Price
Financials
Standalone, Rs crore| Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 13.85 | 12.62 | 9.82 | 11.63 | 21.36 | 22.32 | 14.10 | 25.98 | 14.47 | 23.44 | 17.04 | 28.74 |
| Expenses | 14.32 | 12.78 | 12.39 | 15.98 | 19.80 | 20.58 | 15.01 | 21.04 | 16.41 | 27.92 | 19.50 | 25.66 |
| Operating Profit | -0.47 | -0.16 | -2.57 | -4.35 | 1.56 | 1.74 | -0.91 | 4.94 | -1.94 | -4.48 | -2.46 | 3.08 |
| OPM % | -3.39% | -1.27% | -26.17% | -37.40% | 7.30% | 7.80% | -6.45% | 19.01% | -13.41% | -19.11% | -14.44% | 10.72% |
| Other Income | 0.90 | 0.18 | 0.33 | 0.34 | 0.28 | 0.82 | 0.19 | 0.30 | 0.11 | 0.22 | 0.28 | 0.66 |
| Interest | 0.59 | 0.64 | 0.87 | 0.70 | 0.78 | 0.69 | 0.71 | 0.57 | 0.58 | 0.75 | 0.73 | 0.62 |
| Depreciation | 0.90 | 0.91 | 0.91 | 0.88 | 0.89 | 0.89 | 0.87 | 0.86 | 0.89 | 0.95 | 0.95 | 0.90 |
| Profit before tax | -1.06 | -1.53 | -4.02 | -5.59 | 0.17 | 0.98 | -2.30 | 3.81 | -3.30 | -5.96 | -3.86 | 2.22 |
| Tax % | 0.00% | 11.11% | 0.00% | 0.00% | 0.00% | 0.00% | 63.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -1.06 | -1.70 | -4.01 | -5.59 | 0.17 | 0.98 | -3.75 | 3.81 | -3.30 | -5.96 | -3.85 | 2.21 |
| EPS in Rs | -0.83 | -1.33 | -3.14 | -4.37 | 0.13 | 0.77 | -2.93 | 2.98 | -2.58 | -4.66 | -3.01 | 1.73 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 19.03 | 26.28 | 35.03 | 25.56 | 32.36 | 28.58 | 26.47 | 21.45 | 43.68 | 40.08 | 37.91 | 45.78 |
| Expenses | 11.52 | 18.89 | 24.64 | 21.80 | 29.97 | 37.82 | 27.01 | 28.24 | 40.22 | 35.48 | 43.80 | 44.96 |
| Operating Profit | 7.51 | 7.39 | 10.39 | 3.76 | 2.39 | -9.24 | -0.54 | -6.79 | 3.46 | 4.60 | -5.89 | 0.82 |
| OPM % | 39.46% | 28.12% | 29.66% | 14.71% | 7.39% | -32.33% | -2.04% | -31.66% | 7.92% | 11.48% | -15.54% | 1.79% |
| Other Income | 0.11 | 0.14 | 1.05 | 0.45 | 0.40 | 0.37 | 1.08 | 0.66 | 1.09 | 0.47 | 0.19 | 0.88 |
| Interest | 0.89 | 1.21 | 0.85 | 0.77 | 1.11 | 1.37 | 1.32 | 1.69 | 1.61 | 1.83 | 1.72 | 1.49 |
| Depreciation | 1.09 | 1.36 | 1.14 | 1.27 | 1.63 | 1.75 | 1.81 | 1.79 | 1.79 | 1.74 | 1.85 | 1.85 |
| Profit before tax | 5.64 | 4.96 | 9.45 | 2.17 | 0.05 | -11.99 | -2.59 | -9.61 | 1.15 | 1.50 | -9.27 | -1.64 |
| Tax % | 29.61% | 13.51% | 36.51% | 18.43% | -20.00% | -17.93% | 6.56% | 0.00% | 0.00% | 96.67% | 0.00% | 0.00% |
| Net Profit | 3.98 | 4.29 | 6.01 | 1.77 | 0.06 | -9.84 | -2.76 | -9.61 | 1.15 | 0.06 | -9.27 | -1.64 |
| EPS in Rs | 82.27 | 88.67 | 4.97 | 1.38 | 0.05 | -7.70 | -2.16 | -7.52 | 0.90 | 0.05 | -7.25 | -1.28 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 6% | 12% | 2% | 21% | ||
| Compounded Profit Growth | % | 8% | % | 79% | ||
| Stock Price CAGR | % | -9% | -22% | -30% | ||
| Return on Equity | % | % | % | % |
| 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 | 4.84 | 4.84 | 12.09 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 |
| Reserves | 9.68 | 12.62 | 11.38 | 14.64 | 14.70 | 4.87 | 2.11 | -7.50 | -6.36 | -6.29 | -15.56 | -17.20 |
