VMS Industries Ltd

VMS

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Market Cap

₹ 67 Cr

P/E

10.43

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

VMS Industries Ltd primarily engages in ship recycling and offshore business activities, certified for environmental and safety standards.

Originally established as Varun Management Services, it transitioned to ship recycling in 2009, purchasing 10 ships to start operations.

The company holds various charter agreements with Gujarat Maritime Board for tug and speed boat services, reflecting its offshore capabilities.

VMS Industries went public in 2011, listing on the BSE, indicating its growth trajectory from a local to publicly listed entity.

Sector

Ship Building

Industry

Ship - Breaking / Repairing

Market Cap

67 Cr

Volatility

High Risk

P/E Ratio

10.4

Industry P/E

45.6

PEG Ratio

0.1

P/B Ratio

0.7

52W High

50.11

52W Low

22.07

Sales CAGR

129.17%

22.33%

10.34%

10Y

11.62%

Profit CAGR

35.33%

84.86%

41.30%

10Y

24.42%

ROE

TTM

6.59%

7.17%

5.43%

10Y

4.09%

ROCE

TTM

8.09%

11.74%

9.95%

10Y

8.07%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GRSE	2289.50	26,920 Cr	43.67	11.73	0.59	26.85	36.26	5.61
SWANDEF	1322.65	6,968 Cr	—	28.45	0.00	-51.60	-4.09	-4.34
KMEW	3693.20	4,374 Cr	88.71	8.58	0.00	20.56	19.05	11.36
LAXMIPATI	349.95	201 Cr	30.97	23.48	0.00	81.10	38.74	11.95
VMS	27.50	67 Cr	10.43	0.69	0.00	6.59	8.09	3.61
HRYNSHP	105.55	65 Cr	17.08	0.43	0.00	2.54	4.39	2.26
GARWAMAR	28.49	16 Cr	51.98	1.00	0.00	1.94	1.68	1.81

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
Sales	30	31	13	62	59	47	87	80	36	60
Expenses	29	30	14	60	59	46	85	80	35	59
Operating Profit	0.11	0.80	-0.71	1.35	0.16	0.60	2.08	0.18	0.98	0.83
OPM %	0.39	2.62	-5.53	2.18	0.27	1.29	2.39	0.22	2.71	1.39
Other Income	1.02	1.02	0.78	1.32	0.78	0.56	0.10	0.83	0.77	0.63
Interest	0.50	0.81	0.00	1.31	0.21	0.30	0.41	0.52	1.07	0.63
Depreciation	0.03	0.32	0.00	0.24	0.15	0.11	0.16	0.14	0.12	0.12
Profit Before Tax	0.61	0.68	0.06	1.12	0.57	0.75	1.61	0.35	0.56	0.72
Tax %	48.32	34.49	39.90	23.82	32.36	24.00	34.86	15.58	26.79	13.89
Net Profit	0.32	0.45	0.04	0.85	0.39	0.57	1.05	0.30	0.40	0.62
EPS in Rs	0.13	0.18	0.01	0.30	0.15	0.24	0.43	0.11	0.16	0.26

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
Sales	127	116	82	107	122	135	309	263
Expenses	128	116	83	103	116	133	306	259
Operating Profit	-0.37	0.60	-0.23	4.33	6.18	1.58	3.59	4.07
OPM %	-0.29	0.51	-0.28	4.03	5.07	1.17	1.16	1.55
Other Income	3.86	3.44	3.70	4.24	4.03	4.15	2.26	2.33
Interest	0.82	1.54	1.68	1.33	0.82	2.63	1.63	2.63
Depreciation	0.95	0.67	0.72	0.35	0.43	0.60	0.60	0.54
Profit Before Tax	1.47	1.54	0.87	1.40	1.75	2.48	3.15	3.24
Tax %	23.29	29.79	37.23	31.86	42.30	32.65	28.25	27.03
Net Profit	1.13	1.08	0.55	0.95	1.01	1.67	2.26	2.37
EPS in Rs	—	—	—	0.39	0.41	0.63	0.94	0.96
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Equity Capital	16	16	16	16	16	16	16
Reserves	34	35	35	36	36	37	39
Borrowings	36	60	4.06	11	5.76	19	27
Other Liabilities	4.67	1.68	5.67	29	78	49	81
Total Liabilities	91	113	61	92	136	122	163
Fixed Assets	10	8.61	8.03	8.49	8.21	12	11
CWIP	0.00	1.96	3.34	3.76	3.85	0.09	0.00
Investments	3.65	2.62	4.19	4.10	5.33	10	3.10
Other Assets	77	100	46	75	119	99	149
Total Assets	91	113	61	92	136	122	163

