Vapi Enterprise Ltd

VAPIENTER

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Market Cap

₹ 28 Cr

P/E

18.06

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Vapi Enterprise Limited, initially incorporated as Vapi Paper Mills Limited, specializes in lease rental and job work services, having originally been in paper manufacturing.

The company has a historical background in manufacturing paper products for packaging, including products like corrugated boxes and textile tubes.

Vapi Enterprise expanded into yarn processing in the mid-1980s, establishing the 'Viptex' brand, but ceased operations due to market challenges.

It has amalgamated with Atlas Paper Mills Pvt Ltd, offering significant share benefits to Atlas shareholders.

Key clients include industrial giants like Hindustan Lever, Godrej & Boyce, indicating a strong market presence.

Sector

Paper

Industry

Paper - Medium / Small

Market Cap

28 Cr

Volatility

Low Risk

P/E Ratio

18.1

Industry P/E

16.5

PEG Ratio

0.2

P/B Ratio

0.8

52W High

151.40

52W Low

95.00

Sales CAGR

—

10Y

—

Profit CAGR

59.04%

72.76%

20.69%

10Y

16.51%

ROE

TTM

4.20%

39.32%

44.29%

10Y

67.80%

ROCE

TTM

5.34%

49.52%

47.42%

10Y

42.44%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KAYPOWR	12.70	44 Cr	39.69	0.57	0.00	0.00	0.00	—
ABRIL	44.20	35 Cr	—	1.47	0.00	6.99	8.81	5.78
SPINAROO	40.50	28 Cr	19.66	1.61	0.00	7.56	9.50	4.66
SANPA	215.95	28 Cr	16.60	0.63	0.00	3.75	6.39	1.69
ASTRON	6.08	28 Cr	—	0.35	0.00	-60.63	-16.09	-23.78
VAPIENTER	121.00	28 Cr	18.06	0.76	0.00	4.20	5.34	4.06
SHKARTP	7.45	14 Cr	745.00	4.74	0.00	0.71	2.18	0.25

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	0.61	0.54	0.41	0.53	0.50	0.51	0.57	0.60	0.62	0.60
Expenses	0.16	0.17	0.13	0.21	0.11	0.14	0.08	0.10	0.10	0.13
Operating Profit	0.45	0.37	0.28	0.32	0.39	0.37	0.49	0.50	0.52	0.47
OPM %	73.77	68.52	68.29	60.38	78.00	72.55	85.96	83.33	83.87	78.33
Other Income	0.03	-0.19	-0.01	0.00	0.00	-0.01	0.00	0.00	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	0.48	0.18	0.27	0.31	0.40	0.36	0.49	0.50	0.52	0.47
Tax %	27.08	50.00	33.33	32.26	30.00	27.78	14.29	28.00	23.08	23.40
Net Profit	0.35	0.09	0.18	0.21	0.28	0.26	0.42	0.36	0.40	0.35
EPS in Rs	1.54	0.39	0.78	0.93	1.22	1.14	1.84	1.56	1.74	1.55

Standalone Profit Loss (in ₹ Crores)

