V.I.P.INDUSTRIES LTD. (VIPIND) AI Stock Analysis

• Market Cap: ₹55.14B
• Dividend Yield: N/A
• Average Volume (3M): 26.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• Revenue Growth: -12.59%
• EPS Growth: -328.41%
• Country: IN
• Employees: 7,515
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): -10.25
• Shares Outstanding: 142,051,440
• 10 Day Avg. Volume: 47,082
• 30 Day Avg. Volume: 26,331
• PEG Ratio: 0.26
• Price to Book (P/B): 6.48
• Price to Sales (P/S): 1.85
• P/FCF Ratio: 16.04
• 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: 54 Neutral
• Price Target: ₹416.00 ▼(-2.61% Downside)

The score is mainly held back by inconsistent profitability (net loss and volatile results) and a weak valuation signal from negative earnings. Technicals are moderately supportive with price above key moving averages, but momentum indicators (negative MACD and high RSI) reduce confidence. Improved 2025 free cash flow provides a partial offset.

Positive Factors

Gross Margin Strength

A robust gross margin indicates effective cost management and pricing power, supporting long-term profitability despite revenue volatility.

Positive Free Cash Flow

Achieving positive free cash flow enhances financial flexibility and supports reinvestment in growth opportunities, crucial for long-term stability.

Brand Strength

A strong brand presence fosters customer loyalty and repeat purchases, providing a competitive edge and supporting sustained revenue streams.

Negative Factors

Negative Net Margin

A negative net margin indicates challenges in managing expenses and financial costs, which can hinder profitability and long-term financial health.

Revenue Decline

Inconsistent revenue growth reflects market challenges and can affect the company's ability to plan and invest for the future, impacting long-term prospects.

Moderate Financial Leverage

Moderate leverage indicates reliance on debt, which can limit financial flexibility and increase risk, especially if revenue volatility persists.

V.I.P.INDUSTRIES LTD. Business Overview & Revenue Model

Company Description

V.I.P. Industries Limited manufactures and sells luggage, bags, and accessories in India. It offers hard and soft luggage, including handbags, printed polycarbonate luggage products, soft uprights, vanity cases, hard suitcases, briefcases, trolleys, rucksacks, backpacks, duffel-bags, laptop bags, and school bags. The company provides its products primarily under the VIP, Caprese, Carlton, Skybags, Alfa, Footloose, and Aristocrat brands. It also exports its products to approximately 45 countries. V.I.P. Industries Limited was incorporated in 1968 and is based in Mumbai, India.

How the Company Makes Money

V.I.P. INDUSTRIES LTD. generates revenue through multiple streams, primarily by manufacturing and selling a diverse array of luggage products and travel accessories. The company operates through both B2B and B2C channels, selling directly to consumers via retail outlets and e-commerce platforms, as well as to wholesalers and distributors. Key revenue streams include retail sales from branded stores and online platforms, as well as partnerships with various international retailers and travel companies. Additionally, VIPIND benefits from seasonal sales trends, particularly during holiday travel periods, and has established a strong brand presence that helps drive customer loyalty and repeat purchases.

V.I.P.INDUSTRIES LTD. Financial Statement Overview

Summary

V.I.P. INDUSTRIES LTD. faces challenges with inconsistent revenue growth and profitability. While the gross profit margin remains strong, the net profit margin's volatility highlights cost management issues. The balance sheet shows a moderate reliance on debt, with room for improving equity funding. Cash flow improvements in 2025 are encouraging, but stability is needed for long-term financial health. Overall, the company needs to focus on enhancing profitability and managing financial leverage.

Income Statement

The income statement shows volatility in revenue and profitability. Despite a recent decline in revenue, the company had a strong gross profit margin of 45.61% in 2025, indicating good control over cost of goods sold. However, net profit margin turned negative at -3.16% in 2025, reflecting challenges in managing expenses and financial costs. The revenue growth has been inconsistent, with periods of growth and decline over the years.

