BSE: 519331
VSF PROJECTS LTD.
Building and preparing to operate a Multi-Product Free Trade Warehousing Zone (FTWZ) spread across 132.96 acres (53.81 hectares) at Ankulapaturu Village, Chilakuru Mandal, Tirupati District, Andhra Pradesh. The project received its final project approval in April 2023 and secured the Consent to Operate from the Andhra Pradesh Pollution Control Board in December 2025 (valid until 31 October 2030) along with a No Objection Certificate for occupancy from the AP State Disaster Response and Fire Services Department in January 2026. Despite these clearances, the company reported zero revenue from operations for FY26, with total income of only Rs. 63.64 lakh entirely from other income. The business is in heavy capital-investment mode, with Capital Work in Progress standing at Rs. 11,634.34 lakh as of March 2026, up Rs. 2,780.67 lakh year-on-year. Non-current borrowings rose to Rs. 8,468.26 lakh from Rs. 6,043.69 lakh, funding the build-out. The company posted a net loss of Rs. 43.22 lakh for FY26 (versus Rs. 29.41 lakh in FY25) on total expenses of Rs. 103.73 lakh. The Board approved doubling authorized share capital from Rs. 17 crore to Rs. 34 crore specifically for FTZ expansion. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Multi-Product Free Trade Warehousing Zone (FTWZ). Pre-revenue, single-project infrastructure developer in capital-investment phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 0 | 0 | 0 |
| EBITDA (ex other income) | 0 | 0 | 35 | (1) | (1) |
| margin % | 6.5 | 7.7 | 16078.8 | — | — |
| Owners' profit | (0) | 0 | 35 | (0) | (0) |
| EPS, as reported (₹) | (0.14) | 0.02 | 53.74 | (0.23) | (0.26) |
| ROE % · ROCE % | (29.6) · (0.0) | 0.4 · 0.1 | 70.4 · 43.2 | (0.3) · (0.2) | (0.4) · (0.1) |
| Debt / equity (x) | 57.50 | 4.51 | 0.63 | 0.61 | 0.86 |
| Cash from operations | (0) | (2) | (4) | 18 | 29 |
| Capex | 0 | (0) | (0) | (2) | (1) |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | 0 | 0 | (0) | (0) | (0) | (0) | (0) |
| Net profit | (0) | 0 | 0 | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | (0.37) | 0.15 | 0.05 | (0.02) | 0.00 | (0.13) | (0.11) | (0.04) |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.6 | 1.4 | 14 of 85 | 85% |
| ROCE | (0.2) | 10.0 | 100 of 107 | 7% |
| ROE | (0.4) | 9.1 | 78 of 87 | 11% |
| Debt / Equity | 0.9 | 0.4 | 73 of 87 | 16% |
| Profit growth | (69.6) | 2.7 | 69 of 84 | 18% |
| Market cap | 58 | 468 | 83 of 107 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Hina Textile Mills gets approval to set up unit in VSF Projects FTWZ | business updates | medium | — | — |
| 1 Oct 2026 · VSF Projects: All Resolutions Passed at 34th AGM | compliance | low | — | — |
| 1 Oct 2026 · VSF Projects 34th AGM held; all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 34th AGM held; 4 resolutions tabled including director reappointments | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Intimation of closure of trading window under the SEBI (Prohibition of Insider trading) Regulations, 2015 | compliance | minimal | — | — |
| 5 Sept 2026 · VSF Projects submits 34th Annual Report for FY2025-26; AGM on Sep 30 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Notice of 34th AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · VSF Projects Q1 FY27 loss, director re-appointments approved | results | high | — | — |
| 10 Aug 2026 · VSF Projects Q1 FY27 loss widens to Rs 6.49 lakh; no operating revenue | results | high | — | — |
| 10 Aug 2026 · VSF Projects Q1 FY27 results, 2 independent directors re-appointed | results | 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.