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	2.15	2.47	2.11	2.50	2.31	1.43	1.43	0.00	0.00	2.30
Expenses	2.51	2.61	2.60	2.48	2.30	1.96	1.68	0.67	0.41	0.42
Operating Profit	-0.36	-0.14	-0.50	0.02	0.00	-0.53	-0.25	-0.67	-0.41	1.88
OPM %	-16.58	-5.55	-23.51	0.75	0.13	-37.49	-17.78	—	—	81.74
Other Income	0.82	0.63	0.72	0.64	0.54	1.09	49	1.92	2.17	NaN
Interest	0.07	0.04	0.04	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.25	0.23	0.21	0.13	0.19	0.17	0.13	0.00	0.01	0.00
Profit Before Tax	0.13	0.22	-0.03	0.51	0.36	0.38	49	1.24	1.75	1.87
Tax %	0.00	0.00	0.00	0.00	14.25	33.15	21.43	33.02	24.73	22.99
Net Profit	0.13	0.22	-0.03	0.51	0.31	0.26	38	0.83	1.32	1.44
EPS in Rs	0.59	1.53	0.16	2.25	1.37	1.11	168.71	3.64	5.76	6.69
Dividend Payout %	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28
Reserves	-8.72	-8.59	-8.37	-8.39	-7.88	-7.57	-7.31	31	32	33
Borrowings	8.08	8.01	7.92	7.80	7.73	7.51	7.29	0.47	0.47	0.47
Other Liabilities	2.29	1.97	2.11	1.57	1.36	1.20	21	13	0.65	0.64
Total Liabilities	3.93	3.68	3.95	3.27	3.49	3.42	24	47	35	37
Fixed Assets	2.53	2.36	2.18	1.98	1.98	1.80	1.76	1.21	0.01	0.01
CWIP	0.00	0.00	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01
Other Assets	1.38	1.30	1.75	1.19	1.50	1.61	22	45	35	37
Total Assets	3.93	3.68	3.95	3.27	3.49	3.42	24	47	35	37

Standalone Cash Flows (in ₹ Crores)

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	0.29	0.70	0.29	0.04	0.40	0.44	0.04	7.81	8.89	-1.03
Cash from Investing Activity	-0.20	-0.03	-0.04	-0.06	-0.04	0.01	0.23	31	2.80	2.18
Cash from Financing Activity	-0.09	-0.54	-0.13	-0.15	-0.09	-0.22	-0.22	-6.82	-12	-0.02
Net Cash Flow	-0.00	0.13	0.11	-0.17	0.28	0.24	0.05	32	-0.19	1.14

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	38.79%	38.79%	38.79%	38.79%	38.79%	38.79%	38.79%	38.79%	38.79%	38.79%	38.79%	38.79%
FIIs	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%
Public	61.20%	61.20%	61.20%	61.20%	61.20%	61.20%	61.20%	61.20%	61.20%	61.20%	61.20%	61.20%
Total Shareholders	1,149	1,146	1,205	1,217	1,244	1,234	1,230	1,326	1,309	1,315	1,311	1,318

Projection

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Last 7 days

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Presentations

Concalls

Reports

Presentations

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Overall

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Moving Averages

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Overall

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	0.61	0.54	0.41	0.53	0.50	0.51	0.57	0.60	0.62	0.60
Expenses	0.16	0.17	0.13	0.21	0.11	0.14	0.08	0.10	0.10	0.13
Operating Profit	0.45	0.37	0.28	0.32	0.39	0.37	0.49	0.50	0.52	0.47
OPM %	73.77	68.52	68.29	60.38	78.00	72.55	85.96	83.33	83.87	78.33
Other Income	0.03	-0.19	-0.01	0.00	0.00	-0.01	0.00	0.00	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	0.48	0.18	0.27	0.31	0.40	0.36	0.49	0.50	0.52	0.47
Tax %	27.08	50.00	33.33	32.26	30.00	27.78	14.29	28.00	23.08	23.40
Net Profit	0.35	0.09	0.18	0.21	0.28	0.26	0.42	0.36	0.40	0.35
EPS in Rs	1.54	0.39	0.78	0.93	1.22	1.14	1.84	1.56	1.74	1.55

Standalone Profit Loss (in ₹ Crores)

