Vipul Limited (VIPULLTD) AI Stock Analysis

• Market Cap: ₹1.55B
• Dividend Yield: N/A
• Average Volume (3M): 55.81K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.12
• Revenue Growth: -81.06%
• EPS Growth: -108.05%
• Country: IN
• Employees: 64
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 0.51
• 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: ₹11.50 ▼(-0.26% Downside)

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

Improved cash generation

Operating and free cash flow turning positive indicates the company can fund operations and reduce reliance on external financing. Over a 2-6 month horizon this structural improvement supports project completion, working capital stabilization and modest deleveraging, improving resilience in cyclical real estate markets.

Reduced financial leverage

An improved debt-to-equity ratio (~0.22) materially lowers leverage, reducing interest burden and refinancing risk. This enhances balance-sheet flexibility to fund ongoing projects or pursue JV opportunities, making the company better positioned to weather real estate cycles and capital-intensive project timelines.

Diversified real-estate revenue streams

Operating across residential, commercial (office/retail) and related services provides multiple monetization channels and phased recognition. Structurally, diversification reduces concentration risk, supports more stable cash flows across cycles, and enables cross-selling and mixed-use project economics over the medium term.

Negative Factors

Severe revenue contraction

A steep revenue decline (reported ~-81% growth) signals material loss of sales and project monetization. Persistently lower top-line scale undermines fixed-cost absorption, weakens backlog conversion, and limits the company's ability to restore stable earnings and fund new projects without external capital over the medium term.

Negative profitability and deteriorating margins

Deteriorating gross margins and negative net margins indicate structural operational inefficiency or pricing pressure. Sustained margin weakness constrains free cash generation, curtails reinvestment capacity, and undermines returns on equity, making recovery and value creation harder without clear cost or revenue fixes.

Reliance on non-operating cash sources

A high operating-cash-to-net-income ratio driven by negative net income implies cash is supplemented by non-operating items (asset sales, financing). This reliance is volatile and not a sustainable funding base for project cycles, risking delays in completions and constraining strategic capital allocation over 2-6 months.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Neutral
• Last Price: 11.53
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VIPULLTD, the sentiment is Neutral. The current price of 11.53 is below the 20-day moving average (MA) of 11.78, above the 50-day MA of 10.72, and above the 200-day MA of 10.45, indicating a neutral trend. The MACD of 0.14 indicates Positive momentum. The RSI at 43.10 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	₹1.44B	10.83	―	1.00%	―	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
RUCHINFRA	60 Neutral	₹1.41B	14.29	―	―	-3.62%	459.63%
LANCORHOL	56 Neutral	₹2.02B	-45.35	―	0.80%	4.65%	-137.16%
VIPULLTD	50 Neutral	₹1.55B	-6.11	―	―	-81.06%	-108.05%
PRAENG	48 Neutral	₹1.60B	-5.98	―	―	-35.09%	34.18%
HDIL	44 Neutral	₹1.13B	―	―	―	―	―