Vikas Ecotech Ltd

₹ 1.21 1.68%

10 Jul 3:44 p.m.

vikasecotech.com BSE: 530961 NSE: VIKASECO

About

Incorporated in 1984, Vikas Ecotech Ltd
is in the business of high-end specialty chemicals^[1]

Key Points

Business Overview:^[1]^[2]
VEL is an integrated, multi-specialty product solutions company that manufactures eco-friendly rubber-plastic compounds and additives. These are essential ingredients in producing a diverse range of environmentally neutral and safety-critical products. Additionally, VEL produces a variety of high-end specialty chemical products and trades in TMT bars, steel, HR coils, CR coils, ERW pipes, and coal.

Website BSE NSE

Market Cap ₹ 214 Cr.
Current Price ₹ 1.21
High / Low ₹ 2.47 / 0.95
Stock P/E 1,646
Book Value ₹ 2.21
Dividend Yield 0.00 %
ROCE 1.30 %
ROE 0.03 %
Face Value ₹ 1.00

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Pros

Stock is trading at 0.55 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Promoter holding is low: 10.6%
Company has a low return on equity of 1.09% over last 3 years.
Earnings include an other income of Rs.6.19 Cr.
Company has high debtors of 152 days.
Working capital days have increased from 183 days to 302 days

* 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

Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	68.33	57.70	60.74	68.46	59.70	79.97	67.34	60.97	77.54	83.61	45.92	50.06	82.05
	63.31	53.63	55.25	64.73	56.67	78.16	63.14	59.69	75.02	80.37	44.47	49.80	83.50
Operating Profit	5.02	4.07	5.49	3.73	3.03	1.81	4.20	1.28	2.52	3.24	1.45	0.26	-1.45
OPM %	7.35%	7.05%	9.04%	5.45%	5.08%	2.26%	6.24%	2.10%	3.25%	3.88%	3.16%	0.52%	-1.77%
	1.31	1.20	-0.25	0.30	1.87	13.68	0.79	1.39	2.06	0.95	1.77	2.33	1.14
Interest	2.62	2.32	1.99	1.45	0.82	0.89	0.85	0.82	0.96	0.89	0.94	0.96	1.49
Depreciation	1.34	0.87	0.90	0.93	1.05	0.97	0.95	0.99	1.13	0.96	1.08	1.11	1.06
Profit before tax	2.37	2.08	2.35	1.65	3.03	13.63	3.19	0.86	2.49	2.34	1.20	0.52	-2.86
Tax %	24.47%	25.48%	25.11%	24.85%	31.68%	26.12%	24.14%	120.93%	20.48%	27.78%	35.00%	338.46%	-61.89%
	1.79	1.55	1.77	1.23	2.06	10.07	2.42	-0.19	1.98	1.70	0.77	-1.24	-1.10
EPS in Rs	0.02	0.01	0.01	0.01	0.01	0.06	0.01	-0.00	0.01	0.01	0.00	-0.01	-0.01
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
	211	307	371	233	245	192	116	250	397	247	284	262
	194	258	303	181	216	180	112	227	375	230	274	258
Operating Profit	17	49	68	52	30	12	4	23	22	17	10	3
OPM %	8%	16%	18%	22%	12%	6%	4%	9%	6%	7%	4%	1%
	3	5	-14	4	14	15	5	2	3	3	18	6
Interest	11	11	13	11	14	19	18	19	11	7	4	4
Depreciation	3	3	4	4	5	5	4	4	4	4	4	4
Profit before tax	6	39	37	41	25	3	-13	2	10	9	20	1
Tax %	39%	35%	34%	35%	40%	65%	10%	34%	9%	27%	29%	89%
	4	26	24	27	15	1	-14	1	10	7	14	0
EPS in Rs	0.04	0.29	0.25	0.28	0.16	0.01	-0.15	0.01	0.10	0.05	0.08	0.00
Dividend Payout %	34%	5%	6%	5%	9%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	18%
3 Years:	-13%
TTM:	-8%

