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Vipul financials: balance sheet, profit and loss, cash flow

NSE: VIPULLTDBSE: 511726RealtySmall Cap

Vipul Limited · Face value ₹1 · Listed Apr 1995 on BSE, Jul 2010 on NSE
Last close ₹9.12up ₹0.09 (1.00%)BSE ₹9.25

Share price at the NSE close on 27 Oct 2026. Previous close ₹9.03.

27 Oct: open ₹9.03, high ₹9.35, low ₹8.80

52-week range of traded prices to 27 Oct 2026
₹7.38Low, 3 Dec 2025₹18.60High, 14 Jul 2026
Market cap
₹129 Cr2,610th largest listed
P/E
Lossover the last 12 months
P/B
0.35
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
33,96364.2% delivered

Vipul's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Vipul annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
232−9.9Mar 17284−4.8537Mar 182261.2545Mar 19Mar 2037−56226Mar 21138−42603Mar 2275−117266Mar 23206234188Mar 2487−2885Mar 2560−8.482Mar 26
Peak revenue ₹284 Cr, year to Mar 2018; lowest ₹37 Cr, year to Mar 2021A loss in 7 of the 9 years with results on record

Operating and net margin, per cent

  • Operating margin
  • Net margin
113.1%−156.6%11.0%10.8%13.0%−140.6%−18.7%21.6%41.0%−14.9%−57.7%−4.3%−1.7%0.5%−149.2%−30.3%−156.6%113.1%−32.5%−14.1%Mar 17Mar 19Mar 21Mar 23Mar 25Mar 26

Results for the year to Mar 2026

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

From revenue to net profit

  1. Revenue60
  2. Materials and goods−60
  3. Employee costs−6.8
  4. Other expenses−27
  5. Operating profit−34
  6. Depreciation−0.9
  7. Other income+28
  8. One-off items+7.4
  9. Finance costs−7.6
  10. Profit before tax−7.1
  11. Tax−1.3
  12. Joint ventures0.0
  13. 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. The last column is the twelve months to Jun 2026, the latest four quarters added.Vipul quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 6 JunMar 2024Mar 2025Mar 2026Jun 2026Twelve months
Revenue from operations232284226–3713875206876066
207253197–901645912210094107
Materials and goods bought174224168–7414039104806074
Employee costs202119–10101010977
Other expenses1289–615108102727
Operating profit before depreciation263129–−52−261685−13−34−41
Operating margin11.0%10.8%13.0%–−140.6%−18.7%21.6%41.0%−14.9%−57.7%−63.2%
Materials, % of revenue75.0%78.9%74.6%–199.0%101.2%52.1%50.1%92.4%100.7%112.7%
Employee costs, % of revenue8.6%7.4%8.3%–25.7%7.0%13.5%4.9%10.5%11.3%10.0%
Other expenses, % of revenue5.4%3.0%4.1%–16.0%10.5%12.9%3.9%12.0%45.6%40.4%
Depreciation and amortisation665–4333311
Operating profit after depreciation192524–−56−291382−16−35−42
Other income687–111010232122837
Finance costs363633–302938242489
Profit before one-off items and tax−11−3−2–−74−48−15290−27−15−15
One-off items000–10−95−3−177
Profit before tax−11−3−2–−73−48−109287−28−7−7
−11−3–−18−7854011
Share of profit of joint ventures and associates––0–000000–
−10−51–−56−42−117234−28−8−8
Other comprehensive income–90–0000011
Total comprehensive income–41–−55−41−117234−28−8−7
Net margin−4.3%−1.7%0.5%–−149.2%−30.3%−156.6%113.1%−32.5%−14.1%−11.9%
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.

₹ croreMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 6 JunMar 2024Mar 2025Mar 2026
365369–275235118352377366
362366–272231115352377366
Share capital1212–121212121414
Reserves350354–260219103340363352
Belonging to outside owners of subsidiaries33–33300–
537545–2266032661888582
8571,007–1,4681,4911,241888809743
491494–145120831646
Total assets1,7131,869–1,8891,8451,4421,2551,1901,116
272264–22122915115413666
1,4411,606–1,6681,6171,2911,1011,0531,049
Net debt521539–1675582451394546
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.

₹ croreMar 2021Mar 2022Mar 2023Filed 6 JunMar 2024Mar 2025Mar 2026
25817421−11243−31
25819423−8941−53
31444500−19452−56
Receivables488266−124−243
Inventories1572177334014
Payables180−25−3−8−58
Other working capital233−3582−40185−14
Tax paid1−2−3−23122
Capital spending000213
Free cash flow25817420−11442−34
16169207129
−265−43−357−138−7710
Dividends paid000000
Shares bought back000000
Shares issued000020
Net change in cash9−1073−43−22−12
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.

Per share

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

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 6 JunMar 2024Mar 2025Mar 2026
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)744641444–354217133321144149

Ratios

Consolidated, years to March.Vipul PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 6 JunMar 2024Mar 2025Mar 2026
Revenue growth25.5%22.3%−20.4%––271.5%−45.8%175.6%−57.8%−31.6%
Operating profit growth92.8%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 pts168.0 pts−107.9 pts5.5 pts
From the net margin––1.8 pts––16.3 pts−69.4 pts116.8 pts−128.9 pts4.4 pts
From asset turnover––−0.1 pts––−11.4 pts33.1 pts115.5 pts15.4 pts0.9 pts
From borrowing––0.0 pts––−1.1 pts−14.9 pts−64.4 pts5.6 pts0.2 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 cover0.50.70.7–––0.43.4––
Debt to equity–1.471.48–0.822.572.260.530.230.22
Receivable days–280532–3,2548556084391,1421,653
Inventory days–1,5012,137–5,0402,4807,2421,5511,9962,589
Payable days–64117–411217545193211270
Cash conversion cycle, days–1,7162,552–7,8843,1187,3051,7962,9263,972
Working capital days–8831,159–2,5991,5281,0936101,2112,145
Asset turnover–0.170.13–0.020.070.050.150.070.05
Assets per rupee of net worth–4.744.92–6.947.429.505.783.353.10
Sales per rupee of plant–3.753.77–0.803.212.346.792.4211.83
Capital spending to depreciation––––0.070.010.110.640.513.82
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%
Measure10 years5 years3 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–0.080.09
Cash conversion cycle, days, average–3,8232,898
Debt to equity, average–1.160.33

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.

₹ crore5 years3 yearsLatest year
Cash from operations338−100−31
Cash from investing2522279
Cash from financing−605−20610
Capital spending763
Dividends paid000
Shares bought back000
Shares issued for cash220
Borrowings raised––0
Borrowings repaid426903

Accounting checks

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

CheckMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9–––––5743
Altman Z-scorePublished threshold 1.13.313.09–1.170.920.224.072.803.34
Beneish M-scorePublished threshold −1.78––––42.28−5.600.340.87−8.89
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets––––−4.02−33.2610.27−6.781.16
Cash from operations to profit, 3 yearsPublished threshold 0.7 times––––––4.384.00−0.51
Receivables growth less revenue growthOur threshold 0 percentage points–71.96––−273.89−15.67−76.5267.5230.65
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–31.91––−95.9553.52−208.6622.3022.14
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–2.56––14.96137.84−3.30−72.9929.97
Assets under construction, years of additionsOur threshold 2 years of additions––––––10.890.61–
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.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
24 Feb 2026Brickwork Ratings India Private LimitedBLRBWR D/BWR DReview, Re-affirmStable395.67
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.