Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.00 | 0.00 | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Expenses | 0.16 | 0.05 | -0.09 | 0.14 | 0.31 | 0.01 | 0.07 | 0.12 | 0.14 | 0.15 | 0.21 | 0.14 |
| Operating Profit | -0.16 | -0.05 | 0.31 | -0.14 | -0.31 | -0.01 | -0.07 | -0.12 | -0.14 | -0.15 | -0.21 | -0.14 |
| OPM % | 140.91% | |||||||||||
| Other Income | 0.00 | 0.00 | 35.54 | 0.00 | 0.00 | 0.21 | 0.21 | 0.19 | 0.22 | 0.12 | 0.11 | 0.10 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.02 | 0.02 | 0.12 | 0.01 | 0.02 |
| Depreciation | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.06 | 0.07 | 0.08 | 0.09 | 0.01 | 0.07 |
| Profit before tax | -0.19 | -0.07 | 35.83 | -0.16 | -0.33 | 0.16 | 0.05 | -0.02 | -0.02 | -0.24 | -0.12 | -0.13 |
| Tax % | 10.53% | -14.29% | -0.03% | -6.25% | 3.03% | -6.25% | 60.00% | 100.00% | -100.00% | -16.67% | 50.00% | -53.85% |
| Net Profit | -0.21 | -0.06 | 35.84 | -0.15 | -0.35 | 0.17 | 0.03 | -0.04 | 0.00 | -0.21 | -0.18 | -0.06 |
| EPS in Rs | -0.13 | -0.04 | 21.85 | -0.09 | -0.21 | 0.11 | 0.02 | -0.02 | 0.00 | -0.13 | -0.11 | -0.04 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9.14 | 1.26 | 0.00 | 2.74 | 1.24 | 1.74 | 1.65 | 1.63 | 0.22 | 0.00 | 0.00 | 0.00 |
| Expenses | 7.84 | 1.04 | 0.22 | 9.60 | 0.91 | 1.44 | 1.54 | 1.51 | 0.33 | 0.53 | 0.62 | 0.64 |
| Operating Profit | 1.30 | 0.22 | -0.22 | -6.86 | 0.33 | 0.30 | 0.11 | 0.12 | -0.11 | -0.53 | -0.62 | -0.64 |
| OPM % | 14.22% | 17.46% | -250.36% | 26.61% | 17.24% | 6.67% | 7.36% | -50.00% | ||||
| Other Income | 0.12 | -0.05 | -0.04 | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 | 35.52 | 0.43 | 0.64 | 0.55 |
| Interest | 0.53 | 0.47 | 0.51 | 0.22 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.17 | 0.17 |
| Depreciation | 0.34 | 0.24 | 0.23 | 0.21 | 0.20 | 0.19 | 0.12 | 0.06 | 0.06 | 0.14 | 0.26 | 0.25 |
| Profit before tax | 0.55 | -0.54 | -1.00 | -7.29 | 0.03 | 0.11 | -0.01 | 0.06 | 35.35 | -0.27 | -0.41 | -0.51 |
| Tax % | 56.36% | -12.96% | -7.00% | -0.27% | -66.67% | -45.45% | 700.00% | 83.33% | 0.00% | 7.41% | 7.32% | |
| Net Profit | 0.24 | -0.47 | -0.93 | -7.27 | 0.05 | 0.15 | -0.08 | 0.01 | 35.35 | -0.29 | -0.43 | -0.45 |
| EPS in Rs | 0.16 | -0.32 | -0.63 | -4.95 | 0.03 | 0.10 | -0.05 | 0.01 | 21.55 | -0.18 | -0.26 | -0.28 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | % | % | % | ||
| Compounded Profit Growth | % | % | % | -137% | ||
| Stock Price CAGR | 16% | 39% | 2% | -24% | ||
| Return on Equity | -4% | 0% | 0% | 0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 6.58 | 6.58 | 16.40 | 16.40 |
| Reserves | 23.81 | 24.06 | 18.29 | 17.36 | -5.72 | -5.67 | -5.52 | -5.60 | -3.11 | 43.62 | 82.37 | 81.93 |
