VIPIND

VIP Industries share price & financials

Price
₹317.5
Market cap
₹4.3k Cr
Sector
Consumer Durables
Calls analysed
2
Latest concall · Q1 FY26 · call held 07 Aug 2025

V I P Inds. Q1 FY26

Adjusted EBITDA Margin 10% Gross Margin 48%

What went well

  • Adjusted EBITDA margin maintained at 10%, reflecting structural cost efforts.
  • Bangladesh capacity utilization was upward of 80% and generated Rs. 8 crore in operating profits.
  • Carlton, a premium brand, reported double-digit growth in Q1 FY26.

What to watch

  • Volume growth became a concern for the first time in five quarters, along with value, primarily due to a sudden drop in e-commerce secondary sales.
  • E-commerce channel de-grew by 17% due to competitive intensity and new entrants.
Read the full call →

What VIP Industries Limited does

VIP Industries designs, manufactures and retails luggage, backpacks, duffels and travel accessories through a multi-brand portfolio spanning value, mass, youth and premium price points. It runs in-house manufacturing at its own factories in Maharashtra and Bangladesh, and sells through general trade, modern trade, e-commerce, exclusive brand outlets, institutional/CSD channels and select international markets. Its brands cover hard luggage, soft luggage, business bags and ladies' handbags, from entry-level Aristocrat and Alfa to youth-oriented Skybags, premium Carlton and fashion label Caprese.

Market position
#1 in India's organised luggage market
Points of sale
~14,000
Exclusive Brand Outlets
404
In-house manufacturing facilities (India & Bangladesh)
10
Towns and cities reached
~1,400
Employees
~8,470
Founded 1968Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY26

what the last two calls moved 6 tracked 0 delivered 1 missed 5 open
  • Revenue from New Collections went quiet said Q4 FY25 Promised: 40% of revenue in FY26 Q1 FY26: No specific update provided on the percentage contribution of new collections.
  • Debt Reduction Target revised down said Q4 FY25 Promised: ₹150 crore reduction in FY26 Q1 FY26: Target mentioned as ₹130 crore. Actual Q1 reduction was zero (debt remains at March 2025 level).
  • Inventory Reduction Target on track said Q4 FY25 Promised: ₹150 crore reduction in FY26 Q1 FY26: Achieved ₹20-22 crore reduction (net of provision) in Q1.

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 1.6%, net profit down 156.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue544 500 488 561 404 −26%453 −9%431 −12%570 +2%
EBITDA-9 18 -4 13 -105 −1067%-62 −444%-98 −2350%-20 −254%
Net profit-38 -17 -31 -23 -139 −266%-38 −124%-142 −358%-59 −157%
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 −33.0% 1Y

₹300₹350₹400₹450Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹447.7 on 10 Sept 2025 → ₹300.1. High ₹449.95 (19 Sept 2025), low ₹290.85 (23 Jul 2026).

Financials, as filed

Revenue fell 3.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to -13.6%.

Year endingFY23FY24FY25FY26
Revenue₹2.1k Cr₹2.2k Cr₹2.2k Cr₹1.8k Cr
Operating profit₹312 Cr₹126 Cr₹51 Cr₹-252 Cr
Operating margin15.0%5.7%2.4%-13.6%
Interest₹29 Cr₹49 Cr₹69 Cr₹67 Cr
Depreciation₹74 Cr₹84 Cr₹107 Cr₹116 Cr
Net profit₹152 Cr₹28 Cr₹-82 Cr₹-342 Cr
Net margin7.3%1.3%-3.8%-18.5%
Cash from operations₹63 Cr₹-116 Cr₹264 Cr₹97 Cr
Free cash flow₹-6 Cr₹-193 Cr₹222 Cr₹123 Cr
ROCE25.0%5.0%-3.0%-32.0%
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₹28 Cr₹28 Cr₹28 Cr₹28 Cr₹28 Cr₹28 Cr
Reserves₹440 Cr₹477 Cr₹579 Cr₹588 Cr₹435 Cr₹180 Cr
Borrowings₹331 Cr₹233 Cr₹289 Cr₹755 Cr₹779 Cr₹700 Cr
Other liabilities₹209 Cr₹294 Cr₹350 Cr₹485 Cr₹480 Cr₹506 Cr
Total liabilities₹1.0k Cr₹1.0k Cr₹1.2k Cr₹1.9k Cr₹1.7k Cr₹1.4k Cr
Fixed assets₹234 Cr₹202 Cr₹238 Cr₹462 Cr₹510 Cr₹459 Cr
Capital work in progress₹2 Cr₹6 Cr₹14 Cr₹4 Cr₹15 Cr₹3 Cr
Investments₹198 Cr₹100 Cr₹76 Cr₹54 Cr₹4 Cr₹113 Cr
Other assets₹574 Cr₹723 Cr₹918 Cr₹1.3k Cr₹1.2k Cr₹840 Cr
Total assets₹1.0k Cr₹1.0k Cr₹1.2k Cr₹1.9k Cr₹1.7k Cr₹1.4k 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, promoters trimmed −9.39 pp while the public added +8.63 pp. The shareholder count shrank 11% to 1,21,764.

