VIPIND

VIP Industries Limited

Luggage and travel goods maker of VIP and Caprese brands

Consumer Discretionary›Consumer Durables›Consumer Durables›Plastic Products - Consumer

vipindustries.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹270.35
Market cap
3,841 Cr
Stock P/E
Loss (TTM EPS ₹-26.64)
P/B
13.27
Dividend yield
0.0%
ROE (FY26)
-116.8%
ROCE (FY26)
-38.2%
Operating margin (FY26)
-19.8%
Debt / equity (FY26)
1.42

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

VIP Industries makes and sells hard and soft luggage, bags and travel accessories in India, under brands such as VIP, Skybags, Caprese and Carlton, and is working to return to growth after a loss-making FY26.

Company snapshot

3rdBy market cap

Ranked among 9 companies in Plastic Products - Consumer.

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales546 Cr546 Cr516 Cr639 Cr544 Cr501 Cr494 Cr561 Cr406 Cr454 Cr436 Cr578 Cr
Operating expenses (approx.)493 Cr494 Cr508 Cr590 Cr546 Cr472 Cr488 Cr537 Cr513 Cr531 Cr518 Cr589 Cr
EBITDA53 Cr52 Cr8 Cr49 Cr-2 Cr29 Cr7 Cr25 Cr-106 Cr-77 Cr-82 Cr-11 Cr
OPM %9.7%9.6%1.5%7.7%-0.4%5.7%1.3%4.4%-26.2%-16.9%-18.8%-1.9%
Other income3 Cr3 Cr4 Cr2 Cr3 Cr2 Cr4 Cr5 Cr11 Cr3 Cr4 Cr4 Cr
Interest12 Cr15 Cr17 Cr18 Cr20 Cr18 Cr17 Cr17 Cr18 Cr16 Cr20 Cr16 Cr
Depreciation24 Cr27 Cr28 Cr29 Cr30 Cr30 Cr30 Cr32 Cr33 Cr32 Cr31 Cr31 Cr
Profit before tax19 Cr13 Cr-33 Cr4 Cr-46 Cr-17 Cr-33 Cr-17 Cr-142 Cr-50 Cr-129 Cr-55 Cr
Tax %31.1%45.8%28.2%-8.9%27.5%25.6%16.2%23.2%-0.9%-5.2%-0.1%2.0%
Net profit13 Cr7 Cr-24 Cr4 Cr-33 Cr-12 Cr-27 Cr-13 Cr-143 Cr-53 Cr-129 Cr-54 Cr
EPS (₹)₹0.94₹0.50₹-1.68₹0.28₹-2.32₹-0.88₹-1.92₹-0.92₹-10.08₹-3.72₹-9.07₹-3.77

