530627

Vipul Organics financials

Market cap
₹512 Cr
Sector
Chemicals

What Vipul Organics does

Vipul Organics manufactures pigment powders, pigment dispersions, naphthols, fast colour bases/salts, and vat, reactive, acid and direct dyes at plants in Palghar, Tarapur, Ambernath and a new greenfield site at Sayakha, Gujarat. Products serve textiles, paints, plastics, printing inks, paper, leather, food/cosmetics and, through a new membrane business, water treatment. It is vertically integrated from raw materials to finished dispersions and sells domestically and via exports across Asia, Africa, Europe and the Americas.

Segments

  • Pigments, Dyes & Intermediates
  • Membranes & Water Treatment
Manufacturing plants
4 (Palghar, Tarapur, Ambernath in Maharashtra; Sayakha, Gujarat)
Product SKUs
2,400+ across 13 product categories
Export countries
56+
Total manufacturing area
450,000 sq. ft. (FY25)
Workforce
450+ (incl. 110+ executives, 20 chemists, 20 R&D staff)
Distributor network
22+ (FY25)
Founded 1972Headquarters Mumbai, Maharashtra, IndiaEmployees 450 (FY26) Company website

Quarterly results

Q1 FY27: revenue up 37.7%, net profit up 99.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue39 41 44 38 39 +0%46 +11%52 +18%52 +38%
EBITDA4 4 4 4 4 +18%4 +12%5 +28%5 +32%
Net profit1 1 1 1 2 +71%2 +28%2 +154%3 +99%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +37.1% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹196.95 on 10 Sept 2025 → ₹270. High ₹286.75 (9 Jun 2026), low ₹159.4 (30 Mar 2026).

Financials, as filed

Revenue grew 9.4% a year over 3 years, FY23 to FY26. Operating margin widened to 9.8%.

Year endingFY23FY24FY25FY26
Revenue₹134 Cr₹150 Cr₹163 Cr₹175 Cr
Operating profit₹12 Cr₹12 Cr₹15 Cr₹17 Cr
Operating margin8.7%7.8%8.9%9.8%
Interest₹3 Cr₹2 Cr₹3 Cr₹2 Cr
Depreciation₹6 Cr₹6 Cr₹6 Cr₹6 Cr
Net profit₹2 Cr₹3 Cr₹4 Cr₹7 Cr
Net margin1.5%2.3%2.7%3.9%
Cash from operations₹10 Cr₹5 Cr₹1 Cr₹11 Cr
Free cash flow₹7 Cr₹-2 Cr₹-15 Cr₹-24 Cr
ROCE7.0%8.0%9.0%8.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹10 Cr₹13 Cr₹13 Cr₹18 Cr₹19 Cr
Reserves₹29 Cr₹42 Cr₹40 Cr₹45 Cr₹68 Cr₹98 Cr
Borrowings₹30 Cr₹30 Cr₹31 Cr₹30 Cr₹60 Cr₹53 Cr
Other liabilities₹39 Cr₹44 Cr₹40 Cr₹48 Cr₹49 Cr₹61 Cr
Total liabilities₹107 Cr₹127 Cr₹124 Cr₹136 Cr₹194 Cr₹231 Cr
Fixed assets₹29 Cr₹36 Cr₹35 Cr₹32 Cr₹37 Cr₹37 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹5 Cr₹21 Cr₹39 Cr
Investments₹1 Cr₹1 Cr₹0 Cr₹1 Cr₹0 Cr₹0 Cr
Other assets₹77 Cr₹90 Cr₹88 Cr₹98 Cr₹136 Cr₹154 Cr
Total assets₹107 Cr₹127 Cr₹124 Cr₹136 Cr₹194 Cr₹231 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +4.78 pp while promoters trimmed −4.70 pp. The shareholder count shrank 11% to 6,408.

Promoters
63.9%
FIIs
0.1%
Public
36.0%

Since Jun 2025

  • Public +4.78 pp
  • Promoters −4.70 pp
  • FIIs −0.09 pp

How it drifted, 12 quarters

Over this window promoters fell from 66.4% to 63.9% — −2.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 66.4%, Public 33.6%.Dec '23: Promoters 66.8%, FIIs 0.3%, Government 1.0%, Public 32.0%.Mar '24: Promoters 67.0%, FIIs 0.5%, Public 32.5%.Jun '24: Promoters 67.0%, FIIs 0.5%, Public 32.5%.Sep '24: Promoters 67.4%, FIIs 0.2%, Public 32.4%.Dec '24: Promoters 67.8%, FIIs 0.2%, Public 32.0%.Mar '25: Promoters 67.8%, FIIs 0.2%, Public 32.0%.Jun '25: Promoters 68.6%, FIIs 0.2%, Public 31.2%.Sep '25: Promoters 68.6%, FIIs 0.2%, Public 31.2%.Dec '25: Promoters 68.6%, FIIs 0.2%, Public 31.2%.Mar '26: Promoters 63.9%, FIIs 0.2%, Public 35.9%.Jun '26: Promoters 63.9%, FIIs 0.1%, Public 36.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Vipul Organics above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vipul Pravinchandra Shah 24.68%unchanged
Mihir Vipul Shah 16.56%unchanged
Vatsal Vipul Shah 12.80%unchanged
Mita Vipul Shah 6.41%unchanged
Mehul Madhusudan Shah 3.15%unchanged
Jagdish N Master 2.49%unchanged
Vipul P Shah 2.19%unchanged
Dr Ramesh Chimanlal Shah 1.64%unchanged
Kishor Punamchand Ostwal 1.57%unchanged
Basant Singhatwadia 1.39%unchanged
Jvs Holdings Llp 1.26%unchanged
Niti Mehul Shah 1.05%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹270, this stock must grow earnings at 37% every year for 7 years. Our analysis caps realistic growth at ~47%. At that growth it is worth ₹428 — upside of 59%.

Growth the price implies
37.1% a year
for 7 years, fading to 4%
It has actually compounded at
50.4% a year
net profit, FY23–FY26 · EPS 47.2%
The gap
-0.1 pp
59% downside if it only repeats history
Price today ₹270 Value at the reference growth ₹428.12

Change the assumptions yourself →

Learn to analyse Vipul Organics

Guides on how to read this kind of business and the numbers that matter.