VINYLINDIA
Vinyl Chemicals (India) financials
- Market cap
- ₹403 Cr
- Sector
- Chemicals
What Vinyl Chemicals (India) Limited does
Vinyl Chemicals (India) Limited's core business is trading in Vinyl Acetate Monomer (VAM), a globally traded commodity chemical, rather than manufacturing. It was originally promoted by Pidilite Industries Limited (PIL) to secure a regular, reliable supply of VAM, a critical raw material for PIL's consumer and industrial specialty chemicals business, and it continues to sell VAM to PIL on an ongoing, arm's-length basis under long-term contracts with major international suppliers. The company is also starting import operations through Vizag port, using office space at PIL's Hyderabad premises, to distribute VAM more cost-effectively in the Southern region.
Segments
- Chemicals trading (Vinyl Acetate Monomer)
- Core traded product
- Vinyl Acetate Monomer (VAM) — single-product chemical trading business
- Import gateway
- Vizag port (Andhra Pradesh), for distribution to the Southern region
- Business locations
- Registered office (Nariman Point, Mumbai), Corporate office (Andheri East, Mumbai), Administrative office (Hyderabad, on PIL premises)
- Primary offtake relationship
- Pidilite Industries Limited — ongoing, continuous VAM supply arrangement
- Supplier contracts
- Long-standing, multi-year contracts with major international VAM suppliers
- Years in operation
- ~40 years (incorporated 1986)
Quarterly results
Q1 FY27: revenue down 34.1%, net profit up 48.8% 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 | 150 | 146 | 173 | 151 | 152 +1% | 169 +16% | 180 +4% | 100 −34% |
| EBITDA | 6 | 4 | 10 | 2 | 3 −55% | 4 +1% | 3 −71% | 3 +36% |
| Net profit | 5 | 5 | 7 | 4 | 3 −44% | 5 −10% | 5 −36% | 7 +49% |
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 −26.1% 1Y
1Y: ₹297.65 on 10 Sept 2025 → ₹219.93. High ₹299.45 (16 Sept 2025), low ₹164.98 (30 Mar 2026).
Financials, as filed
Revenue fell 13.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 1.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.0k Cr | ₹597 Cr | ₹625 Cr | ₹652 Cr |
| Operating profit | ₹42 Cr | ₹25 Cr | ₹26 Cr | ₹11 Cr |
| Operating margin | 4.2% | 4.2% | 4.1% | 1.7% |
| Interest | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹36 Cr | ₹22 Cr | ₹22 Cr | ₹17 Cr |
| Net margin | 3.5% | 3.7% | 3.6% | 2.5% |
| Cash from operations | ₹-20 Cr | ₹36 Cr | ₹24 Cr | ₹-16 Cr |
| Free cash flow | ₹-21 Cr | ₹36 Cr | ₹24 Cr | ₹-16 Cr |
| ROCE | 44.0% | 22.0% | 21.0% | 15.0% |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Reserves | ₹66 Cr | ₹94 Cr | ₹111 Cr | ₹115 Cr | ₹119 Cr | ₹128 Cr |
| Borrowings | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹200 Cr | ₹65 Cr | ₹62 Cr | ₹188 Cr | ₹86 Cr | ₹103 Cr |
| Total liabilities | ₹269 Cr | ₹162 Cr | ₹176 Cr | ₹305 Cr | ₹207 Cr | ₹233 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹55 Cr | ₹78 Cr | ₹40 Cr | ₹57 Cr | ₹0 Cr | ₹52 Cr |
| Other assets | ₹214 Cr | ₹84 Cr | ₹135 Cr | ₹247 Cr | ₹206 Cr | ₹180 Cr |
| Total assets | ₹269 Cr | ₹162 Cr | ₹176 Cr | ₹305 Cr | ₹207 Cr | ₹233 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
The ownership split has held steady since Jun 2025. The shareholder count shrank 6% to 38,667.
- Promoters
- 50.4%
- DIIs
- 0.1%
- Public
- 49.5%
Since Jun 2025
- Public −0.05 pp
- DIIs +0.03 pp
- Promoters −0.01 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 50.4%, Public 49.6%.Dec '23: Promoters 50.4%, Public 49.6%.Mar '24: Promoters 50.4%, FIIs 0.1%, Public 49.5%.Jun '24: Promoters 50.4%, Public 49.6%.Sep '24: Promoters 50.4%, FIIs 0.0%, Public 49.5%.Dec '24: Promoters 50.4%, FIIs 0.0%, DIIs 0.0%, Public 49.5%.Mar '25: Promoters 50.4%, DIIs 0.0%, Public 49.6%.Jun '25: Promoters 50.4%, DIIs 0.0%, Public 49.6%.Sep '25: Promoters 50.4%, DIIs 0.0%, Public 49.6%.Dec '25: Promoters 50.4%, DIIs 0.0%, Public 49.5%.Mar '26: Promoters 50.4%, FIIs 0.0%, DIIs 0.0%, Public 49.5%.Jun '26: Promoters 50.4%, DIIs 0.1%, Public 49.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vinyl Chemicals (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pidilite Industries Limited | 40.64% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 4.50% | −0.08 pp |
| Parekh Marketing Limited | 2.35% | unchanged |
| Kalva Marketing And Services Ltd | 2.15% | unchanged |
| Pidichem Pvt Ltd | 0.73% | unchanged |
| Mala Madhukar Parekh | 0.68% | unchanged |
| Madhukar Balvantray Parekh | 0.49% | unchanged |
| Ishijas Chemicals Private Limited | 0.35% | unchanged |
| Ajay Balvantray Parekh | 0.34% | unchanged |
| Harton Private Limited | 0.26% | unchanged |
| Bharati Narendrakumar Parekh | 0.23% | unchanged |
| Jasna Raoul Thackersey | 0.23% | 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 ₹220, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~-25%. At that growth it is worth ₹13 — downside of 94%.
- Growth the price implies
- 28.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -24.6% a year
- net profit, FY23–FY26 · EPS -24.6%
- The gap
- 0.5 pp
- -94% downside if it only repeats history
Learn to analyse Vinyl Chemicals (India) Limited
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