| Borrowings | 15.95 | 15.74 | 2.22 | 16.38 | 15.28 | 15.65 | 15.65 | 15.65 | 14.93 | 31.54 | 60.44 | 84.69 |
| Other Liabilities | 42.45 | 49.47 | 63.38 | 49.72 | 50.49 | 49.99 | 49.57 | 49.65 | 48.83 | 9.50 | 12.59 | 8.36 |
| Total Liabilities | 88.08 | 95.14 | 89.76 | 89.33 | 65.92 | 65.84 | 65.57 | 65.57 | 67.23 | 91.24 | 171.80 | 191.38 |
| Fixed Assets | 27.73 | 27.07 | 26.69 | 26.36 | 64.06 | 63.84 | 63.65 | 63.53 | 63.48 | 63.38 | 65.26 | 65.56 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.58 | 20.87 | 88.54 | 116.34 |
| Investments | 53.72 | 53.72 | 53.72 | 53.72 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 6.63 | 14.35 | 9.35 | 9.25 | 1.86 | 2.00 | 1.92 | 2.04 | 2.17 | 6.99 | 18.00 | 9.48 |
| Total Assets | 88.08 | 95.14 | 89.76 | 89.33 | 65.92 | 65.84 | 65.57 | 65.57 | 67.23 | 91.24 | 171.80 | 191.38 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0.20 | -0.53 | -0.24 | -0.45 | 1.28 | -0.24 | -0.02 | -0.02 | -0.88 | -3.94 | 18.37 | 28.98 |
| Cash from Investing Activity | -0.22 | 0.27 | 0.14 | 0.11 | 0.00 | 0.04 | 0.00 | 0.00 | -1.59 | -19.29 | -69.69 | -28.36 |
| Cash from Financing Activity | 0.00 | 0.38 | 0.10 | 0.29 | -1.32 | 0.25 | 0.00 | 0.00 | 2.47 | 26.60 | 48.83 | -0.17 |
| Net Cash Flow | -0.02 | 0.12 | 0.00 | -0.05 | -0.04 | 0.05 | -0.02 | -0.02 | 0.00 | 3.37 | -2.50 | 0.45 |
| Free Cash Flow | 0.20 | -0.25 | -0.10 | -0.34 | 1.28 | -0.20 | -0.02 | -0.02 | -2.47 | -23.23 | -51.32 | 0.61 |
| CFO/OP | 46% | -35% | -36% | 205% | -19% | -73% | -7% | 0% | -725% | 3,545% | -3,475% | -4,674% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 355.20 | 480.01 | 2,091.51 | 1.33 | 2.94 | 2.10 | 2.21 | 0.00 | 0.00 | |||
| Inventory Days | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 355.20 | 480.01 | 2,091.51 | 1.33 | 2.94 | 2.10 | 2.21 | 0.00 | 0.00 | |||
| Working Capital Days | -1,050.09 | -468.03 | -4,907.22 | -3,210.40 | -6,961.49 | -4,669.48 | -4,910.91 | -4,758.44 | -9,888.18 | |||
| ROCE % | 1.27% | 2.48% | -0.06% | -1.36% | -25.69% | 0.96% | 0.69% | -0.06% | 0.35% | -0.26% | -0.20% | -0.14% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 43.39% | 43.38% | 43.38% | 43.35% | 43.57% | 43.57% | 43.57% | 43.53% | 43.54% | 43.54% | 43.65% | 43.66% |
| DIIs | 3.33% | 3.33% | 3.33% | 3.33% | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% |
| Public | 53.29% | 53.28% | 53.29% | 53.31% | 55.10% | 55.09% | 55.10% | 55.13% | 55.12% | 55.13% | 55.02% | 55.02% |
| No. of Shareholders | 8,254 | 8,262 | 8,301 | 9,048 | 9,147 | 9,199 | 9,187 | 9,098 | 9,104 | 9,089 | 9,113 | 9,071 |
Fundamentals
Market Cap₹ 56.9 Cr.
