- Interest coverage is weak at -0.0x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 670.00 | 37.30 | 165845.88 | 1.19 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1211.80 | 29.35 | 121085.87 | 0.35 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1930.00 | 53.93 | 69031.83 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 13.70 | 59.77 |
| OBEROIRLTY | 1877.50 | 25.96 | 68266.32 | 0.43 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| PRESTIGE | 1579.00 | 59.72 | 68012.30 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| GODREJPROP | 1960.00 | 36.90 | 59040.39 | 0.51 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 587.90 | 36.57 | 21157.16 | 0.17 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 639.90 | 30.04 | 20877.33 | 0.23 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1331.60 | 112.46 | 14873.40 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1230.00 | 57.04 | 13155.32 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 765.70 | 10.32 | 10772.33 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 7.49 | -8.10 |
| VIPULLTD | 14.55 | 0.00 | 205.10 | 0.00 | 1.21 | -67.70 | 9.19 | -18.38 | -0.70 | -14.58 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 8 | 5 | 6 | 134 | 24 | 15 | 15 | 11 | 40 | 2 | 8 | 9 | |
| 10 | 68 | 11 | 10 | 56 | 11 | 12 | 10 | 8 | 63 | 14 | 11 | 11 | |
| Operating Profit | -5 | -61 | -6 | -4 | 79 | 13 | 3 | 5 | 2 | -23 | -12 | -3 | -1 |
| OPM % | -90.93% | -797.77% | -122.22% | -59.21% | 58.37% | 52.78% | 21.84% | 34.39% | 22.84% | -56.75% | -721.89% | -35.35% | -14.58% |
| Other Income | 2 | 3 | 2 | 2 | 13 | 214 | 2 | 3 | 3 | 5 | 12 | 3 | 3 |
| Interest | 10 | 8 | 10 | 6 | 9 | -4 | 3 | 6 | 0 | 13 | 1 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -12 | -66 | -14 | -7 | 82 | 230 | 2 | 2 | 5 | -31 | -1 | 0 | 1 | |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | 22.13% | 11.40% | 0.00% | 0.00% | 0.00% | -0.00% | -0.00% | 0.00% | 0.00% |
| Net Profit | -12 | -66 | -14 | -7 | 64 | 204 | 2 | 2 | 5 | -31 | -1 | 0 | 1 |
| -1 | -5 | -1 | -1 | 5 | 17 | 0 | 0 | 0 | -2 | -0 | 0 | 0 | |
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| 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 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 179 | 226 | 269 | 216 | 161 | 36 | 122 | 38 | 170 | 81 | 59 | |
| 166 | 206 | 238 | 187 | 187 | 88 | 143 | 111 | 89 | 93 | 99 | |
| Operating Profit | 24 | 26 | 38 | 33 | -1 | -41 | -11 | -64 | 313 | 1 | — |
| OPM % | 13 | 12 | 14 | 16 | -1 | -114 | -9 | -168 | 184 | 1 | — |
| Other Income | 11 | 5 | 7 | 5 | 24 | 11 | 9 | 9 | 232 | 13 | 23 |
| Interest | 22 | 25 | 32 | 31 | 29 | 26 | 23 | 36 | 20 | 22 | 14 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 |
| 1 | -0 | 6 | 2 | -31 | -67 | -35 | -195 | 292 | -22 | -31 | |
| Tax % | 6 | -150 | 56 | 6 | 12 | 26 | 20 | 0 | 15 | 0 | 0 |
| Net Profit | 1 | -1 | 3 | 1 | -27 | -49 | -28 | -195 | 247 | -22 | -31 |
| EPS | 0 | 0 | 0 | 0 | -2 | -4 | -2 | -16 | 21 | -2 | — |
| Dividend Payout % | 0 | -88 | 24 | 42 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| 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 | 0 | -0 | 0 | 0 | -2 | -4 | -2 | -16 | 21 | -2 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -10%
- 5 Years:
- -13%
- 3 Years:
- -13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -15%
- 5 Years:
- -17%
- 3 Years:
- -2%
- 1 Year:
- 32%
RETURN ON EQUITY
- 10 Years:
- -2%
- 5 Years:
- -3%
- 3 Years:
- 2%
- Last Year:
- -6%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 14 |
| 399 | 390 | 392 | 392 | 364 | 315 | 288 | 94 | 341 | 367 | |
| 183 | 174 | 243 | 125 | 302 | 527 | 492 | 183 | 164 | 76 | |
| Trade Payables | 33 | 29 | 38 | 53 | 64 | 82 | 81 | 57 | 53 | 45 |
| 510 | 597 | 723 | 960 | 883 | 658 | 665 | 711 | 682 | 689 | |
| Total Liabilities | 1,137 | 1,202 | 1,408 | 1,541 | 1,625 | 1,594 | 1,539 | 1,057 | 1,253 | 1,191 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 8 | 8 | 7 | 7 | 4 | 4 | 3 | 3 | 4 | 3 | |
| 24 | 24 | 24 | 24 | 24 | 24 | 24 | 11 | 11 | 10 | |
| 400 | 410 | 537 | 604 | 641 | 650 | 575 | 400 | 406 | 410 | |
| 0 | 0 | 0 | 329 | 0 | 0 | 0 | 0 | 248 | 272 | |
| Cash & Bank | 19 | 16 | 14 | 4 | 17 | 58 | 41 | 19 | 48 | 32 |
| 687 | 744 | 826 | 573 | 940 | 859 | 895 | 623 | 536 | 464 | |
| Total Assets | 1,137 | 1,202 | 1,408 | 1,541 | 1,625 | 1,594 | 1,539 | 1,057 | 1,253 | 1,191 |
| Total Debt | 295 | 432 | 638 | 624 | 616 | 607 | 576 | 239 | 173 | 85 |
| Net Working Capital | 497 | 546 | 644 | 650 | 532 | 228 | 156 | 41 | 219 | 263 |
