Vipul Limited (VIPULLTD)

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Vipul Limited (VIPULLTD) · mywealthgrid

About

Vipul Limited operates in residential and commercial real estate projects within the Consumer Discretionary sector. Market cap ₹205.58 Cr positions it as a small-cap developer currently unprofitable (OPM -14.93%), with recent quarters showing reduced but volatile results.

Face value: ₹1

Market cap

₹149 Cr

P/E

—

P/B

0.4×

Dividend yield

ROE

-7.8%

ROCE

-1%

Debt / equity

0.23

OPM

-14.9%

EPS (TTM)

₹-2.0

Book value

₹26.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins severely negative (-14.93% overall, -722% in Jun 2025); verify which projects are delivering and timeline to margin recovery
Revenue highly volatile quarter-to-quarter (₹40.44 Cr in Mar 2025 down to ₹1.69 Cr in Jun 2025); assess project completion timelines and sales velocity
Negative ROE of -7.76% shows shareholder capital destruction; verify path to profitability and cash flow generation
No dividend since Sep 2019 despite historical dividend policy; signals cash conservation due to ongoing losses

Generated analysis · source review pending

Growth drivers

Net profit moved from ₹-34.95 Cr loss (Mar 2025) to ₹1.21 Cr profit (Dec 2025); verify if sustained or one-time accounting effects
Debt-to-equity of 0.23 leaves capacity to fund projects once business stabilizes and reaches profitability
1y stock return of 44.07% indicates market is pricing recovery narrative; verify underlying project sales momentum and buyer demand trends
Discretionary real estate demand recovery in urban India could expand negative margins; assess company's exposure to markets showing price appreciation

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹10.6-6.8%1Y

Quick read

rule-based

Pros

+High return on capital employed of 39.3%

Cons

−Low return on equity of 8.2% (3-yr avg)
−Revenue shrank over the last 5 years (-17.4% a year)
−Weak interest coverage of -0.2×
−Low promoter holding of 18.3%

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 18
Growth: 0
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	226	37	138	75	206	87	60
COGS	168	74	140	39	104	80	60
Gross profit	57	-37	-2	36	103	7	-0
	28	16	25	20	18	19	34
	29	-53	-26	16	85	-13	-34
OPM %	13%	-141.4%	-19%	21.6%	41.1%	-14.8%	-57.6%
Depreciation	5	4	3	3	3	3	1
Interest	33	30	29	38	24	24	8
	7	13	9	-85	229	11	36
Profit before tax	-2	-73	-49	-109	287	-28	-7
Tax	-3	-18	-7	8	54	0	1
Tax %	-171.4%	-24.1%	-14.4%	7.3%	18.7%	0.1%	18.9%
	1	-56	-42	-117	234	-28	-8
PAT margin %	0.5%	-149.1%	-30.3%	-156.6%	113.1%	-32.5%	-14.2%
EPS (₹)	0.1	-4.6	-3.5	-9.8	19.5	-2.1	-0.6
EPS adjusted (₹)	0.1	-4.6	-3.5	-9.8	19.5	-2	-0.6
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	12	12	12	12	12	12	14	14
Reserves	354	354	315	260	219	103	340	363	352
Minority interest	3	3	3	3	3	3	—	—	—
	537	545	462	633	603	266	188	85	82
	812	956	1,111	980	1,008	1,058	716	728	668
Total equity & liabilities	1,717	1,869	1,903	1,889	1,845	1,442	1,255	1,190	1,116
	76	71	61	62	59	48	46	52	5
CWIP	11	—	—	12	12	12	12	5	5
Investments	7	7	7	11	6	6	6	2	2
	1,623	1,791	1,835	1,804	1,768	1,375	1,190	1,130	1,103
Total assets	1,717	1,869	1,903	1,889	1,845	1,442	1,255	1,190	1,116

