Vinyl Chemicals (I) Ltd

VINYLINDIA

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Market Cap

₹ 447 Cr

P/E

22.82

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Vinyl Chemicals (I) Limited primarily trades in Vinyl Acetate Monomer (VAM), a versatile petrochemical used in various industrial applications. The company initially manufactured VAM using imported technology but now solely focuses on trading after demerging its manufacturing unit.

Since its incorporation in 1986, the company has been linked to the Parekh Group, renowned for the Fevicol brand. This connection signifies a robust presence in the adhesive and chemical sectors.

A significant portion of Vinyl Chemicals’ product is utilized by Pidilite Industries and other sister concerns, underscoring its role in the Parekh group's supply chain.

The company's history of capacity expansions and technological collaborations highlights its commitment to scaling operations and leveraging foreign expertise.

Despite historical manufacturing capacity, the demerger in 2007-08 shifted the company's focus completely to trading VAM, altering its business trajectory.

Sector

Trading

Industry

Trading - Medium / Small

Market Cap

447 Cr

Volatility

High Risk

P/E Ratio

22.8

Industry P/E

35.9

PEG Ratio

10.2

P/B Ratio

3.7

52W High

382.15

52W Low

216.50

Sales CAGR

4.73%

-10.26%

10.92%

10Y

7.17%

Profit CAGR

2.24%

-13.80%

24.52%

10Y

12.10%

ROE

TTM

16.19%

22.37%

24.20%

10Y

21.70%

ROCE

TTM

21.94%

30.37%

32.62%

10Y

30.14%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
THIRDFIN	131.95	473 Cr	28.72	2.68	0.00	9.42	9.96	8.01
TINNATFL	107.00	470 Cr	—	3.16	0.00	-15.52	-6.19	-6.51
SEML	253.65	463 Cr	51.19	4.92	0.00	9.93	12.87	8.89
NETWORK	19.99	455 Cr	48.25	3.43	0.00	7.07	9.25	5.32
VINYLINDIA	244.00	447 Cr	22.82	3.69	2.86	16.19	21.94	9.47
KOTHARIPRO	74.41	442 Cr	9.59	0.39	0.00	4.11	4.68	3.01
PROV	1245.00	434 Cr	77.83	3.35	0.00	6.72	7.65	4.60

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	115	154	159	168	156	150	146	173	151	152
Expenses	112	150	150	160	150	144	143	163	149	149
Operating Profit	3.44	4.53	8.75	8.64	5.98	5.95	3.66	9.95	1.97	2.67
OPM %	2.98	2.93	5.50	5.13	3.84	3.96	2.50	5.76	1.30	1.76
Other Income	1.26	0.82	0.64	1.73	0.78	1.05	2.99	0.19	4.09	1.27
Interest	0.01	0.02	0.01	0.01	0.01	0.02	0.01	0.01	0.01	0.03
Depreciation	0.03	0.02	0.02	0.03	0.02	0.03	0.03	0.02	0.03	0.03
Profit Before Tax	4.66	5.31	9.36	10	6.73	6.95	6.61	10	6.02	3.88
Tax %	24.89	26.93	25.96	27.11	26.89	26.19	24.21	28.09	26.08	25.77
Net Profit	3.50	3.88	6.93	7.53	4.92	5.13	5.01	7.27	4.45	2.88
EPS in Rs	1.91	2.12	3.79	4.11	2.68	2.80	2.74	3.96	2.42	1.58

