NSE: VIMTALABS · BSE: 524394
VIMTA LABS LIMITED
Provides contract research and laboratory testing services to pharmaceutical, food and environmental, and electronics companies. Operations run out of a ~200,000 sq ft Genome Valley lab campus that is ~60% occupied. The pharma contract research arm is delivering consistent year-on-year growth, while the clinical research arm is showing early signs of recovery after prior-year challenges. Biologics contract research and development services were recently launched, with a first customer order already secured, though meaningful P&L contribution is only expected from the third year onwards. Food and environmental testing is under pressure from Middle East trade disruption, with the business pivoting toward domestic clients. Electronics and electrical testing has stabilised after prior leadership issues and benefits from a 15.19% YoY increase in the defence budget. Employees are the largest cost at 28.1% of revenue, followed by materials at 19.8% and other operating expenses at 17.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharma contract research, Clinical research, Biologics CRADS, Food and environmental testing, Electronics and electrical testing. Asset-heavy contract research and testing services across pharma, food, electronics and environment
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 181 | 211 | 278 | 318 | 318 |
| EBITDA (ex other income) | 30 | 53 | 79 | 95 | 87 |
| margin % | 16.6 | 25.1 | 28.4 | 29.8 | 27.3 |
| Owners' profit | 7 | 21 | 0 | 0 | 0 |
| EPS, as reported (₹) | 3.10 | 9.68 | 18.70 | 21.77 | 18.51 |
| ROE % · ROCE % | 4.0 · 6.4 | 11.0 · 13.9 | 17.7 · 22.0 | 17.1 · 22.2 | 12.8 · 16.4 |
| Debt / equity (x) | 0.13 | 0.12 | 0.08 | 0.05 | 0.06 |
| Cash from operations | — | 37 | 59 | 88 | 61 |
| Capex | — | (33) | (30) | (48) | (76) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 82 | 83 | 73 | 82 | 80 | 82 | 85 | 90 |
| Profit before tax | 17 | 16 | 8 | 14 | 16 | 17 | 22 | 24 |
| Net profit | 13 | 12 | 6 | 10 | 12 | 12 | 15 | 21 |
| EPS (₹) | 5.73 | 5.51 | 2.85 | 4.57 | 5.58 | 5.54 | 6.88 | 9.65 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SYNGENE INTERNATIONAL LTD | 16,350 | 73.6 | 3.38 | 17.7 | 6.5 | 7.5 | 11.3 | 13.9 |
| INDEGENE LIMITED | 14,382 | 35.8 | 4.58 | 21.0 | 12.8 | 14.9 | — | 19.1 |
| SUVEN LIFE SCIENCES LTD | 7,092 | — | 11.99 | — | (46.7) | (46.6) | (12.0) | (3504.9) |
| VIMTA LABS LIMITED ◆ | 2,278 | 18.4 | 6.65 | 25.1 | 8.0 | 11.0 | 8.4 | 38.2 |
| BILCARE LTD. | 194 | — | 2.62 | 11.5 | (23.3) | (3.9) | 3.3 | 15.7 |
| TAKE LIMITED | 157 | 12.3 | 5.07 | 32.9 | 35.0 | 14.2 | (41.2) | 3.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.4 | 34.9 | 21 of 63 | 68% |
| P/B | 6.7 | 4.6 | 39 of 57 | 32% |
| ROCE | 11.0 | 8.0 | 27 of 69 | 62% |
| ROE | 8.0 | 9.1 | 31 of 57 | 46% |
| Debt / Equity | 0.0 | 0.1 | 19 of 56 | 67% |
| EBITDA margin | 38.1 | 21.5 | 5 of 57 | 93% |
| Revenue growth | 10.1 | 20.2 | 44 of 57 | 23% |
| Profit growth | 112.2 | 11.4 | 8 of 55 | 87% |
| Market cap | 2278 | 229 | 25 of 71 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Vimta Labs sets Q2 FY27 investor call for October 30 | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board meeting set to approve September quarter and half-year results | results | low | — | — |
| 13 Oct 2026 · RTA compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Vimta Labs allots 12,955 shares under ESOP Plan 2021 | capital market events | low | — | — |
| 8 Sept 2026 · Vimta Labs schedules analyst and institutional investor meetings | board shareholder meetings | low | — | — |
| 2 Sept 2026 · CARE Ratings reaffirms Vimta Labs bank facility ratings at CARE A; Stable | credit debt | medium | — | — |
| 1 Sept 2026 · Vimta Labs replies to BSE volume query, denies undisclosed info | regulatory legal | low | — | — |
| 1 Sept 2026 · BSE seeks clarification on volume movement | regulatory legal | medium | — | — |
| 31 Aug 2026 · Vimta Labs clarifies on unusual trading volume, cites market factors | regulatory legal | 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.