VSF Projects Ltd

₹ 35.0 -0.03%

18 Sep - close price

vsfprojects.com BSE: 519331

About

VSF Projects Ltd is developing a multi-product Free Trade Warehousing Zone (FTWZ/SEZ)
with an Inland Container Depot on its own
53.81-hectare site near Krishnapatnam
Port in Tirupati district, Andhra Pradesh;
its earlier shrimp-export and civil-construction activities are legacy businesses, not current operating revenue sources.^[1]

Key Points

Business Overview:^[1]
VSF was formerly Vijaya Shrimp Farms & Exports and
later executed civil /EPC works across roads, bridges, irrigation, power and industrial projects. Since FY25, management states that the company has focused on
setting up the FTWZ and undertook no other business activity.

Website BSE

Market Cap ₹ 57.2 Cr.
Current Price ₹ 35.0
High / Low ₹ 52.4 / 28.2
Stock P/E
Book Value ₹ 60.2
Dividend Yield 0.00 %
ROCE -0.14 %
ROE -0.44 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.58 times its book value

Cons

Company has low interest coverage ratio.
Company has a low return on equity of -0.43% over last 3 years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Construction Construction Civil Construction

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Detailed Comparison with:

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
	0.00	0.00	0.00	0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.23	0.16	0.05	-0.09	0.14	0.31	0.01	0.07	0.12	0.14	0.15	0.21	0.14
Operating Profit	-0.23	-0.16	-0.05	0.31	-0.14	-0.31	-0.01	-0.07	-0.12	-0.14	-0.15	-0.21	-0.14
OPM %				140.91%
	0.00	0.00	0.00	35.54	0.00	0.00	0.21	0.21	0.19	0.22	0.12	0.11	0.10
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.02	0.02	0.12	0.01	0.02
Depreciation	0.00	0.03	0.02	0.02	0.02	0.02	0.04	0.06	0.07	0.08	0.09	0.01	0.07
Profit before tax	-0.23	-0.19	-0.07	35.83	-0.16	-0.33	0.16	0.05	-0.02	-0.02	-0.24	-0.12	-0.13
Tax %	-4.35%	10.53%	-14.29%	-0.03%	-6.25%	3.03%	-6.25%	60.00%	100.00%	-100.00%	-16.67%	50.00%	-53.85%
	-0.22	-0.21	-0.06	35.84	-0.15	-0.35	0.17	0.03	-0.04	0.00	-0.21	-0.18	-0.06
EPS in Rs	-0.13	-0.13	-0.04	21.85	-0.09	-0.21	0.11	0.02	-0.02	0.00	-0.13	-0.11	-0.04
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4.47	9.14	1.26	0.00	2.74	1.24	1.74	1.65	1.63	0.22	0.00	0.00	0.00
	3.46	7.84	1.04	0.22	9.60	0.91	1.44	1.54	1.51	0.33	0.53	0.62	0.64
Operating Profit	1.01	1.30	0.22	-0.22	-6.86	0.33	0.30	0.11	0.12	-0.11	-0.53	-0.62	-0.64
OPM %	22.60%	14.22%	17.46%		-250.36%	26.61%	17.24%	6.67%	7.36%	-50.00%
	0.00	0.12	-0.05	-0.04	0.00	0.02	0.00	0.00	0.00	35.52	0.43	0.64	0.55
Interest	0.52	0.53	0.47	0.51	0.22	0.12	0.00	0.00	0.00	0.00	0.03	0.17	0.17
Depreciation	0.43	0.34	0.24	0.23	0.21	0.20	0.19	0.12	0.06	0.06	0.14	0.26	0.25
Profit before tax	0.06	0.55	-0.54	-1.00	-7.29	0.03	0.11	-0.01	0.06	35.35	-0.27	-0.41	-0.51
Tax %	283.33%	56.36%	-12.96%	-7.00%	-0.27%	-66.67%	-45.45%	700.00%	83.33%	0.00%	7.41%	7.32%
	-0.10	0.24	-0.47	-0.93	-7.27	0.05	0.15	-0.08	0.01	35.35	-0.29	-0.43	-0.45
EPS in Rs	-0.07	0.16	-0.32	-0.63	-4.95	0.03	0.10	-0.05	0.01	21.55	-0.18	-0.26	-0.28
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-137%

