NSE: VIPIND · BSE: 507880
VIP INDUSTRIES LTD
The company manufactures and sells luggage and travel accessories in India under brands including VIP, Carlton, and Caprese, spanning hard luggage, soft luggage, and backpacks across price tiers. Revenue comes from four channels — e-commerce, Exclusive Brand Outlets (VIP Lounge and Carlton stores), traditional trade, and modern trade — selling to Indian travellers and consumers. E-commerce accounted for ~31% of FY25 mix, with management planning to cap it at 30% in FY26 as the offline channel is rebuilt after 133 underperforming EBOs were closed. Manufacturing includes a Bangladesh facility that ran at 80%+ capacity utilisation in Q1 FY26 and swung to an operating profit of Rs. 8 crore from an Rs. 11 crore loss a year earlier. The largest cost line is materials and procurement at 43% of revenue, followed by other operating expenses at 37.5%, employees at 11.7%, and depreciation at 6.9%. The business is under operational transformation following a change in control — a new CEO (Atul Jain) was appointed in December 2025 — working through inventory clean-up, debt reduction (target Rs. 130 crore in FY26), and a return to growth via premiumisation and channel rebuild. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. E-commerce channel (31%), Exclusive Brand Outlets (EBOs), Traditional trade, Modern trade. Consumer-discretionary luggage and travel-accessories business, brand-led and channel-distributed, undergoing post-change-in-control transformation.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,290 | 2,082 | 2,245 | 2,178 | 1,858 |
| EBITDA (ex other income) | 144 | 282 | 219 | 90 | (163) |
| margin % | 11.2 | 13.5 | 9.8 | 4.1 | (8.8) |
| Owners' profit | 67 | 152 | 54 | (69) | (338) |
| EPS, as reported (₹) | 4.73 | 10.76 | 3.84 | (4.84) | (23.79) |
| ROE % · ROCE % | 12.0 · 15.5 | 23.7 · 28.5 | 8.0 · 13.5 | (11.2) · (2.0) | (116.8) · (46.8) |
| Debt / equity (x) | 0.22 | 0.28 | 0.79 | 0.67 | 1.42 |
| Cash from operations | (24) | 175 | (132) | 292 | 181 |
| Capex | (36) | (107) | (100) | (43) | (48) |
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 | 544 | 501 | 494 | 561 | 406 | 454 | 436 | 578 |
| Profit before tax | (46) | (17) | (33) | (17) | (142) | (50) | (129) | (55) |
| Net profit | (33) | (12) | (27) | (13) | (143) | (53) | (129) | (54) |
| EPS (₹) | (2.32) | (0.88) | (1.92) | (0.92) | (10.08) | (3.72) | (9.07) | (3.77) |
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. % |
|---|---|---|---|---|---|---|---|---|
| SHAILY ENG PLASTICS LTD | 14,168 | 80.1 | 19.77 | 49.8 | 23.7 | 28.3 | — | 29.7 |
| SAFARI IND (INDIA) LTD | 6,046 | 36.6 | 5.42 | 20.4 | 15.1 | 17.9 | 44.2 | 14.0 |
| VIP INDUSTRIES LTD ◆ | 3,656 | — | 12.63 | — | (116.8) | (59.1) | 24.6 | (1.2) |
| NILKAMAL LIMITED | 2,516 | 18.0 | 1.59 | 8.2 | 7.4 | 7.3 | 12.5 | 9.7 |
| BAI-KAKAJI POLYMERS LIMITED | 578 | 33.3 | — | — | — | 19.3 | — | — |
| PRIMA PLASTICS LTD. | 133 | 6.7 | 0.69 | 4.5 | 11.0 | 10.4 | 6.1 | 21.3 |
| AVRO INDIA LIMITED | 72 | 2.0 | 0.80 | 7.0 | 5.1 | 6.5 | — | 8.5 |
| NIRAJ ISPAT IND LTD | 13 | 8.7 | 0.83 | — | 10.2 | 10.8 | — | 50.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 12.6 | 1.6 | 6 of 7 | 17% |
| ROCE | (59.1) | 8.9 | 10 of 10 | 0% |
| ROE | (116.8) | 8.8 | 8 of 8 | 0% |
| Debt / Equity | 1.4 | 0.2 | 8 of 8 | 0% |
| EBITDA margin | (1.2) | 17.7 | 8 of 8 | 0% |
| Revenue growth | 3.0 | (6.8) | 4 of 9 | 63% |
| Profit growth | (308.9) | (5.5) | 8 of 8 | 0% |
| Market cap | 3656 | 578 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · VIP Industries files routine SEBI compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · VIP Industries trading window closes Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Allotment of 1695 shares under VIP ESAR Plan, 2018 | capital market events | low | — | — |
| 18 Sept 2026 · VIP Industries Board approves plan to raise up to Rs 500 crores | results | medium | — | — |
| 15 Sept 2026 · Board to consider fund raising proposal on Sept 18 | results | low | — | — |
| 21 Aug 2026 · VIP Industries 59th AGM: All 8 Resolutions Passed | compliance | minimal | — | — |
| 21 Aug 2026 · VIP Industries 59th AGM held Aug 21, 2026; voting results awaited | board shareholder meetings | low | — | — |
| 14 Aug 2026 · VIP Industries Q1 FY26 results published; revenue up about 30% YoY | compliance | minimal | — | — |
| 12 Aug 2026 · VIP Industries Q1FY27 revenue up 3% YoY and 33% QoQ under new management | compliance | low | — | — |
| 12 Aug 2026 · VIP Industries Q1 FY27 Investor Presentation: Revenue Growth Returns After 7 Quarters | investor communications | 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.