Vinyl Chemicals (I) Ltd

₹ 256 -2.84%

30 Apr - close price

vinylchemicals.com BSE: 524129 NSE: VINYLINDIA

About

Incorporated in 1986, Vinyl Chemicals
(India) Ltd is in the business of dealing
in chemicals, mainly Vinyl Acetate Monomer (VAM)^[1]

Key Points

Business Overview:^[1]^[2]
VCIL is a Parekh Group Company, promoted by Pidilite Industries Ltd (40.6% as of 31 March 2024). It was involved in manufacturing VAM at its
plant located in Mahad in Raigad District, Maharashtra, but the said manufacturing unit was demerged into PIL. Post-de-merger, company's main focus remains in trading Vinyl Acetate Monomer (VAM), which is now imported /sourced from various Global suppliers and distributed /traded in India.
VCIL is the leading importer of VAM, with one-third of India’s VAM imports. Being a key input for PIL’s end-product (adhesives), almost 95% of PIL’s VAM requirement is being sourced from VCIL

Website BSE NSE

Market Cap ₹ 470 Cr.
Current Price ₹ 256
High / Low ₹ 357 / 160
Stock P/E 28.5
Book Value ₹ 71.0
Dividend Yield 2.73 %
ROCE 17.3 %
ROE 12.8 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 63.8%

Cons

The company has delivered a poor sales growth of 10.0% over past five years.
Earnings include an other income of Rs.11.2 Cr.
Working capital days have increased from 41.7 days to 66.4 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 Trading - Chemicals

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	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
	106.93	115.31	154.40	159.03	168.27	155.63	150.34	146.40	172.88	151.23	151.89	169.48	179.84
	97.41	111.87	149.87	150.28	159.63	149.65	144.39	142.74	162.93	149.26	149.22	165.77	177.00
Operating Profit	9.52	3.44	4.53	8.75	8.64	5.98	5.95	3.66	9.95	1.97	2.67	3.71	2.84
OPM %	8.90%	2.98%	2.93%	5.50%	5.13%	3.84%	3.96%	2.50%	5.76%	1.30%	1.76%	2.19%	1.58%
	0.99	1.26	0.82	0.64	1.73	0.78	1.05	2.99	0.19	4.09	1.27	2.48	3.35
Interest	0.94	0.01	0.02	0.01	0.01	0.01	0.02	0.01	0.01	0.01	0.03	0.01	0.03
Depreciation	0.03	0.03	0.02	0.02	0.03	0.02	0.03	0.03	0.02	0.03	0.03	0.03	0.03
Profit before tax	9.54	4.66	5.31	9.36	10.33	6.73	6.95	6.61	10.11	6.02	3.88	6.15	6.13
Tax %	23.48%	24.89%	26.93%	25.96%	27.11%	26.89%	26.19%	24.21%	28.09%	26.08%	25.77%	26.50%	24.14%
	7.30	3.50	3.88	6.93	7.53	4.92	5.13	5.01	7.27	4.45	2.88	4.52	4.65
EPS in Rs	3.98	1.91	2.12	3.78	4.11	2.68	2.80	2.73	3.96	2.43	1.57	2.46	2.54
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	442	335	293	375	483	372	404	865	1,013	597	625	652
	424	326	283	361	469	366	389	821	966	572	600	641
Operating Profit	18	9	9	14	14	6	15	44	47	25	26	11
OPM %	4%	3%	3%	4%	3%	2%	4%	5%	5%	4%	4%	2%
	1	3	4	4	1	4	0	2	2	4	5	11
Interest	0	0	0	0	0	0	0	0	1	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	19	12	13	18	14	10	15	47	48	30	30	22
Tax %	34%	35%	35%	36%	37%	25%	26%	25%	25%	26%	27%	26%
	12	8	9	12	9	7	11	35	36	22	22	16
EPS in Rs	6.73	4.36	4.76	6.36	4.83	4.07	6.19	19.01	19.44	11.91	12.18	9.00
Dividend Payout %	22%	34%	38%	38%	50%	59%	60%	52%	51%	57%	57%	78%

