BSE: 502589
VAPI ENTERPRISE LIMITED
Vapi Enterprise Limited, formerly Vapi Paper Mills Ltd, is classified under the paper and paper products industry and operates from a registered office in Mumbai. For FY26, total income was Rs 240.57 lakh and net profit Rs 149.45 lakh, against Rs 218.15 lakh and Rs 131.55 lakh in FY25. Q1 FY27 reported total income of Rs 57.57 lakh and net profit of Rs 35.59 lakh. The Managing Director, Mr. Manoj Patel, is described as having over three decades of experience across paper and packaging value chains. The auditor's qualified opinion notes that the company sold its factory land but had not finalized a definitive new business plan for deployment of proceeds, and flagged an electricity deposit of Rs 2.14 crore paid under protest pending a Gujarat High Court appeal. No revenue segment split or product-level operating details are disclosed in the filings; total assets stand at Rs 3,824.59 lakh with net worth of Rs 3,710.09 lakh and a debt-to-equity ratio of 0.0128. Operating cash flow was negative at Rs 690.51 lakh in FY26, and the auditor flagged non-compliance with Ind AS-19 on employee benefits and absence of an audit trail in accounting software. AR · MarketPing reader · 2026-08-03
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 0 | 0 | 0 |
| EBITDA (ex other income) | 0 | 48 | (1) | (0) | (0) |
| margin % | 16.6 | 2050.1 | — | — | — |
| Owners' profit | 0 | 38 | 1 | 1 | 1 |
| EPS, as reported (₹) | 1.12 | 168.71 | 3.65 | 5.77 | 6.55 |
| ROE % · ROCE % | (5.1) · 12.6 | 115.0 · 144.0 | 2.4 · 3.6 | 3.7 · 4.8 | 4.0 · 5.2 |
| Debt / equity (x) | (1.45) | 0.01 | 0.01 | 0.01 | 0.01 |
| Cash from operations | (20) | 8 | 9 | (1) | (7) |
| Capex | (0) | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 1.14 | 1.84 | 1.56 | 1.74 | 1.55 | 1.44 | 1.82 | 1.56 |
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. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 6,799 | 20.5 | 1.17 | 9.4 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,402 | 23.5 | 1.29 | 10.8 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,309 | 47.4 | 0.68 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,210 | 12.2 | 0.59 | 8.3 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,156 | 18.6 | 1.42 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 822 | 9.0 | 1.23 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 696 | 7.4 | 1.21 | — | 10.7 | 8.1 | — | 14.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.0 | 13.8 | 25 of 36 | 31% |
| P/B | 0.8 | 0.7 | 20 of 36 | 46% |
| ROCE | 5.2 | 4.4 | 17 of 45 | 64% |
| ROE | 4.0 | 4.0 | 20 of 37 | 47% |
| Debt / Equity | 0.0 | 0.4 | 7 of 37 | 83% |
| Profit growth | (10.1) | 60.9 | 30 of 42 | 29% |
| Market cap | 29 | 55 | 32 of 48 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve half-year results on 5 November 2026 | results | low | — | — |
| 12 Oct 2026 · Reg 74(5) certificate from RTA for Q2 FY26 share dematerialisation | compliance | minimal | — | — |
| 21 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · Board appoints M I Shah And Co as Statutory Auditors for FY27 | management changes | medium | — | — |
| 11 Sept 2026 · All 6 AGM resolutions passed with 100% approval at 52nd AGM | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Vapi Enterprise 52nd AGM proceedings - 6 resolutions passed | board shareholder meetings | medium | — | — |
| 11 Aug 2026 · AGM notice published in newspapers; 52nd AGM on 10 September 2026 | compliance | minimal | — | — |
| 10 Aug 2026 · 52nd AGM on 10 Sep 2026 via VC; book closure 24-28 Aug 2026 | compliance | minimal | — | — |
| 10 Aug 2026 · Vapi Enterprise submits 52nd Annual Report for FY 2025-26 | investor communications | medium | — | — |
| 10 Aug 2026 · Vapi Enterprise 52nd AGM on Sep 10, 2026; MD re-appointment on agenda | board shareholder meetings | low | — | — |
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.