India's largest organised-market luggage maker, selling VIP, Skybags, Aristocrat, Carlton and Caprese across ~14,000 points of sale.
Price
Market Cap
Sector
Consumer Discretionary
Rank
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
| Reserves | 582 | 489 | 531 | 613 | 650 | 588 | 435 | 261 |
| Borrowings | 269 | 353 | 298 | 352 | 871 | 751 | 779 | 738 |
| Other Liabilities | 364 | 223 | 371 | 421 | 517 | 489 | 480 | 577 |
| Total Liabilities | 1.2k | 1.1k | 1.2k | 1.4k | 2.1k | 1.9k | 1.7k | 1.6k |
| AssetsFixed Assets | 371 | 288 | 265 | 309 | 532 | 507 | 510 | 507 |
| CWIP | 3 | 2 | 7 | 15 | 14 | 18 | 15 | 15 |
| Investments | 41 | 141 | 42 | 23 | 3 | 6 | 4 | 73 |
| Other Assets | 829 | 662 | 915 | 1.1k | 1.5k | 1.3k | 1.2k | 1.0k |
| Total Assets | 1.2k | 1.1k | 1.2k | 1.4k | 2.1k | 1.9k | 1.7k | 1.6k |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -56 | 292 | 85 | -24 | 175 | -132 | 292 | 181 |
| Cash from Investing | 16 | -85 | -145 | 146 | -84 | -76 | -47 | -48 |
| Cash from Financing | 31 | -211 | 74 | -126 | -75 | 218 | -251 | -139 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -115 | 248 | 102 | -58 | 69 | -231 | 251 | 205 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
VIPIND · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.