Vipul financials and balance sheet

NSE: VIPULLTDBSE: 511726RealtySmall Cap

₹8.62₹0.38 (4.22%)BSE ₹8.67

Share price at the NSE close on 23 Oct 2026. Previous close ₹9.00.

52-week range of traded prices to 23 Oct 2026

₹7.38Low, 3 Dec 2025₹18.60High, 14 Jul 2026

Market cap: ₹122 Cr2,610th largest listed
P/E: Lossover the last 12 months
P/B: 0.3
Dividend yield: Nonein the last 12 months
ROE: −2.1%
ROE without one-offs: −4.1%
ROCE: −9.5%
Debt to equity: 0.22
Volume, NSE: 2,67,20853.1% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹284 Cr, year to Mar 2018A loss in 7 of the 9 years with results on record

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

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

From revenue to net profit

Revenue60
Materials and goods−60
Employee costs−6.8
Other expenses−27
Operating profit−34
Depreciation−0.9
Other income+28
One-off items+7.4
Finance costs−7.6
Profit before tax−7.1
Tax−1.3
Joint ventures0.0
Net profit−8.4

What the company owns

Inventory₹426 Cr
Plant, investments and other assets₹385 Cr
Receivables₹270 Cr
Cash and bank₹35 Cr

What pays for it: net worth and liabilities

Other liabilities₹623 Cr
Net worth₹366 Cr
Borrowings₹82 Cr
Owed to suppliers₹44 Cr

Profit and loss

Consolidated, ₹ crore, years to March. No results on record for the year to Mar 2020.Vipul quarterly results

₹ crore	Mar 2017	Mar 2018Filed 23 Aug	Mar 2019Filed 13 Aug	Mar 2020	Mar 2021Filed 9 Aug	Mar 2022Filed 13 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 15 Jul	Mar 2025Filed 16 Jun	Mar 2026Filed 1 Oct
Revenue from operations	232	284	226	–	37	138	75	206	87	60
	207	253	197	–	90	164	59	122	100	94
Materials and goods bought	174	224	168	–	74	140	39	104	80	60
Employee costs	20	21	19	–	10	10	10	10	9	7
Other expenses	12	8	9	–	6	15	10	8	10	27
Operating profit before depreciation	26	31	29	–	−52	−26	16	85	−13	−34
Operating margin	11.0%	10.8%	13.0%	–	−140.6%	−18.7%	21.6%	41.0%	−14.9%	−57.7%
Materials, % of revenue	75.0%	78.9%	74.6%	–	199.0%	101.2%	52.1%	50.1%	92.4%	100.7%
Employee costs, % of revenue	8.6%	7.4%	8.3%	–	25.7%	7.0%	13.5%	4.9%	10.5%	11.3%
Other expenses, % of revenue	5.4%	3.0%	4.1%	–	16.0%	10.5%	12.9%	3.9%	12.0%	45.6%
Depreciation and amortisation	6	6	5	–	4	3	3	3	3	1
Operating profit after depreciation	19	25	24	–	−56	−29	13	82	−16	−35
Other income	6	8	7	–	11	10	10	232	12	28
Finance costs	36	36	33	–	30	29	38	24	24	8
Profit before one-off items and tax	−11	−3	−2	–	−74	−48	−15	290	−27	−15
One-off items	0	0	0	–	1	0	−95	−3	−1	7
Profit before tax	−11	−3	−2	–	−73	−48	−109	287	−28	−7
	−1	1	−3	–	−18	−7	8	54	0	1
Current tax	1	7	2	–	0	0	8	0	0	0
Deferred tax	−2	−5	−5	–	−18	−7	0	53	0	1
Share of profit of joint ventures and associates	–	–	0	–	0	0	0	0	0	0
	−10	−5	1	–	−56	−42	−117	234	−28	−8
Belonging to the company's shareholders	−10	−5	1	–	−56	−42	−117	234	−28	−8
Belonging to outside owners of subsidiaries	–	0	0	–	–	0	–	0	–	–
Other comprehensive income	–	9	0	–	0	0	0	0	0	1
Total comprehensive income	–	4	1	–	−55	−41	−117	234	−28	−8
Net margin	−4.3%	−1.7%	0.5%	–	−149.2%	−30.3%	−156.6%	113.1%	−32.5%	−14.1%
Net margin without joint ventures and associates	–	–	0.5%	–	−148.4%	−30.0%	−156.7%	113.0%	−32.6%	−14.2%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2018Filed 23 Aug	Mar 2019Filed 13 Aug	Mar 2020	Mar 2021Filed 9 Aug	Mar 2022Filed 13 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 15 Jul	Mar 2025Filed 16 Jun	Mar 2026Filed 1 Oct
	365	369	–	275	235	118	352	377	366
	362	366	–	272	231	115	352	377	366
Share capital	12	12	–	12	12	12	12	14	14
Reserves	350	354	–	260	219	103	340	363	352
Belonging to outside owners of subsidiaries	3	3	–	3	3	3	0	0	–
	537	545	–	226	603	266	188	85	82
Repayable after a year	418	420	–	102	105	71	8	0	2
Repayable within a year	119	125	–	125	498	195	180	85	80
	857	1,007	–	1,468	1,491	1,241	888	809	743
Trade payables	39	54	–	83	83	58	55	47	44
Other financial liabilities	488	526	–	879	514	521	158	190	149
Other liabilities	211	302	–	381	396	466	490	483	470
Provisions	0	0	–	0	0	0	5	5	0
	491	494	–	145	120	83	16	4	6
Other financial liabilities	72	0	–	44	15	0	0	0	4
Other liabilities	1	73	–	0	0	12	8	4	–
Trade payables	0	0	–	0	0	0	0	0	0
Total assets	1,713	1,869	–	1,889	1,845	1,442	1,255	1,190	1,116
	272	264	–	221	229	151	154	136	66
Plant in use, after depreciation	76	60	–	46	43	32	30	36	5
Plant being built	11	11	–	12	12	12	12	5	5
Intangible assets	0	0	–	0	0	0	0	0	0
Goodwill	16	17	–	16	16	16	16	16	0
Intangible assets being developed	0	0	–	0	0	0	0	0	0
Property held to earn rent	8	5	–	5	0	0	0	0	0
Investments	3	7	–	7	6	6	6	2	2
Loans given	24	13	–	13	13	13	8	8	9
Other financial assets	56	5	–	0	0	0	0	0	13
Deferred tax	22	27	–	48	55	55	2	2	0
Trade receivables	56	47	–	66	67	0	0	0	0
Other assets	–	71	–	8	17	17	80	67	32
	1,441	1,606	–	1,668	1,617	1,291	1,101	1,053	1,049
Inventories	921	987	–	1,023	951	774	440	440	426
Trade receivables	217	329	–	332	324	125	248	272	270
Cash and cash equivalents	16	6	–	60	45	21	49	40	35
Loans given	17	7	–	7	30	0	0	0	0
Other financial assets	146	128	–	90	85	77	81	120	319
Other assets	124	148	–	157	183	294	283	181	–
Net debt	521	539	–	167	558	245	139	45	46

