WEBSITE BSE:544011 NSE: VPL Inc. Year: 2022 Industry: Agriculture My Bucket: Add Stock
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1. Business Overview
Vrundavan Plantation Ltd. operates in the agriculture sector in India. Its core business involves the cultivation, harvesting, and sale of various agricultural products. As a plantation company, it likely owns or leases significant land parcels for farming. The company's business model revolves around optimizing crop yields, managing agricultural cycles, and bringing produce to market. Revenue is primarily generated from the sale of harvested crops and potentially processed agricultural commodities.
2. Key Segments / Revenue Mix
Without specific financial data, the exact revenue mix is not available. However, typical segments for an agriculture company in India could include:
Crop Cultivation: Revenue from staple crops (e.g., grains, pulses), cash crops (e.g., cotton, sugarcane), horticulture (fruits, vegetables), or plantation crops (e.g., tea, coffee, rubber, spices, oilseeds).
Value-Added Products: If the company engages in basic processing (e.g., milling, drying, packaging) or produces branded food products.
The specific types of crops cultivated would dictate the primary revenue streams.
3. Industry & Positioning
The Indian agriculture industry is vast, highly fragmented, and significantly influenced by monsoon patterns, government policies, and global commodity prices. It comprises millions of small and marginal farmers, alongside a growing number of corporate entities like VPL aiming for scale and efficiency. VPL, as a listed plantation company, likely operates on a larger scale than individual farmers, potentially leveraging modern farming techniques and better market access. It competes with other large agricultural businesses, food processing companies, and the aggregated produce from numerous smaller farmers.
4. Competitive Advantage (Moat)
Without specific details, VPL's potential competitive advantages could stem from:
Scale & Land Holdings: Extensive land under cultivation can lead to economies of scale in procurement, operations, and distribution.
Agronomic Expertise: Proprietary farming techniques, superior seed varieties, or efficient water management practices leading to higher yields.
Supply Chain Integration: Strong relationships with buyers, efficient logistics, or basic processing capabilities that reduce costs and improve market reach.
Specific Land Quality/Location: Access to fertile land or land suitable for high-value crops.
It is unclear if VPL possesses a strong brand moat for consumer products.
5. Growth Drivers
Key factors that could drive growth for VPL over the next 3-5 years include:
Increasing Food Demand: Driven by India's rising population and growing disposable incomes.
Diversification into High-Value Crops: Shifting towards crops with better margins and consistent demand (e.g., horticulture, organic produce).
Technology Adoption: Investments in precision agriculture, improved irrigation, and yield-enhancing technologies.
Government Initiatives: Favorable policies, subsidies, and infrastructure development supporting the agriculture sector.
Expansion of Cultivated Area: Acquiring or leasing more land for farming.
Export Opportunities: Tapping into global markets for specific agricultural commodities.
6. Risks
VPL faces several risks inherent to the agriculture sector:
Weather Dependency: High reliance on monsoon patterns; droughts, floods, or unseasonal rains can severely impact crop yields and quality.
Commodity Price Volatility: Prices of agricultural produce are subject to supply-demand dynamics, government intervention (e.g., Minimum Support Price), and international markets, leading to revenue uncertainty.
Pest and Disease Outbreaks: Can cause significant crop damage and losses.
Regulatory Changes: Shifts in agricultural policies, land use laws, export/import restrictions, or environmental regulations.
Supply Chain Disruptions: Issues in logistics, storage, or market access.
Input Cost Inflation: Rising costs of seeds, fertilizers, pesticides, and labor.
7. Management & Ownership
As an Indian company, Vrundavan Plantation Ltd. is likely promoted and controlled by a founding family or a core group of individuals. While specific details about the promoters' background and management's track record are not available, typical indicators of management quality would include their experience in the agricultural domain, financial stewardship, and ability to navigate industry challenges. The ownership structure would likely see significant holdings by the promoter group, with the remainder held by public shareholders and potentially institutional investors.
8. Outlook
Vrundavan Plantation Ltd. operates in a fundamental and essential sector with inherent long-term demand drivers due to population growth. The potential for growth comes from increasing agricultural productivity through technology adoption, diversification into higher-value crops, and leveraging economies of scale. However, the business remains susceptible to a range of external factors, most notably weather patterns, commodity price fluctuations, and government policies. Sustained success will depend on effective risk management, efficient operational execution, and the ability to adapt to a dynamic and often unpredictable agricultural landscape.