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,283 Cr1,416 Cr1,785 Cr1,718 Cr619 Cr1,290 Cr2,082 Cr2,245 Cr2,178 Cr1,858 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,150 Cr1,223 Cr1,560 Cr1,427 Cr684 Cr1,145 Cr1,769 Cr2,051 Cr2,096 Cr2,099 CrSign in free for the trailing twelve months
EBITDA132 Cr193 Cr225 Cr291 Cr-65 Cr144 Cr314 Cr194 Cr82 Cr-241 CrSign in free for the trailing twelve months
OPM %10.3%13.7%12.6%17.0%-10.6%11.2%15.1%8.6%3.8%-13.0%Sign in free for the trailing twelve months
Other income8 Cr9 Cr8 Cr13 Cr48 Cr36 Cr17 Cr12 Cr11 Cr22 CrSign in free for the trailing twelve months
Interest0.68 Cr0.30 Cr1 Cr23 Cr30 Cr25 Cr28 Cr55 Cr73 Cr70 CrSign in free for the trailing twelve months
Depreciation14 Cr13 Cr17 Cr84 Cr78 Cr70 Cr74 Cr99 Cr119 Cr127 CrSign in free for the trailing twelve months
Profit before tax126 Cr190 Cr215 Cr148 Cr-125 Cr86 Cr197 Cr77 Cr-91 Cr-338 CrSign in free for the trailing twelve months
Tax %32.2%33.1%32.4%24.7%21.8%22.3%22.5%29.1%24.6%0.0%Sign in free for the trailing twelve months
Net profit85 Cr127 Cr145 Cr112 Cr-97 Cr67 Cr152 Cr54 Cr-69 Cr-338 CrSign in free for the trailing twelve months
EPS (₹)₹6.03₹8.97₹10.28₹7.91₹-6.90₹4.73₹10.76₹3.84₹-4.84₹-23.79Sign in free for the trailing twelve months
Dividend payout %—————53.0%41.9%53.1%——Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr
Reserves380 Cr461 Cr553 Cr582 Cr489 Cr531 Cr613 Cr650 Cr588 Cr261 Cr
Borrowings——86 Cr32 Cr154 Cr123 Cr181 Cr533 Cr415 Cr411 Cr
Other liabilities201 Cr284 Cr404 Cr602 Cr424 Cr548 Cr593 Cr856 Cr825 Cr904 Cr
Total liabilities609 Cr773 Cr1,071 Cr1,245 Cr1,095 Cr1,230 Cr1,415 Cr2,067 Cr1,856 Cr1,604 Cr
Fixed assets (net)59 Cr75 Cr112 Cr133 Cr95 Cr98 Cr148 Cr207 Cr193 Cr207 Cr
CWIP0.32 Cr3 Cr6 Cr3 Cr2 Cr7 Cr15 Cr13 Cr18 Cr15 Cr
Investments68 Cr72 Cr3 Cr43 Cr143 Cr44 Cr26 Cr5 Cr10 Cr78 Cr
Loans & advances——4 Cr8 Cr6 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories283 Cr317 Cr527 Cr451 Cr302 Cr518 Cr587 Cr916 Cr698 Cr472 Cr
Trade receivables121 Cr177 Cr299 Cr267 Cr148 Cr219 Cr255 Cr328 Cr368 Cr271 Cr
Cash & bank8 Cr21 Cr11 Cr7 Cr20 Cr17 Cr33 Cr43 Cr38 Cr32 Cr
Other assets70 Cr110 Cr110 Cr333 Cr378 Cr327 Cr351 Cr554 Cr531 Cr531 Cr
Total assets609 Cr773 Cr1,071 Cr1,245 Cr1,095 Cr1,230 Cr1,415 Cr2,067 Cr1,856 Cr1,604 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity127 Cr86 Cr-56 Cr292 Cr17 Cr-24 Cr175 Cr-132 Cr292 Cr181 Cr
Cash from investing-73 Cr-29 Cr16 Cr-85 Cr-76 Cr146 Cr-84 Cr-76 Cr-47 Cr-48 Cr
Cash from financing-51 Cr-44 Cr31 Cr-211 Cr72 Cr-126 Cr-75 Cr218 Cr-251 Cr-139 Cr
Net cash flow2 Cr13 Cr-9 Cr-4 Cr14 Cr-3 Cr16 Cr10 Cr-5 Cr-6 Cr
Free cash flow (OCF − Capex)117 Cr54 Cr-115 Cr247 Cr8 Cr-60 Cr68 Cr-232 Cr249 Cr133 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %31.0%38.8%32.4%26.7%-14.1%16.2%27.4%10.9%-1.7%-38.2%
ROE %20.9%25.9%25.0%18.3%-18.9%12.0%23.7%8.0%-11.2%-116.8%
Debtor days34456157876245536253
Inventory days662643626461670333283402369215
Days payable341431378298342181149178204204
Cash conversion cycle35625730922041521317927622764
OCF / EBITDA %95.6%44.4%-24.9%100.3%—-16.4%55.7%-68.0%355.0%—
OCF / EBITDA % (3 years)——28.4%45.4%56.2%77.0%42.8%3.0%56.9%n.m.
Debt / equity——0.150.050.300.220.280.790.671.42
Current ratio2.712.421.911.911.841.741.621.311.280.96
Net debt / EBITDA-0.06—0.340.09—0.730.472.534.58—