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Vinyl Chemicals Overview

Vinyl Chemicals (India) Ltd. is engaged in trading of chemical substances. The Company is involved in the business of selling numerous chemical compounds to textile, paints and adhesive sectors. The Company is engaged mainly in trading of Vinyl Acetate Monomer (VAM). The VAM is imported/sourced from numerous international suppliers and allotted/traded in India.

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Vinyl Chemicals Key Financials

Market Cap ₹481 Cr.

Stock P/E 21.5

P/B 3.7

Current Price ₹262.1

Book Value ₹ 71

Face Value 1

52W High ₹356.9

Dividend Yield 2.67%

52W Low ₹ 160.1

Vinyl Chemicals Share Price

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Volume
Price

Vinyl Chemicals Quarterly Price

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Vinyl Chemicals Peer Comparison

Vinyl Chemicals Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 159 168 156 150 146 173 151 152 169 180
Other Income 1 2 1 1 3 0 4 1 2 3
Total Income 160 170 156 151 149 173 155 153 172 183
Total Expenditure 150 160 150 144 143 163 149 149 166 177
Operating Profit 9 10 7 7 7 10 6 4 6 6
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9 10 7 7 7 10 6 4 6 6
Provision for Tax 2 3 2 2 2 3 2 1 2 1
Profit After Tax 7 8 5 5 5 7 4 3 5 5
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 7 8 5 5 5 7 4 3 5 5
Adjusted Earnings Per Share 3.8 4.1 2.7 2.8 2.7 4 2.4 1.6 2.5 2.5

Vinyl Chemicals Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 442 335 293 375 483 372 404 865 1013 597 625 652
Other Income 1 3 4 4 4 4 1 2 2 4 5 10
Total Income 443 338 297 379 486 376 406 868 1015 601 630 663
Total Expenditure 424 326 283 361 472 366 390 821 966 572 600 641
Operating Profit 19 12 13 18 14 10 15 47 49 30 31 22
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
Exceptional Income / Expenses 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
Provision for Tax 6 4 5 6 5 3 4 12 12 8 8 6
Profit After Tax 12 8 9 12 9 7 11 35 36 22 22 17
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 12 8 9 12 9 7 11 35 36 22 22 17
Adjusted Earnings Per Share 6.7 4.4 4.8 6.4 4.8 4.1 6.2 19 19.4 11.9 12.2 9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 5% -10% 11% 4%
Operating Profit CAGR 3% -13% 25% 5%
PAT CAGR 0% -14% 26% 6%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -7% -17% 11% 16%
ROE Average 18% 24% 26% 24%
ROCE Average 25% 32% 35% 34%

Vinyl Chemicals Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 35 42 48 55 59 61 68 96 113 117 127
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 1 0 1 0 0 0 0
Total Current Liabilities 68 89 65 120 94 94 206 78 73 188 135
Total Liabilities 104 132 113 176 155 156 275 175 187 305 262
Fixed Assets 0 0 0 0 0 0 0 0 1 1 1
Other Non-Current Assets 1 1 1 0 2 1 1 1 0 1 1
Total Current Assets 103 131 112 175 153 155 275 174 186 304 260
Total Assets 104 132 113 176 155 156 275 175 187 305 262

Vinyl Chemicals Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 7 2 1 0 1 9 11 11 0 1 5
Cash Flow from Operating Activities 0 34 -7 -3 -21 51 11 17 -20 36 24
Cash Flow from Investing Activities -3 -33 10 8 34 -44 -6 -21 40 -14 -6
Cash Flow from Financing Activities -2 -3 -3 -4 -5 -5 -4 -7 -19 -18 -12
Net Cash Inflow / Outflow -4 -2 -0 1 7 2 0 -11 1 4 5
Closing Cash & Cash Equivalent 3 1 0 1 9 11 11 0 1 5 10