| Contingent Liabilities | 205 | 100 | 105 | 123 | 122 | 136 | 144 | 501 | 476 | 433 |
| Book Value per Share | 34.23 | 33.47 | 33.64 | 33.68 | 31.37 | 27.28 | 25.00 | 8.79 | 29.44 | 27.06 |
| 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 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -59 | -108 | -172 | 36 | 38 | 32 | 33 | 364 | -86 | 17 | |
| Cash from Investing | 10 | 2 | 5 | 4 | 7 | 12 | 10 | 9 | 207 | 13 |
| Cash from Financing | 42 | 107 | 171 | -48 | -37 | -35 | -54 | -375 | -86 | -60 |
| -6 | 1 | 4 | -8 | 9 | 9 | -11 | -2 | 35 | -30 | |
| Free Cash Flow | -59 | -110 | -173 | 35 | 38 | 32 | 33 | 364 | -86 | 17 |
| OCF / Net Profit | -51.03 | 159.85 | -68.78 | 24.92 | -1.40 | -0.66 | -1.17 | -1.87 | -0.35 | -0.78 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -268 | -176 | -34 | 503 | 381 | 360 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.10 | -0.06 | 0.21 | 0.12 | -2.29 | -4.11 | -2.32 | -16.23 | 20.63 | -1.55 |
| Book Value (₹) | 34.23 | 33.47 | 33.64 | 33.68 | 31.37 | 27.28 | 25.00 | 8.79 | 29.44 | 27.06 |
| Dividend per Share (₹) | 0.00 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.18 | 0.04 | 0.31 | 0.20 | -2.22 | -4.07 | -2.28 | -16.20 | 20.67 | -1.50 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 13.44% | 11.54% | 14.26% | 13.25% | -0.73% | -114.47% | -9.17% | -168.14% | 47.74% | -14.80% |
| Net Margin % | 0.64% | -0.30% | 0.93% | 0.66% | -17.04% | -138.33% | -22.78% | -513.45% | 145.53% | -26.95% |
| ROE % | 0.28% | -0.17% | 0.62% | 0.35% | -7.03% | -14.03% | -8.88% | -96.07% | 107.89% | -5.96% |
| ROCE % | 3.42% | 3.25% | 3.96% | 3.14% | -0.20% | -4.30% | -1.29% | -26.02% | 71.73% | -0.02% |
| 0.11% | -0.06% | 0.19% | 0.10% | -1.73% | -3.07% | -1.78% | -15.01% | 21.43% | -1.79% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 341 | 308 | 272 | 463 | 807 | 3655 | 977 | 2152 | 400 | 1169 |
| Inventory Days | 775 | 653 | 642 | 965 | 1411 | 6604 | 1828 | 4694 | 866 | 1833 |
| Payable Days | 420 | 228 | 245 | -3996 | -2851 | -5600 | 0 | 0 | -3705 | -9109 |
| 696 | 733 | 670 | 5424 | 5070 | 15858 | 2805 | 6846 | 4970 | 12110 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.72x | 1.07x | 1.58x | 1.54x | 1.64x | 1.85x | 1.92x | 2.27x | 0.49x | 0.22x |
| Interest Coverage (x) | 1.06x | 0.99x | 1.18x | 1.05x | -0.07x | -1.62x | -0.50x | -4.42x | 15.37x | -0.00x |
| 2.08x | 2.14x | 2.17x | 1.95x | 1.60x | 1.20x | 1.13x | 1.05x | 1.24x | 1.33x | |
| GROWTH | ||||||||||
| Revenue Growth % | -23.49% | 26.71% | 18.89% | -19.87% | -25.36% | -77.84% | 242.85% | -68.98% | 348.28% | -52.21% |
| Operating Profit Growth % | 89.35% | 8.85% | 46.80% | -12.77% | -103.52% | -3364.92% | 72.54% | -468.87% | 590.46% | -99.81% |
| Net Profit Growth % | 117.51% | -158.94% | 468.75% | -42.83% | -2017.64% | -79.91% | 43.55% | -599.17% | 227.06% | -108.85% |
| 0.00% | 0.00% | 0.00% | -42.83% | 0.00% | 0.00% | 0.00% | 0.00% | 227.06% | -107.53% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 308.72x | 0.00x | 0.00x | 0.00x | 0.00x | 1.30x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 1.09x | 0.00x | 0.00x | 0.00x | 0.00x | 0.91x | 0.38x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 31.73x | 0.00x | 0.00x | 0.00x | 0.00x | 1.43x | 336.41x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Vipul Limited has informed the Exchange regarding 'Disclosure pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 '.
2026-09-02 - Vipul Limited has informed the Exchange about reasons for Delayed/Non-submission of Financial Results
2026-09-02 - Vipul Limited has informed the Exchange regarding 'Clarification regarding disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011'.
2026-06-29 - Vipul Limited has informed the Exchange regarding Appointment of as Non- Executive Independent Director of the company w.e.f. Jun 26, 2026.
2026-06-29 - Vipul Limited has informed the Exchange regarding Appointment of MR DIPESH JASVANTLAL SHAH as Non- Executive Independent Director of the company w.e.f. Jun 26, 2026.
2026-06-28 - Vipul Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-11 - Sunita Beriwala has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-05 - Vipul Limited has informed the Exchange regarding Resignation of Mr. Rajeev Gupta as Non- Executive Independent Director of the company w.e.f. Jun 04, 2026.
2026-06-05 - Vipul Limited has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for VIPULLTD
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