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	25.4%	-99%	-1.2%	48%	49.9%	7.6%	-0.7%
EBITDA margin %	13%	-140.6%	-18.7%	21.6%	41%	-14.9%	-57.7%
EBIT margin %	10.8%	-150.1%	-21%	17.9%	39.7%	-18.2%	-59.1%
PAT margin %	0.5%	-149.1%	-30.3%	-156.6%	113.1%	-32.5%	-14.2%
Working capital
Receivable days	721	3,254	855	608	439	1,142	1,653
Inventory days	2,247	5,040	2,480	7,243	1,551	1,996	2,589
Payable days	142	411	217	545	193	211	270
NWC days	2,826	7,884	3,118	7,305	1,796	2,926	3,972
Leverage
Current ratio	1.42	1.14	1.08	1.04	1.24	1.3	1.41
Debt to EBITDA	15.75	—	—	16.49	2.22	—	—
Debt to equity	1.41	2.33	2.6	2.32	0.53	0.23	0.22
Interest coverage	0.9	-1.5	-0.7	0.6	13	-0.2	-0.9
Asset turnover	0.12	0.02	0.07	0.05	0.16	0.07	0.05
Return ratios
Return on assets %	0.1%	-2.9%	-2.3%	-8.1%	18.6%	-2.4%	-0.8%
Return on capital employed %	4.4%	-7.9%	-5%	8.4%	110.4%	-1%	-1.8%
Return on equity %	0.4%	-20.4%	-18.1%	-102.4%	66.4%	-7.5%	-2.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.43%	63.43%	60.52%	51.51%	31.04%	20.33%	18.25%	18.25%	18.25%	18.25%	18.25%	18.25%
	0%	0%	0.19%	1.87%	7.23%	6.13%	7.25%	9.65%	8.81%	11.27%	13.21%	10.41%
	0%	0%	0%	2.65%	2.65%	2.65%	0.63%	0.63%	0.44%	1.48%	1.66%	2.65%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	36.57%	36.57%	39.29%	43.97%	59.08%	70.89%	73.87%	71.47%	72.5%	69%	66.88%	68.69%
No. of shareholders	—	—	—	—	—	—	—	—	30,763	29,970	28,236	27,971

Promoter holding down 45.18 percentage points since Sep 2023.

144 deals · 8 Apr 2022 – 14 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Aug 2026	ALGOQUANT FINTECH LIMITED	Bulk	NSE	Buy	10,00,000	₹14.30	₹1.43 Cr
15 Jul 2026	ALLINA QURESHI	Bulk	NSE	Buy	30,00,000	₹17.63	₹5.29 Cr
15 Jul 2026	MONEYPLANT GOLD & JEWELLERY TRADING L.L.C	Bulk	NSE	Sell	27,76,990	₹17.64	₹4.90 Cr
15 Jul 2026	MOHAMMAD ASHRAF QURESHI	Bulk	NSE	Buy	12,00,000	₹17.71	₹2.13 Cr
15 Jul 2026	MONEYPLANT GOLD & JEWELLERY TRADING L.L.C	Bulk	NSE	Buy	3,31,858	₹17.59	₹0.58 Cr
9 Jul 2026	MONEYPLANT GOLD & JEWELLERY TRADING L.L.C	Bulk	NSE	Buy	8,96,943	₹16.18	₹1.45 Cr
3 Jul 2026	MONEYPLANT GOLD & JEWELLERY TRADING L.L.C	Bulk	NSE	Sell	40,00,000	₹15.01	₹6.00 Cr
3 Jul 2026	ALGOQUANT FINTECH LIMITED	Bulk	NSE	Buy	33,88,497	₹15.13	₹5.13 Cr
3 Jul 2026	EXPERTPRO REALTY PRIVATE LIMITED	Bulk	NSE	Buy	7,34,042	₹15.03	₹1.10 Cr
3 Jul 2026	EXPERTPRO REALTY PRIVATE LIMITED	Bulk	NSE	Sell	7,20,000	₹15.74	₹1.13 Cr

1–10 of 144

1 / 15

Mr. AJAY ARJIT SINGHNon-Executive - Independent Director-Chairperson
Mr. PUNIT BERIWALAExecutive Director-CEO-MD
Mr. SANJAY SOODNon-Executive - Independent Director
Ms. DOLLY SINGHALNon-Executive - Independent Director
Mr. DIPESH JASVANTLAL SHAHNon-Executive - Independent Director
Mr. SUNIL GUPTANon-Executive - Independent Director

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Vipul Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results29 Sept 2026 · 3 days agoresults

13

Dividend dividend12 Sept 2019 · ex-date₹0.05
Dividend dividend19 Sept 2018 · ex-date₹0.05
Final dividend13 Sept 2017 · ex-date₹0.04
Interim dividend23 Nov 2016 · ex-date₹0.01
Dividend dividend17 Sept 2014 · ex-date₹0.05
Dividend dividend18 Sept 2013 · ex-date₹0.15
Dividend dividend5 Dec 2012 · ex-date₹0.15
Dividend dividend21 Sept 2011 · ex-date₹0.15
Dividend dividend22 Sept 2010 · ex-date₹0.12
Dividend dividend19 Nov 2009 · ex-date₹0.25
Dividend dividend12 Dec 2008 · ex-date₹0.35
Dividend dividend25 Sept 2007 · ex-date₹1.5
Dividend dividend14 Sept 2006 · ex-date₹1

1

Board meeting to consider results29 Sept 2026

1–3 of 5

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

77 announcementsExport CSV

1 Oct 2026, 11:51 amCompany Update

Pursuant To Regulation 30 & 47 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, We Are Forwarding Herewith Copies Of Newspaper Clippings Regarding Audited Financial Results For The Quarter And Financial Year Ended March 31, 2026 (Standalone And Consolidated) Published On Thursday, October 1, 2026 In 'Business Standard', In English Language And 'Business Standard', In Hindi Language.

