Valiant Communications Ltd

₹ 946 -3.44%

22 Aug - close price

About

Incorporated in 1993, Valiant Communications Ltd manufactures communication equipment, primarily for power utilities / other utilities and provides allied services^[1]

Key Points

Business Overseas:^[1]
VCL is an ISO 9001:2015, ISO 10001:2018, ISO 14001:2015, ISO 27001:2013 and ISO 45001:2018 certified manufacturer of communication, transmission, protection, synchronization and cyber security equipment and solutions with installations in 110+ countries

Website BSE

Market Cap ₹ 722 Cr.
Current Price ₹ 946
High / Low ₹ 1,021 / 322
Stock P/E 64.4
Book Value ₹ 80.7
Dividend Yield 0.16 %
ROCE 22.1 %
ROE 17.0 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has delivered good profit growth of 111% CAGR over last 5 years

Cons

Stock is trading at 11.7 times its book value
Company has a low return on equity of 13.3% over last 3 years.
Debtor days have increased from 89.9 to 142 days.
Promoter holding has decreased over last 3 years: -4.55%

* 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

Telecommunication Telecommunication Telecom - Equipment & Accessories Telecom - Equipment & Accessories

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	5.24	7.87	9.03	9.36	9.66	11.10	12.27	13.31	13.66	12.72	8.36	16.12	18.32
	5.16	6.85	7.53	7.67	8.02	8.85	9.80	9.39	9.41	8.88	8.25	10.53	12.02
Operating Profit	0.08	1.02	1.50	1.69	1.64	2.25	2.47	3.92	4.25	3.84	0.11	5.59	6.30
OPM %	1.53%	12.96%	16.61%	18.06%	16.98%	20.27%	20.13%	29.45%	31.11%	30.19%	1.32%	34.68%	34.39%
	0.02	0.04	0.03	0.03	0.13	0.18	0.06	0.07	0.56	0.56	0.00	0.68	0.63
Interest	0.01	0.01	0.01	0.03	0.04	0.04	0.04	0.04	0.05	0.04	0.05	0.07	0.04
Depreciation	0.50	0.52	0.48	0.61	0.54	0.55	0.56	0.62	0.61	0.66	0.66	0.69	0.67
Profit before tax	-0.41	0.53	1.04	1.08	1.19	1.84	1.93	3.33	4.15	3.70	-0.60	5.51	6.22
Tax %	-24.39%	30.19%	28.85%	18.52%	25.21%	21.74%	29.02%	25.23%	24.82%	24.32%	-11.67%	23.23%	24.12%
	-0.31	0.37	0.74	0.88	0.89	1.43	1.38	2.49	3.12	2.80	-0.53	4.22	4.72
EPS in Rs	-0.43	0.51	1.02	1.22	1.23	1.98	1.91	3.26	4.09	3.67	-0.69	5.53	6.19
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	11	12	14	18	23	19	20	22	13	32	46	51	56
	11	12	13	16	20	17	19	20	16	27	36	37	40
Operating Profit	-0	0	1	2	3	2	1	1	-3	4	10	14	16
OPM %	-0%	0%	8%	10%	14%	11%	6%	7%	-23%	14%	22%	27%	29%
	1	1	1	1	0	0	1	3	2	0	0	2	2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	2	2	2	2	2	2	2	2	2	3	3
Profit before tax	-0	-0	0	1	2	1	-0	2	-4	2	8	13	15
Tax %	-20%	-160%	30%	31%	34%	26%	-89%	24%	-27%	25%	25%	25%
	-0	0	0	1	1	0	0	2	-3	2	6	10	11
EPS in Rs	-0.57	0.08	0.32	0.84	1.80	0.60	0.00	2.21	-3.64	2.33	8.14	12.60	14.70
Dividend Payout %	0%	0%	0%	0%	0%	0%		0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	16%
5 Years:	21%
3 Years:	57%
TTM:	10%

Compounded Profit Growth
10 Years:	69%
5 Years:	111%
3 Years:	66%
TTM:	33%

Stock Price CAGR
10 Years:	36%
5 Years:	95%
3 Years:	93%
1 Year:	43%

Return on Equity
10 Years:	5%
5 Years:	7%
3 Years:	13%
Last Year:	17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7	7	7	7	7	7	7	7	7	7	8	8
Reserves	22	22	22	23	24	24	24	27	24	26	44	54
	0	0	0	0	0	0	0	0	0	2	2	2
	1	2	2	2	4	3	3	3	3	5	5	8
Total Liabilities	31	31	32	32	35	34	35	37	34	40	58	72
	6	6	7	7	7	7	7	6	7	9	10	10
CWIP	0	0	0	0	0	0	1	1	0	0	0	0
Investments	1	1	1	1	0	0	2	4	0	1	2	2
	24	24	24	25	28	28	25	26	27	30	47	59
Total Assets	31	31	32	32	35	34	35	37	34	40	58	72

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-0	2	-1	-3	4	1	2	2	-4	3	3	1
	-1	-0	-1	1	-4	1	-5	-0	4	-4	-3	-15
	0	0	0	0	0	0	0	0	0	2	13	-0
Net Cash Flow	-1	1	-2	-2	0	2	-3	1	-0	0	12	-14

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	94	72	132	213	187	171	144	129	83	43	86	142
Inventory Days	581	486	505	341	190	343	345	287	837	414	246	337
Days Payable	43	54	103	56	76	65	76	31	102	75	21	79
Cash Conversion Cycle	632	504	534	497	301	449	413	385	818	382	311	400
Working Capital Days	399	320	341	341	237	295	262	249	413	185	168	238
ROCE %	-2%	-1%	1%	3%	7%	2%	-1%	1%	-14%	7%	19%	22%

Shareholding Pattern

Numbers in percentages

1 Recently

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	46.37%	46.37%	46.37%	46.37%	45.52%	45.52%	43.11%	42.71%	41.83%	41.83%	41.83%	41.83%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.16%	0.16%	0.16%	0.16%	0.16%
	0.00%	0.00%	0.00%	0.00%	0.44%	0.98%	0.27%	0.20%	0.20%	0.00%	0.00%	0.60%
	53.61%	53.62%	53.60%	53.61%	54.03%	53.49%	56.46%	56.92%	57.80%	58.01%	58.01%	57.41%
No. of Shareholders	3,449	3,414	3,434	3,475	3,855	4,214	5,045	5,912	6,298	6,672	6,766	6,339

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Jun 2025
	42.14%	42.14%	43.19%	46.24%	46.29%	46.38%	46.37%	43.11%	41.83%	41.83%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.16%	0.16%
	0.05%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.00%	0.60%
	57.81%	57.84%	56.81%	53.76%	53.71%	53.62%	53.60%	56.46%	58.01%	57.41%
No. of Shareholders	4,821	4,216	3,700	3,562	3,320	3,586	3,434	5,045	6,766	6,339

* 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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