Current Price₹ 34.8
Book Value₹ 60.2
ROCE-0.14 %
ROE-0.44 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)%
Compounded Profit Growth (TTM)-137%
Standalone figures.
Valuation
Market capRs 55 Cr
Enterprise valueRs 138 Cr
Price to book0.56x
Price to cash flow1.89x
Earnings yield-0.79%
P/E, 3-year average0.72x
P/B, 3-year average0.56x
P/E, 5-year average982.63x
P/B, 5-year average12.30x
Profitability
ROE-0.44%
ROCE-0.14%
ROA-0.24%
ROE, 3-year average43.64%
ROCE, 3-year average23.42%
ROA, 3-year average14.72%
ROE, 5-year average21.13%
ROCE, 5-year average14.11%
ROA, 5-year average8.81%
ROIC (approx.)-0.20%
Tax rate-7.32%
Other income / net worth0.65%
Per share
EPS (TTM)Rs -0.26
EPS (latest year)Rs -0.26
EPS (latest quarter)Rs -0.04
EPS, 3-year averageRs 17.77
EPS, 5-year averageRs 10.64
Book value per shareRs 59.80
Cash flow per shareRs 17.63
Free cash flow per shareRs 0.37
Efficiency
Cash conversion cycle0 days
Working capital days-9888 days
Leverage
Total debtRs 85 Cr
Cash and bankRs 1 Cr
Net debtRs 84 Cr
Debt to equity0.86x
Interest coverage-2.00x
Owners' fund to total sources51.38%
Debt to assets44.25%
Cash flow
Cash from Operating Activity (latest year)Rs 29 Cr
Cash from Investing Activity (latest year)Rs -28 Cr
Cash from Financing Activity (latest year)Rs -0 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 1 Cr
FCFE (approx.: FCF + change in debt)Rs 25 Cr
Cash from ops / profit, 5 years1.23x
Statement figures
Operating profit (latest quarter)Rs -0 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs -0 Cr
PBDT (TTM)Rs -0 Cr
Profit before tax (TTM)Rs -1 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs -0 Cr
Net profit (latest year)Rs -0 Cr
Net profit (latest quarter)Rs -0 Cr
Depreciation (TTM)Rs 0 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 0 Cr
Total income (latest year)Rs 1 Cr
Share capitalRs 16 Cr
ReservesRs 82 Cr
Shareholders' fundsRs 98 Cr
Total assetsRs 191 Cr
Net blockRs 66 Cr
Capital work in progressRs 116 Cr
Other liabilitiesRs 8 Cr
Shares outstanding (crore)1.64
Ownership
Promoter holding43.66% (+0.13 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/B 0.56 is at the 15th percentile (median 13.82).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 519331 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -6.9% | -2.8% | -4.1 pts |
| 1 month | +4.1% | -6.8% | +10.9 pts |
| 3 months | -6.3% | -7.6% | +1.4 pts |
| 3 years | +2.2% | +14.2% | -12.0 pts |
| 5 years | +404.1% | +27.9% | +376.2 pts |
Red flags
F-score 3 of 6| explain | Debt up, profit down Borrowings up 40% while net profit fell in 2026 |
| look | Repeated losses Net loss in each of the last two years |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹0 Cr.
Net loss ₹0 Cr.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of VSF Projects Ltd?
VSF Projects Ltd (519331) has a market capitalisation of Rs 56.9 Cr. at the 2026-10-01 close.
What were VSF Projects Ltd's latest quarterly results?
In the Jun 2026 quarter, VSF Projects Ltd sales was Rs 0 Cr with a net loss of Rs 0 Cr.