NSE: VINNY · BSE: 543670
VINNY OVERSEAS LIMITED
Operates in the garments and apparels industry, with a base in Gujarat where it has historically received VAT/SGST subsidies under the Gujarat Textile Policy 2012. Revenue from operations was Rs. 12,461.55 lakhs in FY26, marginally higher than Rs. 12,157.21 lakhs in FY25, with Q4 FY26 revenue of Rs. 3,710.04 lakhs. The cost stack is materials-led at 50.1% of revenue, followed by other operating expenses at 37.4%, employee costs at 5.0%, and depreciation at 4.8%. Capital expenditure of 15.7% of revenue points to an asset-intensive operating setup. Profit before tax fell to Rs. 136.87 lakhs in FY26 from Rs. 718.78 lakhs in FY25, driven mainly by a sharp drop in subsidy receipts under the Gujarat Textile Policy (Rs. 36.10 lakhs versus Rs. 547.85 lakhs) alongside higher raw material costs, finance costs, and depreciation. The company has no subsidiaries and outstanding borrowings of approximately Rs. 5.2 crore as of March 31, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Revenue from operations. Asset-heavy garments and apparels operation in Gujarat with material earnings sensitivity to VAT/SGST subsidies under the Gujarat Textile Policy 2012
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 106 | 113 | 122 | 125 |
| EBITDA (ex other income) | 8 | 10 | 6 | 5 |
| margin % | 7.8 | 8.9 | 4.9 | 4.3 |
| Owners' profit | 2 | 3 | 5 | 1 |
| EPS, as reported (₹) | 0.10 | 0.15 | 0.14 | 0.02 |
| ROE % · ROCE % | 8.7 · 12.7 | 9.8 · 17.1 | 6.3 · 9.4 | 1.1 · 2.5 |
| Debt / equity (x) | 0.62 | 0.48 | 0.03 | 0.17 |
| Cash from operations | 5 | 16 | (15) | 15 |
| Capex | (6) | (11) | (10) | (20) |
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 | 32 | 28 | 32 | 25 | 33 | 29 | 37 | 34 |
| Profit before tax | 1 | 5 | 1 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 4 | 1 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.00 | 0.11 | 0.03 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.5 | 16.2 | 31 of 37 | 17% |
| P/B | 0.5 | 1.5 | 4 of 35 | 91% |
| ROCE | 1.5 | 8.4 | 33 of 44 | 26% |
| ROE | 1.1 | 5.8 | 27 of 35 | 24% |
| Debt / Equity | 0.2 | 0.3 | 11 of 35 | 71% |
| EBITDA margin | 7.0 | 10.4 | 25 of 35 | 29% |
| Revenue growth | 32.2 | 7.9 | 7 of 37 | 83% |
| Profit growth | (26.6) | 6.8 | 29 of 37 | 22% |
| Market cap | 45 | 146 | 32 of 44 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Submission of RTA Certificate under SEBI Depositories Regulation 74(5) | compliance | minimal | — | — |
| 29 Sept 2026 · Vinny Overseas Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 26 Sept 2026 · All 6 resolutions passed at Vinny Overseas 34th AGM with over 99.96% approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 34th AGM proceedings held via video conferencing on Sept 25, 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Revised Annual Report FY25-26 Filed; CSR Annexure Added | results | medium | — | — |
| 4 Sept 2026 · Newspaper publication of e-voting notice for 34th AGM | compliance | minimal | — | — |
| 3 Sept 2026 · Vinny Overseas FY26 Annual Report: Revenue up 2.5%, PAT falls 82% | results | medium | — | — |
| 3 Sept 2026 · Notice of 34th AGM on September 25, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Vinny Overseas 34th AGM on 25 Sept 2026 via video conferencing | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board appoints two new Independent Directors, AGM on Sept 25 | 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.