Price
Financials
Standalone, Rs crore| Jun 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Sales | 274 | 667 | 556 |
| Expenses | 244 | 587 | 496 |
| Operating Profit | 30 | 79 | 59 |
| OPM % | 11% | 12% | 11% |
| Other Income | 0 | 1 | 1 |
| Interest | 10 | 15 | 16 |
| Depreciation | 6 | 6 | 8 |
| Profit before tax | 15 | 59 | 37 |
| Tax % | 27% | 26% | 22% |
| Net Profit | 11 | 44 | 29 |
| EPS in Rs | 0.74 | 2.97 | 1.95 |
| Mar 2014 13m | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5 | 71 | 107 | 129 | 170 | 172 | 179 | 245 | 560 | 896 | 1,778 |
| Expenses | 5 | 66 | 101 | 121 | 156 | 157 | 163 | 219 | 494 | 798 | 1,577 |
| Operating Profit | 0 | 5 | 6 | 8 | 14 | 15 | 15 | 26 | 66 | 98 | 201 |
| OPM % | 5% | 8% | 6% | 6% | 8% | 9% | 9% | 11% | 12% | 11% | 11% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 1 | 3 |
| Interest | 0 | 2 | 2 | 3 | 6 | 6 | 7 | 12 | 22 | 31 | 46 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 9 | 18 | 25 |
| Profit before tax | 0 | 2 | 3 | 4 | 7 | 8 | 6 | 14 | 36 | 50 | 134 |
| Tax % | 50% | 23% | 25% | 28% | 28% | 27% | 23% | 23% | 26% | 27% | 25% |
| Net Profit | 0 | 2 | 2 | 3 | 5 | 6 | 5 | 10 | 27 | 36 | 100 |
| EPS in Rs | 0.01 | 0.18 | 0.29 | 0.35 | 0.51 | 0.57 | 0.37 | 0.76 | 1.96 | 2.46 | 6.83 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 32% | 60% | 94% | 98% | ||
| Compounded Profit Growth | 45% | 77% | 112% | 176% | ||
| Stock Price CAGR | % | 125% | 156% | 326% | ||
| Return on Equity | % | 29% | 34% | 41% |
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 14 | 14 | 14 | 16 | 17 | 23 | 23 | 23 | 24 | 24 |
| Reserves | 0 | 2 | 4 | 7 | 19 | 25 | 47 | 57 | 84 | 165 | 265 |
| Borrowings | 16 | 17 | 16 | 29 | 45 | 49 | 57 | 76 | 140 | 175 | 214 |
| Other Liabilities | 18 | 12 | 12 | 20 | 51 | 40 | 66 | 91 | 198 | 281 | 521 |
| Total Liabilities | 45 | 44 | 47 | 71 | 131 | 131 | 193 | 246 | 445 | 646 | 1,024 |
| Fixed Assets | 7 | 6 | 6 | 7 | 10 | 20 | 18 | 55 | 97 | 139 | 195 |
| CWIP | 0 | 0 | 0 | 2 | 10 | 1 | 3 | 15 | 26 | 24 | 36 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 39 | 39 | 41 | 62 | 110 | 110 | 172 | 176 | 322 | 483 | 793 |
| Total Assets | 45 | 44 | 47 | 71 | 131 | 131 | 193 | 246 | 445 | 646 | 1,024 |
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -6 | -0 | -0 | 3 | 10 | 2 | -3 | 34 | 57 | 23 | 109 |
| Cash from Investing Activity | -7 | -0 | 0 | -4 | -6 | -2 | -19 | -33 | -69 | -61 | -97 |
| Cash from Financing Activity | 13 | 2 | -0 | 0 | -3 | -1 | 23 | -0 | 12 | 40 | -5 |
| Net Cash Flow | 0 | 2 | -0 | -0 | 1 | -1 | 0 | -0 | 0 | 1 | 7 |
| Free Cash Flow | -6 | -0 | -0 | -1 | 3 | -0 | -6 | -18 | -5 | -35 | 17 |
| CFO/OP | -2,208% | -7% | 3% | 45% | 84% | 27% | -10% | 141% | 100% | 37% | 71% |
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1,233 | 90 | 71 | 84 | 123 | 74 | 136 | 84 | 94 | 116 | 86 |
| Inventory Days | 1,480 | 101 | 59 | 69 | 114 | 148 | 178 | 162 | 106 | 73 | 69 |
| Days Payable | 1,379 | 59 | 45 | 59 | 122 | 93 | 98 | 132 | 129 | 103 | 112 |
| Cash Conversion Cycle | 1,334 | 132 | 85 | 94 | 116 | 129 | 215 | 114 | 70 | 86 | 43 |
| Working Capital Days | 1,474 | 129 | 96 | 119 | 39 | 58 | 84 | 48 | 21 | 35 | 29 |
| ROCE % | 15% | 16% | 16% | 16% | 13% | 18% | 29% | 26% | 41% |
| Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Oct 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Jun 2026 | Jul 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 69.96% | 69.96% | 69.96% | 69.96% | 69.96% | 69.52% | 64.87% | 64.87% | 64.87% | 64.87% | 64.87% | 64.87% |
| FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.21% | 0.19% | 0.16% | 0.16% | 0.02% | 0.26% | 0.25% |
| DIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.02% |
| Public | 30.04% | 30.04% | 30.04% | 30.04% | 30.04% | 30.27% | 34.94% | 34.97% | 34.97% | 35.11% | 34.85% | 34.86% |
| No. of Shareholders | 496 | 514 | 650 | 1,002 | 1,704 | 1,578 | 1,589 | 2,040 | 1,943 | 2,642 | 3,330 | 3,420 |
Fundamentals
Market Cap₹ 4,639 Cr.
