Vipul Ltd

₹ 11.6 -1.95%

13 Mar - close price

About

Incorporated in 1991, Vipul Ltd is in the
business of Real Estate Development^[1]

Key Points

Business Overview:^[1]
Company is a part of the Vipul Group. Its projects include a range of residential, commercial, retail, integrated townships, and lifestyle gated communities, built in
partnership with contractors and consultants.
Company portfolio consists of over 10 million sq. ft. of delivered properties for over 7,000 customers in Gurugram and it has also undertaken projects in other key cities such as Bhubaneswar, Ludhiana, Dharuhera, Bawal, and Faridabad

Website BSE NSE - BE

Market Cap ₹ 163 Cr.
Current Price ₹ 11.6
High / Low ₹ 13.8 / 7.38
Stock P/E
Book Value ₹ 27.0
Dividend Yield 0.00 %
ROCE -0.37 %
ROE -6.44 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Stock is trading at 0.43 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -12.8% over past five years.
Promoter holding is low: 18.2%
Contingent liabilities of Rs.436 Cr.
Promoters have pledged 30.7% of their holding.
Company has high debtors of 1,223 days.
Company's cost of borrowing seems high
Promoter holding has decreased over last 3 years: -45.2%
Working capital days have increased from 540 days to 1,038 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

Consumer Discretionary Realty Realty Residential, Commercial Projects

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	5.29	7.62	5.13	6.35	134.50	24.07	14.93	15.12	10.77	40.44	1.69	7.95	9.19
	10.11	67.81	11.40	10.11	56.00	11.37	11.67	9.91	8.31	63.40	13.89	10.76	10.53
Operating Profit	-4.82	-60.19	-6.27	-3.76	78.50	12.70	3.26	5.21	2.46	-22.96	-12.20	-2.81	-1.34
OPM %	-91.12%	-789.90%	-122.22%	-59.21%	58.36%	52.76%	21.84%	34.46%	22.84%	-56.78%	-721.89%	-35.35%	-14.58%
	2.30	2.69	2.09	2.33	13.41	213.84	2.37	2.84	2.53	4.87	11.80	3.37	2.99
Interest	9.59	8.32	9.51	5.53	9.28	-4.00	3.13	5.70	0.31	12.65	0.52	0.28	0.43
Depreciation	0.11	0.10	0.08	0.13	0.16	0.14	0.18	0.17	0.17	0.17	0.12	0.12	0.26
Profit before tax	-12.22	-65.92	-13.77	-7.09	82.47	230.40	2.32	2.18	4.51	-30.91	-1.04	0.16	0.96
Tax %	0.00%	0.00%	0.00%	0.00%	22.13%	11.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	-12.21	-65.92	-13.77	-7.09	64.22	204.13	2.32	2.17	4.51	-30.90	-1.04	0.16	0.96
EPS in Rs	-1.02	-5.49	-1.15	-0.59	5.35	17.01	0.16	0.15	0.32	-2.19	-0.07	0.01	0.07
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	270	234	179	226	269	216	161	36	122	38	170	81	59
	249	223	166	206	238	187	187	88	143	111	89	93	99
Operating Profit	21	11	13	21	31	29	-26	-52	-20	-73	81	-12	-39
OPM %	8%	5%	7%	9%	12%	13%	-16%	-145%	-17%	-192%	48%	-15%	-66%
	4	2	11	5	7	5	24	11	9	-86	232	13	23
Interest	19	20	22	25	32	31	29	26	23	36	20	22	14
Depreciation	1	1	1	1	1	1	1	1	0	0	1	1	1
Profit before tax	4	-9	1	-0	6	2	-31	-67	-35	-195	292	-22	-31
Tax %	25%	-25%	6%	152%	56%	6%	-12%	-26%	-20%	0%	15%	0%
	3	-7	1	-1	2	1	-27	-49	-28	-195	247	-22	-31
EPS in Rs	0.26	-0.55	0.10	-0.06	0.21	0.12	-2.29	-4.11	-2.32	-16.23	20.63	-1.55	-2.18
Dividend Payout %	19%	0%	0%	-88%	24%	42%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-10%
5 Years:	-13%
3 Years:	-13%
TTM:	-9%

