Share price
₹9.02 latest close · −41.2% over the last 90 sessions
₹9.02 month-end · +7.3% over 12 months
₹9.02 month-end · −51.1% over 3 years
₹9.02 month-end · −74.8% since Jan '19
52-week range ₹7.38 to ₹18.60 · 1-year volatility 60.3%
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-85.4% (2019-05 peak to 2025-12 low, not yet recovered)
-20.8% (2019-01 peak to 2019-01 low, recovered 2019-01)
-20.2% (2019-03 peak to 2019-03 low, recovered 2019-04)
Where does it rank among Finance peers?
Each cell is the company's percentile rank among its Finance peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Where it ranks today
- ROCE10thflat vs a year ago
- Op. margin4thflat vs a year ago
- Revenue growth18th▲ 14 pts vs a year ago
- EPS growth8th
- Debt/equity ↓43rdflat vs a year ago
- Cash cycle ↓2nd▼ 6 pts vs a year ago
- P/E ↓100th
- 12M momentum76th▲ 75 pts vs a year ago
Rank history
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Finance sector page Watch it move against Finance in the Observatory
What is the price implying?
Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Finance The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹9.02
- ROCE
- -1.1%
- Market Cap
- ₹127 cr
- Revenue (TTM)
- ₹66 cr
- P/S
- 1.9x
- P/B
- 0.3x
- ROE
- -2.1%
- Operating Margin
- -246.5%
- Debt / Equity
- 0.2x
- Promoter Holding
- 18.3%
- 12M Momentum
- 7.2%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance—Not enough data
Not enough reported data to compute this.
Tax rate—Not enough data
Not enough reported data to compute this.
Cash conversion-0.51xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: -0.51x (cash from operations ₹-99.5 cr, net profit ₹196.8 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow3 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+1045 daysBeyond threshold
Debtor days are above the median of the previous three fiscal years by 1045 days (1653 vs 608). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress105% of fixed assetsWithin range
Capital work-in-progress is 105% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+281 days / 2 yrsNear threshold
Days payable changed by +281 over two years. Bands: rise of up to 30 days; more than 30 days.
Tap a check to see how it is measured
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
Who has been buying and selling?
- Over 3 years, promoters trimmed 45.2 pts; FIIs added 10.4 pts; DIIs added 2.6 pts.
- The number of shareholders rose from 7,239 to 27,971 (+286%) between Sep 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like VIPUL LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
- Over the following 12 months the middle half of them returned −18% to +43% vs the market, against −1% for all non-financial companies in the same months.
- The gap against the base rate (+6.7%, 80% range −2.4% to +11.5%) is within what chance and overlapping periods produce.
Where the 50 outcomes landed
Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 6 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 30 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| PRAENG Consumer Durables |
Mar 2022 | — | 0% | +110% | −47% | −35% |
| PALASHSECU Consumer Non-Durables |
Oct 2023 | — | -2% | +32% | −24% | +7% |
| BYKE Consumer Services |
Jun 2021 | — | -5% | +157% | −10% | +15% |
| KEYFINSERV Finance |
Mar 2020 | — | 0% | −38% | — | −1% |
| CLEDUCATE Commercial Services |
Oct 2021 | — | -3% | +167% | −21% | +68% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| GSS Technology Services |
Feb 2022 | — | -1% | +84% | −37% | +142% |
| CCHHL Consumer Services |
Sep 2021 | — | -2% | +126% | −29% | +22% |
| ORIENTALTL Non-Energy Minerals |
Sep 2022 | — | -0% | +29% | −35% | −42% |
How reliable is this?
Matched on P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, ROCE and 12-month momentum. Not used (unavailable for this company): P/E. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.
Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.
What changed?
25 events since Jun '19
- AprDebtDebt / equity halved over 12 months to 0.23x.
- MarInstitutionsFII + DII holding rose 3.5 pts over 1 quarter to 12.8%.
- DecPriceFell 85% from the May 2019 peak to the Dec 2025 low.
- SepDebtDebt / equity halved over 12 months to 0.23x.
- JunPromoterPromoter holding fell 2.1 pts to 18.2% (largest drop since 2025-03).
- JunResultsEPS (TTM) turned negative.
- JunPeer rankSlipped to the bottom quartile of Finance on ROCE (from the top quartile).
- JunSharesShare count is up 17.5% over 12 months.
Show 17 earlier events
- MarPromoterPromoter holding fell 10.7 pts to 20.3% (largest drop since 2024-12).
- FebDebtDebt / equity halved over 12 months to 0.53x.
- DecPromoterPromoter holding fell 20.5 pts to 31.0%.
- SepPromoterPromoter holding fell 9.0 pts to 51.5%.
- SepInstitutionsFII + DII holding rose 4.5 pts over 2 quarters to 4.5%.
- SepPeer rankSlipped to the 3rd quartile of Finance on operating margin (from the 2nd quartile).
- JulDebtDebt / equity halved over 12 months to 0.53x.
- JunPromoterPromoter holding fell 2.9 pts to 60.5%.
- JunResultsEPS (TTM) turned positive.
- JunPeer rankMoved into the top quartile of Finance on ROCE (from the 3rd quartile).
