BSE: 519457
VIRAT CRANE INDUSTRIES LTD.
Processes and sells dairy products, operating as a single-segment dairy business based in Guntur, Andhra Pradesh. Revenue from operations in FY26 was Rs 17,748.85 lakhs, up 27.5% from Rs 13,919.95 lakhs the year before, but the company swung to a net loss of Rs 7.71 crore against a profit in the prior year. A new dairy plant at Adavinekkalam began commercial operations in January 2025 after a trial run in December 2024, and the cost of ramping it up — through higher depreciation and finance costs — is what drove the loss. Raw materials (the milk input) account for 92.8% of revenue, employees 0.9%, other operating expenses 10.5% and depreciation 1.0%. Borrowings nearly doubled from Rs 710.47 lakhs to Rs 1,635.84 lakhs over the year to fund the new plant. The statutory auditor issued an unmodified opinion on the FY26 results. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Revenue from operations (100%). Single-segment, asset-heavy dairy processing business in plant ramp-up phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 96 | 123 | 134 | 139 | 177 |
| EBITDA (ex other income) | 8 | (1) | 12 | 7 | (4) |
| margin % | 8.7 | (1.0) | 9.2 | 5.4 | (2.5) |
| Owners' profit | 6 | (4) | 10 | 5 | (8) |
| EPS, as reported (₹) | 2.92 | (2.00) | 4.96 | 2.28 | (3.78) |
| ROE % · ROCE % | 10.3 · 14.3 | (7.6) · (2.3) | 15.8 · 18.0 | 6.8 · 9.5 | (12.6) · (9.5) |
| Debt / equity (x) | 0.06 | 0.12 | 0.09 | 0.10 | 0.26 |
| Cash from operations | 4 | 10 | (5) | 2 | (6) |
| Capex | (6) | (11) | (5) | (4) | (2) |
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 | 29 | 39 | 40 | 40 | 38 | 48 | 50 | 45 |
| Profit before tax | 3 | 1 | (1) | (1) | (4) | (2) | (1) | (1) |
| Net profit | 2 | 1 | (1) | (1) | (4) | (2) | (1) | (1) |
| EPS (₹) | 1.02 | 0.51 | (0.40) | (0.53) | (1.80) | (0.81) | (0.38) | 0.94 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 21,739 | 62.4 | 11.89 | 23.1 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 8,528 | — | 12.69 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 5,974 | 24.4 | 3.57 | 16.2 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,280 | 23.6 | 6.21 | 19.7 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD | 3,331 | 24.7 | 3.01 | 12.0 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 2,985 | 22.6 | 2.37 | 11.6 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 817 | 78.4 | 24.69 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 222 | 19.2 | 1.31 | 13.1 | (5.1) | (3.2) | (4.1) | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.1 | 3.0 | 1 of 11 | 100% |
| ROCE | (11.3) | 10.1 | 11 of 13 | 17% |
| ROE | (12.6) | 10.7 | 10 of 11 | 10% |
| Debt / Equity | 0.3 | 0.3 | 5 of 11 | 60% |
| EBITDA margin | (0.3) | 6.5 | 10 of 11 | 10% |
| Revenue growth | 10.3 | 17.7 | 9 of 11 | 20% |
| Profit growth | 10.1 | 19.8 | 6 of 10 | 44% |
| Market cap | 66 | 817 | 11 of 13 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY26-27 filed with BSE | compliance | minimal | — | — |
| 2 Oct 2026 · Director Gopala Krishna Murthy Javvaji re-appointed at 34th AGM | management changes | low | — | — |
| 2 Oct 2026 · Voting results of 34th AGM: Both resolutions passed | compliance | minimal | — | — |
| 2 Oct 2026 · Scrutinizer report filed for Virat Crane Industries 34th AGM | compliance | minimal | — | — |
| 2 Oct 2026 · Virat Crane Industries 34th AGM: both resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 34th AGM proceedings submitted; two ordinary resolutions tabled via e-voting | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Virat Crane re-submits FY26 annual report after typo correction | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed for Q2 FY27 results at Virat Crane Industries | compliance | minimal | — | — |
| 16 Sept 2026 · Supreme Court orders Virat Crane to pay Rs.85.12L market cess to AP govt | regulatory legal | high | — | — |
| 8 Sept 2026 · Notice of 34th AGM published in newspapers | compliance | minimal | — | — |
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.