VIP Industries financials and balance sheet

NSE: VIPINDBSE: 507880Consumer DurablesSmall Cap

₹264.50₹5.45 (2.02%)BSE ₹263.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹269.95.

52-week range of traded prices to 23 Oct 2026

₹260.65Low, 23 Oct 2026₹441.60High, 23 Oct 2025

Market cap: ₹3,757 Cr800th largest listed
P/E: Lossover the last 12 months
P/B: 13.0
Dividend yield: Nonein the last 12 months
ROE: −83.6%
ROE without one-offs: −100.4%
ROCE: −57.6%
Debt to equity: 1.42
Volume, NSE: 1,24,05948.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.VIP Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,245 Cr, year to Mar 2024A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,858
Materials and goods−1,185
Employee costs−218
Other expenses−696
Operating profit−241
Depreciation−127
Other income+22
One-off items+78
Finance costs−70
Profit before tax−338
Tax0.0
Net profit−338

What the company owns

Plant, investments and other assets₹745 Cr
Inventory₹472 Cr
Receivables₹271 Cr
Current investments₹70 Cr
Cash and bank₹46 Cr

What pays for it: net worth and liabilities

Other liabilities₹455 Cr
Owed to suppliers₹449 Cr
Borrowings₹411 Cr
Net worth₹290 Cr

Profit and loss

Consolidated, ₹ crore, years to March.VIP Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 27 May	Mar 2021Filed 26 May	Mar 2022Filed 17 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue from operations	1,275	1,416	1,785	1,718	619	1,290	2,082	2,245	2,178	1,858
	1,143	1,223	1,560	1,427	684	1,145	1,769	2,051	2,096	2,099
Materials and goods bought	676	712	904	806	366	645	1,019	1,064	1,185	1,185
Employee costs	142	–	201	210	138	189	236	270	225	218
Other expenses	326	–	455	411	180	311	514	718	686	696
Operating profit before depreciation	132	193	225	291	−65	144	314	194	82	−241
Operating margin	10.3%	13.7%	12.6%	17.0%	−10.6%	11.2%	15.1%	8.6%	3.8%	−13.0%
Materials, % of revenue	53.0%	–	50.7%	46.9%	59.2%	50.0%	48.9%	47.4%	54.4%	63.8%
Employee costs, % of revenue	11.1%	–	11.3%	12.2%	22.2%	14.6%	11.3%	12.0%	10.3%	11.7%
Other expenses, % of revenue	25.6%	–	25.5%	23.9%	29.1%	24.1%	24.7%	32.0%	31.5%	37.5%
Depreciation and amortisation	14	13	17	84	78	70	74	99	119	127
Operating profit after depreciation	118	181	208	207	−143	74	240	94	−37	−368
Other income	6	9	8	13	48	36	17	12	11	22
Finance costs	1	0	1	23	30	25	28	55	73	70
Profit before one-off items and tax	124	190	215	197	−125	86	229	51	−99	−416
One-off items	0	0	0	−49	0	0	−32	26	8	78
Profit before tax	124	190	215	148	−125	86	197	77	−91	−338
	40	63	70	37	−27	19	44	22	−22	0
Current tax	–	–	70	38	0	7	53	18	4	3
Deferred tax	–	–	0	−2	−27	12	−9	4	−26	−3
Net profit	84	127	145	112	−97	67	152	54	−69	−338
Other comprehensive income	–	–	0	2	2	3	−13	2	−3	8
Total comprehensive income	–	–	145	114	−95	70	139	56	−72	−330
Net margin	6.6%	8.9%	8.1%	6.5%	−15.8%	5.2%	7.3%	2.4%	−3.2%	−18.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 8 May	Mar 2020Filed 27 May	Mar 2021Filed 26 May	Mar 2022Filed 17 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	581	610	517	560	642	678	616	290
Share capital	28	28	28	28	28	28	28	28
Reserves	553	582	489	531	613	650	588	261
Borrowings	86	32	154	123	181	533	415	411
	475	439	402	517	626	1,090	949	1,033
Trade payables	318	292	154	282	309	407	386	449
Other financial liabilities	5	5	50	44	47	62	66	77
Other liabilities	61	98	35	55	74	73	69	82
Provisions	5	11	9	12	11	14	12	14
Tax owed	1	1	1	1	5	2	1	0
	14	196	176	154	148	299	292	282
Other financial liabilities	2	3	–	139	131	282	276	265
Other liabilities	0	180	0	0	0	0	0	0
Provisions	12	12	12	13	16	17	16	17
Deferred tax	–	1	1	1	0	0	0	0
Trade payables	–	0	163	–	0	0	0	0
	1,071	1,245	1,095	1,230	1,415	2,067	1,856	1,604
Held for sale or for a demerger	–	–	–	–	–	–	–	2
	164	405	357	330	403	634	645	610
Plant in use, after depreciation	112	133	95	98	148	207	193	207
Plant being built	6	3	2	7	15	13	18	15
Intangible assets	3	229	191	165	159	322	309	296
Intangible assets being developed	0	0	0	0	1	1	0	0
Property held to earn rent	2	2	2	2	2	3	4	5
Investments	1	0	1	1	1	2	5	3
Loans given	21	22	18	0	0	0	0	0
Other financial assets	0	0	0	18	21	28	32	29
Deferred tax	5	8	34	21	30	25	50	54
Other assets	14	9	13	17	27	33	32	2
	907	840	738	900	1,012	1,432	1,212	992
Inventories	527	451	302	518	587	916	698	472
Trade receivables	299	267	148	219	255	328	368	271
Cash and cash equivalents	11	7	20	17	33	43	38	32
Other bank balances	3	4	70	3	3	3	10	14
Current investments	0	40	140	41	22	1	0	70
Loans given	4	8	6	0	0	0	0	0
Other financial assets	3	2	7	7	10	14	12	110
Tax paid in advance	0	9	–	–	–	0	0	23
Other assets	60	50	45	95	100	127	84	–
Net debt	72	−19	−77	61	122	485	367	295