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Cash from Operating Activity	35	-4.61	28	-19	-19
Cash from Investing Activity	-2.43	-2.86	2.55	-1.18	9.37
Cash from Financing Activity	-56	5.45	-6.50	11	6.71
Net Cash Flow	-24	-2.03	24	-9.93	-2.93

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	May 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	56.61%	56.61%	56.61%	56.61%	56.61%	38.10%	38.10%	38.10%	38.10%	38.10%	38.10%	38.10%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.00%	0.40%	0.39%	0.39%	0.39%	0.39%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	0.10%	0.20%
Public	43.39%	43.39%	43.39%	43.39%	43.39%	61.49%	61.90%	61.50%	61.50%	60.99%	61.40%	61.30%
Total Shareholders	2,320	2,372	3,717	3,466	3,999	5,536	7,678	21,626	21,556	21,451	22,643	22,960

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 03, 2025	Manojkumar jain	Insider - Promoter & Director	Revoke	10.00	0.50 Cr	5,00,000	2.04
May 08, 2025	Taradevi ratanlal bafna	Bulk	Sell	23.27	0.30 Cr	1,29,511	0.52
Jan 17, 2025	Chanakya opportunities fund i	Bulk	Buy	38.48	0.48 Cr	1,25,000	0.51
Jul 31, 2024	Yuga stocks and commodities p...	Bulk	Buy	66.90	0.00 Cr	247	0.00
Jul 31, 2024	Yuga stocks and commodities p...	Bulk	Sell	66.12	1.32 Cr	2,00,247	0.81
Jul 30, 2024	Jai vinayak securities	Bulk	Sell	68.18	0.83 Cr	1,21,832	0.49
Jul 30, 2024	Jai vinayak securities	Bulk	Buy	68.38	0.90 Cr	1,31,231	0.53
Jul 30, 2024	Rajendra kanoongo	Bulk	Sell	71.13	1.07 Cr	1,50,000	0.61
Jul 30, 2024	Yuga stocks and commodities p...	Bulk	Buy	71.97	1.44 Cr	2,00,000	0.81
Jul 25, 2024	Vaxfab enterprises limited	Bulk	Sell	47.09	0.54 Cr	1,14,423	0.46

Projection

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
Sales	30	31	13	62	59	47	87	80	36	60
Expenses	29	30	14	60	59	46	85	80	35	59
Operating Profit	0.11	0.80	-0.71	1.35	0.16	0.60	2.08	0.18	0.98	0.83
OPM %	0.39	2.62	-5.53	2.18	0.27	1.29	2.39	0.22	2.71	1.39
Other Income	1.02	1.02	0.78	1.32	0.78	0.56	0.10	0.83	0.77	0.63
Interest	0.50	0.81	0.00	1.31	0.21	0.30	0.41	0.52	1.07	0.63
Depreciation	0.03	0.32	0.00	0.24	0.15	0.11	0.16	0.14	0.12	0.12
Profit Before Tax	0.61	0.68	0.06	1.12	0.57	0.75	1.61	0.35	0.56	0.72
Tax %	48.32	34.49	39.90	23.82	32.36	24.00	34.86	15.58	26.79	13.89
Net Profit	0.32	0.45	0.04	0.85	0.39	0.57	1.05	0.30	0.40	0.62
EPS in Rs	0.13	0.18	0.01	0.30	0.15	0.24	0.43	0.11	0.16	0.26