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	293	375	483	372	404	865	1,013	597	625	621
Expenses	283	361	472	366	390	821	966	572	600	599
Operating Profit	9.28	14	10	6.32	14	44	47	25	26	22
OPM %	3.17	3.80	2.17	1.70	3.45	5.13	4.61	4.25	4.08	3.47
Other Income	4.18	3.96	3.59	3.73	1.37	2.46	2.26	4.45	5.01	8.32
Interest	0.03	0.08	0.08	0.05	0.05	0.17	1.35	0.05	0.04	0.05
Depreciation	0.01	0.01	0.01	0.01	0.01	0.01	0.10	0.10	0.10	0.11
Profit Before Tax	13	18	14	9.99	15	47	48	30	30	30
Tax %	35.09	35.61	36.73	25.33	25.53	25.32	24.99	26.37	26.54	26.37
Net Profit	8.72	12	8.86	7.46	11	35	36	22	22	22
EPS in Rs	4.77	6.38	4.84	4.08	6.19	19.05	19.48	11.93	12.18	10.70
Dividend Payout %	37.89	37.74	49.69	58.97	60.58	52.60	51.44	56.68	57.52	—

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	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83
Reserves	41	46	54	57	59	66	94	111	115	125
Borrowings	0.49	0.49	0.49	0.49	0.49	0.49	0.80	0.49	0.49	0.49
Other Liabilities	80	56	115	84	94	200	65	62	188	135
Total Liabilities	123	104	171	144	156	269	162	176	305	262
Fixed Assets	0.23	0.22	0.22	0.22	0.21	0.20	0.20	0.85	0.75	0.65
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	45	39	34	2.18	47	55	78	40	57	68
Other Assets	78	66	137	141	108	214	84	135	247	193
Total Assets	123	104	171	144	156	269	162	176	305	262

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-21	51	11	17	-20	36	24
Cash from Investing Activity	34	-44	-5.85	-21	40	-14	-6.07
Cash from Financing Activity	-5.31	-5.31	-4.40	-6.88	-19	-18	-12
Net Cash Flow	7.10	2.05	0.34	-11	0.64	4.02	5.26

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	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%	50.41%
FIIs	1.64%	1.20%	0.00%	0.00%	0.00%	0.09%	0.00%	0.04%	0.01%	0.00%	0.00%	0.00%
DIIs	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Public	47.93%	48.37%	49.57%	49.56%	49.56%	49.47%	49.56%	49.53%	49.55%	49.56%	49.56%	49.56%
Total Shareholders	42,945	43,792	45,130	46,195	45,819	44,460	44,255	43,083	42,338	41,924	41,227	40,756

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Apr 11, 2023	Yuga stocks and commodities p...	Bulk	Sell	479.21	4.07 Cr	84,867	0.46
Apr 11, 2023	Yuga stocks and commodities p...	Bulk	Buy	483.43	4.59 Cr	94,867	0.51

Projection

Actions

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Announcements

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Documents

Presentations

Concalls

Reports

Presentations

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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	115	154	159	168	156	150	146	173	151	152
Expenses	112	150	150	160	150	144	143	163	149	149
Operating Profit	3.44	4.53	8.75	8.64	5.98	5.95	3.66	9.95	1.97	2.67
OPM %	2.98	2.93	5.50	5.13	3.84	3.96	2.50	5.76	1.30	1.76
Other Income	1.26	0.82	0.64	1.73	0.78	1.05	2.99	0.19	4.09	1.27
Interest	0.01	0.02	0.01	0.01	0.01	0.02	0.01	0.01	0.01	0.03
Depreciation	0.03	0.02	0.02	0.03	0.02	0.03	0.03	0.02	0.03	0.03
Profit Before Tax	4.66	5.31	9.36	10	6.73	6.95	6.61	10	6.02	3.88
Tax %	24.89	26.93	25.96	27.11	26.89	26.19	24.21	28.09	26.08	25.77
Net Profit	3.50	3.88	6.93	7.53	4.92	5.13	5.01	7.27	4.45	2.88
EPS in Rs	1.91	2.12	3.79	4.11	2.68	2.80	2.74	3.96	2.42	1.58