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 May	Mar 2022Filed 17 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	17	−24	175	−132	292	181
	20	−10	227	−104	297	184
	71	−190	−96	−339	190	379
Receivables	108	−86	−67	−78	−49	88
Inventories	147	−217	−69	−329	217	226
Payables	−133	128	27	104	−19	58
Other working capital	−51	−15	13	−37	40	7
Tax paid	−3	−9	−52	−28	−4	−2
Capital spending	9	36	107	100	43	48
Free cash flow	8	−60	68	−232	249	133
	−76	146	−84	−76	−47	−48
Plant and property sold	29	2	1	1	2	72
Interest received	2	11	1	0	0	1
	72	−126	−75	218	−251	−139
Borrowings raised	122	0	58	352	−118	−5
Borrowings repaid	0	−31	0	0	0	0
Interest paid	−6	−15	−16	−33	−47	−43
Lease payments	−43	−44	−53	−72	−86	−91
Dividends paid	0	35	64	29	1	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	14	−3	16	10	−5	−6

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.VIP Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 27 May	Mar 2021Filed 26 May	Mar 2022Filed 17 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Earnings per share	₹5.93	₹8.97	₹10.28	₹7.91	−₹6.90	₹4.73	₹10.76	₹3.84	−₹4.84	−₹23.79
Diluted earnings per share	₹5.93	₹8.97	₹10.28	₹7.91	−₹6.90	₹4.71	₹10.72	₹3.82	−₹4.83	−₹23.79
Dividend per share	₹2.40	₹3.00	₹3.20	₹3.20	–	–	₹4.50	₹2.00	–	–
Book value per share	–	–	₹41.15	₹43.18	₹36.60	₹39.57	₹45.30	₹47.76	₹43.39	₹20.38
Dividend payout	40.4%	33.4%	31.1%	40.5%	–	–	41.8%	52.3%	–	–
Shareholder yield	–	–	–	–	0.0%	0.3%	0.8%	0.4%	0.0%	0.0%
Market cap at the year end (₹ crore)	2,797	4,503	6,831	3,394	5,005	10,546	8,110	7,459	3,972	4,294

