Construction - Real Estate · Founded 2002 · www.vipulgroup.in · BSE 511726 · NSE VIPULLTD · ISIN INE946H01037
No Notes Added Yet
Business
Vipul Ltd. is an Indian real estate development company. Its core business involves the acquisition, development, and sale/leasing of various types of properties. The company generates revenue primarily through the construction and sale of residential units (apartments, villas), commercial spaces (offices, retail), and potentially integrated townships or hospitality projects. The business model relies on identifying land parcels, securing necessary approvals, project conceptualization, construction, and marketing properties to end-users and investors.
Revenue Mix
Vipul Ltd. operates primarily within the real estate development sector. While specific, granular revenue mix percentages are not readily available without access to detailed financial reports, the company's projects generally span residential and commercial developments. It's common for real estate developers to have a mix, adapting to market demand, but without data, a precise breakdown cannot be provided.
Industry
The Indian construction and real estate industry is highly fragmented, cyclical, and competitive, with numerous national, regional, and local players. It is also significantly influenced by macroeconomic factors, government policies, and interest rates. Vipul Ltd. appears to be a regional or mid-tier player within this landscape, likely focusing on specific geographies within India (e.g., National Capital Region, Haryana, etc.) where it has established its presence and project pipeline. Its positioning would depend on its project quality, delivery track record, and pricing strategies relative to local competitors.
MOAT
For a company like Vipul Ltd., competitive advantages, if present, are likely to be localized. These could include:
Regional Expertise & Land Bank: A deep understanding of specific micro-markets and an established land bank in those areas.
Execution Capabilities: A track record of timely project delivery and quality construction, building local customer trust.
Local Regulatory Relationships: Experience in navigating complex local approval processes.
However, a strong, widely recognized brand moat or significant national scale advantage is not evident without further specific details.
Growth Drivers
Key factors that could drive Vipul Ltd.'s growth over the next 3-5 years include:
Urbanization & Population Growth: Continued migration to urban centers increases demand for housing and commercial spaces.
Rising Disposable Incomes: Growing middle-class incomes improve affordability for real estate.
Favorable Government Policies: Initiatives promoting affordable housing, smart cities, and infrastructure development.
Improved Infrastructure: Development of roads, metros, and other facilities enhances connectivity and property value in project locations.
Interest Rate Environment: A stable or declining interest rate regime can boost housing demand by making mortgages more affordable.
Risks
Vipul Ltd. faces several inherent risks:
Cyclicality of Real Estate: The industry is highly sensitive to economic downturns, impacting demand and property prices.
Interest Rate Fluctuations: Rising interest rates can deter potential buyers and increase financing costs for the company.
Regulatory & Environmental Risks: Delays in obtaining approvals, changes in land use policies, or stricter environmental norms can impact project timelines and costs.
Funding & Liquidity Risks: Reliance on debt financing makes the company vulnerable to credit market conditions and high interest costs.
Competition: Intense competition can lead to pricing pressures and margin erosion.
Project Execution Risks: Delays in construction, cost overruns, or quality issues can damage reputation and financial performance.
Management & Ownership
Vipul Ltd. is likely a promoter-led company, common in the Indian business landscape. The promoters (founding family or individuals) typically hold a significant stake and are actively involved in the strategic direction and operations of the company. Specific details on the current management team's individual track records, corporate governance practices, and detailed ownership structure (beyond promoter holding percentage) are not provided in the input.
