Vipul Limited (VIPULLTD.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+234.7%

₹30.53

vs ₹9.12 price

Levered DCF

₹10.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-17.6×	-5.08×	1.44×	-1.13×	-5.17×	-6.37×	-4.41×	381×
P/B	0.41×	0.38×	0.96×	1.16×	0.94×	1.3×	0.46×	1.25×
P/S	1.69×	1.65×	1.63×	1.77×	1.57×	9.51×	0.86×	2.02×
EV / EBITDA	139.69×	-97.82×	1.54×	14.94×	-66.52×	-21.18×	184.25×	221.92×
Gross margin	29.8%	7.6%	49.9%	47.9%	-1.2%	-99.0%	-6.5%	25.4%
Operating margin	-7.8%	-18.2%	39.7%	33.3%	-11.0%	-131.8%	-17.2%	11.1%
Net margin	-9.6%	-32.5%	113.1%	-156.6%	-30.3%	-149.2%	-19.5%	0.5%
Current ratio	3.95×	1.3×	1.24×	1.04×	1.08×	1.14×	1.42×	1.59×
Debt / equity	0.22×	0.23×	0.53×	2.43×	2.6×	2.33×	1.96×	1.78×
Interest coverage	-0.9×	-0.67×	1.7×	0.66×	-0.53×	-1.69×	-1.08×	0.77×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-1.7%	59.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-2.3%	-7.5%	66.4%	-102.4%	-18.1%	-20.4%	-10.5%	0.3%
Return on invested capital	-0.6%	-3.4%	12.2%	6.1%	-1.5%	-3.9%	-2.7%	-1.6%
Return on assets	-0.8%	-2.4%	18.6%	-8.1%	-2.3%	-2.9%	-1.8%	0.1%
Free cash flow yield	-19.8%	28.9%	-33.8%	316.9%	7.9%	73.0%	76.7%	-1.0%
Earnings yield	-5.7%	-19.7%	69.4%	-88.5%	-19.3%	-15.7%	-22.7%	0.3%
Enterprise value	₹1.9B	₹1.9B	₹4.8B	₹3.9B	₹8.1B	₹9.6B	₹7.8B	₹11B
Net debt / EBITDA	33.21×	-23.17×	0.45×	9.86×	-48.65×	-13.41×	148.47×	130.04×
Cash conversion cycle (days)	1,157	2,926	1,799	7,313	3,122	4,643	2,682	2,555