Vipul Limited (VIPULLTD) AI Stock Analysis

• Market Cap: ₹1.80B
• Dividend Yield: N/A
• Average Volume (3M): 55.81K
• Price to Earnings (P/E): 36.5
• Beta (1Y): 0.76
• Revenue Growth: -81.06%
• EPS Growth: -108.05%
• Country: IN
• Employees: 64
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 0.09
• Shares Outstanding: 140,959,470
• 10 Day Avg. Volume: 69,825
• 30 Day Avg. Volume: 55,811
• PEG Ratio: 0.05
• Price to Book (P/B): 0.38
• Price to Sales (P/S): 1.65
• P/FCF Ratio: 3.46
• 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: 50 Neutral
• Price Target: ₹12.50 ▲(8.41% Upside)
• Action: Reiterated Date: 12/13/25
• Date: Action: Reiterated 12/13/25

Vipul Limited's overall stock score is primarily impacted by its financial performance challenges, including declining revenue and profitability. Technical analysis shows some short-term bullish momentum, but longer-term trends remain bearish. Valuation metrics are weak, with a negative P/E ratio and no dividend yield, further impacting the stock's attractiveness.

Positive Factors

Improving Leverage

A lower debt-to-equity ratio versus the prior year indicates reduced leverage and improved balance-sheet flexibility. This durable improvement can lower interest burden, support funding for ongoing projects, and provide more headroom to withstand real-estate cycle volatility over the next several quarters.

Cash Flow Turnaround

The shift to positive operating and free cash flow reflects better cash conversion and working-capital management. Sustainable positive cash generation reduces dependence on external financing for project completions, enables deleveraging or reinvestment, and strengthens liquidity over the medium term.

Diversified Revenue Sources

Multiple monetization routes—residential and commercial sales plus leasing and ancillary income—provide structural diversification. That reduces single-project concentration risk, allows management to shift focus by segment, and supports recovery if one demand channel softens over several months.

Negative Factors

Sharp Revenue Decline

A severe drop in revenue is a durable warning sign: it erodes project cash inflows, hampers economies of scale, and limits ability to fund fixed overhead or new developments. Unless revenue stabilizes, project execution, margin recovery, and creditor confidence may remain constrained over multiple quarters.

Negative Profitability and Margins

Persistently negative operating and net margins indicate structural operational or pricing issues. This reduces retained earnings, weakens return on invested capital, and limits capacity to self-finance projects. Margin recovery will be necessary for sustainable profitability and shareholder value creation.

Reliance on Non-Operating Cash

High operating-cash-to-net-income driven by negative net income implies cash inflows may be supported by non-recurring or non-core sources. Such reliance is structurally risky because these items can reverse, leaving core operations underfunded and making medium-term project delivery and debt servicing vulnerable.

Vipul Limited Business Overview & Revenue Model

Company Description

Vipul Limited engages in real estate development and services business in India. Its project portfolio includes a range of residential, commercial, and retail projects, as well as integrated townships and lifestyle gated communities. The company was incorporated in 1991 and is headquartered in Gurugram, India.

How the Company Makes Money

Vipul Limited generates revenue through multiple channels including the sale of residential and commercial properties, rental income from its real estate holdings, and fees from engineering services provided in its infrastructure projects. The company often engages in joint ventures and partnerships with other developers and government entities, which helps to mitigate risks and expand its market reach. Additionally, Vipul Limited benefits from favorable financing arrangements and government incentives related to real estate and infrastructure development, which can enhance profitability.

Vipul Limited Financial Statement Overview

Summary

Vipul Limited faces significant financial challenges, with declining revenue and profitability impacting its income statement. The balance sheet shows moderate leverage but highlights risks with negative returns on equity. Cash flow performance has improved, yet remains reliant on non-operating activities. The company needs to address operational inefficiencies and stabilize its revenue streams to enhance financial stability and profitability.

Income Statement

Vipul Limited's income statement shows significant volatility and declining performance. The company experienced a sharp decline in revenue from 2024 to 2025, with a negative revenue growth rate of approximately -57.8%. Gross profit margin deteriorated significantly, and the net profit margin turned negative, indicating losses. EBIT and EBITDA margins are also negative, reflecting operational challenges. Overall, the income statement reflects financial instability and declining profitability.

Balance Sheet

The balance sheet of Vipul Limited highlights a moderate financial position with some concerns. The debt-to-equity ratio improved from 2024 to 2025, indicating reduced leverage, but remains relatively high at approximately 0.22. The equity ratio is moderate, reflecting a fair proportion of equity financing. However, the return on equity is negative due to net losses, indicating inefficiency in generating returns for shareholders. The balance sheet shows some stability but also highlights financial risks.

Cash Flow

Vipul Limited's cash flow statement indicates mixed performance. The company achieved a positive operating cash flow in 2025, a significant improvement from the previous year. Free cash flow also turned positive, indicating better cash management. However, the operating cash flow to net income ratio is high due to negative net income, suggesting reliance on non-operating activities for cash generation. Overall, cash flow performance shows improvement but remains dependent on external factors.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	729.12M	870.76M	2.06B	749.16M	1.38B	372.17M
Gross Profit	-98.32M	66.20M	1.03B	359.22M	-16.55M	-368.38M
EBITDA	-88.17M	-19.23M	3.08B	260.99M	-121.16M	-455.25M
Net Income	-315.00M	-282.69M	2.34B	-1.17B	-418.26M	-555.16M
Balance Sheet
Total Assets	0.00	11.90B	12.55B	14.42B	18.45B	18.89B
Cash, Cash Equivalents and Short-Term Investments	403.10M	1.61B	423.76M	255.44M	131.61M	228.52M
Total Debt	0.00	848.56M	1.88B	2.78B	6.03B	6.33B
Total Liabilities	-3.77B	8.13B	9.04B	13.24B	16.11B	16.14B
Stockholders Equity	3.77B	3.77B	3.52B	1.15B	2.31B	2.72B
Cash Flow
Free Cash Flow	0.00	415.30M	-1.14B	4.20B	172.07M	2.58B
Operating Cash Flow	0.00	429.70M	-1.12B	4.21B	172.36M	2.58B
Investing Cash Flow	0.00	116.59M	2.07B	88.13M	160.75M	159.84M
Financing Cash Flow	0.00	-767.48M	-1.38B	-3.57B	-430.02M	-2.65B

Vipul Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.53
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VIPULLTD, the sentiment is Positive. The current price of 11.53 is above the 20-day moving average (MA) of 11.23, above the 50-day MA of 11.53, and above the 200-day MA of 10.38, indicating a bullish trend. The MACD of 0.50 indicates Negative momentum. The RSI at 64.57 is Neutral, neither overbought nor oversold. The STOCH value of 73.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:VIPULLTD.

Vipul Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CORALFINAC	69 Neutral	₹1.37B	10.71	―	1.00%	―	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
RUCHINFRA	60 Neutral	₹1.37B	-78.97	―	―	-3.62%	459.63%
LANCORHOL	56 Neutral	₹1.76B	-233.07	―	0.80%	4.65%	-137.16%
VIPULLTD	50 Neutral	₹1.80B	36.46	―	―	-81.06%	-108.05%
PRAENG	48 Neutral	₹1.55B	-39.95	―	―	-35.09%	34.18%
HDIL	44 Neutral	₹1.12B	-7.38	―	―	―	―