Ratios

Consolidated, years to March.VIP Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 8 May	Mar 2020Filed 27 May	Mar 2021Filed 26 May	Mar 2022Filed 17 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue growth	4.8%	11.1%	26.0%	−3.7%	−64.0%	108.5%	61.5%	7.8%	−3.0%	−14.7%
Operating profit growth	–	46.7%	16.2%	29.6%	–	–	117.3%	−38.3%	−57.5%	–
Net profit growth	26.2%	51.1%	14.6%	−23.1%	–	–	127.6%	−64.4%	–	–
Earnings per share growth	–	51.3%	14.6%	−23.1%	–	–	127.5%	−64.3%	–	–
	–	–	25.0%	18.8%	−17.3%	12.4%	25.4%	8.2%	−10.6%	−74.6%
	–	–	–	−6.2 pts	−36.1 pts	29.7 pts	12.9 pts	−17.1 pts	−18.9 pts	−64.0 pts
From the net margin	–	–	–	−5.0 pts	−64.2 pts	23.0 pts	5.1 pts	−17.0 pts	−19.0 pts	−50.6 pts
From asset turnover	–	–	–	−2.2 pts	29.3 pts	6.3 pts	7.3 pts	−1.5 pts	1.5 pts	2.0 pts
From borrowing	–	–	–	1.0 pts	−1.1 pts	0.5 pts	0.5 pts	1.4 pts	−1.4 pts	−15.4 pts
Return on capital employed	–	–	31.2%	32.3%	−21.3%	10.9%	29.2%	7.8%	−3.6%	−52.6%
Cash conversion	–	–	–	–	–	−35.4%	114.8%	−242.5%	–	–
Interest cover	207.4	601.7	139.7	9.0	–	3.0	8.4	1.7	–	–
Debt to equity	–	–	0.15	0.05	0.30	0.22	0.28	0.79	0.67	1.42
Receivable days	–	–	61	57	88	62	45	53	62	53
Inventory days	–	–	213	204	301	293	210	314	215	146
Payable days	–	–	129	132	154	160	111	140	119	138
Cash conversion cycle, days	–	–	145	129	235	195	145	228	158	60
Working capital days	–	–	103	81	153	126	89	135	106	50
Asset turnover	–	–	1.67	1.48	0.53	1.11	1.57	1.29	1.11	1.07
Assets per rupee of net worth	–	–	1.84	1.94	2.08	2.16	2.20	2.64	3.03	3.82
Sales per rupee of plant	–	–	15.99	12.96	6.52	13.16	14.05	10.84	11.29	8.99
Capital spending to depreciation	–	–	–	–	0.12	0.52	1.45	1.01	0.36	0.38
Plant being built, % of plant in use	–	–	5.1%	2.0%	2.1%	7.3%	9.9%	6.4%	9.2%	7.1%

Interest cover is left blank for the years to Mar 2021, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −19.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.3%	24.6%	−3.7%
Return on equity, average	–	−7.9%	−25.7%
Return on capital employed, average	–	−1.7%	−16.1%
Operating margin, average	6.9%	5.1%	−0.2%
Net margin, average	0.8%	−1.3%	−6.3%
Asset turnover, average	–	1.23	1.16
Cash conversion cycle, days, average	–	157	149
Debt to equity, average	–	0.68	0.96

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	493	341	181
Cash from investing	−109	−171	−48
Cash from financing	−372	−172	−139
Capital spending	335	191	48
Dividends paid	129	30	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	31	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	4	6	2	2	2
Altman Z-scorePublished threshold 1.81	–	–	11.91	6.08	6.47	11.76	9.22	5.16	3.68	2.76
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.05	−1.58	−2.28	−1.93	−3.11	−4.20
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.33	−4.77	4.68	15.05	−16.03	−27.20
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.38	0.07	2.43	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−6.72	19.52	−61.30	−44.61	20.46	15.41	−11.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−3.52	21.40	−4.30	−44.70	51.56	−35.10	−32.36
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.11	−1.59	3.91	0.41	1.39	−2.06	1.95
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.05	0.10	0.12	0.08	0.17	0.10
Effective tax ratePublished threshold 17.16 per cent	32.11	33.12	32.41	24.72	–	22.32	22.49	29.09	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	12.35	−3.91	−7.17	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A-Review, Re-affirm	Negative	70.60
19 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A2+Review, Re-affirm		50
19 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2+Review, Re-affirm		23.40

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.