- JunDebtDebt / equity fell below 1.0x (0.53x).
- JunPeer rankMoved into the 3rd quartile of Finance on ROCE (from the bottom quartile).
- JunResultsEPS (TTM) turned negative.
- JunPeer rankSlipped to the bottom quartile of Finance on ROCE (from the 3rd quartile).
- JunDividendDividend payout cut from 49% to 0% of profit.
- JunResultsEPS (TTM) turned positive.
- JunDividendStarted paying a dividend (payout 49% of profit).
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Monthly history95 months · 2019-01 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | — | ₹66 cr | -2.1% | -1.1% | 0.2x |
| 2026-10 | — | ₹66 cr | -2.1% | -1.1% | 0.2x |
| 2026-09 | — | ₹66 cr | -2.1% | -1.1% | 0.2x |
| 2026-08 | — | ₹60 cr | -2.3% | -1.1% | 0.2x |
| 2026-07 | — | ₹60 cr | -2.3% | -1.1% | 0.2x |
| 2026-06 | — | ₹60 cr | -2.3% | -1.1% | 0.2x |
| 2026-05 | — | ₹63 cr | -7.4% | -0.7% | 0.2x |
| 2026-04 | — | ₹63 cr | -7.4% | -0.7% | 0.2x |
| 2026-03 | — | ₹63 cr | -7.4% | -0.7% | 0.2x |
| 2026-02 | — | ₹65 cr | -6.7% | -0.7% | 0.2x |
| 2026-01 | — | ₹65 cr | -6.7% | -0.7% | 0.2x |
| 2025-12 | — | ₹65 cr | -6.7% | -0.7% | 0.2x |
| 2025-11 | — | ₹73 cr | -8.4% | -0.7% | 0.2x |
| 2025-10 | — | ₹73 cr | -8.4% | -0.7% | 0.2x |
| 2025-09 | — | ₹73 cr | -8.4% | -0.7% | 0.2x |
| 2025-08 | — | ₹87 cr | -7.5% | -0.7% | 0.2x |
| 2025-07 | — | ₹87 cr | -7.5% | -0.7% | 0.2x |
| 2025-06 | — | ₹87 cr | -7.5% | -0.7% | 0.2x |
| 2025-05 | — | ₹79 cr | 59.5% | 66.2% | 0.5x |
| 2025-04 | — | ₹79 cr | 59.5% | 66.2% | 0.5x |
| 2025-03 | — | ₹79 cr | 59.5% | 66.2% | 0.5x |
| 2025-02 | — | ₹224 cr | 76.4% | 66.2% | 0.5x |
| 2025-01 | — | ₹224 cr | 76.4% | 66.2% | 0.5x |
| 2024-12 | 1.1x | ₹224 cr | 76.4% | 66.2% | 0.5x |
| 2024-11 | 1.3x | ₹216 cr | 71.2% | 66.2% | 0.5x |
| 2024-10 | 1.4x | ₹216 cr | 71.2% | 66.2% | 0.5x |
| 2024-09 | 1.7x | ₹216 cr | 71.2% | 66.2% | 0.5x |
| 2024-08 | 1.8x | ₹206 cr | 66.4% | 66.2% | 0.5x |
| 2024-07 | 2.2x | ₹206 cr | 66.4% | 66.2% | 0.5x |
| 2024-06 | 2.3x | ₹206 cr | 66.4% | 66.2% | 0.5x |
| 2024-05 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2024-04 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2024-03 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2024-02 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2024-01 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-12 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-11 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-10 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-09 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-08 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-07 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-06 | — | ₹75 cr | -102.4% | 3.8% | 2.3x |
| 2023-05 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2023-04 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2023-03 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2023-02 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2023-01 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-12 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-11 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-10 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-09 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-08 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-07 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-06 | — | ₹138 cr | -18.1% | -1.8% | 2.6x |
| 2022-05 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2022-04 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2022-03 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2022-02 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2022-01 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-12 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-11 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-10 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-09 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-08 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-07 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-06 | — | ₹37 cr | -20.4% | -5.3% | 2.3x |
| 2021-05 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2021-04 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2021-03 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2021-02 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2021-01 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-12 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-11 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-10 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-09 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-08 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-07 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-06 | — | ₹176 cr | -10.5% | -2.5% | 2.0x |
| 2020-05 | 147.0x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2020-04 | 165.0x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2020-03 | 126.0x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2020-02 | 184.5x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2020-01 | 235.0x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-12 | 187.5x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-11 | 211.5x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-10 | 276.5x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-09 | 332.0x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-08 | 340.0x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-07 | 324.0x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-06 | 451.5x | ₹226 cr | 0.3% | 3.1% | 1.8x |
| 2019-05 | — | ₹284 cr | -1.3% | 3.5% | 1.8x |
| 2019-04 | — | ₹284 cr | -1.3% | 3.5% | 1.8x |
| 2019-03 | — | ₹284 cr | -1.3% | 3.5% | 1.8x |
| 2019-02 | — | ₹284 cr | -1.3% | 3.5% | 1.8x |
| 2019-01 | — | ₹284 cr | -1.3% | 3.5% | 1.8x |