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	25.4%	-99%	-1.2%	48%	49.9%	7.6%	-0.7%
EBITDA margin %	13%	-140.6%	-18.7%	21.6%	41%	-14.9%	-57.7%
EBIT margin %	10.8%	-150.1%	-21%	17.9%	39.7%	-18.2%	-59.1%
PAT margin %	0.5%	-149.1%	-30.3%	-156.6%	113.1%	-32.5%	-14.2%
Working capital
Receivable days	721	3,254	855	608	439	1,142	1,653
Inventory days	2,247	5,040	2,480	7,243	1,551	1,996	2,589
Payable days	142	411	217	545	193	211	270
NWC days	2,826	7,884	3,118	7,305	1,796	2,926	3,972
Leverage
Current ratio	1.42	1.14	1.08	1.04	1.24	1.3	1.41
Debt to EBITDA	15.75	—	—	16.49	2.22	—	—
Debt to equity	1.41	2.33	2.6	2.32	0.53	0.23	0.22
Interest coverage	0.9	-1.5	-0.7	0.6	13	-0.2	-0.9
Asset turnover	0.12	0.02	0.07	0.05	0.16	0.07	0.05
Return ratios
Return on assets %	0.1%	-2.9%	-2.3%	-8.1%	18.6%	-2.4%	-0.8%
Return on capital employed %	4.4%	-7.9%	-5%	8.4%	110.4%	-1%	-1.8%
Return on equity %	0.4%	-20.4%	-18.1%	-102.4%	66.4%	-7.5%	-2.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840
Signatureglobal (India) LimitedSIGNATURESIGNATURE	₹10,376 Cr	₹13,317 Cr	₹2,282 Cr	₹-126 Cr	-1.9%	₹1,044 Cr	42.2%	3.4%	85%	1,407

Date	Category	Subject	Filing
1 Oct 2026, 11:51 am	Company Update General	Pursuant To Regulation 30 & 47 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, We Are Forwarding Herewith Copies Of Newspaper Clippings Regarding Audited Financial Results For The Quarter And Financial Year Ended March 31, 2026 (Standalone And Consolidated) Published On Thursday, October 1, 2026 In 'Business Standard', In English Language And 'Business Standard', In Hindi Language.	PDF
29 Sept 2026, 9:36 pm	Result Financial Results	AUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED) FOR THE QUATER/YEAR ENDED 31.03.2026	PDF
29 Sept 2026, 9:15 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of The Board Meeting To Consider And Approve The Financial Results Of The Company For The Quarter And Year Ended March 31, 2026	PDF
17 Sept 2026, 3:59 pm	Others Outcome without intimation	Board Meeting Outcome for Outcome Of Board Meeting	PDF
10 Sept 2026, 4:54 pm	Company Update Change in Registered Office Address	Announcement under Regulation 30 (LODR)-Change in Registered Office Address	PDF
3 Sept 2026, 11:59 am	Company Update General	Disclosure Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
2 Sept 2026, 4:09 pm	Company Update General	Clarification Regarding Non-Compliance Under Regulation 33 Of The SEBI (LODR) Regulations, 2015, For The Quarter, Half Year And Year Ended March 31, 2026, And The Quarter Ended June 30, 2026	PDF
2 Sept 2026, 3:20 pm	Company Update General	Clarification Regarding Disclosure Under Regulation 29(1) Of The SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-166	-3	116	258	17	421	-112	43	-31
	4	21	7	16	16	9	207	12	9
	165	-26	-115	-265	-43	-357	-138	-77	10
Net cash flow	4	-8	9	9	-10	73	-43	-22	-12
Free cash flow	—	—	—	258	17	420	-114	42	-34
CFO / Operating profit %	—	—	395.4%	—	—	—	-132.2%	—	—

Vipul Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Upcoming and recent1

Dividends13

Board meetings1

Announcements

Upcoming and recent1

Dividends13

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

13

1

1

13

1