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
Sales	127	116	82	107	122	135	309	263
Expenses	128	116	83	103	116	133	306	259
Operating Profit	-0.37	0.60	-0.23	4.33	6.18	1.58	3.59	4.07
OPM %	-0.29	0.51	-0.28	4.03	5.07	1.17	1.16	1.55
Other Income	3.86	3.44	3.70	4.24	4.03	4.15	2.26	2.33
Interest	0.82	1.54	1.68	1.33	0.82	2.63	1.63	2.63
Depreciation	0.95	0.67	0.72	0.35	0.43	0.60	0.60	0.54
Profit Before Tax	1.47	1.54	0.87	1.40	1.75	2.48	3.15	3.24
Tax %	23.29	29.79	37.23	31.86	42.30	32.65	28.25	27.03
Net Profit	1.13	1.08	0.55	0.95	1.01	1.67	2.26	2.37
EPS in Rs	—	—	—	0.39	0.41	0.63	0.94	0.96
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Equity Capital	16	16	16	16	16	16	16
Reserves	34	35	35	36	36	37	39
Borrowings	36	60	4.06	11	5.76	19	27
Other Liabilities	4.67	1.68	5.67	29	78	49	81
Total Liabilities	91	113	61	92	136	122	163
Fixed Assets	10	8.61	8.03	8.49	8.21	12	11
CWIP	0.00	1.96	3.34	3.76	3.85	0.09	0.00
Investments	3.65	2.62	4.19	4.10	5.33	10	3.10
Other Assets	77	100	46	75	119	99	149
Total Assets	91	113	61	92	136	122	163

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Cash from Operating Activity	35	-4.61	28	-19	-19
Cash from Investing Activity	-2.43	-2.86	2.55	-1.18	9.37
Cash from Financing Activity	-56	5.45	-6.50	11	6.71
Net Cash Flow	-24	-2.03	24	-9.93	-2.93

Overview

Detailed Summary

VMS Industries Ltd primarily engages in ship recycling and offshore business activities, certified for environmental and safety standards.

Originally established as Varun Management Services, it transitioned to ship recycling in 2009, purchasing 10 ships to start operations.

The company holds various charter agreements with Gujarat Maritime Board for tug and speed boat services, reflecting its offshore capabilities.

VMS Industries went public in 2011, listing on the BSE, indicating its growth trajectory from a local to publicly listed entity.

Sector

Ship Building

Industry

Ship - Breaking / Repairing

Market Cap

67 Cr

Volatility

High Risk

P/E Ratio

10.4

Industry P/E

45.6

PEG Ratio

0.1

P/B Ratio

0.7

52W High

50.11

52W Low

22.07

Sales CAGR

129.17%

22.33%

10.34%

10Y

11.62%

Profit CAGR

35.33%

84.86%

41.30%

10Y

24.42%

ROE

TTM

6.59%

7.17%

5.43%

10Y

4.09%

ROCE

TTM

8.09%

11.74%

9.95%

10Y

8.07%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GRSE	2289.50	26,920 Cr	43.67	11.73	0.59	26.85	36.26	5.61
SWANDEF	1322.65	6,968 Cr	—	28.45	0.00	-51.60	-4.09	-4.34
KMEW	3693.20	4,374 Cr	88.71	8.58	0.00	20.56	19.05	11.36
LAXMIPATI	349.95	201 Cr	30.97	23.48	0.00	81.10	38.74	11.95
VMS	27.50	67 Cr	10.43	0.69	0.00	6.59	8.09	3.61
HRYNSHP	105.55	65 Cr	17.08	0.43	0.00	2.54	4.39	2.26
GARWAMAR	28.49	16 Cr	51.98	1.00	0.00	1.94	1.68	1.81