Outlook
The outlook for Vipul Ltd. is influenced by the broader trends in the Indian real estate market. On the positive side, factors like ongoing urbanization, India's economic growth trajectory, government push for infrastructure, and a potentially stable interest rate environment could provide tailwinds for property demand and sales. The company's regional expertise and track record in its operating areas could enable it to capitalize on these opportunities. However, the cyclical nature of real estate, intense competition, potential regulatory hurdles, and rising input costs present significant challenges. The ability to manage debt, secure timely project approvals, and adapt to evolving market demands will be crucial for its sustained performance. Its growth will likely be tied to its capacity to acquire new land banks strategically and execute projects efficiently within its chosen micro-markets.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 36 | 16 | 16 | 11 | 44 | 2 | 8 | 9 | 41 | 8 |
| Other Income | 214 | 3 | 3 | 3 | 4 | 12 | 3 | 3 | 10 | 20 |
| Total Income | 250 | 19 | 19 | 14 | 48 | 14 | 11 | 12 | 51 | 28 |
| Total Expenditure | 20 | 12 | 11 | 9 | 68 | 14 | 11 | 11 | 59 | 27 |
| Operating Profit | 229 | 6 | 8 | 5 | -20 | -0 | 1 | 2 | -8 | 1 |
| Interest | -3 | 4 | 6 | 1 | 13 | 1 | 0 | 0 | 6 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -3 | 0 | 0 | 0 | -1 | 0 | 7 | 0 | 0 | 0 |
| Profit Before Tax | 229 | 2 | 1 | 4 | -35 | -1 | 8 | 1 | -15 | -1 |
| Provision for Tax | 27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Profit After Tax | 203 | 2 | 1 | 4 | -35 | -1 | 8 | 1 | -16 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 203 | 2 | 1 | 4 | -35 | -1 | 7 | 1 | -15 | -1 |
| Adjusted Earnings Per Share | 16.9 | 0.1 | 0.1 | 0.3 | -2.5 | -0.1 | 0.5 | 0.1 | -1.1 | -0.1 |
| #(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 | 234 | 185 | 232 | 284 | 226 | 176 | 37 | 138 | 75 | 206 | 87 | 66 |
| Other Income | 3 | 11 | 6 | 8 | 7 | 25 | 11 | 10 | 10 | 232 | 12 | 36 |
| Total Income | 237 | 196 | 238 | 291 | 233 | 201 | 48 | 148 | 85 | 438 | 99 | 102 |
| Total Expenditure | 224 | 172 | 213 | 253 | 197 | 203 | 90 | 164 | 59 | 122 | 99 | 108 |
| Operating Profit | 14 | 25 | 25 | 38 | 36 | -2 | -41 | -16 | 26 | 317 | 0 | -4 |
| Interest | 26 | 33 | 33 | 36 | 33 | 32 | 30 | 29 | 38 | 24 | 25 | 8 |
| Depreciation | 1 | 2 | 6 | 6 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -0 | -95 | -3 | -1 | 7 |
| Profit Before Tax | -13 | -11 | -15 | -3 | -2 | -38 | -73 | -49 | -109 | 287 | -28 | -7 |
| Provision for Tax | -2 | -1 | -3 | 1 | -3 | -4 | -18 | -7 | 8 | 54 | 0 | 1 |
| Profit After Tax | -11 | -10 | -12 | -5 | 1 | -34 | -56 | -42 | -117 | 234 | -28 | -8 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -11 | -10 | -12 | -5 | 1 | -35 | -55 | -41 | -117 | 234 | -28 | -8 |
| Adjusted Earnings Per Share | -0.9 | -0.8 | -1 | -0.4 | 0.1 | -2.9 | -4.6 | -3.4 | -9.8 | 19.5 | -2 | -0.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -58% | -14% | -13% | -9% |
| Operating Profit CAGR | -100% | 0% | 0% | -100% |
| PAT CAGR | -112% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 17% | -15% | -20% | -20% |
| ROE Average | -8% | 8% | -2% | -3% |