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

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 9 Aug	Mar 2022Filed 13 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 15 Jul	Mar 2025Filed 16 Jun	Mar 2026Filed 1 Oct
	258	17	421	−112	43	−31
	258	19	423	−89	41	−53
	314	44	500	−194	52	−56
Receivables	48	8	266	−124	−24	3
Inventories	15	72	177	334	0	14
Payables	18	0	−25	−3	−8	−58
Other working capital	233	−35	82	−401	85	−14
Tax paid	1	−2	−3	−23	1	22
Capital spending	0	0	0	2	1	3
Free cash flow	258	17	420	−114	42	−34
	16	16	9	207	12	9
Plant and property sold	1	1	1	9	3	0
Interest received	11	9	8	200	10	12
	−265	−43	−357	−138	−77	10
Borrowings raised	−236	−14	18	−36	−95	0
Borrowings repaid	0	0	−336	−79	−8	−3
Interest paid	−30	−29	−38	−24	−24	−8
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	2	0
Net change in cash	9	−10	73	−43	−22	−12

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 and Mar 2019.

Consolidated, ₹ per share, years to March.Vipul dividend history

₹ per share	Mar 2017	Mar 2018Filed 23 Aug	Mar 2019Filed 13 Aug	Mar 2020	Mar 2021Filed 9 Aug	Mar 2022Filed 13 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 15 Jul	Mar 2025Filed 16 Jun	Mar 2026Filed 1 Oct
Earnings per share	−₹0.82	−₹0.40	₹0.10	–	−₹4.63	−₹3.49	−₹9.78	₹19.46	−₹2.05	−₹0.60
Diluted earnings per share	−₹0.82	−₹0.40	₹0.10	–	−₹4.63	−₹3.49	−₹9.78	₹19.46	−₹2.05	−₹0.60
Dividend per share	₹0.05	₹0.05	₹0.05	–	–	–	–	–	–	–
Book value per share	–	₹30.14	₹30.50	–	₹22.69	₹19.28	₹9.55	₹29.32	₹26.75	₹25.99
Dividend payout	–	–	49.4%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	−1.5%	0.0%
Market cap at the year end (₹ crore)	744	641	444	–	354	217	133	321	144	149

