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Swing Capital

V I P Industries Ltd

NSE: VIPIND BSE: 507880

VIP Industries is engaged interalia, in the business of manufacturing and marketing of luggage, bags and accessories.

₹292
52W: ₹279 — ₹492
PE 0 · Book ₹14.7 · +1886% vs book
Market Cap₹4,149 Cr
Stock P/E—Price to Earnings
ROCE32%Return on Capital
ROE107%Return on Equity
Div. Yield0%Face Value ₹2

Weaknesses

  • −Stock is trading at 19.5 times its book value
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of -30.6% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -8.95%

Shareholding Pattern

Promoters42.35%
FIIs7.06%
DIIs16.87%
Public33.74%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.75%51.74%▼0.051.74%51.74%51.74%49.74%▼2.042.35%▼7.442.35%
FIIs7.32%7.82%▲0.57.43%▼0.47.68%▲0.37.27%▼0.46.95%▼0.36.73%▼0.27.06%▲0.3
DIIs13.76%12.28%▼1.513.31%▲1.012.75%▼0.613.78%▲1.016.06%▲2.317.42%▲1.416.87%▼0.6
Public27.18%28.19%▲1.027.54%▼0.727.86%▲0.327.22%▼0.627.27%▲0.133.51%▲6.233.74%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales541515638544500488561404453431
Expenses516494591553482492548509515529
Operating Profit242046-918-413-105-62-98
OPM %4%4%7%-2%4%-1%2%-26%-14%-23%
Net Profit-5-114-38-17-31-23-139-38-142
EPS ₹-0.34-0.750.31-2.71-1.19-2.15-1.64-9.79-2.69-10.02

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,849Cr, down 14.8% YoY. OPM at -14%.

Debt Position

Borrowings at ₹700Cr. Debt-to-equity ratio: 3.89x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹3Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 16.87% (-3.95pp change). FIIs: 7.06% (-1.89pp change). Promoters hold 42.35%.

Margin & Efficiency

ROCE declining from 20% (Mar 2015) to -32% (Mar 2026). Working capital days: -29.

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