Compounded Profit Growth
10 Years:	%
5 Years:	3%
3 Years:	5%
TTM:	-114%

Stock Price CAGR
10 Years:	-12%
5 Years:	-20%
3 Years:	0%
1 Year:	-4%

Return on Equity
10 Years:	0%
5 Years:	2%
3 Years:	15%
Last Year:	-6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	14	14
Reserves	404	398	399	390	392	392	364	315	288	94	341	367	366
	133	229	295	432	638	624	616	607	576	239	173	85	80
	403	399	437	380	381	529	653	698	707	757	727	725	757
Total Liabilities	952	1,038	1,143	1,213	1,423	1,558	1,646	1,632	1,583	1,101	1,253	1,191	1,218
	9	8	8	8	7	7	4	4	3	3	4	3	3
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	24	24	24	24	24	24	24	24	24	11	11	10	12
	919	1,005	1,111	1,181	1,392	1,527	1,618	1,605	1,557	1,087	1,238	1,179	1,203
Total Assets	952	1,038	1,143	1,213	1,423	1,558	1,646	1,632	1,583	1,101	1,253	1,191	1,218

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	18	-73	-59	-108	-172	36	38	32	33	364	-86	17
	-6	1	10	2	5	4	7	12	10	9	207	13
	-17	76	42	107	171	-48	-37	-35	-54	-375	-86	-60
Net Cash Flow	-4	4	-6	1	4	-8	9	9	-11	-2	35	-30

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	154	212	405	297	295	557	868	3,394	964	1,197	533	1,223
Inventory Days	6,512								2,819
Days Payable	790								399
Cash Conversion Cycle	5,876	212	405	297	295	557	868	3,394	3,384	1,197	533	1,223
Working Capital Days	510	708	978	855	855	1,094	1,168	1,747	344	216	366	1,038
ROCE %	5%	2%	3%	3%	4%	3%	-0%	-5%	-1%	-11%	70%	-0%

Insights

In beta

Nov 2015

Dec 2017

Mar 2019

Mar 2020

Mar 2021

Mar 2024

Cumulative Area Delivered
million sq. ft.

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Area Under Construction
million sq. ft.

Land Bank Area
acres

Tatvam Villa Project Size
million sq. ft.

Vipul Aarohan Project Size
million sq. ft.

Vipul Garden Bhubaneswar Project Size
million sq. ft.

Vipul Lavanya Project Size
million sq. ft.

Aarohan Phase I Area Sold
million sq. ft.

Aarohan Total Saleable Area
million sq. ft.

Tatvam Villa Project Size
sq. ft.

Vipul Garden Bhubaneswar Project Size
sq. ft.

Vipul Lavanya Project Size
sq. ft.

Shareholding Pattern

Numbers in percentages

6 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	63.43%	63.43%	63.43%	63.43%	60.52%	51.51%	31.04%	20.33%	18.25%	18.25%	18.25%	18.25%
	0.00%	0.00%	0.00%	0.00%	0.19%	1.87%	7.23%	6.13%	7.25%	9.65%	8.81%	11.27%
	0.00%	0.00%	0.00%	0.00%	0.00%	2.65%	0.52%	2.65%	0.63%	0.63%	0.44%	1.48%
	36.56%	36.57%	36.57%	36.58%	39.29%	43.96%	61.21%	70.89%	73.88%	71.49%	72.49%	68.99%
No. of Shareholders	6,928	6,792	7,239	7,743	8,976	9,324	21,072	27,918	30,815	30,928	30,763	29,970

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	63.38%	63.38%	63.43%	63.43%	63.43%	63.43%	63.43%	60.52%	18.25%	18.25%
	0.17%	0.00%	0.00%	2.21%	1.68%	0.00%	0.00%	0.19%	7.25%	11.27%
	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	1.48%
	36.45%	36.61%	36.57%	34.36%	34.89%	36.57%	36.56%	39.29%	73.88%	68.99%
No. of Shareholders	3,606	3,954	3,880	3,951	4,215	6,655	6,928	8,976	30,815	29,970

* 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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