Vipul Limited (VIPULLTD) AI Stock Analysis

• Market Cap: ₹1.70B
• 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: ₹12.00 ▲(4.08% 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

Diversified development portfolio

Vipul’s core business spans residential and commercial development, giving it multiple revenue channels (homes, office/retail, leasing). This structural diversification reduces project concentration risk and supports steadier cash conversion across segments over a 2–6 month horizon when market demand shifts between asset types.

Improved cash generation

Turning operating cash flow and free cash flow positive reflects better cash conversion and working-capital management. Durable improvement in operational cash generation enhances the company’s ability to fund project completion, service liabilities, and reduce reliance on external financing in the medium term.

Reduced leverage

An improved debt-to-equity ratio signals progress in deleveraging and greater balance-sheet resilience. Lower leverage reduces interest burden and refinancing pressure, providing structural flexibility to allocate cash toward project delivery or selective growth without materially increasing financial distress risk over the next several months.

Negative Factors

Sharp revenue decline

A pronounced revenue contraction materially weakens scale economics and places pressure on fixed-cost absorption. Sustained top-line shrinkage undermines backlog monetization and operational leverage, making it harder to restore margins and profitability within a typical 2–6 month recovery window without new sales traction or project monetization events.

Negative margins and losses

Persistently negative gross and EBITDA margins indicate structural operating issues—pricing, cost overruns, or mix shifts—that erode shareholder value. Losses reduce retained capital and limit reinvestment capacity, making margin recovery and sustainable profitability a multi-quarter challenge absent meaningful operational fixes.

Cash quality concerns

High operating-CF-to-net-income driven by negative earnings implies cash inflows may be timing-driven or supported by non-core receipts. Reliance on non-operating sources reduces predictability of funds for project execution and increases execution risk, limiting the durability of recent cash improvements over the medium term.

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 makes money mainly through real estate development and the monetization of developed properties. Key revenue streams typically include: (1) Sale of residential units (e.g., apartments/villas) where revenue is recognized based on applicable accounting standards and the stage of project completion/handovers; (2) Sale of commercial units (e.g., office/retail space) within developed projects; (3) Leasing and rental/lease-related income from any investment properties it owns and operates (if applicable for specific periods); and (4) Other real-estate–related income such as maintenance/service recoveries or project-related ancillary receipts (when present in its financials). Specific details on significant partnerships, project-wise revenue concentration, or the exact split across these streams are null.

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	651.56M	870.76M	2.06B	749.16M	1.38B	372.17M
Gross Profit	-173.96M	66.20M	1.03B	359.22M	-16.55M	-368.38M
EBITDA	-91.60M	-19.23M	3.08B	260.99M	-121.16M	-455.25M
Net Income	-254.07M	-282.69M	2.34B	-1.17B	-418.26M	-555.16M
Balance Sheet
Total Assets	11.91B	11.90B	12.55B	14.42B	18.45B	18.89B
Cash, Cash Equivalents and Short-Term Investments	1.24B	1.61B	423.76M	255.44M	131.61M	228.52M
Total Debt	804.69M	848.56M	1.88B	2.78B	6.03B	6.33B
Total Liabilities	7.78B	8.13B	9.04B	13.24B	16.11B	16.14B
Stockholders Equity	4.13B	3.77B	3.52B	1.15B	2.31B	2.72B
Cash Flow
Free Cash Flow	-420.14M	415.30M	-1.14B	4.20B	172.07M	2.58B
Operating Cash Flow	-419.54M	429.70M	-1.12B	4.21B	172.36M	2.58B
Investing Cash Flow	371.50M	116.59M	2.07B	88.13M	160.75M	159.84M
Financing Cash Flow	-51.83M	-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 11.51, below the 50-day MA of 11.59, and above the 200-day MA of 10.38, indicating a bullish trend. The MACD of 0.41 indicates Negative momentum. The RSI at 53.74 is Neutral, neither overbought nor oversold. The STOCH value of 39.98 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	₹1.29B	10.71	―	1.00%	―	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
RUCHINFRA	60 Neutral	₹1.31B	-78.97	―	―	-3.62%	459.63%
LANCORHOL	56 Neutral	₹1.51B	-233.07	―	0.80%	4.65%	-137.16%
VIPULLTD	50 Neutral	₹1.70B	36.46	―	―	-81.06%	-108.05%
PRAENG	48 Neutral	₹1.55B	-39.95	―	―	-35.09%	34.18%
HDIL	44 Neutral	₹1.07B	-7.38	―	―	―	―