VAS Infrastructure Limited

Real Estate — Real Estate - Development · BSE

₹7.00−₹0.08 (−1.13%)

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, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth. 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, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

VAS Infrastructure Limited engages in the development of real estate properties in India. It develops residential facilities, including construction and infrastructure.

IndustryReal Estate - Development

SectorReal Estate

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

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.

Historical Valuation

Current P/E

28.0x

Sector Median

30.2x

median of 3 sector peers

🟡Against its sector it is priced broadly in line with the peer median of 30.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Fair

30.2x median of 3 peers · -7%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

361.5x

PEG

—

Red Flags

2 items require attention · 1 high · 1 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.23 — 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.
The debt load needs earnings to hold up
Debt is 332.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

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

1Debt / EBITDA falls below 3x✗ 332.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
2Free cash flow remains positive✓ ₹14 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 8 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ 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

3 good · 6 neutral · 2 weak

Market Cap

₹11 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

28.0x

Fair

Fairly valued against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹0.25

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

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

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

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

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

164.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹14 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-505.1%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.23

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.40

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

7.0 / 7.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

46.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	-₹0 Cr	—	—	—
EBITDA	-₹54 Cr	-₹62 Cr	-₹0 Cr	₹0 Cr	—
EBITDA Margin	-3318.4%	14763.0%	—	—	—
PAT (Net Profit)	-₹47 Cr	-₹62 Cr	-₹1 Cr	₹0 Cr	—
EPS	₹-31.1	₹-41.15	₹-0.33	₹0.21	—
Total Debt	₹110 Cr	₹120 Cr	₹120 Cr	₹120 Cr	+3.0%
Free Cash Flow	₹73 Cr	-₹11 Cr	₹2 Cr	₹14 Cr	-42.5%

🟢 EBITDA has turned positive, from -₹54 Cr to ₹0 Cr.

🟢 PAT (Net Profit) has turned positive, from -₹47 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-31.1 to ₹0.21.

🔴 Total Debt has grown at 3.0% a year over 3 years.

🔴 Free Cash Flow has shrunk at 42.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹156 Cr

Total Liabilities

₹415 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹14 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.6%

Corporate Actions

Ex-Dividend Date

22 Jun 2015

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

6 general

Vas Infrastructure Share Price Outlook: What Could Drive the Next Major Move?

Kalkine India, 08 Sept

Vas Infrastructure Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

VAS Infrastructure Limited NCLT to Consider Resolution Plan on April 21, 2026

scanx.trade, 21 Apr

Vas Infrastructure Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

NCLT rejects Authum's plan for Vas Infra over CIRP issue

The Economic Times, 31 Jul

NCLT Mumbai Bench Reserves Order on Resolution Plan for Vas Infrastructure Limited

scanx.trade, 11 May

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.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

VAS Infrastructure 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. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 2 tripwires tripped — Debt / EBITDA falls below 3x · see Key things to watch ↑