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	293	375	483	372	404	865	1,013	597	625	621
Expenses	283	361	472	366	390	821	966	572	600	599
Operating Profit	9.28	14	10	6.32	14	44	47	25	26	22
OPM %	3.17	3.80	2.17	1.70	3.45	5.13	4.61	4.25	4.08	3.47
Other Income	4.18	3.96	3.59	3.73	1.37	2.46	2.26	4.45	5.01	8.32
Interest	0.03	0.08	0.08	0.05	0.05	0.17	1.35	0.05	0.04	0.05
Depreciation	0.01	0.01	0.01	0.01	0.01	0.01	0.10	0.10	0.10	0.11
Profit Before Tax	13	18	14	9.99	15	47	48	30	30	30
Tax %	35.09	35.61	36.73	25.33	25.53	25.32	24.99	26.37	26.54	26.37
Net Profit	8.72	12	8.86	7.46	11	35	36	22	22	22
EPS in Rs	4.77	6.38	4.84	4.08	6.19	19.05	19.48	11.93	12.18	10.70
Dividend Payout %	37.89	37.74	49.69	58.97	60.58	52.60	51.44	56.68	57.52	—

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	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83	1.83
Reserves	41	46	54	57	59	66	94	111	115	125
Borrowings	0.49	0.49	0.49	0.49	0.49	0.49	0.80	0.49	0.49	0.49
Other Liabilities	80	56	115	84	94	200	65	62	188	135
Total Liabilities	123	104	171	144	156	269	162	176	305	262
Fixed Assets	0.23	0.22	0.22	0.22	0.21	0.20	0.20	0.85	0.75	0.65
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	45	39	34	2.18	47	55	78	40	57	68
Other Assets	78	66	137	141	108	214	84	135	247	193
Total Assets	123	104	171	144	156	269	162	176	305	262

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-21	51	11	17	-20	36	24
Cash from Investing Activity	34	-44	-5.85	-21	40	-14	-6.07
Cash from Financing Activity	-5.31	-5.31	-4.40	-6.88	-19	-18	-12
Net Cash Flow	7.10	2.05	0.34	-11	0.64	4.02	5.26

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
THIRDFIN	131.95	473 Cr	28.72	2.68	0.00	9.42	9.96	8.01
TINNATFL	107.00	470 Cr	—	3.16	0.00	-15.52	-6.19	-6.51
SEML	253.65	463 Cr	51.19	4.92	0.00	9.93	12.87	8.89
NETWORK	19.99	455 Cr	48.25	3.43	0.00	7.07	9.25	5.32
VINYLINDIA	244.00	447 Cr	22.82	3.69	2.86	16.19	21.94	9.47
KOTHARIPRO	74.41	442 Cr	9.59	0.39	0.00	4.11	4.68	3.01
PROV	1245.00	434 Cr	77.83	3.35	0.00	6.72	7.65	4.60

Overview

Detailed Summary

Since its incorporation in 1986, the company has been linked to the Parekh Group, renowned for the Fevicol brand. This connection signifies a robust presence in the adhesive and chemical sectors.

A significant portion of Vinyl Chemicals’ product is utilized by Pidilite Industries and other sister concerns, underscoring its role in the Parekh group's supply chain.

The company's history of capacity expansions and technological collaborations highlights its commitment to scaling operations and leveraging foreign expertise.

Despite historical manufacturing capacity, the demerger in 2007-08 shifted the company's focus completely to trading VAM, altering its business trajectory.

Sector

Trading

Industry

Trading - Medium / Small

Market Cap

447 Cr

Volatility

High Risk

P/E Ratio

22.8

Industry P/E

35.9

PEG Ratio

10.2

P/B Ratio

3.7

52W High

382.15

52W Low

216.50

Sales CAGR

4.73%

-10.26%

10.92%

10Y

7.17%

Profit CAGR

2.24%

-13.80%

24.52%

10Y

12.10%

ROE

TTM

16.19%

22.37%

24.20%

10Y

21.70%

ROCE

TTM

21.94%

30.37%

32.62%

10Y

30.14%