VIGOR
Vigor Plast India financials
- Market cap
- ₹107 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
VIGOR Q2 FY26
What went well
- Projected FY26 basic turnover of ₹65-70 Crores, representing a 40% growth over FY25's ₹45.57 Crores.
- Production capacity utilization increased to 80% from 70% before the IPO.
- High-margin fittings (25-30% margin) contribute significantly to an average 25% margin across products.
What to watch
- Pricing pressure from competitors like Reliance, potentially leading to a 2-4% margin reduction if pushing for higher turnover.
- Revenue mix is dynamic and demand-driven, which can impact overall margin realization.
What Vigor Plast India Limited does
Vigor Plast India Limited runs a fully automated manufacturing facility at Dared/Jamnagar, Gujarat producing PVC, uPVC and cPVC pipes, fittings and related products for plumbing, irrigation and SWR (Soil, Waste and Rainwater) applications. It serves residential, commercial, agricultural and industrial customers across India, selling entirely under its own "VIGOR" brand (no OEM supply) through a pan-India network of distributors and dealers, backed by regional warehouses for distribution.
Segments
- Pipes
- Fittings and Other Ancillary Products
- Manufacturing facility
- 1 facility (Dared/Jamnagar, Gujarat), 16,566 sq. mt. unit area
- Installed capacity
- Pipes 2,490 tonnes/yr; Fittings 1,060 tonnes/yr
- Capacity utilization
- ~80% (H1 FY26), up from 70% pre-IPO
- Distributor/dealer network
- 440+ across 26 states & union territories
- Product SKUs
- 1,500 (up to 1,600 fitting items)
- Warehouses
- 4 (Rajkot, Jamnagar, Surat, Ahmedabad); new 75-80 tonne facility under construction in Ahmedabad
Guidance record · Q2 FY26
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- Basic Turnover open said Q2 FY26 Promised: ₹65-70 Crores (40% growth) Q2 FY26: H1 achieved ₹27 Cr; projecting ₹35-40 Cr in H2 to hit ₹65-70 Cr target.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|
| Revenue | 11 | 11 | 17 |
| EBITDA | 3 | 4 | 5 |
| Net profit | 1 | 2 | 2 |
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 +20.8% 1Y
1Y: ₹85.7 on 12 Sept 2025 → ₹103.5. High ₹117 (9 Sept 2026), low ₹45.85 (27 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- 0.0%
- 2 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY25 |
|---|---|
| Equity capital | ₹10 Cr |
| Reserves | ₹26 Cr |
| Borrowings | ₹7 Cr |
| Other liabilities | ₹18 Cr |
| Total liabilities | ₹60 Cr |
| Fixed assets | ₹32 Cr |
| Capital work in progress | ₹0 Cr |
| Investments | ₹1 Cr |
| Other assets | ₹27 Cr |
| Total assets | ₹60 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 Mar 2026
Since Sep 2025, FIIs trimmed −3.32 pp while the public added +2.86 pp. The shareholder count shrank 1% to 415.
- Promoters
- 70.0%
- FIIs
- 2.9%
- DIIs
- 4.5%
- Public
- 22.6%
Since Sep 2025
- FIIs −3.32 pp
- Public +2.86 pp
- DIIs +0.46 pp
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Rajesh P Kathiriya newly disclosed 20.32% held
- Sandeep Singh newly disclosed 2.33% held
- Khushboo Siddharth Nahar newly disclosed 1.11% held
- Rishit Dayalaji Kotecha newly disclosed 1.00% held
- Aarth AIF Growth Fund AIF +0.45 pp 2.74% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Vigor Plast India Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Kathiriya Jayesh Premjibhai | 20.73% | unchanged |
| Rajesh P Kathiriya | 20.32% | newly disclosed |
| Premjibhai Kathiria | 20.18% | unchanged |
| Jashvantiben Rajeshbhai Kathiriya | 4.50% | unchanged |
| Nitaben Jayeshbhai Kathiriya | 4.31% | unchanged |
| Aarth AIF Growth Fund AIF | 2.74% | +0.45 pp |
| Silver Stride India Global Fund FPI fund | 2.69% | unchanged |
| Sandeep Singh | 2.33% | newly disclosed |
| Smart Horizon Opportunity Fund AIF | 1.42% | unchanged |
| Khushboo Siddharth Nahar | 1.11% | newly disclosed |
| Rishit Dayalaji Kotecha | 1.00% | newly disclosed |
| Parvatiben Premjibhai Kathiriya | 0.01% | 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.
Learn to analyse Vigor Plast India Limited
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