NSE: VIKASECO · BSE: 530961
VIKAS ECOTECH LIMITED
Operates as a specialty chemicals company, generating revenue from two active business segments: Chemical, Polymers & Special Additives, and Infra & Energy. In the YTD period ending December 31, 2025, Chemical, Polymers & Special Additives contributed 56.8% of segment revenue (Rs 101.941 crore) while Infra & Energy contributed 43.2% (Rs 77.6486 crore); a third listed segment, Real Estate, recorded zero revenue. FY25 total revenue stood at Rs 377.671 crore with an EBITDA margin of 8.2%. Raw materials are the dominant input cost at 50.9% of revenue, while employees account for 1.4%, other operating expenses 4.5%, and depreciation 1.4%. Capex was 0.0% of revenue in FY25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemical, Polymers & Special Additives (57%), Infra & Energy (43%), Real Estate (0%). Specialty chemicals business with materials-driven margins
Exhibit 1: Financial summary, FY24–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 |
|---|---|---|
| Revenue | 259 | 378 |
| EBITDA (ex other income) | 16 | 25 |
| margin % | 6.2 | 6.6 |
| Owners' profit | 0 | 17 |
| EPS, as reported (₹) | 0.06 | 0.10 |
| ROE % · ROCE % | 1.8 · 4.2 | 4.3 · 6.5 |
| Debt / equity (x) | 0.05 | 0.07 |
| Cash from operations | 120 | (60) |
| Capex | (5) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 101 | 89 | 85 | 103 | 104 | 65 | 69 | 119 |
| Profit before tax | 14 | 4 | 0 | 3 | 3 | 2 | 2 | 3 |
| Net profit | 10 | 3 | (1) | 4 | 2 | 2 | (1) | 2 |
| EPS (₹) | 0.07 | 0.01 | 0.00 | 0.03 | 0.02 | 0.01 | 0.00 | 0.01 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Infra & Energy | 135 | 35.7 |
| Chemical, Polymers & Special Additives | 66 | 17.4 |
| Chemical, polymers & Special Additives | 177 | 46.9 |
| Total, before eliminations | 378 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,60,507 | 60.6 | 14.53 | 42.5 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 75,735 | 35.0 | 5.39 | 23.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 50,160 | 81.9 | 6.34 | 39.7 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,479 | 55.0 | 10.94 | 39.2 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 21,738 | 92.2 | 8.85 | 59.0 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,715 | 27.7 | 3.70 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 18,033 | 34.0 | 3.03 | 19.0 | 7.0 | 4.4 | 13.0 | 16.2 |
| ATUL LTD | 17,908 | 22.5 | 2.84 | 14.5 | 10.9 | 13.3 | 10.9 | 23.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.3 | 23.7 | 59 of 104 | 44% |
| P/B | 0.4 | 2.8 | 3 of 99 | 98% |
| ROCE | 1.2 | 10.3 | 95 of 108 | 12% |
| ROE | 1.0 | 8.1 | 88 of 101 | 13% |
| Debt / Equity | 0.1 | 0.2 | 45 of 101 | 56% |
| EBITDA margin | 4.6 | 15.5 | 89 of 99 | 10% |
| Revenue growth | 16.1 | 24.4 | 66 of 94 | 30% |
| Profit growth | (53.6) | 55.1 | 85 of 92 | 8% |
| Market cap | 146 | 707 | 77 of 108 | 29% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 17 Sept 2026 · Vikas Ecotech gets 2 months 28 days extension to hold AGM for FY26 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Vikas EcoTech seeks extension for FY26 AGM from Registrar of Companies | general | low | — | — |
| 26 Aug 2026 · Board approves June 2026 quarter financial results | results | medium | — | — |
| 21 Aug 2026 · Board meeting on Aug 26 to consider Q1 FY27 financial results | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Auditor Change: Vikas EcoTech Appoints MASAR and Co, KSMC Resigns | business updates | medium | — | — |
| 17 Aug 2026 · Statutory Auditor resigns; MASAR & Co. appointed | management changes | medium | — | — |
| 17 Aug 2026 · Vikas Ecotech board accepts auditor KSMC resignation, appoints MASAR & Co | board shareholder meetings | medium | — | — |
| 15 Jul 2026 · Vikas EcoTech promoter taken into ED custody under PMLA | general | low | — | — |
| 15 Jul 2026 · NSE seeks clarification on Vikas EcoTech Q4 results, response awaited | compliance | low | — | — |
| 11 Jul 2026 · Q4 and FY26 results with qualified audit opinion, concerns flagged | 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.