VIKASECO
Vikas EcoTech financials
- Market cap
- ₹186 Cr
- Sector
- Chemicals
What Vikas EcoTech Limited does
Vikas Ecotech manufactures specialty chemical additives — Organotin (tin-metal based) PVC heat stabilizers, plasticizers and flame retardants — and specialty polymer compounds such as TPR, TPE and EVA compounds, sold under its own brand names to industries including footwear, automotive, packaging, electricals, pharmaceuticals and consumer goods. It is India's first company with a fully integrated in-house facility making FDA-compliant Organotin (Methyltin Mercaptide) stabilizers starting from tin metal ingots, including its own Tin Tetrachloride feedstock. The company has also diversified into an Infra Products business making steel pipe fittings and MDPE pipes for gas applications. Manufacturing is carried out at its Shahjahanpur (Rajasthan) plant, with a second factory at Sahibabad (Uttar Pradesh).
Segments
- Specialty Additives
- Specialty Polymer Compounds
- Infra Product Business
- Manufacturing plants
- 2 (Shahjahanpur, Rajasthan; Sahibabad, Uttar Pradesh)
- Business segments
- 3 (Specialty Additives, Specialty Polymer Compounds, Infra Products)
- Branded product lines
- 8 (Tinmate, Thermate, Addflex, MDH-Ecoflamex, ZB VE03, Veeprene, Vikolene, V-Blend)
- Product certifications
- US FDA-compliant Organotin stabilizers; SATRA-certified TPR compounds and lab
- Backward integration
- In-house production of Tin Tetrachloride (TTC) from tin metal ingots, a key Organotin raw material
- End-use industries served
- Agriculture, infrastructure, packaging, electricals, footwear, pharmaceuticals, automotive, medical devices/components, consumer goods
Quarterly results
Q1 FY27: revenue up 15.1%, net profit down 15.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89 | 85 | 103 | 104 | 65 −27% | 69 −19% | 116 +13% | 119 +15% |
| EBITDA | 5 | 1 | 4 | 5 | 3 −44% | 2 +49% | -1 −129% | 2 −49% |
| Net profit | 3 | -1 | 4 | 2 | 2 −39% | -1 +0% | -0 −110% | 2 −16% |
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 −49.0% 1Y
1Y: ₹2.06 on 10 Sept 2025 → ₹1.05. High ₹2.09 (19 Sept 2025), low ₹0.99 (30 Mar 2026).
Financials, as filed
Revenue fell 4.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 2.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹403 Cr | ₹259 Cr | ₹378 Cr | ₹353 Cr |
| Operating profit | ₹22 Cr | ₹16 Cr | ₹12 Cr | ₹8 Cr |
| Operating margin | 5.4% | 6.2% | 3.2% | 2.4% |
| Interest | ₹11 Cr | ₹7 Cr | ₹4 Cr | ₹5 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹5 Cr |
| Net profit | ₹10 Cr | ₹7 Cr | ₹17 Cr | ₹3 Cr |
| Net margin | 2.4% | 2.6% | 4.5% | 0.9% |
| Cash from operations | ₹92 Cr | ₹120 Cr | ₹-60 Cr | — |
| Free cash flow | ₹87 Cr | ₹115 Cr | ₹-65 Cr | — |
| ROCE | — | 5.0% | 3.0% | 2.0% |
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 ending | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Equity capital | ₹28 Cr | ₹28 Cr | ₹94 Cr | ₹95 Cr | ₹139 Cr | ₹139 Cr |
| Reserves | ₹115 Cr | ₹101 Cr | ₹134 Cr | ₹143 Cr | ₹238 Cr | ₹258 Cr |
| Borrowings | ₹145 Cr | ₹151 Cr | ₹91 Cr | ₹62 Cr | ₹19 Cr | ₹38 Cr |
| Other liabilities | ₹57 Cr | ₹46 Cr | ₹26 Cr | ₹43 Cr | ₹48 Cr | ₹51 Cr |
| Total liabilities | ₹346 Cr | ₹326 Cr | ₹344 Cr | ₹343 Cr | ₹444 Cr | ₹486 Cr |
| Fixed assets | ₹31 Cr | ₹30 Cr | ₹28 Cr | ₹29 Cr | ₹54 Cr | ₹55 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹55 Cr | ₹228 Cr | ₹140 Cr |
| Other assets | ₹314 Cr | ₹295 Cr | ₹316 Cr | ₹259 Cr | ₹161 Cr | ₹290 Cr |
| Total assets | ₹346 Cr | ₹326 Cr | ₹344 Cr | ₹343 Cr | ₹444 Cr | ₹486 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
The ownership split has held steady since Mar 2025. The shareholder count shrank 5% to 5,67,693.
- Promoters
- 10.7%
- Public
- 89.3%
Since Mar 2025
- FIIs −0.02 pp
- Public +0.01 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window FIIs fell from 15.2% to 0.0% — −15.2 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 7.8%, FIIs 15.2%, Public 77.0%.Sep '23: Promoters 6.9%, FIIs 9.4%, Public 83.7%.Dec '23: Promoters 6.9%, FIIs 0.0%, Public 93.1%.Mar '24: Promoters 13.6%, FIIs 0.0%, Public 86.4%.Jun '24: Promoters 10.7%, Public 89.3%.Sep '24: Promoters 10.7%, Public 89.3%.Dec '24: Promoters 10.7%, FIIs 0.0%, Public 89.3%.Mar '25: Promoters 10.7%, FIIs 0.0%, Public 89.3%.Jun '25: Promoters 10.7%, FIIs 0.1%, Public 89.3%.Sep '25: Promoters 10.7%, FIIs 0.1%, Public 89.3%.Dec '25: Promoters 10.7%, Public 89.3%.Mar '26: Promoters 10.7%, Public 89.3%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Vikas EcoTech Limited above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Vikas Garg | 10.10% | unchanged |
| J B Rolling Mills Limited | 4.18% | unchanged |
| J B Ispat Private Limited | 2.09% | unchanged |
| Jrm Steels Private Limited | 1.93% | unchanged |
| Ashok Kumar Bansal | 1.79% | unchanged |
| Mithlesh Rani Bansal | 1.57% | unchanged |
| Nikita Greentech Recycling Limited | 1.41% | unchanged |
| Sudhir Kumar Bansal | 1.41% | unchanged |
| Sukriti Garg | 0.25% | unchanged |
| Vikas Lifecare Limited | 0.23% | unchanged |
| Vikas Garg Huf | 0.03% | unchanged |
| Usha Garg | 0.03% | 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
Growth trapTo justify its price of ₹1, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~-31%. At that growth it is worth ₹0 — downside of 88%.
- Growth the price implies
- 8.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -31.0% a year
- net profit, FY23–FY26
- The gap
- 0.4 pp
- -88% downside if it only repeats history
Learn to analyse Vikas EcoTech Limited
Guides on how to read this kind of business and the numbers that matter.