Vision Corporation Limited

Communication Services — Entertainment · BSE

₹2.10+₹0.05 (+2.44%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Vision Corporation Limited engages in the movies and entertainment business in India. The company was formerly known as Vision Paints Limited and changed its name to Vision Corporation Limited. Vision Corporation Limited was incorporated in 1995 and is based in Mumbai, India.

IndustryEntertainment

SectorCommunication Services

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-300 reaches shareholders as profit, with ₹-112 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA 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 -8.9% 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 ROE20.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -97% while net margin moved -224345% 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-97%

Margin effect-224345%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ ROCE of -8.9% is below 10% — capital is not working hard
✗ ROCE has fallen by 9.0 points — returns are eroding
✗ EBITDA margin of -111.9% is thin — little cushion if costs rise
✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

34/ 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 Well1

Very low debt
Debt/Equity of 0.24x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 0.0% to -8.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 0.1% to -8.9% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 5 high

🔴Debt has risen sharplyFinancial
Total debt is up 199% over 3 years, from ₹1 Cr to ₹2 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 113.7 points, from 1.8% to -111.9%.
🔴Receivables growing faster than salesFinancial
Receivables up 45% against revenue up -97% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 1.8% to -111.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 45% against revenue up -97%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 0.0% to -8.9%. 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.
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

1EBITDA margin holds above -114%✓ -111.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹3 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ -8.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

3 good · 2 neutral · 6 weak

Market Cap

₹4 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

0.55x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.24

Loss-making

Negative earnings per share — the business is losing money

ROE

-8.4%

Weak

Weak capital efficiency

ROCE

-8.9%

Weak

Low return on total capital employed

Debt/Equity

0.24x

Low

Conservative leverage

Revenue Growth (YoY)

-98.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

95.4%

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

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

-2.8%

Weak

Assets generate little profit

Operating Margin

-2154.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.78

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.09

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.2 / 2.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

24.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹8 Cr	₹19 Cr	₹12 Cr	₹0 Cr	-69.4%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	-₹0 Cr	—
EBITDA Margin	1.8%	1.2%	0.4%	-111.9%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	-₹15 Cr	-₹1 Cr	—
EPS	₹0.01	₹0.01	₹-7.29	₹-0.34	—
ROE	0.0%	0.1%	-175.8%	-8.9%	—
ROCE	0.1%	0.3%	-175.3%	-8.9%	—
Total Debt	₹1 Cr	₹1 Cr	₹1 Cr	₹2 Cr	+44.1%
Free Cash Flow	₹0 Cr	-₹0 Cr	-₹16 Cr	-₹3 Cr	—

🔴 Revenue has shrunk at 69.4% a year over 3 years.

🔴 EBITDA has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 EBITDA Margin has fallen from 1.8% to -111.9% over 3 years (-113.7 pts).

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹1 Cr.

🔴 EPS has turned negative, from ₹0.01 to ₹-0.34.

🔴 ROE has fallen from 0.0% to -8.9% over 3 years (-8.9 pts).

🔴 ROCE has fallen from 0.1% to -8.9% over 3 years (-9.0 pts).

🔴 Total Debt has grown at 44.1% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹14 Cr

Total Liabilities

₹6 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹3 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

41.0%

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

1 positive1 mixed4 general

Clean Vision Corporation Share Price - CLNV, RNS News, Articles, Quotes, & Charts (OTCMKTS:CLNV)

Proactive financial news, 04 Oct

Euclid Vision Corporation Launches My Euclid™, a Cloud-Based Ortho-K Lens Fitting Platform

Yahoo Finance, 13 Oct

Vision Corporation Limited Announces Leadership Change: New Chairperson Appointed

scanx.trade, 09 Jan

Mrugesh Trading reports standalone net profit of Rs 0.09 crore in the June 2026 quarter

Business Standard, 15 AugResults

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

Vision Marine Technologies Announces Reverse Stock Split

PR Newswire, 24 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Aeva Technologies vs. Cognex: Which Computer Vision Stock Is a Better Buy in 2026?

The Motley Fool, 10 Jun

Watch Items

Revenue growth is negative (-98.1%) on the latest reported period — check if this is one-off or a trend.
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.
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

MiddlingFinancial Health · Valuation

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

2 of 3 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