BSE: 544683
Aritas Vinyl Limited
Manufactures PVC leather cloth from a base in Ahmedabad, Gujarat, and sells it as its sole product line. Revenue from operations grew 3.3% year-on-year in FY26, while profit after tax rose 16%, giving an EBITDA margin of 9.5%. The cost structure is dominated by raw materials at 82.8% of revenue, followed by other operating expenses at 11.4%, employees at 3.1%, and depreciation at 1.3%. The company listed on BSE's SME platform on 23 January 2026 after an IPO on 21 January 2026, with part of the proceeds funding a solar power project that has since been completed. Operating cash flow turned sharply negative in FY26 despite the profit growth, with inventories rising and trade payables falling during the year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PVC leather cloth manufacturing. Small, single-product PVC leather cloth manufacturer, recently listed on BSE SME platform
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 101 |
| EBITDA (ex other income) | 9 |
| margin % | 9.0 |
| Owners' profit | 5 |
| EPS, as reported (₹) | 3.40 |
| ROE % · ROCE % | 8.6 · 13.1 |
| Debt / equity (x) | 0.56 |
| Cash from operations | (14) |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 49 | 52 |
| Profit before tax | 4 | 2 |
| Net profit | 3 | 2 |
| EPS (₹) | 0.23 | 1.22 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD | 3,150 | 15.2 | 2.78 | 10.6 | 16.9 | 22.5 | 13.5 | 30.4 |
| BHARTIYA INTERNATIONAL | 1,374 | 53.1 | 2.82 | 15.3 | 2.8 | 7.7 | 19.9 | 10.2 |
| KOTHARI INDUSTRIAL CORP L | 1,199 | 34.3 | 5.18 | — | (31.2) | (12.9) | 71.9 | (11.6) |
| MIRZA INTERNATIONAL LIMIT | 377 | — | 0.67 | 9.3 | (0.1) | (0.0) | (12.9) | 2.9 |
| SUPERHOUSE LIMITED | 161 | 19.7 | 0.33 | 6.8 | 0.8 | 1.4 | 4.7 | 8.1 |
| ZENITH EXPORTS LTD | 97 | 210.9 | 1.15 | — | 2.7 | 3.7 | — | (4.0) |
| ANKA INDIA LTD. | 94 | 140.8 | 3.57 | 57.2 | (1.8) | (0.9) | — | (0.2) |
| SUPER TANNERY LTD. | 82 | 12.3 | 0.72 | 7.5 | 5.8 | 7.2 | 5.3 | 12.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.9 | 25.8 | 1 of 10 | 100% |
| P/B | 0.5 | 1.1 | 2 of 11 | 90% |
| ROCE | 9.0 | 2.6 | 2 of 11 | 90% |
| ROE | 8.7 | 1.9 | 2 of 11 | 90% |
| Debt / Equity | 0.6 | 0.3 | 8 of 11 | 30% |
| EBITDA margin | 8.1 | 8.1 | 6 of 11 | 50% |
| Market cap | 28 | 94 | 10 of 13 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Reg 74(5) compliance certificate submitted for Q2 ending Sep 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Aritas Vinyl 6th AGM: All 6 resolutions passed with 100 percent approval | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Aritas Vinyl 6th AGM: All 6 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure for Half-Yearly Results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper notice of 06th AGM and remote e-voting information | compliance | minimal | — | — |
| 5 Sept 2026 · Aritas Vinyl 6th AGM notice and FY26 annual report filed | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Aritas Vinyl sets 30 September AGM and FY2025-26 report | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Cut-off and e-voting dates set for 06th Annual General Meeting | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Board approves auditor appointments, MD re-appointment, 6th AGM on Sep 30 | management changes | medium | — | — |
| 3 Sept 2026 · Statutory Auditor appointed for 5 years; MD re-appointed at AGM | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.