| ROCE Average | -1% | 18% | 10% | 6% |
| #(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 | 380 | 370 | 358 | 366 | 366 | 327 | 272 | 231 | 115 | 352 | 377 |
| Minority's Interest | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 0 | 0 |
| Borrowings | 147 | 193 | 282 | 418 | 420 | 334 | 102 | 105 | 71 | 8 | 0 |
| Other Non-Current Liabilities | 152 | 151 | 28 | 51 | 46 | 21 | -4 | -40 | -43 | 7 | 2 |
| Total Current Liabilities | 648 | 732 | 816 | 857 | 1007 | 1187 | 1468 | 1491 | 1189 | 888 | 809 |
| Total Liabilities | 1331 | 1450 | 1487 | 1695 | 1842 | 1872 | 1841 | 1790 | 1335 | 1254 | 1188 |
| Fixed Assets | 28 | 71 | 88 | 92 | 77 | 66 | 62 | 59 | 48 | 46 | 52 |
| Other Non-Current Assets | 201 | 177 | 166 | 162 | 160 | 117 | 110 | 114 | 48 | 106 | 83 |
| Total Current Assets | 1101 | 1202 | 1232 | 1441 | 1606 | 1690 | 1668 | 1617 | 1239 | 1101 | 1053 |
| Total Assets | 1331 | 1450 | 1487 | 1695 | 1842 | 1872 | 1841 | 1790 | 1335 | 1254 | 1188 |
| #(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 | 31 | 32 | 17 | 9 | 13 | 5 | 14 | 23 | 13 | 86 | 42 |
| Cash Flow from Operating Activities | -109 | -46 | -56 | -166 | -3 | 116 | 258 | 17 | 421 | -112 | 43 |
| Cash Flow from Investing Activities | -20 | -18 | -1 | 4 | 21 | 7 | 16 | 16 | 9 | 207 | 12 |
| Cash Flow from Financing Activities | 131 | 46 | 49 | 165 | -26 | -115 | -265 | -43 | -357 | -138 | -77 |
| Net Cash Inflow / Outflow | 1 | -18 | -8 | 4 | -8 | 9 | 9 | -10 | 73 | -43 | -22 |
| Closing Cash & Cash Equivalent | 32 | 14 | 9 | 13 | 5 | 14 | 23 | 13 | 86 | 42 | 20 |
| # | 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) | -0.91 | -0.82 | -0.99 | -0.4 | 0.1 | -2.89 | -4.59 | -3.45 | -9.75 | 19.48 | -1.98 |
| CEPS(Rs) | -0.83 | -0.67 | -0.45 | 0.07 | 0.52 | -2.51 | -4.33 | -3.22 | -9.55 | 19.69 | -1.81 |
| DPS(Rs) | 0 | 0 | 0.05 | 0.05 | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 31.62 | 30.8 | 29.77 | 30.42 | 30.44 | 27.18 | 22.62 | 19.22 | 9.49 | 29.25 | 26.69 |
| Core EBITDA Margin(%) | 4.46 | 7.18 | 8.15 | 10.78 | 12.99 | -14.81 | -140.63 | -18.68 | 21.57 | 41.08 | -13.5 |
| EBIT Margin(%) | 5.29 | 12.33 | 7.9 | 11.42 | 13.96 | -3.24 | -117.06 | -14.39 | -95.19 | 150.8 | -4.01 |
| Pre Tax Margin(%) | -5.7 | -5.75 | -6.53 | -1.18 | -0.76 | -21.53 | -196.42 | -35.36 | -146 | 139.08 | -32.43 |
| PAT Margin (%) | -4.8 | -5.35 | -5.11 | -1.7 | 0.54 | -19.46 | -149.17 | -30.26 | -156.63 | 113.08 | -32.49 |
| Cash Profit Margin (%) | -4.25 | -4.34 | -2.32 | 0.3 | 2.74 | -17.07 | -139.65 | -27.99 | -152.92 | 114.41 | -29.26 |
| ROA(%) | -0.89 | -0.71 | -0.81 | -0.3 | 0.07 | -1.85 | -2.99 | -2.3 | -7.51 | 18.04 | -2.32 |
| ROE(%) | -2.92 | -2.64 | -3.26 | -1.34 | 0.33 | -9.94 | -18.58 | -16.67 | -68.15 | 100.47 | -7.78 |
| ROCE(%) | 2.04 | 3.2 | 2.35 | 3.52 | 3.08 | -0.58 | -4.65 | -2.29 | -11.75 | 67.76 | -0.7 |
| Receivable days | 195.03 | 329.55 | 300.65 | 258.26 | 441.9 | 736.78 | 3504.99 | 865.43 | 1092.46 | 329.67 | 1091.2 |
| Inventory Days | 1074.42 | 1447.65 | 1217.86 | 1100.79 | 1540.9 | 2093.05 | 0 | 2604.71 | 4200.49 | 1072.65 | 1844.03 |
| Payable days | 177.39 | 567.66 | 328.87 | 222.57 | -5634.6 | -1299.87 | 1342.26 | 3060.83 | -3090.22 | 861.86 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 363.28 | 0 | 0 | 0 | 0 | 1.38 | 0 |