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	2.15	2.47	2.11	2.50	2.31	1.43	1.43	0.00	0.00	2.30
Expenses	2.51	2.61	2.60	2.48	2.30	1.96	1.68	0.67	0.41	0.42
Operating Profit	-0.36	-0.14	-0.50	0.02	0.00	-0.53	-0.25	-0.67	-0.41	1.88
OPM %	-16.58	-5.55	-23.51	0.75	0.13	-37.49	-17.78	—	—	81.74
Other Income	0.82	0.63	0.72	0.64	0.54	1.09	49	1.92	2.17	NaN
Interest	0.07	0.04	0.04	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.25	0.23	0.21	0.13	0.19	0.17	0.13	0.00	0.01	0.00
Profit Before Tax	0.13	0.22	-0.03	0.51	0.36	0.38	49	1.24	1.75	1.87
Tax %	0.00	0.00	0.00	0.00	14.25	33.15	21.43	33.02	24.73	22.99
Net Profit	0.13	0.22	-0.03	0.51	0.31	0.26	38	0.83	1.32	1.44
EPS in Rs	0.59	1.53	0.16	2.25	1.37	1.11	168.71	3.64	5.76	6.69
Dividend Payout %	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28
Reserves	-8.72	-8.59	-8.37	-8.39	-7.88	-7.57	-7.31	31	32	33
Borrowings	8.08	8.01	7.92	7.80	7.73	7.51	7.29	0.47	0.47	0.47
Other Liabilities	2.29	1.97	2.11	1.57	1.36	1.20	21	13	0.65	0.64
Total Liabilities	3.93	3.68	3.95	3.27	3.49	3.42	24	47	35	37
Fixed Assets	2.53	2.36	2.18	1.98	1.98	1.80	1.76	1.21	0.01	0.01
CWIP	0.00	0.00	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.01
Other Assets	1.38	1.30	1.75	1.19	1.50	1.61	22	45	35	37
Total Assets	3.93	3.68	3.95	3.27	3.49	3.42	24	47	35	37

Standalone Cash Flows (in ₹ Crores)

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	0.29	0.70	0.29	0.04	0.40	0.44	0.04	7.81	8.89	-1.03
Cash from Investing Activity	-0.20	-0.03	-0.04	-0.06	-0.04	0.01	0.23	31	2.80	2.18
Cash from Financing Activity	-0.09	-0.54	-0.13	-0.15	-0.09	-0.22	-0.22	-6.82	-12	-0.02
Net Cash Flow	-0.00	0.13	0.11	-0.17	0.28	0.24	0.05	32	-0.19	1.14

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KAYPOWR	12.70	44 Cr	39.69	0.57	0.00	0.00	0.00	—
ABRIL	44.20	35 Cr	—	1.47	0.00	6.99	8.81	5.78
SPINAROO	40.50	28 Cr	19.66	1.61	0.00	7.56	9.50	4.66
SANPA	215.95	28 Cr	16.60	0.63	0.00	3.75	6.39	1.69
ASTRON	6.08	28 Cr	—	0.35	0.00	-60.63	-16.09	-23.78
VAPIENTER	121.00	28 Cr	18.06	0.76	0.00	4.20	5.34	4.06
SHKARTP	7.45	14 Cr	745.00	4.74	0.00	0.71	2.18	0.25

Overview

Detailed Summary

Vapi Enterprise Limited, initially incorporated as Vapi Paper Mills Limited, specializes in lease rental and job work services, having originally been in paper manufacturing.

The company has a historical background in manufacturing paper products for packaging, including products like corrugated boxes and textile tubes.

Vapi Enterprise expanded into yarn processing in the mid-1980s, establishing the 'Viptex' brand, but ceased operations due to market challenges.

It has amalgamated with Atlas Paper Mills Pvt Ltd, offering significant share benefits to Atlas shareholders.

Key clients include industrial giants like Hindustan Lever, Godrej & Boyce, indicating a strong market presence.

Sector

Paper

Industry

Paper - Medium / Small

Market Cap

28 Cr

Volatility

Low Risk

P/E Ratio

18.1

Industry P/E

16.5

PEG Ratio

0.2

P/B Ratio

0.8

52W High

151.40

52W Low

95.00

Sales CAGR

—

10Y

—

Profit CAGR

59.04%

72.76%

20.69%

10Y

16.51%

ROE

TTM

4.20%

39.32%

44.29%

10Y

67.80%

ROCE

TTM

5.34%

49.52%

47.42%

10Y

42.44%