Vipul Limited

Real Estate — Real Estate - Diversified · NSE

₹9.85+₹0.30 (+3.14%)

DalalBaazaar Score

40 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:51 pm

Understanding the Business

Company site ↗

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

What does this company do?

Vipul Limited engages in the development of real estate properties in India. Its project portfolio includes a range of residential properties, such as integrated townships, villas, and communities, as well as commercial and retail properties.

IndustryReal Estate - Diversified

SectorReal Estate

Annual revenue₹87 Cr

How does it make money?

Turns over ₹87 Cr a year. Of every ₹100 of sales, about ₹-32 reaches shareholders as profit, with ₹-1 left at the operating level before interest, tax and depreciation.

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 ↓

What is its competitive advantage?Little sign of one

Returns on capital of -1.4% 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 ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved -37% while net margin moved +7% 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-37%

Margin effect+7%

DalalBaazaar Score

40/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 14.3% a year
✗ Profit fell 112.1% in the latest year

Quality vs. Valuation

Company Quality

38/ 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 Well6

Margins are improving
EBITDA margin is up from -7.7% to -1.3% over 3 years.
Debt is being paid down
Total debt is down 82% over 3 years.
Cash generation is improving
Free cash flow is up 141% over 3 years.
Return on equity is rising
ROE has improved from -18.1% to -7.5%.
Return on capital is rising
ROCE has improved from -5.6% to -1.4%.
Very low debt
Debt/Equity of 0.22x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 2 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -0.2x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹28 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 13.0x to -0.2x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -7.7% to -1.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 82% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹42 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above -3%✓ -1.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ -0.2x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹42 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ -1.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

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

4 good · 2 neutral · 5 weak

Market Cap

₹139 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

0.38x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.55

Loss-making

Negative earnings per share — the business is losing money

ROE

-7.5%

Weak

Weak capital efficiency

ROCE

-1.4%

Weak

Low return on total capital employed

Debt/Equity

0.22x

Low

Conservative leverage

Revenue Growth (YoY)

356.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-112.1%

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

₹42 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-249.9%

Weak

Thin margins leave little room for error

Net Margin

-11.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.30

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.55

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

10.5 / 12.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹138 Cr	₹75 Cr	₹206 Cr	₹87 Cr	-14.3%
EBITDA	-₹11 Cr	₹26 Cr	₹308 Cr	-₹1 Cr	—
EBITDA Margin	-7.7%	34.1%	149.2%	-1.3%	—
PAT (Net Profit)	-₹42 Cr	-₹93 Cr	₹234 Cr	-₹28 Cr	—
EPS	₹-3.49	₹-9.78	₹19.46	₹-2.01	—
ROE	-18.1%	-80.9%	66.4%	-7.5%	—
ROCE	-5.6%	-35.7%	84.6%	-1.4%	—
Total Debt	₹603 Cr	₹278 Cr	₹188 Cr	₹106 Cr	-44.0%
Free Cash Flow	₹17 Cr	₹420 Cr	-₹114 Cr	₹42 Cr	+34.1%

🔴 Revenue has shrunk at 14.3% a year over 3 years.

🟢 EBITDA Margin has risen from -7.7% to -1.3% over 3 years (+6.4 pts).

🟢 ROE has risen from -18.1% to -7.5% over 3 years (+10.6 pts).

🟢 ROCE has risen from -5.6% to -1.4% over 3 years (+4.3 pts).

🟢 Total Debt has shrunk at 44.0% a year over 3 years.

🟢 Free Cash Flow has grown at 34.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹1,190 Cr

Total Liabilities

₹813 Cr

Cash & Equivalents

₹20 Cr

Operating Cash Flow

₹43 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

46.4%

Corporate Actions

Ex-Dividend Date

12 Sept 2019

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

1 positive5 general

Vipul Ltd Q1FY27: Net loss narrows to ₹77 lakh, revenue up 356%

scanx.trade, 18 OctResults

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

Vipul Lower Circuit Today: Price, Data and Peers

Univest, 13 Oct

Vipul Organics Limited Actuals & Estimates (BSE:VIPULORG)

TradingView, 14 Oct

Vipul Limited (VIPULLTD.NS) Eases 0.94% to ₹10.49 as Stock Holds Above Key ₹10 Support Zone - Jelly Roll Trade

https://www.siam.in/, 05 Oct

Vipul Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 02 Sept

Vipul Share: Bull Case vs Bear Case for 2026

Univest, 29 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

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. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