Global Vectra Helicorp Limited

Industrials — Airports & Air Services · NSE

₹119.60−₹0.29 (−0.24%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, though profits are falling even as sales grow. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:06 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Global Vectra Helicorp Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Global Vectra Helicorp Limited provides helicopter services for the oil and gas sector in India. The company engages in maintenance, repair and overhaul services.

IndustryAirports & Air Services

SectorIndustrials

Employees428

Annual revenue₹521 Cr

How does it make money?

Turns over ₹521 Cr a year. Of every ₹100 of sales, about ₹-6 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 428 employees supports ₹1.22 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin12.2%

Net margin-6.2%

Revenue / employee₹1.22 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Little sign of one

Returns on capital of -4.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE-4.3%

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +27% while net margin moved +53% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+27%

Margin effect+53%

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

Multiples unreliable — equity base is negative

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

12.1x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention6

Margins are compressing
EBITDA margin has slipped from 17.8% to 12.2% over 3 years.
Debt is rising
Total debt is up 45% over 3 years — worth checking what it funded.
Receivables growing faster than sales
Receivables are up 70% against revenue growth of 27% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 56% against revenue growth of 27% — stock may not be moving.
Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.
Short-term liquidity is tight
Current ratio of 0.45 — near-term obligations exceed near-term assets.

Red Flags

9 items require attention · 4 high · 5 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only -0.6x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹32 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.6 points, from 17.8% to 12.2%.
🟡Debt is increasingFinancial
Total debt is up 45% over 3 years.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 1.1x to -0.6x.
🟡Receivables growing faster than salesFinancial
Receivables up 70% against revenue up 27% — sales are being booked faster than they are collected.
🟡Inventory building faster than salesFinancial
Inventory up 56% against revenue up 27% — stock may not be moving.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.45 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from 17.8% to 12.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 9.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 70% against revenue up 27%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 10%✓ 12.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 9.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ -0.6x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 6% a year✓ 8.2% CAGR
Latest reported year was 1.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹21 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 5 neutral · 5 weak

Market Cap

₹167 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-24.79

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

-4.3%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

1.1%

Modest

Modest growth

Profit Growth (YoY)

-4865.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹21 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹119.6

Operating Margin

-10.1%

Weak

Thin margins leave little room for error

Net Margin

-6.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.45

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.60

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

129.0 / 139.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

26.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹411 Cr	₹502 Cr	₹539 Cr	₹521 Cr	+8.2%
EBITDA	₹73 Cr	₹101 Cr	₹90 Cr	₹63 Cr	-4.7%
EBITDA Margin	17.8%	20.1%	16.8%	12.2%	—
PAT (Net Profit)	-₹17 Cr	₹1 Cr	-₹1 Cr	-₹32 Cr	—
EPS	₹-11.88	₹0.86	₹-0.46	₹-23.06	—
ROE	-59.2%	5.5%	-3.1%	—	—
ROCE	0.2%	8.0%	9.5%	-4.3%	—
Total Debt	₹414 Cr	₹583 Cr	₹461 Cr	₹601 Cr	+13.3%
Free Cash Flow	₹21 Cr	₹84 Cr	₹69 Cr	₹21 Cr	-0.4%

🟢 Revenue has grown at 8.2% a year over 3 years.

🔴 EBITDA has shrunk at 4.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 17.8% to 12.2% over 3 years (-5.6 pts).

🔴 ROCE has fallen from 0.2% to -4.3% over 3 years (-4.5 pts).

🔴 Total Debt has grown at 13.3% a year over 3 years.

🟡 Free Cash Flow has been broadly flat over 3 years (-0.4% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹888 Cr

Total Liabilities

₹896 Cr

Total Debt

₹601 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹63 Cr

Capex

-₹42 Cr

Shareholding (proxy)

Institutional Holding

1.9%

Insider Holding

78.0%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed5 general

Global Vectra Helicorp 52 Week Low Streak and Valuation

Univest, 14 Oct

Five Consecutive Losses Push Global Vectra Helicorp Ltd to a New 52-Week Low

MarketsMojo, 14 Oct

Global Vectra Helicorp adopts FY26 results, re-appoints chairman at AGM

scanx.trade, 29 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Aviation Stocks Rise Led By IndiGo, Global Vectra Gains

HDFC Sky, 17 Mar

Global Vectra Helicorp - Vijay Kedia Portfolio Check: 7 stocks slide up to 50%, 2 big winners shine, plus 2 fresh picks

The Economic Times, 07 Feb

Global Vectra Helicorp vs Nifty 50: Returns Compared

Univest, 25 Sept

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🟡GrowthModest10.6/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Global Vectra Helicorp Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 10%12.2%
✗Debt / EBITDA falls below 3x9.5x
✗Interest cover stays above 3x-0.6x
✓Revenue growth stays above 6% a year8.2% CAGR
✓Free cash flow remains positive₹21 Cr