V I P Industries Ltd

VIPIND

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Market Cap

₹ 5,019 Cr

P/E

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

VIP Industries Limited is a leading manufacturer and supplier of luggage, backpacks, and handbags, catering to value, mid-range, and premium segments through brands like Aristocrat, VIP, and Carlton.

The company's large-scale operations utilize modern technology with manufacturing units in India and Bangladesh, offering wide distribution through 5,883 points of sale.

Recent challenges include competitive pricing pressure from new entrants in the e-commerce space, impacting volume and primary sales significantly this quarter.

VIP Industries is adopting strategic measures to address market share challenges, including brand revitalization and new product introductions, like the Smart Bag Tag.

Despite volume and revenue de-growth, the company maintained a 10% adjusted EBITDA by focusing on cost-control and efficiency in its Bangladesh operations.

Sector

Plastic products

Industry

Moulded Luggage

Market Cap

5,019 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

67.5

PEG Ratio

—

P/B Ratio

10.8

52W High

496.75

52W Low

248.55

Sales CAGR

-2.96%

19.95%

4.88%

10Y

6.47%

Profit CAGR

-226.69%

—

10Y

—

ROE

TTM

-42.26%

7.12%

3.56%

10Y

11.81%

ROCE

TTM

-11.21%

12.66%

8.69%

10Y

17.12%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RESPONIND	195.00	5,214 Cr	25.53	3.54	0.05	13.89	14.26	10.99
KINGFA	3815.10	5,170 Cr	32.84	3.99	0.00	12.16	16.66	9.08
VIPIND	353.25	5,019 Cr	—	10.82	0.00	-42.26	-11.21	-11.38
JISLJALEQS	41.32	3,000 Cr	49.72	0.51	0.00	1.01	5.42	0.44
PRINCEPIPE	250.40	2,772 Cr	119.40	1.74	0.20	1.46	2.58	1.04
JAICORPLTD	130.60	2,299 Cr	13.76	1.58	0.38	11.44	12.75	10.99
STUDDS	555.55	2,186 Cr	31.35	4.86	0.45	24.59	32.76	11.75

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	636	546	546	516	639	544	501	494	561	406
Expenses	556	493	494	508	590	546	472	488	537	513
Operating Profit	81	53	52	7.83	49	-2.18	29	6.50	25	-106
OPM %	12.67	9.68	9.56	1.52	7.72	-0.40	5.71	1.32	4.39	-26.18
Other Income	28	2.57	2.66	3.88	2.06	6.23	2.47	8.04	6.55	15
Interest	11	12	15	17	18	20	18	17	17	18
Depreciation	21	24	27	28	29	30	30	30	32	33
Profit Before Tax	77	19	13	-33	3.71	-46	-17	-33	-17	-142
Tax %	25.36	31.08	45.79	28.18	-8.89	27.54	25.58	16.15	23.17	-0.85
Net Profit	58	13	7.15	-24	4.04	-33	-12	-27	-13	-143
EPS in Rs	4.05	0.94	0.50	-1.68	0.28	-2.32	-0.87	-1.92	-0.92	-10.07

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,283	1,416	1,785	1,714	619	1,290	2,082	2,245	2,178	2,101
Expenses	1,119	1,216	1,560	1,420	684	1,145	1,769	2,051	2,096	2,043
Operating Profit	163	200	225	294	-65	144	314	194	82	58
OPM %	12.74	14.13	12.59	17.16	-10.55	11.20	15.07	8.62	3.78	2.74
Other Income	7.55	9.31	8.32	-36	48	36	-15	38	19	23
Interest	0.68	0.30	1.49	23	30	25	28	55	73	71
Depreciation	14	13	17	87	78	70	74	99	119	121
Profit Before Tax	126	190	215	148	-125	86	197	77	-91	-112
Tax %	32.16	33.12	32.41	24.72	21.76	22.32	22.49	29.09	24.59	23.26
Net Profit	85	127	145	112	-97	67	152	54	-69	-86
EPS in Rs	5.99	6.46	5.77	7.86	-6.86	4.69	10.68	3.81	-4.83	-13.78
Dividend Payout %	39.80	33.44	31.13	40.46	0.00	53.08	41.98	52.36	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	28	28	28	28	28	28	28	28	28	28
Reserves	311	380	461	553	582	489	531	613	650	588
Borrowings	14	0.00	0.00	86	269	353	298	352	871	751
Other Liabilities	231	201	284	404	365	224	372	421	517	489
Total Liabilities	585	609	773	1,071	1,244	1,095	1,230	1,415	2,067	1,856
Fixed Assets	67	60	76	115	368	286	263	307	529	502
CWIP	1.09	0.58	3.20	5.80	2.76	2.28	7.49	15	14	18
Investments	0.01	70	73	2.95	43	143	44	26	5.40	10
Other Assets	517	479	621	948	830	663	916	1,067	1,518	1,326
Total Assets	585	609	773	1,071	1,244	1,095	1,230	1,415	2,067	1,856