Compounded Profit Growth
10 Years:	-41%
5 Years:	15%
3 Years:	-76%
TTM:	-98%

Stock Price CAGR
10 Years:	-17%
5 Years:	-9%
3 Years:	-28%
1 Year:	-51%

Return on Equity
10 Years:	4%
5 Years:	2%
3 Years:	1%
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	25	25	28	28	28	28	28	94	95	139	139	139
Reserves	18	41	105	100	114	115	101	134	143	237	252	252
	68	94	118	141	158	145	151	91	62	19	20	39
	36	68	59	48	92	57	46	26	43	35	76	50
Total Liabilities	147	228	310	318	391	346	326	344	343	430	486	479
	21	28	27	27	40	31	30	28	29	29	29	24
CWIP	0	0	0	0	0	0	0	0	0	0	0	0
Investments	0	0	0	5	0	0	0	0	55	258	181	104
	126	200	283	286	352	314	295	316	259	143	275	351
Total Assets	147	228	310	318	391	346	326	344	343	430	486	479

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
	-12	-4	-23	-7	9	26	12	-18	92	119	-43	-112
	4	-10	-9	-22	-12	6	-0	0	-58	-203	47	96
	13	12	53	11	1	-32	-12	20	-41	82	-3	16
Net Cash Flow	6	-2	21	-18	-3	-0	0	2	-7	-1	0	-0
Free Cash Flow	-15	-15	-32	-15	-4	27	11	-19	87	115	-47	-110
CFO/OP	-61%	-3%	-12%	10%	69%	222%	299%	-74%	421%	713%	-401%	-3,180%

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	129	167	149	218	245	205	255	190	130	102	119	152
Inventory Days	58	58	72	173	195	246	353	138	35	62	41	49
Days Payable	65	69	54	65	110	57	128	26	27	45	70	58
Cash Conversion Cycle	122	156	167	327	330	394	480	302	138	119	90	142
Working Capital Days	40	51	81	122	140	167	190	222	111	88	158	302
ROCE %	16%	37%	32%	20%	14%	5%	2%	7%	7%	5%	3%	1%

Insights

In beta

Mar 2013

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

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Mar 2023

Mar 2024

Mar 2025

Number of Operational Manufacturing Plants
count

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

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Specialty Chemicals Revenue Share
% of total revenue

Installed Capacity - Organotin Stabilizers
MT p.a.

Installed Capacity - Polymer Compounds
MT p.a.

Order Book
Rs. Crore

Top 10 Customer Concentration
% of sales

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	7.85%	6.87%	6.87%	13.57%	10.66%	10.66%	10.65%	10.65%	10.65%	10.65%	10.65%	10.65%
	15.18%	9.42%	0.01%	0.01%	0.00%	0.00%	0.02%	0.02%	0.05%	0.05%	0.00%	0.00%
	76.98%	83.70%	93.12%	86.42%	89.34%	89.33%	89.32%	89.33%	89.29%	89.29%	89.34%	89.34%
No. of Shareholders	2,75,769	3,44,479	3,83,102	5,01,025	5,35,602	5,54,511	5,79,874	5,96,124	5,92,947	5,92,947	5,75,495	5,67,693

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	39.52%	39.53%	32.96%	32.51%	9.42%	9.47%	9.32%	13.57%	10.65%	10.65%
	0.01%	1.67%	8.10%	8.27%	8.68%	1.11%	0.03%	0.01%	0.02%	0.00%
	0.32%	0.54%	0.47%	0.01%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%
	60.14%	58.26%	58.47%	59.21%	79.60%	89.42%	90.64%	86.42%	89.33%	89.34%
No. of Shareholders	24,007	50,593	49,003	45,334	58,497	2,44,876	2,65,412	5,01,025	5,96,124	5,67,693

* 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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