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Market Cap ₹20 Cr.
Stock P/E 11.2
P/B 0.8
Current Price ₹37
Book Value ₹ 43.8
Face Value 10
52W High ₹56
Dividend Yield 0%
52W Low ₹ 30.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|
| Net Sales | 0 | 19 | 26 | |
| Other Income | 0 | 1 | 0 | |
| Total Income | 0 | 20 | 26 | |
| Total Expenditure | 0 | 17 | 23 | |
| Operating Profit | 0 | 3 | 3 | |
| Interest | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 2 | 2 | |
| Provision for Tax | 0 | 1 | 1 | |
| Profit After Tax | 0 | 2 | 2 | |
| Adjustments | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 2 | 2 | |
| Adjusted Earnings Per Share | 0 | 3.2 | 3.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 37% | 0% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | NA% | NA% | NA% |
| ROE Average | 8% | 8% | 8% | 8% |
| ROCE Average | 10% | 11% | 11% | 11% |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Shareholder's Funds | 0 | 21 | 24 |
| Minority's Interest | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 5 | 9 |
| Total Liabilities | 0 | 26 | 33 |
| Fixed Assets | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 6 | 7 |
| Total Current Assets | 0 | 19 | 25 |
| Total Assets | 0 | 26 | 33 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 1 |
| Cash Flow from Operating Activities | -0 | -12 | -3 |
| Cash Flow from Investing Activities | 0 | -6 | -0 |
| Cash Flow from Financing Activities | 0 | 19 | 4 |
| Net Cash Inflow / Outflow | 0 | 1 | 0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 |
| # | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 3.18 | 3.3 |
| CEPS(Rs) | 0 | 3.27 | 3.49 |
| DPS(Rs) | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.83 | 39.29 | 42.59 |
| Core EBITDA Margin(%) | 0 | 9.91 | 10.05 |
| EBIT Margin(%) | 0 | 13.39 | 9.68 |
| Pre Tax Margin(%) | 0 | 12.03 | 9.15 |
| PAT Margin (%) | 0 | 9 | 6.89 |
| Cash Profit Margin (%) | 0 | 9.25 | 7.29 |
| ROA(%) | 0 | 13.14 | 6.03 |
| ROE(%) | 0 | 16.17 | 8.05 |
| ROCE(%) | 0 | 24.04 | 10.37 |
| Receivable days | 0 | 166.09 | 154.89 |
| Inventory Days | 0 | 149.54 | 117.42 |
| Payable days | 0 | 168.74 | 100.71 |
| PER(x) | 0 | 10.6 | 16.08 |
| Price/Book(x) | 0 | 0.86 | 1.24 |
| Dividend Yield(%) | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0.91 | 1.17 |
| EV/Core EBITDA(x) | 0 | 6.7 | 11.62 |
| Net Sales Growth(%) | 0 | 0 | 35.48 |
| EBIT Growth(%) | 0 | 0 | -2.07 |
| PAT Growth(%) | 0 | 0 | 3.75 |
| EPS Growth(%) | 0 | 0 | 3.75 |
| Debt/Equity(x) | 0 | 0 | 0.13 |
| Current Ratio(x) | 0 | 3.93 | 2.9 |
| Quick Ratio(x) | 0 | 2.33 | 1.91 |
| Interest Cover(x) | 0 | 9.86 | 18.42 |
| Total Debt/Mcap(x) | 0 | 0 | 0.1 |
| # | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 62.65 | 62.65 | 62.65 | 62.65 | 58.63 |
| FII | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 1.8 | 1.71 | 1.47 |
| Public | 37.35 | 37.35 | 35.55 | 35.64 | 39.9 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.33 | 0.33 | 0.36 |
| FII | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0.01 | 0.01 | 0.01 |
| Public | 0.2 | 0.2 | 0.19 | 0.19 | 0.25 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 0.53 | 0.53 | 0.53 | 0.53 | 0.62 |
* The pros and cons are machine generated.
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