Vinyl Chemicals Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 6.73 4.36 4.75 6.36 4.83 4.07 6.19 19.01 19.44 11.91 12.18
CEPS(Rs) 6.73 4.36 4.76 6.37 4.84 4.07 6.19 19.02 19.49 11.97 12.23
DPS(Rs) 1.5 1.5 1.8 2.4 2.4 2.4 3.75 10 10 6.75 7
Book NAV/Share(Rs) 18.89 23.13 26.06 30.26 32.19 33.35 37.13 52.37 61.8 63.68 69.08
Core EBITDA Margin(%) 3.97 2.78 3.17 3.8 2.17 1.7 3.45 5.13 4.61 4.25 4.08
EBIT Margin(%) 4.26 3.68 4.6 4.85 2.92 2.7 3.78 5.42 4.83 4.98 4.87
Pre Tax Margin(%) 4.24 3.67 4.59 4.83 2.9 2.68 3.77 5.4 4.69 4.97 4.86
PAT Margin (%) 2.8 2.38 2.98 3.11 1.84 2 2.81 4.03 3.52 3.66 3.57
Cash Profit Margin (%) 2.8 2.38 2.98 3.11 1.84 2.01 2.81 4.03 3.53 3.68 3.59
ROA(%) 11.8 6.77 7.11 8.07 5.35 4.8 5.27 15.48 19.67 8.87 7.87
ROE(%) 40.98 20.74 19.33 22.59 15.47 12.41 17.57 42.49 34.06 18.99 18.35
ROCE(%) 61.4 31.67 29.51 34.9 24.38 16.57 23.48 56.65 46.41 25.72 24.91
Receivable days 41.57 53.04 59.3 59.94 53.46 53.65 70.59 25.72 7.65 42.03 61.6
Inventory Days 30.48 34.06 26.53 35.54 45.99 55.94 54.66 26.62 24.8 62.5 53.44
Payable days 58.82 78.46 84.76 85.15 76.25 88.02 137.74 57.23 21.91 77.11 95.05
PER(x) 9.72 11.51 14.75 15.71 16.69 10.28 18.74 13.78 17.23 26.55 23.22
Price/Book(x) 3.47 2.17 2.69 3.3 2.51 1.25 3.12 5 5.42 4.97 4.09
Dividend Yield(%) 2.29 2.99 2.57 2.4 2.98 5.74 3.23 3.82 2.99 2.13 2.48
EV/Net Sales(x) 0.27 0.27 0.44 0.48 0.29 0.18 0.5 0.56 0.61 0.96 0.81
EV/Core EBITDA(x) 6.27 7.41 9.54 9.98 9.86 6.53 13.17 10.25 12.51 19.26 16.62
Net Sales Growth(%) 50.81 -24.05 -12.72 28.18 28.67 -22.88 8.55 114.05 17.04 -41.04 4.73
EBIT Growth(%) 65.34 -34.26 8.89 35.23 -22.62 -28.69 52.28 206.41 4.31 -39.2 2.44
PAT Growth(%) 64.89 -35.28 9.11 33.85 -24.05 -15.81 52.19 207.13 2.25 -38.72 2.24
EPS Growth(%) 64.89 -35.28 9.11 33.85 -24.05 -15.81 52.18 207.13 2.25 -38.72 2.24
Debt/Equity(x) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0
Current Ratio(x) 1.5 1.47 1.73 1.46 1.62 1.65 1.33 2.22 2.54 1.62 1.93
Quick Ratio(x) 0.95 1.19 1.46 1 0.92 1.14 0.98 1.55 1.38 0.98 1.46
Interest Cover(x) 254.19 187.11 467.19 228.56 186.64 196.27 329.53 283.95 36.15 608.93 761.03
Total Debt/Mcap(x) 0 0.01 0 0 0 0.01 0 0 0 0 0

Vinyl Chemicals Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 50.41 50.41 50.41 50.41 50.41 50.41 50.41 50.41 50.41 50.41
FII 0 0.09 0 0.04 0.01 0 0 0 0 0.02
DII 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Public 49.58 49.49 49.58 49.54 49.57 49.58 49.58 49.58 49.58 49.56
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Vinyl Chemicals News

Vinyl Chemicals Pros & Cons

Pros

  • Company has delivered good profit growth of 25% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 77.11 to 95.05days.
  • Stock is trading at 3.7 times its book value.
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