Vikas WSP Limited

Basic Materials — Specialty Chemicals · BSE

₹0.89+₹0.03 (+3.49%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Vikas WSP Limited does not have significant operations. Previously, it was engaged in the manufacture and sale of guar gum powder. The company was incorporated in 1988 and is based in Sriganganagar, India.

IndustrySpecialty Chemicals

SectorBasic Materials

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -14.8% 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.

Peer median ROE22.3%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of -14.8% is below 10% — capital is not working hard
✗ ROCE has fallen by 10.6 points — returns are eroding
✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

40/ 100

Weak

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

Valuation

36/ 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

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from -3.9% to -9.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from -4.3% to -14.8% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴The company is lossmakingFinancial
Net profit of -₹67 Cr in the latest reported year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.76 — 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?

Returns on shareholder capital are falling
ROE has dropped from -3.9% to -9.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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

1Free cash flow remains positive✗ not reported
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ -14.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Manageable leverage (Debt/Equity < 1.0)
✗ 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

2 good · 4 neutral · 5 weak

Market Cap

₹18 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

0.03x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-2.83

Loss-making

Negative earnings per share — the business is losing money

ROE

-9.3%

Weak

Weak capital efficiency

ROCE

-14.8%

Weak

Low return on total capital employed

Debt/Equity

0.43x

Low

Conservative leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-151.7%

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

Not available

No data

Source didn't return this field

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.76

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.64

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

0.9 / 0.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

48.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹2 Cr	-₹1 Cr	-₹1 Cr	-₹107 Cr	—
PAT (Net Profit)	-₹33 Cr	-₹27 Cr	-₹27 Cr	-₹67 Cr	—
EPS	₹-1.59	₹-1.3	₹-1.3	₹-3.25	—
ROE	-3.9%	-3.3%	-3.4%	-9.3%	—
ROCE	-4.3%	-4.3%	-4.5%	-14.8%	—
Total Debt	₹307 Cr	₹307 Cr	₹307 Cr	₹307 Cr	-0.0%
Free Cash Flow	₹0 Cr	₹0 Cr	₹0 Cr	—	—

🔴 ROE has fallen from -3.9% to -9.3% over 3 years (-5.4 pts).

🔴 ROCE has fallen from -4.3% to -14.8% over 3 years (-10.6 pts).

🟡 Total Debt has been broadly flat over 3 years (-0.0% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,382 Cr

Total Liabilities

₹661 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

—

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

14.6%

Corporate Actions

Ex-Dividend Date

13 Sept 2012

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 positive5 general

VIKASWSP Historical Data

Equitypandit, 06 Feb

Vikas WSP seeks three-month AGM extension pending NCLT resolution plan order

scanx.trade, 05 Sept

Vikas WSP Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 31 Aug

Vikas WSP Limited NCLT Hearing Rescheduled to March 16, 2026 for Resolution Plan Approval

scanx.trade, 16 Mar

KMC Speciality Hospitals (India) standalone net profit rises 223.67% in the March 2026 quarter

Business Standard, 29 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Vikas WSP Ltd postpones 38th AGM pending NCLT order on resolution plan

scanx.trade, 28 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingFinancial Health · Growth · Valuation · Risk

WeakBusiness Quality · Profitability

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 2 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