Current Price₹ 317
Stock P/E39.7
Book Value₹ 19.8
ROCE41.4 %
ROE41.4 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)98%
Compounded Profit Growth (TTM)176%
Standalone figures.
Valuation
Market capRs 4,762 Cr
Enterprise valueRs 4,967 Cr
P/E (TTM)47.58x
Price to book16.45x
Price to sales2.68x
EV / EBITDA24.27x
EV / EBIT27.57x
EV / sales2.79x
Price to cash flow43.60x
Earnings yield2.10%
P/E, 3-year average2.01x
P/B, 3-year average0.53x
P/E, 5-year average2.07x
P/B, 5-year average0.40x
Profitability
Operating margin (excl. other income)11.33%
Operating margin (incl. other income)11.51%
EBITDA margin11.51%
Pre-tax margin7.54%
Net profit margin5.63%
ROE41.79%
ROCE41.52%
ROA11.98%
ROE, 3-year average31.67%
ROCE, 3-year average32.28%
ROA, 3-year average8.79%
ROE, 5-year average23.60%
ROCE, 5-year average25.58%
ROA, 5-year average6.84%
ROIC (approx.)27.20%
Tax rate25.35%
Other income / net worth1.10%
Growth
Sales growth (latest year)98.43%
Profit growth (latest year)177.31%
Sales CAGR, 3 years93.61%
Sales CAGR, 5 years59.57%
Profit CAGR, 3 years112.36%
Profit CAGR, 5 years76.82%
Per share
EPS (TTM)Rs 6.83
EPS (latest year)Rs 40.98
EPS, 3-year averageRs 22.51
EPS, 5-year averageRs 14.86
Book value per shareRs 19.76
Sales per shareRs 121.35
Cash flow per shareRs 7.45
Free cash flow per shareRs 1.16
Efficiency
Asset turnover1.74x
Fixed asset turnover9.12x
Inventory turnover5.44x
Inventory days67 days
Debtor days86 days
Debtors turnover4.24x
Creditor days112 days
Cash conversion cycle43 days
Working capital days29 days
Leverage
Total debtRs 214 Cr
Cash and bankRs 9 Cr
Net debtRs 205 Cr
Debt to equity0.74x
Net debt / EBITDA1.00x
Interest coverage3.91x
Owners' fund to total sources28.26%
Debt to assets20.86%
Cash flow
Cash from Operating Activity (latest year)Rs 109 Cr
Cash from Investing Activity (latest year)Rs -97 Cr
Cash from Financing Activity (latest year)Rs -5 Cr
Net Cash Flow (latest year)Rs 7 Cr
Free cash flow (latest year)Rs 17 Cr
FCFE (approx.: FCF + change in debt)Rs 56 Cr
Cash from ops / profit, 5 years1.24x
Sales to cash flow16.28x
Statement figures
Net sales (TTM)Rs 1,778 Cr
Net sales (latest year)Rs 1,778 Cr
Operating profit excl. other income (latest year)Rs 201 Cr
Other income (TTM)Rs 3 Cr
EBITDA (TTM)Rs 205 Cr
PBDT (TTM)Rs 159 Cr
Profit before tax (TTM)Rs 134 Cr
Tax (latest year)Rs 34 Cr
Net profit (TTM)Rs 100 Cr
Net profit (latest year)Rs 100 Cr
Depreciation (TTM)Rs 25 Cr
Interest (TTM)Rs 46 Cr
Cost of goods sold (latest year)Rs 1,449 Cr
Total expenditure (latest year)Rs 1,577 Cr
Total income (latest year)Rs 1,781 Cr
Share capitalRs 24 Cr
ReservesRs 265 Cr
Shareholders' fundsRs 290 Cr
Total assetsRs 1,024 Cr
Net blockRs 195 Cr
Capital work in progressRs 36 Cr
InvestmentsRs 0 Cr
ReceivablesRs 420 Cr
InventoryRs 266 Cr
Other liabilitiesRs 521 Cr
Shares outstanding (crore)14.65
Ownership
Promoter holding64.87% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 47.6 is at the 2th percentile of its own 5.4-year range
(median 139.1, low 40.7, high 295.4).
P/B 16.45 is at the 39th percentile (median 20.92).
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 | VMARCIND | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -1.3% | -2.8% | +1.5 pts |
| 1 month | -4.7% | -6.8% | +2.1 pts |
| 3 months | -79.0% | -7.6% | -71.4 pts |
| 6 months | -44.0% | +0.4% | -44.4 pts |
| 1 year | -23.1% | -9.9% | -13.2 pts |
| 2 years | -16.2% | -13.6% | -2.7 pts |
| 3 years | +185.6% | +14.2% | +171.4 pts |
| 5 years | +895.4% | +27.9% | +867.5 pts |
Red flags
F-score 8 of 8| look | On NSE surveillance On NSE surveillance: ASM long-term |
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
No quarterly results published.
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.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Mandatory Market making period in SME scrip is overSME scrip is not regularly traded