Promoters
42.4%
FIIs
5.2%
DIIs
16.6%
Public
35.9%

Since Jun 2025

  • Promoters −9.39 pp
  • Public +8.63 pp
  • DIIs +2.85 pp

How it drifted, 12 quarters

Over this window the public went from 26.3% to 35.9% — +9.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.2%, FIIs 7.8%, DIIs 14.7%, Public 26.3%.Dec '23: Promoters 51.8%, FIIs 7.5%, DIIs 12.8%, Public 27.9%.Mar '24: Promoters 51.8%, FIIs 8.1%, DIIs 12.7%, Public 27.5%.Jun '24: Promoters 51.8%, FIIs 7.3%, DIIs 13.8%, Public 27.2%.Sep '24: Promoters 51.7%, FIIs 7.8%, DIIs 12.3%, Public 28.2%.Dec '24: Promoters 51.7%, FIIs 7.4%, DIIs 13.3%, Public 27.5%.Mar '25: Promoters 51.7%, FIIs 7.7%, DIIs 12.8%, Public 27.9%.Jun '25: Promoters 51.7%, FIIs 7.3%, DIIs 13.8%, Public 27.2%.Sep '25: Promoters 49.7%, FIIs 7.0%, DIIs 16.1%, Public 27.3%.Dec '25: Promoters 42.4%, FIIs 6.7%, DIIs 17.4%, Public 33.5%.Mar '26: Promoters 42.4%, FIIs 7.1%, DIIs 16.9%, Public 33.7%.Jun '26: Promoters 42.4%, FIIs 5.2%, DIIs 16.6%, Public 35.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of VIP Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
DGP Securities Limited 17.07%unchanged
Multiples Private Equity Gift Fund Iv 12.02%unchanged
Multiples Private Equity Fund Iv 10.90%unchanged
Samvibhag Securities Private Limited 8.44%unchanged
SBI Multi Asset Allocation Fund Mutual fund6.79%newly disclosed
Tata Mutual Fund - Tata Small Cap Fund Mutual fund3.36%unchanged
HSBC Mutual Fund - HSBC Large & Mid Cap Fund Mutual fund2.32%newly disclosed
ICICI Prudential Multicap Fund Mutual fund1.93%+0.05 pp
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.39%unchanged
Dgp Enterprises Pvt Ltd 1.38%unchanged
Dilip Gopikisan Piramal 0.45%unchanged
Shalini Dilip Piramal 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.

Mutual funds in VIPIND

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹295 Cr
3 schemes
Biggest holder
SBI Multi Asset Allocation Fund
₹103 Cr · 0.5% of that fund
SchemeHoldingLast month
SBI Multi Asset Allocation Fund SBI Mutual Fund₹103 Crheld
SBI Flexicap Fund SBI Mutual Fund₹99 Crheld
SBI MultiCap Fund SBI Mutual Fund₹93 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-33%
vs est. average cost
Held by funds
₹295 Cr
3 schemes · ≈ 7.2% of the company
Biggest holder
SBI Multi Asset Allocation Fund
₹103 Cr · 0.5% of that fund

Shares held by these funds +754%

Aug '23 96.38 L shares Jul '26

All earnings calls (2)

Read the Q1 FY26 call →

Learn to analyse VIP Industries Limited

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