BSE: 514302
VIPPY SPINPRO LTD.
Spins and manufactures textile products from a single facility at Industrial Area, Dewas, Madhya Pradesh. The unit is in the middle of a capacity expansion, with most new machinery installed and debottlenecking underway, slated for completion by Q4 FY26. In FY26, revenue from operations of ₹268.19 crore was roughly 4% lower year-on-year, while profit after tax was ₹11.98 crore. The cost base is dominated by raw materials at 76.9% of revenue, with employee costs at 2.1% and other operating expenses at 10.9%. The expansion has been debt-funded, with total borrowings rising to ₹11,217.90 lakhs from ₹3,301.31 lakhs, supported by a ₹20.83 crore term loan from HDFC Bank for new machinery and an enhanced cash credit limit of ₹40 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile products. Capital-intensive textile spinning under capacity expansion, asset-heavy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 139 | 156 | 250 | 279 | 268 |
| EBITDA (ex other income) | 17 | 17 | 18 | 26 | 29 |
| margin % | 12.1 | 10.7 | 7.1 | 9.3 | 10.7 |
| Owners' profit | 12 | 11 | 4 | 11 | 12 |
| EPS, as reported (₹) | 20.73 | 18.25 | 7.42 | 19.57 | 20.41 |
| ROE % · ROCE % | 20.2 · 26.9 | 15.0 · 15.0 | 5.7 · 8.3 | 13.1 · 16.2 | 12.0 · 11.8 |
| Debt / equity (x) | 0.23 | 0.41 | 0.82 | 0.38 | 1.12 |
| Cash from operations | (7) | 27 | (13) | 29 | (17) |
| Capex | (4) | (49) | (11) | (3) | (66) |
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 | 69 | 70 | 70 | 71 | 53 | 55 | 89 | 110 |
| Profit before tax | 5 | 5 | 4 | 6 | 4 | 3 | 5 | 8 |
| Net profit | 3 | 4 | 3 | 4 | 3 | 2 | 3 | 6 |
| EPS (₹) | 5.74 | 6.36 | 4.34 | 6.86 | 4.68 | 3.12 | 5.76 | 10.07 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.6 | 16.8 | 32 of 179 | 83% |
| P/B | 1.1 | 1.1 | 87 of 185 | 53% |
| ROCE | 10.3 | 4.3 | 54 of 215 | 75% |
| ROE | 12.0 | 4.7 | 37 of 188 | 81% |
| Debt / Equity | 1.1 | 0.4 | 149 of 188 | 21% |
| EBITDA margin | 13.6 | 9.8 | 62 of 198 | 69% |
| Revenue growth | 54.9 | 6.9 | 32 of 192 | 84% |
| Profit growth | 46.9 | 20.0 | 82 of 203 | 60% |
| Market cap | 106 | 61 | 89 of 223 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly results on 5 November | results | low | — | — |
| 8 Oct 2026 · HDFC Bank enhances Cash Credit facility from Rs 40 crore to Rs 70 crore | credit debt | medium | — | — |
| 5 Oct 2026 · Routine RTA compliance certificate filed for quarter ended Sept 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · MSME approves fiscal incentive for Vippy expansion unit | capex operations | medium | — | — |
| 28 Sept 2026 · Revised AGM voting results filed; all 9 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Revised AGM voting results filed: clerical fix only, all 9 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Revised AGM voting results filed, clerical fix only, all resolutions passed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 34th AGM: All 9 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Vippy Spinpro 34th AGM: All 9 resolutions passed with 99.99% approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · AGM approves board changes: MD re-appointed, two new directors join | management changes | high | — | — |
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.