Ratios

Consolidated, years to March.Vipul PE ratio and valuation

Ratio	Mar 2017	Mar 2018Filed 23 Aug	Mar 2019Filed 13 Aug	Mar 2020	Mar 2021Filed 9 Aug	Mar 2022Filed 13 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 15 Jul	Mar 2025Filed 16 Jun	Mar 2026Filed 1 Oct
Revenue growth	25.5%	22.3%	−20.4%	–	–	271.5%	−45.8%	175.6%	−57.8%	−31.6%
Operating profit growth	92.8%	19.6%	−4.2%	–	–	–	–	424.2%	–	–
	–	−1.3%	0.3%	–	−20.4%	−16.6%	−67.8%	100.1%	−7.8%	−2.3%
	–	–	1.7 pts	–	–	3.8 pts	−51.2 pts	168.0 pts	−107.9 pts	5.5 pts
From the net margin	–	–	1.8 pts	–	–	16.3 pts	−69.4 pts	116.8 pts	−128.9 pts	4.4 pts
From asset turnover	–	–	−0.1 pts	–	–	−11.4 pts	33.1 pts	115.5 pts	15.4 pts	0.9 pts
From borrowing	–	–	0.0 pts	–	–	−1.1 pts	−14.9 pts	−64.4 pts	5.6 pts	0.2 pts
Return on capital employed	–	2.8%	2.7%	–	−11.1%	−3.5%	3.5%	15.2%	−3.4%	−7.9%
Cash conversion	–	–	–	–	–	–	–	−47.9%	–	–
Interest cover	0.5	0.7	0.7	–	–	–	0.4	3.4	–	–
Debt to equity	–	1.47	1.48	–	0.82	2.57	2.26	0.53	0.23	0.22
Receivable days	–	280	532	–	3,254	855	608	439	1,142	1,653
Inventory days	–	1,501	2,137	–	5,040	2,480	7,242	1,551	1,996	2,589
Payable days	–	64	117	–	411	217	545	193	211	270
Cash conversion cycle, days	–	1,716	2,552	–	7,884	3,118	7,305	1,796	2,926	3,972
Working capital days	–	883	1,159	–	2,599	1,528	1,093	610	1,211	2,145
Asset turnover	–	0.17	0.13	–	0.02	0.07	0.05	0.15	0.07	0.05
Assets per rupee of net worth	–	4.74	4.92	–	6.94	7.42	9.50	5.78	3.35	3.10
Sales per rupee of plant	–	3.75	3.77	–	0.80	3.21	2.34	6.79	2.42	11.83
Capital spending to depreciation	–	–	–	–	0.07	0.01	0.11	0.64	0.51	3.82
Plant being built, % of plant in use	–	14.9%	19.0%	–	25.5%	27.5%	37.3%	39.8%	14.2%	105.5%

Interest cover is left blank for the years to Mar 2021, Mar 2022, 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 year to Mar 2017, 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: −0.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−10.7%	9.9%	−7.4%
Return on equity, average	–	1.1%	30.0%
Return on capital employed, average	–	0.8%	1.3%
Operating margin, average	−14.9%	−5.7%	−10.5%
Net margin, average	−30.6%	−24.1%	22.2%
Asset turnover, average	–	0.08	0.09
Cash conversion cycle, days, average	–	3,823	2,898
Debt to equity, average	–	1.16	0.33

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	338	−100	−31
Cash from investing	252	227	9
Cash from financing	−605	−206	10
Capital spending	7	6	3
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	2	2	0
Borrowings raised	–	–	0
Borrowings repaid	426	90	3

Accounting checks

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

Check	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	–	–	–	–	–	5	7	4	3
Altman Z-scorePublished threshold 1.1	3.31	3.09	–	1.17	0.92	0.22	4.07	2.80	3.34
Beneish M-scorePublished threshold −1.78	–	–	–	–	42.28	−5.60	0.34	0.87	−8.89
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.02	−33.26	10.27	−6.78	1.16
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	4.38	4.00	−0.51
Receivables growth less revenue growthOur threshold 0 percentage points	–	71.96	–	–	−273.89	−15.67	−76.52	67.52	30.65
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	31.91	–	–	−95.95	53.52	−208.66	22.30	22.14
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	2.56	–	–	14.96	137.84	−3.30	−72.99	29.97
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	10.89	0.61	–
Effective tax ratePublished threshold 17.16 per cent	–	–	–	–	–	–	18.70	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	10.64	–	–

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
24 Feb 2026	Brickwork Ratings India Private Limited (opens in a new tab)	BLR	BWR D/BWR DReview, Re-affirm	Stable	395.67

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