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Consolidated Standalone

VIP Inds.

₹392.7 -6.1 | 1.5%

Market Cap ₹5578 Cr.

Stock P/E -81.1

P/B 9.5

Current Price ₹392.7

Book Value ₹ 41.2

Face Value 2

52W High ₹522.8

Dividend Yield 0%

52W Low ₹ 248.6

Edit Ratio

VIP Inds. Research see more...

Overview Inc. Year: 1968Industry: Household & Personal Products

V.I.P. Industries Ltd. (VIP) is a holding company. The Company is engaged within the manufacturing of hard luggages and soft luggages. The Company operates thru two segments: Luggage, Bags & Accessories, and Furniture. The Company has manufacturing centres at numerous locations across India. The Company has various manufacturers across bags categories. The Company's manufacturers include Carlton, VIP Bags, Skybags, Aristocrat, Alfa and Caprese. The Company's product range consists of trolleys, rucksacks, backpacks, duffel bags, laptop bags, travel add-ons, short haul essentials, soft uprights, vanity cases, hard suitcases, briefcases and uprights, among others. It has about 8000 stores throughout India and with a community of over 1300 outlets across approximately 30 nations. The Company's subsidiaries are VIP Industries Bangladesh Pvt Ltd and Blow Plast Retail Ltd. VIP Industries Bangladesh Pvt Ltd manufactures and markets bags and luggage.

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VIP Inds. Share Price

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Volume
Price

Quarterly Price

Quarterly Monthly
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Peer Comparison

VIP Inds. Quarterly Results

#(Fig in Cr.) Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025
Net Sales 451 636 546 546 516 639 544 501 494 561
Other Income 5 3 3 3 4 2 3 2 4 5
Total Income 455 639 549 549 520 641 547 504 498 566
Total Expenditure 386 556 493 494 508 590 546 472 488 537
Operating Profit 69 83 55 55 12 51 0 31 10 29
Interest 8 11 12 15 17 18 20 18 17 17
Depreciation 20 21 24 27 28 29 30 30 30 32
Exceptional Income / Expenses -47 26 0 0 0 0 4 0 4 2
Profit Before Tax -6 77 19 13 -33 4 -46 -17 -33 -17
Provision for Tax -2 20 6 6 -9 -0 -13 -4 -5 -4
Profit After Tax -4 58 13 7 -24 4 -33 -12 -27 -13
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -4 58 13 7 -24 4 -33 -12 -27 -13
Adjusted Earnings Per Share -0.3 4.1 0.9 0.5 -1.7 0.3 -2.3 -0.9 -1.9 -0.9

VIP Inds. 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 1048 1216 1252 1410 1785 1714 619 1290 2082 2245 2178 2100
Other Income 3 3 10 10 9 13 49 36 17 12 11 14
Total Income 1051 1219 1261 1419 1794 1727 667 1326 2099 2257 2190 2115
Total Expenditure 969 1107 1119 1215 1558 1418 683 1143 1766 2048 2091 2043
Operating Profit 82 113 142 205 235 309 -16 182 334 209 99 70
Interest 3 3 3 2 4 25 31 26 31 59 79 72
Depreciation 18 14 14 13 17 87 78 70 74 99 119 122
Exceptional Income / Expenses 4 0 0 0 0 -49 0 0 -32 26 8 10
Profit Before Tax 65 95 126 190 215 148 -125 86 197 77 -91 -113
Provision for Tax 19 29 40 63 70 37 -27 19 44 22 -22 -26
Profit After Tax 47 66 85 127 145 112 -97 67 152 54 -69 -85
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 47 66 85 127 145 112 -97 67 152 54 -69 -85
Adjusted Earnings Per Share 3.3 4.7 6 9 10.3 7.9 -6.9 4.7 10.8 3.8 -4.8 -6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -3% 19% 5% 8%
Operating Profit CAGR -53% -18% -20% 2%
PAT CAGR -228% NAN% NAN% NAN%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -18% -18% 6% 16%
ROE Average -11% 8% 4% 14%
ROCE Average -1% 14% 9% 21%

VIP Inds. 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 306 339 408 489 581 610 517 560 642 678 616
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 1 3 4 6 10 189 429 424 452 623 589
Total Current Liabilities 189 239 192 272 475 438 402 518 633 1100 961
Total Liabilities 496 581 603 767 1066 1237 1348 1502 1726 2400 2166
Fixed Assets 71 67 60 76 115 368 286 263 307 529 502
Other Non-Current Assets 30 25 24 32 44 40 324 338 401 429 440
Total Current Assets 395 489 520 659 907 828 738 902 1019 1442 1224
Total Assets 496 581 603 767 1066 1237 1348 1502 1726 2400 2166