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	53	127	85	-56	292	85	-24	175	-132	292
Cash from Investing Activity	-8.35	-73	-29	16	-85	-145	146	-84	-76	-47
Cash from Financing Activity	-45	-51	-44	31	-211	74	-126	-75	218	-251
Net Cash Flow	0.33	2.16	13	-9.41	-3.95	14	-3.09	16	10	-5.45

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	51.32%	51.30%	51.29%	51.22%	51.76%	51.76%	51.75%	51.74%	51.73%	51.73%	51.73%	49.73%
FIIs	9.33%	9.03%	8.95%	7.74%	7.49%	8.07%	7.32%	7.81%	7.44%	7.68%	7.27%	6.95%
DIIs	19.87%	20.90%	20.82%	14.72%	12.84%	12.70%	13.76%	12.26%	13.30%	12.75%	13.78%	16.05%
Public	19.48%	18.77%	18.94%	26.32%	27.91%	27.48%	27.17%	28.19%	27.54%	27.84%	27.22%	27.27%
Total Shareholders	1,14,418	1,10,816	1,11,020	1,15,246	1,28,729	1,40,875	1,42,146	1,39,125	1,40,689	1,41,217	1,37,162	1,29,330

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 21, 2025	Multiples private equity gift...	Insider - Promoter	Acquisition	388.00	0.34 Cr	8,876	0.00
Nov 21, 2025	Multiples private equity fund iv	Insider - Promoter	Acquisition	388.00	0.31 Cr	8,049	0.00
Sep 29, 2025	Multiples private equity gift...	Insider - Promoter Group	Acquisition	388.00	122.32 Cr	31,52,461	—
Sep 29, 2025	Multiples private equity fund iv	Insider - Promoter Group	Acquisition	388.00	110.91 Cr	28,58,544	—
Sep 29, 2025	Kiddy plast ltd	Insider - Promoter Group	Disposal	388.00	42.19 Cr	10,87,334	0.76
Sep 29, 2025	Piramal vibhuti investments l...	Insider - Promoter Group	Disposal	388.25	301.00 Cr	77,52,742	5.45
Sep 26, 2025	Piramal vibhuti investments l...	Bulk	Sell	388.25	301.00 Cr	77,52,742	5.45
Sep 26, 2025	Multiples private equity gift...	Bulk	Buy	388.00	122.32 Cr	31,52,461	2.21
Sep 26, 2025	Multiples private equity fund iv	Bulk	Buy	388.00	110.91 Cr	28,58,544	2.01
Sep 26, 2025	Samvibhag securities private ...	Bulk	Buy	388.00	85.85 Cr	22,12,517	1.55

Projection

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RESPONIND	195.00	5,214 Cr	25.53	3.54	0.05	13.89	14.26	10.99
KINGFA	3815.10	5,170 Cr	32.84	3.99	0.00	12.16	16.66	9.08
VIPIND	353.25	5,019 Cr	—	10.82	0.00	-42.26	-11.21	-11.38
JISLJALEQS	41.32	3,000 Cr	49.72	0.51	0.00	1.01	5.42	0.44
PRINCEPIPE	250.40	2,772 Cr	119.40	1.74	0.20	1.46	2.58	1.04
JAICORPLTD	130.60	2,299 Cr	13.76	1.58	0.38	11.44	12.75	10.99
STUDDS	555.55	2,186 Cr	31.35	4.86	0.45	24.59	32.76	11.75

Overview

Detailed Summary

VIP Industries Limited is a leading manufacturer and supplier of luggage, backpacks, and handbags, catering to value, mid-range, and premium segments through brands like Aristocrat, VIP, and Carlton.

The company's large-scale operations utilize modern technology with manufacturing units in India and Bangladesh, offering wide distribution through 5,883 points of sale.

Recent challenges include competitive pricing pressure from new entrants in the e-commerce space, impacting volume and primary sales significantly this quarter.

VIP Industries is adopting strategic measures to address market share challenges, including brand revitalization and new product introductions, like the Smart Bag Tag.

Despite volume and revenue de-growth, the company maintained a 10% adjusted EBITDA by focusing on cost-control and efficiency in its Bangladesh operations.

Sector

Plastic products

Industry

Moulded Luggage

Market Cap

5,019 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

67.5

PEG Ratio

—

P/B Ratio

10.8

52W High

496.75

52W Low

248.55

Sales CAGR

-2.96%

19.95%

4.88%

10Y

6.47%

Profit CAGR

-226.69%

—

10Y

—

ROE

TTM

-42.26%

7.12%

3.56%

10Y

11.81%

ROCE

TTM

-11.21%

12.66%

8.69%

10Y

17.12%