Balance Sheet

The balance sheet exhibits moderate financial leverage with a debt-to-equity ratio of 1.22 in 2025, suggesting a reliance on debt financing. The equity ratio is 33.20%, indicating a reasonable proportion of assets funded by equity. However, declining stockholders' equity and fluctuating total assets suggest some financial instability.

Cash Flow

Cash flow analysis reveals fluctuating free cash flow, with a significant improvement in 2025 to positive free cash flow after previous negative figures. Operating cash flow to net income ratio is negative due to a net loss, but the positive operating cash flow indicates some operational strength. The company needs to stabilize its free cash flow generation to ensure financial health.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	21.01B	21.65B	22.38B	20.82B	12.87B	6.17B
Gross Profit	8.76B	9.94B	11.26B	10.64B	6.10B	2.40B
EBITDA	808.70M	822.90M	2.22B	3.01B	1.82B	-171.20M
Net Income	-859.30M	-687.90M	543.00M	1.52B	669.30M	-974.90M
Balance Sheet
Total Assets	0.00	18.56B	20.67B	14.15B	12.30B	10.95B
Cash, Cash Equivalents and Short-Term Investments	481.10M	481.10M	445.50M	556.10M	579.80M	2.27B
Total Debt	0.00	7.51B	8.71B	3.52B	2.98B	3.53B
Total Liabilities	-6.16B	12.40B	13.89B	7.74B	6.71B	5.78B
Stockholders Equity	6.16B	6.16B	6.78B	6.42B	5.60B	5.17B
Cash Flow
Free Cash Flow	0.00	2.49B	-2.32B	679.50M	-601.40M	79.20M
Operating Cash Flow	0.00	2.92B	-1.32B	1.75B	-236.80M	170.40M
Investing Cash Flow	0.00	-465.70M	-759.90M	-844.70M	1.46B	-755.70M
Financing Cash Flow	0.00	-2.51B	2.18B	-745.70M	-1.26B	735.30M

V.I.P.INDUSTRIES LTD. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 427.15
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VIPIND, the sentiment is Positive. The current price of 427.15 is above the 20-day moving average (MA) of 374.41, above the 50-day MA of 376.79, and above the 200-day MA of 389.01, indicating a neutral trend. The MACD of 4.16 indicates Negative momentum. The RSI at 57.05 is Neutral, neither overbought nor oversold. The STOCH value of 60.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:VIPIND.

V.I.P.INDUSTRIES LTD. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARVIND	73 Outperform	₹77.59B	18.86	―	1.18%	8.84%	41.74%
SAFARI	71 Outperform	₹103.36B	62.11	―	0.22%	15.87%	2.76%
VMART	64 Neutral	₹51.60B	44.80	―	―	16.45%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
VIPIND	54 Neutral	₹55.14B	-28.13	―	―	-12.59%	-328.41%
ABFRL	48 Neutral	₹90.61B	-16.43	―	―	-32.83%	31.19%
ALOKINDS	40 Underperform	₹78.70B	-11.55	―	―	-20.02%	25.52%

V.I.P.INDUSTRIES LTD. Corporate Events

V.I.P. Industries Grants 1.2 Lakh Stock Appreciation Rights Under 2018 Plan

V.I.P. Industries has approved the grant of 120,000 Employee Stock Appreciation Rights (ESARs) to an eligible employee under its VIP Employees Stock Appreciation Rights Plan 2018, as cleared by the Nomination and Remuneration Committee via circular resolution on 22 December 2025. The ESARs, issued at a price of Rs 388 per share and compliant with SEBI’s share-based employee benefits regulations, cover up to 1,706,587 equity shares in total, with vested rights exercisable within five years of vesting; this move underscores the company’s continued reliance on equity-linked incentives to align employee interests with shareholder value and support long-term retention of key personnel.

V.I.P. Industries Ensures Compliance with SEBI Regulations

V.I.P. Industries Limited has informed the stock exchanges about the submission of a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This certificate, provided by the company’s Registrar and Share Transfer Agent, MUFG Intime India Private Limited, pertains to the quarter ending on September 30, 2025. The announcement ensures compliance with regulatory requirements and informs investors of the company’s adherence to SEBI regulations.