| Price/Book(x) | 1.42 | 1.38 | 2.11 | 1.75 | 1.21 | 0.54 | 1.27 | 0.94 | 1.16 | 0.92 | 0.38 |
| Dividend Yield(%) | 0 | 0 | 0.08 | 0.09 | 0.14 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 3.4 | 4.63 | 5.14 | 4.53 | 4.81 | 4.52 | 24.7 | 5.61 | 5.04 | 2.24 | 2.16 |
| EV/Core EBITDA(x) | 58.18 | 34.69 | 48.08 | 33.77 | 29.82 | -515.53 | -22.33 | -47.55 | 14.47 | 1.46 | 398.3 |
| Net Sales Growth(%) | -10.49 | -20.99 | 25.54 | 22.32 | -20.44 | -21.88 | -78.91 | 271.46 | -45.81 | 175.62 | -57.83 |
| EBIT Growth(%) | -9.15 | 84.29 | -19.53 | 76.76 | -2.76 | -118.18 | -661.03 | 54.35 | -258.55 | 536.65 | -101.12 |
| PAT Growth(%) | -41.65 | 12 | -19.79 | 59.2 | 125.13 | -3037.61 | -61.64 | 24.66 | -180.54 | 299 | -112.12 |
| EPS Growth(%) | -38 | 9.57 | -19.78 | 59.61 | 125.39 | -2953.31 | -58.89 | 24.99 | -183.15 | 299.72 | -110.18 |
| Debt/Equity(x) | 0.79 | 1.02 | 1.28 | 1.82 | 1.79 | 1.97 | 2.33 | 2.61 | 2.34 | 0.54 | 0.23 |
| Current Ratio(x) | 1.7 | 1.64 | 1.51 | 1.68 | 1.6 | 1.42 | 1.14 | 1.08 | 1.04 | 1.24 | 1.3 |
| Quick Ratio(x) | 0.6 | 0.61 | 0.54 | 0.61 | 0.61 | 0.55 | 0.44 | 0.45 | 0.4 | 0.75 | 0.78 |
| Interest Cover(x) | 0.48 | 0.68 | 0.55 | 0.91 | 0.95 | -0.18 | -1.48 | -0.69 | -1.87 | 12.87 | -0.14 |
| Total Debt/Mcap(x) | 0.56 | 0.74 | 0.61 | 1.04 | 1.48 | 3.67 | 1.83 | 2.77 | 2.02 | 0.58 | 0.59 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.52 | 51.51 | 31.04 | 20.33 | 18.25 | 18.25 | 18.25 | 18.25 | 18.25 | 18.25 |
| FII | 0.19 | 1.87 | 7.23 | 6.13 | 7.25 | 9.65 | 8.81 | 11.27 | 13.21 | 10.41 |
| DII | 0 | 0.52 | 0.52 | 0.52 | 0 | 0 | 0 | 0 | 0 | 0.99 |
| Public | 39.3 | 46.09 | 61.2 | 73.02 | 74.5 | 72.1 | 72.94 | 70.48 | 68.55 | 70.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.26 | 7.26 | 4.38 | 2.87 | 2.57 | 2.57 | 2.57 | 2.57 | 2.57 | 2.57 |
| FII | 0.02 | 0.26 | 1.02 | 0.86 | 1.02 | 1.36 | 1.24 | 1.59 | 1.86 | 1.47 |
| DII | 0 | 0.07 | 0.07 | 0.07 | 0 | 0 | 0 | 0 | 0 | 0.14 |
| Public | 4.71 | 6.5 | 8.63 | 10.29 | 10.5 | 10.16 | 10.28 | 9.94 | 9.66 | 9.92 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -58% | -14% | -13% | -9% |
| Operating Profit CAGR | -100% | — | — | -100% |
| PAT CAGR | -112% | — | — | — |
| Share Price CAGR | +17% | -15% | -20% | -20% |
| ROE Average | -8% | +8% | -2% | -3% |
| ROCE Average | -1% | +18% | +10% | +6% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.52 | 51.51 | 31.04 | 20.33 | 18.25 | 18.25 | 18.25 | 18.25 | 18.25 | 18.25 |
| FII | 0.19 | 1.87 | 7.23 | 6.13 | 7.25 | 9.65 | 8.81 | 11.27 | 13.21 | 10.41 |
| DII | 0 | 0.52 | 0.52 | 0.52 | 0 | 0 | 0 | 0 | 0 | 0.99 |
| Public | 39.3 | 46.09 | 61.2 | 73.02 | 74.5 | 72.1 | 72.94 | 70.48 | 68.55 | 70.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.26 | 7.26 | 4.38 | 2.87 | 2.57 | 2.57 | 2.57 | 2.57 | 2.57 | 2.57 |
| FII | 0.02 | 0.26 | 1.02 | 0.86 | 1.02 | 1.36 | 1.24 | 1.59 | 1.86 | 1.47 |
| DII | 0 | 0.07 | 0.07 | 0.07 | 0 | 0 | 0 | 0 | 0 | 0.14 |
| Public | 4.71 | 6.5 | 8.63 | 10.29 | 10.5 | 10.16 | 10.28 | 9.94 | 9.66 | 9.92 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 | 14.1 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.
Your relationship manager will connect with you shortly.