Visaman Global Sales Ltd
Incorporated in 2019, Visaman Global
Sales Ltd manufactures & trades steel
pipes, structural steel, coils, sheets,
plates, etc.[1]
- Market Cap ₹ 161 Cr.
- Current Price ₹ 116
- High / Low ₹ 121 / 34.0
- Stock P/E 75.1
- Book Value ₹ 20.4
- Dividend Yield 0.00 %
- ROCE 9.83 %
- ROE 10.8 %
- Face Value ₹ 10.0
Pros
- Company's working capital requirements have reduced from 14.1 days to 10.9 days
Cons
- Stock is trading at 5.94 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Tax rate seems low
- Company has a low return on equity of 12.0% over last 3 years.
- Debtor days have increased from 39.6 to 57.1 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
Industrials Capital Goods Industrial Products Iron & Steel Products
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 48 | 136 | 324 | 408 | 308 | 266 | |
| 48 | 135 | 321 | 401 | 300 | 259 | |
| Operating Profit | 0 | 2 | 3 | 7 | 8 | 7 |
| OPM % | 1% | 1% | 1% | 2% | 2% | 3% |
| 0 | -0 | 0 | 0 | 0 | 1 | |
| Interest | 0 | 1 | 1 | 5 | 6 | 5 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 1 | 2 | 2 | 2 |
| Tax % | 23% | 32% | 26% | 25% | 24% | 14% |
| 0 | 0 | 1 | 1 | 1 | 2 | |
| EPS in Rs | 1.06 | 0.69 | 1.98 | 1.77 | 1.30 | 1.55 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 41% |
| 3 Years: | -6% |
| TTM: | -14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 66% |
| 3 Years: | 31% |
| TTM: | 63% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 182% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 12% |
| Last Year: | 11% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 5 | 5 | 7 | 10 | 14 |
| Reserves | 0 | 1 | 2 | 3 | 1 | 14 |
| 6 | 7 | 14 | 43 | 52 | 65 | |
| 5 | 15 | 19 | 6 | 8 | 6 | |
| Total Liabilities | 13 | 27 | 40 | 59 | 72 | 99 |
| 0 | 0 | 1 | 1 | 2 | 2 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 7 |
| Investments | 0 | 0 | 0 | 1 | 0 | 0 |
| 13 | 27 | 38 | 57 | 70 | 91 | |
| Total Assets | 13 | 27 | 40 | 59 | 72 | 99 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -8 | -2 | -5 | -1 | 6 | 15 | |
| -0 | -0 | -1 | -1 | 0 | -7 | |
| 6 | 3 | 5 | 2 | -3 | 1 | |
| Net Cash Flow | -1 | 1 | -0 | -0 | 3 | 9 |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 53 | 37 | 29 | 27 | 35 | 57 |
| Inventory Days | 26 | 15 | 11 | 19 | 40 | 31 |
| Days Payable | 37 | 37 | 21 | 3 | 5 | 7 |
| Cash Conversion Cycle | 42 | 15 | 19 | 43 | 70 | 81 |
| Working Capital Days | 14 | 13 | 8 | 13 | 19 | 11 |
| ROCE % | 14% | 16% | 17% | 12% | 10% |
Documents
Announcements
-
Trading Window
27 September 2025 - Trading window closed from 1 Oct 2025 until 48 hours after unaudited results for half-year ending 30 Sep 2025.
-
Change in Management
27 September 2025 - MD Mitulkumar Vasa reappointed five years from 30 Dec 2025; two independent directors reappointed from 26 Sep 2025.
-
Shareholders meeting
27 September 2025 - AGM (26 Sep 2025): Financials adopted; MD and directors reappointed; related party transactions approved; 55,59,100 preferential shares noted.
-
Shareholders meeting
26 September 2025 - AGM on 26 Sep 2025: adopted FY2024-25 financials; MD reappointed; two independent directors reappointed; RPTs approved.
-
General Updates
11 September 2025 - Preferential allotment: 5,559,100 shares at Rs60 and 4,200,000 warrants; Rs63,000,000 received. Board approved Sept 11, 2025.
Business Overview:[1][2]
a) VGSL supplies various specification of structural steels, BGL coils, GP(GI) coils, HR coils, CR coils, colour coated coils, MS sheets, GP and GC sheets, CR sheets, HR sheets and plates, colour coated sheets, roofing PUF panel, wall PUF panel, round pipes, square pipes, rectangle pipes, etc.
b) It provides credit facility to its existing customers as value added service.
c) Company provides customization to meet the specific requirement of its customers w.r.t specific size, length, breadth, thickness etc. of its products. It sends the requisition to manufacturer for customization of specified products. Further, in certain cases, if the manufacturer is unable to do the specified customization, then, the same will be get done by the third-party process houses
d) Company outsources the process of modification and alteration to third parties
e) It sells its products through a diversified sales & distribution mix viz. B2C, B2CH, and B2B
f) Company provides comprehensive 3rd- party logistics services, end-to-end customized logistics solutions to its clients