| Borrowings | 11.24 | 10.65 | 12.74 | 9.66 | 20.98 | 19.67 | 23.45 | 24.42 | 26.94 | 26.18 | 36.03 | 31.77 |
| Other Liabilities | 3.67 | 5.09 | 9.52 | 7.13 | 9.28 | 14.00 | 8.84 | 11.97 | 13.08 | 8.94 | 9.48 | 11.42 |
| Total Liabilities | 29.43 | 33.20 | 45.73 | 44.21 | 57.74 | 51.32 | 47.18 | 41.67 | 46.44 | 41.61 | 42.73 | 38.77 |
| Fixed Assets | 15.02 | 13.96 | 17.12 | 19.68 | 26.09 | 25.20 | 25.98 | 24.32 | 23.36 | 21.59 | 22.43 | 21.06 |
| CWIP | 0.00 | 0.00 | 0.09 | 1.58 | 1.88 | 2.81 | 0.33 | 1.09 | 0.99 | 1.56 | 0.08 | 0.19 |
| Investments | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Other Assets | 14.36 | 19.19 | 28.47 | 22.90 | 29.72 | 23.26 | 20.82 | 16.21 | 22.04 | 18.41 | 20.17 | 17.47 |
| Total Assets | 29.43 | 33.20 | 45.73 | 44.21 | 57.74 | 51.32 | 47.18 | 41.67 | 46.44 | 41.61 | 42.73 | 38.77 |
| 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 | 5.27 | 3.18 | 2.09 | 7.15 | -1.22 | 4.10 | -0.28 | 1.24 | -0.35 | 2.26 | -7.15 | 6.36 |
| Cash from Investing Activity | -0.18 | -0.64 | -4.33 | -5.32 | -8.27 | -1.68 | 0.02 | -0.82 | -0.69 | -0.51 | -1.32 | -0.63 |
| Cash from Financing Activity | -4.01 | -3.43 | 1.88 | -1.12 | 9.25 | -2.34 | 0.58 | -0.60 | 1.05 | -2.04 | 8.53 | -5.61 |
| Net Cash Flow | 1.07 | -0.89 | -0.37 | 0.70 | -0.23 | 0.08 | 0.32 | -0.18 | 0.00 | -0.29 | 0.05 | 0.12 |
| Free Cash Flow | 5.07 | 2.49 | -1.59 | 1.81 | -9.63 | 2.31 | -0.39 | 0.35 | -1.11 | 1.72 | -8.50 | 5.69 |
| CFO/OP | 70% | 44% | 35% | 208% | -48% | -44% | 20% | -18% | -10% | 81% | 121% | 776% |
| 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 | 70.97 | 117.50 | 159.63 | 122.95 | 143.25 | 104.34 | 125.62 | 34.37 | 48.22 | 44.99 | 79.53 | 64.66 |
| Inventory Days | 221.86 | 116.68 | 61.66 | 170.63 | 221.62 | 122.32 | 77.40 | 168.42 | 120.82 | 147.37 | 128.08 | 109.69 |
| Days Payable | 50.10 | 108.01 | 115.85 | 120.38 | 174.61 | 205.42 | 152.95 | 218.56 | 145.63 | 122.81 | 98.83 | 114.81 |
| Cash Conversion Cycle | 242.73 | 126.18 | 105.44 | 173.20 | 190.26 | 21.24 | 50.07 | -15.76 | 23.40 | 69.55 | 108.78 | 59.55 |
| Working Capital Days | 16.30 | 43.06 | 63.14 | 85.54 | 90.35 | -30.65 | 11.45 | -106.86 | -33.09 | 15.39 | -27.83 | -63.94 |
| ROCE % | 25.77% | 22.61% | 29.66% | 7.86% | 2.88% | -25.06% | -5.34% | -24.02% | 7.61% | 10.15% | -22.66% | -1.32% |
| 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 | 74.64% | 74.64% | 74.64% | 74.64% | 69.95% | 66.83% | 66.83% | 66.83% | 66.83% | 66.83% | 66.83% | 71.73% |
| Public | 25.36% | 25.36% | 25.36% | 25.36% | 30.05% | 33.17% | 33.17% | 33.17% | 33.17% | 33.17% | 33.17% | 28.27% |
| No. of Shareholders | 356 | 360 | 351 | 355 | 398 | 460 | 451 | 449 | 448 | 438 | 426 | 428 |
Fundamentals
Market Cap₹ 29.2 Cr.
Current Price₹ 19.5
Book Value₹ -3.46
ROCE-1.32 %
ROE%
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)21%
Compounded Profit Growth (TTM)79%
Standalone figures.
