BSE: 530627
Vipul Organics Limited
Manufactures specialty chemicals — primarily pigments and dyes — at four production facilities located in Palghar, Tarapur, Ambernath, and Sayakha (Gujarat). The Sayakha plant commenced operations in 2026, becoming the company's fourth manufacturing site alongside the three existing ones. Beyond its core pigment and dye lines, the company booked its first commercial order in a newly developed organic intermediate for the automotive sector after 18 months of approvals, and has launched a new membrane and water-treatment vertical under the "Adimem" brand. FY26 total revenue stood at ₹175.40 crore, with raw materials the largest input cost at 39.4% of revenue, followed by other operating expenses at 18.3% and employee costs at 6.8%. Capital work-in-progress rose to ₹3,894 lakhs by year-end, largely tied to the Sayakha expansion and funded in part by a ₹27.54 crore preferential allotment in December 2025. The customer base spans industrial buyers across textile, automotive, and water-treatment sectors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pigments and Dyes, Organic Intermediates, Membranes and Water Treatment. Asset-light specialty chemicals manufacturer diversifying from core pigments and dyes into automotive intermediates and water-treatment membranes.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 133 | 134 | 150 | 163 | 175 |
| EBITDA (ex other income) | 15 | 12 | 12 | 15 | 17 |
| margin % | 11.0 | 8.7 | 7.8 | 8.9 | 9.8 |
| Owners' profit | 0 | 0 | 3 | 4 | 7 |
| EPS, as reported (₹) | 5.70 | 1.47 | 2.57 | 2.70 | 3.84 |
| ROE % · ROCE % | 13.4 · 19.0 | 3.5 · 8.7 | 5.8 · 11.4 | 6.9 · 12.3 | 5.9 · 8.8 |
| Debt / equity (x) | 0.58 | 0.59 | 0.53 | 0.72 | 0.45 |
| Cash from operations | 2 | 10 | 5 | 1 | 11 |
| Capex | (13) | (3) | (7) | (16) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38 | 39 | 41 | 44 | 38 | 39 | 46 | 52 |
| Profit before tax | 2 | 2 | 2 | 1 | 2 | 2 | 3 | 3 |
| Net profit | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| EPS (₹) | 0.87 | 0.81 | 1.11 | 0.47 | 0.86 | 1.15 | 1.10 | 1.10 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.8 | 23.1 | 77 of 99 | 22% |
| P/B | 3.6 | 2.8 | 69 of 99 | 31% |
| ROCE | 7.2 | 10.1 | 64 of 106 | 40% |
| ROE | 5.9 | 8.1 | 62 of 99 | 38% |
| Debt / Equity | 0.5 | 0.2 | 77 of 99 | 22% |
| EBITDA margin | 9.9 | 15.5 | 74 of 99 | 26% |
| Revenue growth | 18.4 | 24.4 | 57 of 94 | 40% |
| Profit growth | 152.3 | 55.1 | 22 of 92 | 77% |
| Market cap | 424 | 699 | 59 of 108 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Pratiksha Bhandari appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 28 Oct 2026 · Pratiksha Bhandari appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 28 Oct 2026 · Pratiksha Bhandari appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 21 Oct 2026 · Vipul Organics appoints Tushar Jagtap as President for India sales | management changes | medium | — | — |
| 14 Oct 2026 · Compliance certificate for dematerialization for quarter ended September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · Vipul Organics: Diversification, ESOS changes, MD re-appointment approved at AGM | general | medium | — | — |
| 5 Oct 2026 · 54th AGM results: All 9 resolutions passed including dividend and MD reappointment | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Vipul Organics 54th AGM: 8% dividend, MD reappointment, ESOP amendment proposed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 15 Sept 2026 · Vipul Organics CMD Vipul Shah wins Hall of Fame Award from Manufacturing Today | general | 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.