Vikas Wsp Limited (VIKASWSP) AI Stock Analysis

• Market Cap: ₹214.66M
• Dividend Yield: N/A
• Average Volume (3M): 20.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.28
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 700
• Sector: Services
• Sector Strength: N/A
• Industry: Chemicals - Specialty
• EPS (TTM): -0.43
• Shares Outstanding: 204,439,600
• 10 Day Avg. Volume: 25,359
• 30 Day Avg. Volume: 20,286
• PEG Ratio: 1.39
• Price to Book (P/B): 0.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 70.53K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: ₹1.00 ▼(-17.36% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is driven primarily by very weak financial performance (near-zero revenue and sustained losses) and fragile cash generation. Technicals are neutral-to-soft with the price below longer-term moving averages and slightly negative MACD, while valuation metrics are not supportive due to negative earnings and no dividend data.

Positive Factors

Moderate leverage

Reported debt-to-equity near 0.37–0.39 indicates leverage is moderate rather than excessive. That structural headroom can help the company absorb shortfalls, negotiate financing on reasonable terms, and preserve optionality for operational recovery or selective reinvestment if revenues normalize.

Recent small positive free cash flow

After prior swings, the company recorded small positive free cash flow in recent years. Sustained positive FCF, even modest, is a durable indicator of operational cash conversion potential and reduces reliance on external financing if management can stabilize revenues and margins.

Textile manufacturing exposure

The firm operates in core yarn manufacturing supplying downstream fabric and apparel producers. This structural industry role provides persistent demand drivers tied to global textile supply chains and offers potential for recovery if industrial textile volumes rebound.

Negative Factors

Revenue collapse

Revenue falling to near-zero is a fundamental impairment of the business model: fixed costs remain, customer relationships likely deteriorated, and forecasting becomes highly uncertain. Without a durable revenue recovery, the company cannot sustainably cover operating expenses.

Sustained negative profitability

Consistent gross, operating, and net losses erode equity and limit internal capital for investment. Persistent unprofitability weakens competitive position, reduces ability to renew equipment or retain talent, and increases risk of structural decline absent turnaround actions.

Fragile and volatile cash generation

Intermittent and near-zero operating cash flow creates refinancing and liquidity risk. Volatile cash generation undermines medium-term planning, restricts capex and working-capital flexibility, and raises the likelihood of external funding needs if losses persist.

Vikas Wsp Limited Business Overview & Revenue Model

Company Description

Vikas WSP Limited manufactures and exports guar gum powder in India, the United States, Europe, and internationally. The company offers guar derivatives and polymers for the food, cosmetics, explosives, mining and minerals, oil fields, paper, pharmaceutical, textile, and tobacco industries, as well as for animal feed and wildfire control applications. Vikas WSP Limited was incorporated in 1988 and is based in Sri Ganganagar, India.

How the Company Makes Money

Vikas Wsp Limited Financial Statement Overview

Summary

Overall financial quality is weak: revenue has effectively collapsed to near-zero in 2024–2025 and profitability remains deeply negative. Cash flow is volatile and recently near-zero, while the balance sheet shows only moderate leverage but declining equity and negative returns, increasing risk without a clear turnaround.

Income Statement

Operating performance is extremely weak. Revenue has effectively collapsed to zero in the most recent annual periods (2024–2025), and profitability remains deeply negative (gross profit, operating profit, and net income are all losses). While losses are smaller than the very large loss reported in 2022, there is no clear evidence of a sustainable earnings recovery given the absence of revenue.

Balance Sheet

The balance sheet shows moderate leverage with debt-to-equity around ~0.37–0.39 in recent years, which is not excessive on its own. However, equity has been trending down from 2020 to 2025 and returns on equity are consistently negative, indicating ongoing value erosion. Debt levels are elevated versus 2020 and remain a key risk if operating losses persist.

Cash Flow

Cash generation is fragile and inconsistent. Operating cash flow is positive in some years but very small recently (near-zero in 2025), and it was negative in 2022. Free cash flow has swung from strong positive (2020) to negative (2021–2022) and then back to small positives (2023–2025), suggesting limited underlying cash-earning power and potential funding reliance if losses continue.

Breakdown	TTM	Mar 2025	Jun 2024	Sep 2022	Mar 2022	Mar 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	230.95M	2.22B
Gross Profit	-341.60M	-341.60M	-341.60M	0.00	-471.19M	-186.18M
EBITDA	-13.44M	-13.34M	-13.34M	-20.09M	-1.16B	-430.06M
Net Income	-266.20M	-266.11M	-266.19M	-327.25M	-1.64B	-1.15B
Balance Sheet
Total Assets	0.00	14.48B	14.73B	14.98B	14.98B	15.85B
Cash, Cash Equivalents and Short-Term Investments	51.66M	55.35M	55.35M	55.13M	193.00K	8.67M
Total Debt	0.00	3.07B	3.07B	3.07B	3.07B	1.06B
Total Liabilities	-7.87B	6.60B	6.59B	6.58B	6.26B	5.49B
Stockholders Equity	7.87B	7.87B	8.14B	8.40B	8.73B	10.36B
Cash Flow
Free Cash Flow	-748.00	4.00K	227.00K	742.00K	-9.46M	-1.19M
Operating Cash Flow	-748.00	4.00K	227.00K	742.00K	-9.46M	1.88M
Investing Cash Flow	0.00	0.00	0.00	0.00	985.00K	-3.08M
Financing Cash Flow	0.00	0.00	0.00	0.00	2.00B	-761.00K

Vikas Wsp Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NARMADA	70 Outperform	₹1.22B	20.06	―	―	23.65%	-41.93%
BSL	58 Neutral	₹1.25B	33.72	―	0.51%	-0.22%	-51.08%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
VIKASWSP	43 Neutral	₹214.66M	-0.68	―	―	―	―
SHANTI	39 Underperform	₹73.41M	1.54	―	―	220.47%	-47.38%