Valuation
Market capRs 26 Cr
Enterprise valueRs 57 Cr
Price to book-5.90x
Price to sales0.57x
EV / EBITDA33.62x
EV / sales1.25x
Price to cash flow4.10x
Earnings yield-6.29%
P/E, 3-year average660.44x
P/B, 3-year average-4.03x
P/E, 5-year average345.53x
P/B, 5-year average-0.11x
Profitability
Operating margin (excl. other income)1.79%
Operating margin (incl. other income)3.71%
EBITDA margin3.71%
Pre-tax margin-3.58%
Net profit margin-3.58%
ROE45.56%
ROCE-0.49%
ROA-4.02%
ROE, 3-year average-151.08%
ROCE, 3-year average-4.44%
ROA, 3-year average-8.62%
ROE, 5-year average-105.78%
ROCE, 5-year average-5.57%
ROA, 5-year average-8.98%
ROIC (approx.)-0.56%
Other income / net worth-19.91%
Growth
Sales growth (latest year)20.76%
Sales CAGR, 3 years1.58%
Sales CAGR, 5 years11.58%
Per share
EPS (TTM)Rs -1.28
EPS (latest year)Rs -1.28
EPS, 3-year averageRs -2.83
EPS, 5-year averageRs -3.02
Book value per shareRs -3.46
Sales per shareRs 35.81
Cash flow per shareRs 4.98
Free cash flow per shareRs 4.45
Efficiency
Asset turnover1.18x
Fixed asset turnover2.17x
Inventory turnover4.53x
Inventory days81 days
Debtor days65 days
Debtors turnover5.64x
Creditor days115 days
Cash conversion cycle60 days
Working capital days-64 days
Leverage
Total debtRs 32 Cr
Cash and bankRs 1 Cr
Net debtRs 31 Cr
Debt to equity-7.19x
Net debt / EBITDA18.28x
Interest coverage-0.10x
Owners' fund to total sources-11.40%
Debt to assets81.94%
Cash flow
Cash from Operating Activity (latest year)Rs 6 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs -6 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 6 Cr
FCFE (approx.: FCF + change in debt)Rs 1 Cr
Sales to cash flow7.20x
Statement figures
Net sales (TTM)Rs 46 Cr
Net sales (latest year)Rs 46 Cr
Operating profit excl. other income (latest year)Rs 1 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 2 Cr
PBDT (TTM)Rs 0 Cr
Profit before tax (TTM)Rs -2 Cr
Net profit (TTM)Rs -2 Cr
Net profit (latest year)Rs -2 Cr
Depreciation (TTM)Rs 2 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 36 Cr
Total expenditure (latest year)Rs 45 Cr
Total income (latest year)Rs 47 Cr
Share capitalRs 13 Cr
ReservesRs -17 Cr
Shareholders' fundsRs -4 Cr
Total assetsRs 39 Cr
Net blockRs 21 Cr
Capital work in progressRs 0 Cr
InvestmentsRs 0 Cr
ReceivablesRs 8 Cr
InventoryRs 8 Cr
Other liabilitiesRs 11 Cr
Shares outstanding (crore)1.28
Ownership
Promoter holding71.73% (+4.90 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | VSCL | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -1.9% | -2.8% | +0.9 pts |
| 1 month | -15.2% | -6.8% | -8.4 pts |
| 3 months | -19.5% | -7.6% | -11.9 pts |
| 6 months | -42.0% | +0.4% | -42.4 pts |
| 1 year | -68.1% | -9.9% | -58.2 pts |
| 2 years | -44.5% | -13.6% | -30.9 pts |
| 3 years | -50.9% | +14.2% | -65.1 pts |
| 5 years | -35.5% | +27.9% | -63.4 pts |
Red flags
F-score 7 of 8| serious | Negative equity Shareholders' equity is negative |
| look | Repeated losses Net loss in each of the last two years |
| 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
Mar 2026Sales ₹29 Cr +10.6% vs Mar 2024.
Net profit ₹2 Cr -42.0%.
Activity
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| Vinati Organics Ltd | 12,173 | 24.4 | 21.4 % |
| Elantas Beck India Ltd | 10,820 | 60.9 | 21.2 % |
| Jubilant Ingrevia Ltd | 10,180 | 32.0 | 11.4 % |
| Alkyl Amines Chemicals Ltd | 9,111 | 40.5 | 16.6 % |
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.
EPS in the scrip is zero (4 trailing quarters)Less than 100 unique PAN traded in previous 30 daysLong Term Additional Surveillance Measure (Long Term ASM): stage 1Mandatory Market making period in SME scrip is overSME scrip is not regularly traded