VIP Inds. 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 8 5 6 8 20 11 7 20 17 33 43
Cash Flow from Operating Activities 14 53 127 85 -56 292 85 -24 175 -132 292
Cash Flow from Investing Activities -3 -8 -73 -29 16 -85 -145 146 -84 -76 -47
Cash Flow from Financing Activities -14 -45 -51 -44 31 -211 74 -126 -75 218 -251
Net Cash Inflow / Outflow -3 0 2 13 -9 -4 14 -3 16 10 -5
Closing Cash & Cash Equivalent 5 6 8 20 11 7 20 17 33 43 38

VIP Inds. 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) 3.3 4.7 6.03 8.97 10.28 7.91 -6.9 4.73 10.75 3.83 -4.84
CEPS(Rs) 4.54 5.71 6.99 9.88 11.46 14.05 -1.38 9.68 15.95 10.83 3.54
DPS(Rs) 1.5 2 2.4 3 3.2 3.2 0 2.5 4.5 2 0
Book NAV/Share(Rs) 21.64 24.01 28.87 34.61 41.05 42.97 36.26 38.85 44.41 46.88 42.14
Core EBITDA Margin(%) 7.42 8.9 10.13 13.44 12.48 15.67 -8.96 10.22 13.87 7.62 3.48
EBIT Margin(%) 6.45 7.97 9.82 13.22 12.07 9.19 -13.05 7.87 9.98 5.24 -0.49
Pre Tax Margin(%) 6.16 7.71 9.62 13.05 11.86 7.86 -17.33 6.02 8.61 2.96 -3.62
PAT Margin (%) 4.38 5.38 6.52 8.73 8.01 5.92 -13.56 4.68 6.67 2.1 -2.73
Cash Profit Margin (%) 6.03 6.53 7.57 9.62 8.93 10.51 -2.72 9.57 9.9 5.94 1.99
ROA(%) 9.87 12.34 14.39 18.49 15.85 9.7 -7.54 4.7 9.44 2.63 -3.01
ROE(%) 15.72 20.61 22.81 28.26 27.17 18.82 -17.42 12.61 25.85 8.39 -10.89
ROCE(%) 21.43 28.49 33.68 42.79 37.83 26.51 -14.29 16.63 30.29 13.34 -1.1
Receivable days 35.37 38.51 37.76 37.44 47.86 54.7 105.56 46.83 37.88 41.1 50.36
Inventory Days 69.07 76.05 79.64 75.31 84.95 94.26 190.3 104.65 88.38 105.95 116.81
Payable days 69.51 75.43 78.65 90.44 107.36 139.9 228.56 128.3 108.26 126.2 126.05
PER(x) 28.27 22.32 32.65 35.32 47.28 30.36 0 157.31 53.28 137.47 0
Price/Book(x) 4.31 4.37 6.82 9.15 11.84 5.59 9.77 19.16 12.9 11.22 6.64
Dividend Yield(%) 1.61 1.9 1.22 0.95 0.66 1.33 0 0.34 0.79 0.38 0
EV/Net Sales(x) 1.28 1.22 2.21 3.16 3.89 1.99 8.19 8.24 3.97 3.54 1.99
EV/Core EBITDA(x) 16.4 13.24 19.54 21.74 29.48 11.05 -319.15 58.26 24.75 37.98 43.87
Net Sales Growth(%) 7.7 16.11 2.88 12.63 26.61 -3.94 -63.92 108.47 61.48 7.81 -2.96
EBIT Growth(%) -18.11 43.46 30.38 49.69 14 -20.64 -154.03 219.92 102.57 -40.49 -109.09
PAT Growth(%) -19.17 42.65 28.21 48.75 14.61 -23.09 -187.26 168.65 127.61 -64.36 -226.69
EPS Growth(%) -19.17 42.65 28.21 48.75 14.61 -23.09 -187.25 168.58 127.29 -64.43 -226.64
Debt/Equity(x) 0.1 0.04 0 0 0.15 0.05 0.3 0.22 0.29 0.8 0.69
Current Ratio(x) 2.09 2.05 2.71 2.42 1.91 1.89 1.84 1.74 1.61 1.31 1.27
Quick Ratio(x) 0.89 0.85 1.24 1.26 0.8 0.87 1.09 0.74 0.68 0.48 0.55
Interest Cover(x) 22.4 30.45 48.94 79.97 56.68 6.88 -3.05 4.27 7.26 2.3 -0.16
Total Debt/Mcap(x) 0.02 0.01 0 0 0.01 0.01 0.03 0.01 0.02 0.07 0.1

VIP Inds. Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 51.29 51.22 51.76 51.76 51.75 51.74 51.73 51.73 51.73 49.73
FII 8.95 7.74 7.49 8.07 7.32 7.81 7.44 7.68 7.27 6.95
DII 20.82 14.72 12.83 12.69 13.76 12.25 13.28 12.7 13.76 16.04
Public 18.94 26.32 27.91 27.49 27.18 28.2 27.55 27.89 27.23 27.28
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 126.2 to 126.05days.

Cons

  • Promoter holding is low: 49.73%.
  • Company has a low return on equity of 8% over the last 3 years.
  • Stock is trading at 9.5 times its book value.

* 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.

VIP Inds. News

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