Compounded Sales Growth
10 Years:	7%
5 Years:	10%
3 Years:	-14%
TTM:	4%

Compounded Profit Growth
10 Years:	11%
5 Years:	8%
3 Years:	-21%
TTM:	-13%

Stock Price CAGR
10 Years:	16%
5 Years:	14%
3 Years:	-19%
1 Year:	-7%

Return on Equity
10 Years:	20%
5 Years:	22%
3 Years:	15%
Last Year:	13%

Balance Sheet

Figures in Rs. Crores

	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	2	2	2	2	2	2	2	2	2	2	2	2
Reserves	33	41	46	54	57	59	66	94	111	115	125	128
	0	0	0	0	0	0	0	1	0	0	0	0
	69	80	56	115	84	94	200	65	62	188	135	103
Total Liabilities	104	123	104	171	144	156	269	162	176	305	262	233
	0	0	0	0	0	0	0	0	1	1	1	1
CWIP	0	0	0	0	0	0	0	0	0	0	0	0
Investments	9	45	39	34	2	47	55	78	40	57	68	52
	95	78	66	137	141	108	214	84	135	247	193	180
Total Assets	104	123	104	171	144	156	269	162	176	305	262	233

Cash Flows

Figures in Rs. Crores

	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	34	-7	-3	-21	51	11	17	-20	36	24	-16
	-3	-33	10	8	34	-44	-6	-21	40	-14	-6	21
	-2	-3	-3	-4	-5	-5	-4	-7	-19	-18	-12	-13
Net Cash Flow	-4	-2	-0	1	7	2	0	-11	1	4	5	-8
Free Cash Flow	0	34	-7	-3	-21	51	11	17	-21	36	24	-16
CFO/OP	39%	409%	-23%	22%	-116%	883%	92%	57%	-20%	164%	115%	-90%

Ratios

Figures in Rs. Crores

	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	40	54	57	75	48	45	100	5	11	65	61	69
Inventory Days	33	29	23	57	53	50	70	24	33	78	39	19
Days Payable	53	88	69	116	63	95	188	26	22	118	78	56
Cash Conversion Cycle	20	-5	11	17	39	-1	-17	3	22	25	23	32
Working Capital Days	19	-4	10	19	36	2	2	7	26	32	27	66
ROCE %	57%	24%	21%	30%	24%	14%	23%	55%	44%	22%	21%	17%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Debtors Turnover Ratio
ratio

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

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Revenue Realisation per Tonne
INR/MT

VAM Sales Volume
MT

Revenue concentration from Pidilite Industries Ltd (PIL)
%

EBITDA per Tonne
INR/MT

Share of India's VAM Imports
ratio

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
	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.42%	50.41%	50.41%	50.41%
	0.00%	0.00%	0.00%	0.09%	0.00%	0.04%	0.01%	0.00%	0.00%	0.00%	0.00%	0.02%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	49.58%	49.57%	49.57%	49.49%	49.57%	49.55%	49.55%	49.56%	49.57%	49.57%	49.55%	49.55%
No. of Shareholders	45,130	46,195	45,819	44,460	44,255	43,083	42,338	41,924	41,227	40,756	39,684	38,831

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	50.43%	50.52%	50.62%	50.62%	50.62%	50.62%	50.41%	50.41%	50.41%	50.41%
	0.00%	0.01%	0.00%	0.00%	0.00%	0.16%	1.20%	0.09%	0.00%	0.02%
	0.32%	0.31%	0.25%	0.24%	0.01%	0.00%	0.00%	0.00%	0.02%	0.02%
	49.25%	49.16%	49.13%	49.14%	49.37%	49.22%	48.37%	49.49%	49.56%	49.55%
No. of Shareholders	21,812	21,863	21,340	20,592	27,973	34,474	43,792	44,460	41,924	38,831

* 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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Vinyl Chemicals (I) Ltd

Vinyl Chemicals (I) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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Annual reports

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