Vipul Organics share price & results
- Jun 2026
- Sept 2026
Mumbai-based specialty colour-chemistry manufacturer of pigments, dyes, naphthols and dye intermediates across Maharashtra and Gujarat, exporting to 50+ countries.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 51.8 | +37.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 9.6 | −0.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2.5 | +99.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.03 | +1.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -13.71 | −4.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 16.77 | −1.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +15.3% 1Y
1Y: ₹189.05 on 24 Oct 2025 → ₹218. High ₹286.75 (9 Jun 2026), low ₹159.4 (30 Mar 2026).
- Previous close
- ₹219.9
- Market cap
- ₹372 Cr
- 52-week range
- ₹159.4 – ₹286.75
- One year
- +18.74%
- Price to earnings (TTM to Jun 2026)
- 45.53×
- Return on equity (TTM to Jun 2026)
- 9.03%
Overview
- Symbol
- NSE:VIPULORG
- Sector
- Chemicals
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What Vipul Organics Limited does
Based on the company's own presentations, annual report and earnings calls.
Vipul Organics manufactures pigment powders, pigment dispersions, naphthols, fast colour bases/salts, and vat, reactive, acid and direct dyes at plants in Palghar, Tarapur, Ambernath and a new greenfield site at Sayakha, Gujarat. Products serve textiles, paints, plastics, printing inks, paper, leather, food/cosmetics and, through a new membrane business, water treatment. It is vertically integrated from raw materials to finished dispersions and sells domestically and via exports across Asia, Africa, Europe and the Americas.
Segments
- Pigments, Dyes & Intermediates
- Membranes & Water Treatment
- Manufacturing plants
- 4 (Palghar, Tarapur, Ambernath in Maharashtra; Sayakha, Gujarat)
- Product SKUs
- 2,400+ across 13 product categories
- Export countries
- 56+
- Total manufacturing area
- 450,000 sq. ft. (FY25)
- Workforce
- 450+ (incl. 110+ executives, 20 chemists, 20 R&D staff)
- Distributor network
- 22+ (FY25)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +99% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 39 | 41 | 44 | 38 | 39 | 46 | 52 | 52 |
| Expenses | 36 | 38 | 40 | 34 | 35 | 42 | 47 | 47 |
| Operating profit | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 |
| Operating margin | 9.3% | 9.4% | 8.5% | 10.1% | 11.0% | 9.4% | 9.2% | 9.6% |
| Other income | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Profit before tax | 2 | 2 | 1 | 2 | 2 | 3 | 3 | 3 |
| Tax rate | 39.5% | 20.9% | 32.8% | 21.6% | 24.3% | 26.6% | 34.2% | 26.7% |
| Net profit | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 |
| EPS (₹ per share) | 0.61 | 0.82 | 0.45 | 0.72 | 1.02 | 0.97 | 1.04 | 1.33 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 134 | 150 | 163 | 175 |
| Expenses | 122 | 138 | 148 | 158 |
| Operating profit | 12 | 12 | 15 | 17 |
| Other income | 0 | 1 | 0 | 1 |
| Interest | 3 | 2 | 3 | 2 |
| Depreciation | 6 | 6 | 6 | 6 |
| Profit before tax | 3 | 5 | 6 | 10 |
| Net profit | 2 | 3 | 4 | 7 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 10 | 13 | 13 | 13 | 18 | 19 |
| Reserves | 42 | 40 | 45 | 51 | 68 | 98 |
| Borrowings | 30 | 31 | 30 | 46 | 60 | 53 |
| Other liabilities | 44 | 40 | 48 | 45 | 49 | 61 |
| Total liabilities | 127 | 124 | 136 | 155 | 194 | 231 |
| Fixed assets | 36 | 35 | 32 | 38 | 37 | 37 |
| Capital work in progress | 0 | 0 | 5 | 9 | 21 | 39 |
| Investments | 1 | 0 | 1 | 0 | 0 | 0 |
| Other assets | 90 | 88 | 98 | 107 | 136 | 154 |
| Total assets | 127 | 124 | 136 | 155 | 194 | 231 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -2 | 2 | 10 | 5 | 1 | 11 |
| Cash from investing | -2 | -11 | -3 | -7 | -15 | -34 |
| Cash from financing | 4 | 5 | -5 | -2 | 15 | 25 |
| Net cash flow | 1 | -3 | 3 | -4 | 0 | 1 |
| Free cash flow | -4 | -10 | 7 | -2 | -15 | -24 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 109 | 117 | 93 | 108 | 114 | 113 |
| Inventory days | 87 | 131 | 150 | 122 | 127 | 146 |
| Days payable | 161 | 166 | 142 | 147 | 127 | 153 |
| Cash conversion cycle | 35 | 81 | 101 | 83 | 114 | 105 |
| Working capital days | 34 | 45 | 45 | 42 | 38 | 36 |
| Return on capital employed | 18.0% | 14.0% | 7.0% | 8.0% | 9.0% | 8.0% |
| Dividend payout | 13.0% | 13.0% | 62.0% | 39.0% | 24.0% | 22.0% |
What the price assumes
AttractiveTo justify its price of ₹218, this stock must grow earnings at 33% every year for 7 years. Our analysis caps realistic growth at ~47%. At that growth it is worth ₹428 — upside of 96%.
- Growth the price implies
- 32.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 50.4% a year
- net profit, FY23–FY26 · EPS 47.2%
- The gap
- -0.1 pp
- 96% downside if it only repeats history
Ownership
Who owns it
Promoters hold 63.94% as of Sept 2026; institutions cut 0.05 pts since Jun 2026.
- Promoters 63.94%
- Foreign institutions 0.05%
- Domestic institutions 0.00%
- Government 0.00%
- Public 36.02%
Who is on the register
Named in the Sep 2026 filing
Every holder of Vipul Organics Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 24.68% | unchanged | |
| 16.56% | unchanged | |
| 12.80% | unchanged | |
| 6.41% | unchanged | |
| 3.15% | unchanged | |
| 2.49% | unchanged | |
| 2.19% | unchanged | |
| 1.67% | unchanged | |
| 1.57% | unchanged | |
| 1.39% | unchanged | |
| 1.26% | unchanged | |
| 1.05% | 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.
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