Stock Price CAGR
10 Years:	16%
5 Years:	36%
3 Years:	2%
1 Year:	-27%

Return on Equity
10 Years:	-4%
5 Years:	0%
3 Years:	0%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5.87	5.87	5.87	5.87	5.87	5.87	5.87	5.87	6.58	6.58	16.40	16.40
Reserves	23.81	24.06	18.29	17.36	-5.72	-5.67	-5.52	-5.60	-3.11	43.62	82.37	81.93
	15.95	15.74	2.22	16.38	15.28	15.65	15.65	15.65	14.93	31.54	60.44	84.69
	42.45	49.47	63.38	49.72	50.49	49.99	49.57	49.65	48.83	9.50	12.59	8.36
Total Liabilities	88.08	95.14	89.76	89.33	65.92	65.84	65.57	65.57	67.23	91.24	171.80	191.38
	27.73	27.07	26.69	26.36	64.06	63.84	63.65	63.53	63.48	63.38	65.26	65.56
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.58	20.87	88.54	116.34
Investments	53.72	53.72	53.72	53.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	6.63	14.35	9.35	9.25	1.86	2.00	1.92	2.04	2.17	6.99	18.00	9.48
Total Assets	88.08	95.14	89.76	89.33	65.92	65.84	65.57	65.57	67.23	91.24	171.80	191.38

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0.20	-0.53	-0.24	-0.45	1.28	-0.24	-0.02	-0.02	-0.88	-3.94	18.37	28.98
	-0.22	0.27	0.14	0.11	0.00	0.04	0.00	0.00	-1.59	-19.29	-69.69	-28.36
	0.00	0.38	0.10	0.29	-1.32	0.25	0.00	0.00	2.47	26.60	48.83	-0.17
Net Cash Flow	-0.02	0.12	0.00	-0.05	-0.04	0.05	-0.02	-0.02	0.00	3.37	-2.50	0.45
Free Cash Flow	0.20	-0.25	-0.10	-0.34	1.28	-0.20	-0.02	-0.02	-2.47	-23.23	-51.32	0.61
CFO/OP	46%	-35%	-36%	205%	-19%	-73%	-7%	0%	-725%	3,545%	-3,475%	-4,674%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	355.20	480.01	2,091.51		1.33	2.94	2.10	2.21	0.00	0.00
Inventory Days			0.00		0.00	0.00	0.00	0.00	0.00
Days Payable
Cash Conversion Cycle	355.20	480.01	2,091.51		1.33	2.94	2.10	2.21	0.00	0.00
Working Capital Days	-1,050.09	-468.03	-4,907.22		-3,210.40	-6,961.49	-4,669.48	-4,910.91	-4,758.44	-9,888.18
ROCE %	1.27%	2.48%	-0.06%	-1.36%	-25.69%	0.96%	0.69%	-0.06%	0.35%	-0.26%	-0.20%	-0.14%

Insights

In beta

Mar 2016

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Number of Permanent Employees
Number

xx	x	x	x	x	x	x	x
		x.xx			xxx.xx	x,xxx.xx	x,xxx.xx
					xxx	xxx	xxx
					xx.xx	xx.xx	xx.xx
					xxx.xx	xxx.xx	xxx.xx

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FTWZ Capital Work in Progress (Cumulative Investment)
₹ Lakhs

FTWZ Phase 1 Planned Investment
₹ Crores

FTWZ Total Project Area
Hectares

FTWZ Total Project Cost
₹ Crores

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	43.39%	43.38%	43.38%	43.35%	43.57%	43.57%	43.57%	43.53%	43.54%	43.54%	43.65%	43.66%
	3.33%	3.33%	3.33%	3.33%	1.33%	1.33%	1.33%	1.33%	1.33%	1.33%	1.33%	1.33%
	53.29%	53.28%	53.29%	53.31%	55.10%	55.09%	55.10%	55.13%	55.12%	55.13%	55.02%	55.02%
No. of Shareholders	8,254	8,262	8,301	9,048	9,147	9,199	9,187	9,098	9,104	9,089	9,113	9,071

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	42.54%	43.23%	43.23%	43.23%	43.23%	43.23%	43.08%	43.38%	43.57%	43.65%	43.66%
	3.73%	3.73%	3.73%	3.73%	3.73%	3.73%	3.73%	3.33%	1.33%	1.33%	1.33%
	53.73%	53.04%	53.04%	53.04%	53.04%	53.04%	53.18%	53.29%	55.10%	55.02%	55.02%
No. of Shareholders	8,218	8,205	8,194	8,191	8,188	8,264	8,238	8,301	9,187	9,113	9,071

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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VSF Projects Ltd

VSF Projects Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports