Vipul Organics Ltd (530627)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vipul Organics' revenue was ₹51.8 Cr (+37.7% year on year, -0.8% on the previous quarter), and net profit ₹2.5 Cr (+98.8% year on year); the operating margin was 9.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹51.8 | +37.7% | -0.8% |
| Operating profit | ₹5.0 | +32.0% | +4.4% |
| Net profit | ₹2.5 | +98.8% | +27.5% |
| EPS (₹) | 1.33 | +84.7% | +27.9% |
| Operating margin | 9.6% | — | — |
📢 Recent Corporate Announcements
Vipul Organics shareholders approved an alteration to the Memorandum of Association (MOA) to expand business scope into membrane products, water treatment plants (STP/ETP/CETP/ZLD), and industrial separation systems. Additionally, shareholders approved extending the ESOP exercise period from 3 months to 2 years covering 2,00,000 equity shares. Shareholders also approved the re-appointment of Managing Director Vipul P. Shah for a 5-year term from June 15, 2027, to June 14, 2032.
- MOA altered to include membrane separation technologies (UF, MF, NF, RO) and EPC of water treatment plants (STP, ETP, ZLD)
- Managing Director Vipul P. Shah re-appointed for a 5-year tenure effective June 15, 2027 to June 14, 2032
- VOL ESOS 2022 exercise period widened from maximum 3 months to 2 years post-vesting for 2,00,000 shares
- All resolutions approved via Special Resolution at the 54th AGM on September 30, 2026
Vipul Organics Limited announced that its membrane division, ADIMEM Technologies, has acquired an industrial membrane manufacturing platform from Danish firm Aquaporin via a competitive bidding process. The acquired precision casting, coating, and drying infrastructure will be relocated to ADIMEM's Sayakha facility in Gujarat. This strengthens vertical integration in advanced Reverse Osmosis (RO) and Nanofiltration (NF) membrane manufacturing, expanding beyond traditional dyes and pigments. Total acquisition consideration was not disclosed in the filing.
- Acquired production-grade membrane sheet casting, coating, and drying infrastructure from Aquaporin, Denmark
- Asset to be relocated to Vipul's greenfield/expansion site at Sayakha, Gujarat
- Strengthens capability across RO, NF, UF, MF, and MBR technologies for industrial water treatment and process separations
- Vipul Organics reported FY26 revenue of Rs 175.4 Crore (TTM revenue ~Rs 190 Cr)
- Financial deal size and capex outlay was not disclosed
Vipul Organics Ltd has issued a corrigendum regarding its prior announcement about an upcoming analyst meeting. The company clarified an inadvertent typographical error in the header date, correcting it from 31st September 2026 to 31st August 2026. All other details remain unchanged, with the analyst meeting scheduled for Monday, September 7, 2026, at 4:00 PM at its corporate office in Mumbai.
- Corrected typographical header date from '31st September, 2026' to '31st August, 2026'
- Analyst meeting confirmed for Monday, 07th September, 2026 at 4:00 P.M.
- Meeting venue remains at the Corporate Office in Andheri (East), Mumbai
Vipul Organics Limited has informed the exchanges that an Analyst Meeting is scheduled to take place on Monday, September 7, 2026, at 4:00 PM IST. The meeting will be held physically at the company's corporate office in Andheri (East), Mumbai. Meeting details and any associated presentations will be made available on the company website. This is a standard statutory disclosure under Regulation 30 of SEBI LODR Regulations.
- Analyst meeting scheduled for Monday, September 7, 2026
- Meeting time set for 4:00 PM IST
- Venue is the company's Corporate Office in Andheri (East), Mumbai
- Meeting details to be uploaded on www.vipulorganics.com
Vipul Organics Limited announced the outcome of its Board meeting held on August 31, 2026. The Board approved the Notice and Annual Report for convening the 54th Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. Additionally, September 23, 2026, has been fixed as the Record Date/Cut-off Date for dividend payment and e-voting entitlement. Remote e-voting will run from September 27 to September 29, 2026.
- 54th Annual General Meeting scheduled for Wednesday, 30th September, 2026 at 03:30 PM IST
- Record Date and Cut-off Date for dividend payment and e-voting fixed as 23rd September, 2026
- Remote e-voting window open from 27th September, 2026 (9:00 AM) to 29th September, 2026 (5:00 PM)
- Appointed Mrs. Poonam Somani (COP No. 8642) as Scrutinizer for the AGM e-voting process
Vipul Organics has commenced commercial production at its greenfield facility in Sayakha, Gujarat. The plant starts with an initial phase output of ~1,800 MT of pigments and has been designed to support over 3,600 MT of annual pigment production. In parallel, the company is consolidating pigment operations from its Tarapur (Maharashtra) site to Sayakha to streamline operations. The 24,633.11 sq. meter integrated facility also houses membrane manufacturing (AdiMem Technologies) near Dahej Port.
- Commercial production commenced at greenfield Sayakha facility in Gujarat
- Initial production starts at ~1,800 MT of pigments, with designed capacity for ~3,600 MT annually
- Pigment production from the Tarapur facility in Maharashtra is being consolidated into Sayakha
- Plant spans 24,633.11 sq. meters in GIDC PCPIR, integrating pigment and membrane operations
Vipul Organics reported a robust 99.75% YoY increase in consolidated net profit to ₹2.52 Cr for Q1 FY26-27, compared to ₹1.26 Cr in the prior year. Total revenue for the quarter grew 38.44% YoY to ₹52.18 Cr, though it declined slightly by 0.85% QoQ from ₹52.62 Cr in Q4. Profit before tax (PBT) surged 113% YoY to ₹3.44 Cr driven by cost optimization and operating leverage. Management confirmed the completion of its current capex cycle and noted that the new membrane division is progressing to provide incremental revenue.
- Consolidated revenue up 38.44% YoY to ₹52.18 Cr (₹5,217.52 Lakh) vs ₹37.69 Cr in Q1 FY25-26
- Consolidated PAT nearly doubled (+99.75% YoY) to ₹2.52 Cr vs ₹1.26 Cr in the previous year's quarter
- Consolidated PBT surged 113% YoY and 14.53% QoQ to ₹3.44 Cr
- Diluted EPS increased 54.65% YoY to ₹1.33 per share from ₹0.86 per share
- Management highlighted completion of the capex cycle and upcoming commercialization of the membrane division
Vipul Organics Limited submitted its quarterly Statement of Deviation or Variation under Regulation 32 for the quarter ended June 30, 2026. The company reported nil deviation or variation in the deployment of ₹27.54 crore raised via preferential issue allotted on December 22, 2025. Funds have been utilised in line with stated objectives, including ₹10.66 crore deployed for the manufacturing expansion project at Saykha, Gujarat, and ₹10.00 crore allocated to long-term bank debt reduction.
- Total preferential issue proceeds raised stood at ₹27,54,39,400 (allotted on December 22, 2025)
- Reported nil deviation or variation in the utilisation of funds for the quarter ended June 30, 2026
- ₹10,66,39,400 utilised towards manufacturing capacity expansion at Saykha, Gujarat
- ₹10,00,00,000 allocated towards reduction of long-term debt borrowed from banks
Vipul Organics' Board approved the re-appointment of Mr. Vipul P. Shah as Managing Director for a 5-year term from June 15, 2027 to June 14, 2032, subject to shareholder approval at the 54th AGM. The Board also proposed altering the Memorandum of Association (MoA) object clause to diversify into membrane products, water treatment plants, and environmental engineering systems. Additionally, the ESOP scheme was amended to extend the exercise window from 3 months to 2 years post-vesting across 2,00,000 shares. The company reported zero deviation in preferential issue proceeds, having utilized Rs 17.54 Cr of the Rs 27.54 Cr raised so far, with Rs 10.66 Cr deployed toward the Saykha, Gujarat project.
- Re-appointment of Managing Director Vipul P. Shah approved for a 5-year term effective June 15, 2027 to June 14, 2032.
- Proposed MoA alteration to enter membrane separation modules, water/wastewater treatment, and zero liquid discharge systems.
- VOL ESOS 2022 exercise window extended to up to 2 years from the date of vesting (covering 2,00,000 equity shares).
- Utilized Rs 17.54 Cr out of Rs 27.54 Cr preferential issue proceeds, including Rs 10.66 Cr spent on the Saykha, Gujarat manufacturing project.
Vipul Organics' Board has approved a proposal to alter its Memorandum of Association (MOA) to diversify into membrane products, water/wastewater treatment plants, and industrial separation systems, subject to AGM approval. The company reported utilization of ₹17.54 Cr out of its ₹27.54 Cr preferential issue proceeds, fully deploying ₹10.66 Cr toward the Saykha greenfield project and ₹6.88 Cr for corporate purposes. An allocation of ₹10.00 Cr earmarked for long-term debt reduction remains unutilized as of June 30, 2026. Additionally, Managing Director Vipul P. Shah was re-appointed for a five-year term starting June 2027, and the ESOP exercise period was extended from 3 months to 2 years.
- Proposed MOA expansion to enter membrane tech (UF, RO, NF, MBR) and water treatment (ETP, STP, ZLD) businesses
- Utilized ₹10.66 Cr towards the Saykha, Gujarat greenfield project from preferential issue proceeds
- Allocated ₹10.00 Cr towards long-term debt reduction, pending utilization
- Re-appointed MD Vipul P. Shah for a 5-year tenure effective June 15, 2027 to June 14, 2032
- Extended ESOS 2022 option exercise window from 3 months to 2 years post-vesting for 2,00,000 shares
Vipul Organics' Board approved an amendment to its Memorandum of Association (MOA) to diversify into membrane products, water/wastewater treatment, and industrial separation systems, subject to shareholder approval at the 54th AGM. The Board also approved the re-appointment of Managing Director Vipul P. Shah for a 5-year term from June 15, 2027 to June 14, 2032. Additionally, the company reported the utilization of ₹17.54 Cr out of ₹27.54 Cr raised via preferential issue, with ₹10.66 Cr deployed into the Sayakha manufacturing project and ₹6.88 Cr for general corporate purposes. The exercise period under the 2,00,000-share ESOS 2022 scheme was also extended from 3 months to 2 years post-vesting.
- Proposed MOA alteration to enter membrane separation (UF/MF/NF/RO) and water treatment systems, subject to AGM approval.
- Utilized ₹17.54 Cr of ₹27.54 Cr preferential issue proceeds as of June 30, 2026, including ₹10.66 Cr for the Sayakha project.
- Re-appointed MD Vipul P. Shah for a 5-year tenure from June 15, 2027 to June 14, 2032.
- Extended ESOS 2022 option exercise period from 3 months to 2 years from vesting for 2,00,000 equity shares.
Vipul Organics Ltd has scheduled a board meeting on August 14, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company achieved a revenue of ₹175 Cr and a PAT of ₹7 Cr. Investors will be monitoring the results for margin stability, as the company currently operates at a 9.8% OPM. The trading window for insiders has been closed since July 1, 2026, in compliance with SEBI regulations.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
- Trading window for designated persons closed from July 1, 2026.
- Company reported TTM revenue of ₹175 Cr and TTM PAT of ₹7 Cr as of March 2026.
- Recent quarterly revenue showed sequential growth from ₹37.6 Cr (Jun 2025) to ₹52.22 Cr (Mar 2026).
Vipul Organics Ltd has announced the resignation of Mrs. Mansi Shah from her roles as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) effective July 29, 2026. The resignation is attributed to personal pre-occupation and the pursuit of better career opportunities. The company, which operates in the specialty chemicals sector with a market cap of ₹488 Cr, confirmed there are no other material reasons for her departure. The Board has accepted the resignation and will initiate the process to appoint a successor in due course.
- Resignation of Mrs. Mansi Shah (ACS-35697) effective from the close of business hours on July 29, 2026.
- The outgoing official served as a Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013.
- Company reported a TTM revenue of ₹175 Cr and a net profit of ₹7 Cr for FY26.
- The resignation is cited as being for personal reasons and career advancement with no other material concerns reported.
Vipul Organics Ltd has announced the resignation of Mrs. Mansi Kirankumar Shah from the position of Company Secretary and Compliance Officer, effective July 29, 2026. As a Key Managerial Personnel (KMP), her departure requires the company to appoint a successor to maintain regulatory compliance and governance standards. The resignation is attributed to personal pre-occupation and the pursuit of better career opportunities, with no other material reasons cited. The company, which reported a TTM revenue of Rs 175 Cr and a PAT of Rs 7 Cr for FY26, will now initiate the process to fill this statutory role.
- Resignation of Company Secretary and Compliance Officer effective from the close of business hours on 29th July 2026.
- Mrs. Mansi Kirankumar Shah (ACS-35697) resigned to pursue better career opportunities.
- The company reported a TTM revenue of Rs 175 Cr and an operating profit margin of 9.8% for FY26.
- Promoter holding stands at 63.94% as of the March 2026 quarter.
Financial Performance
Revenue Growth by Segment
Overall revenue grew from INR 134 Cr in FY23 to over INR 160 Cr in FY25, representing a 19.4% increase over two years; segment-specific growth for dyes, pigments, and salts was not individually disclosed.
Geographic Revenue Split
66% of revenue is derived from exports across 45 nations (including Africa, America, and Latin America), while 34% comes from domestic sales.
Profitability Margins
Net cash accrual is expected at INR 10-12 Cr per annum for FY26 and FY27; interest coverage estimated at 5.5-6.0 times for FY25 compared to 5.14 times in FY24.
EBITDA Margin
Interest coverage ratio, a proxy for core profitability, improved to 5.5-6.0 times in FY25 from 5.14 times in FY24, indicating healthy debt protection despite low leverage.
Capital Expenditure
Raised INR 20.47 Cr through a rights issue in FY26 for capex and working capital; currently setting up a greenfield manufacturing facility in Sayakha, Gujarat.
Credit Rating & Borrowing
CARE assigned BBB-/Stable (Long term) and A3 (Short term) on INR 72.16 Cr facilities; CRISIL migrated ratings to BB+/Stable/A4+ from 'Issuer Not Cooperating' status.
Operational Drivers
Raw Materials
Downstream petrochemical products, which account for 65-70% of the total operating income.
Key Suppliers
Arvind Envisol (supplier for the Zero Liquid Discharge system).
Capacity Expansion
Currently operates three units in Maharashtra (Tarapur, Ambernath, and Palghar); planned greenfield expansion at Sayakha, Gujarat, to boost medium-term growth.
Raw Material Costs
Raw material costs represent 65-70% of revenue; costs are highly susceptible to crude oil price volatility due to the petrochemical nature of inputs.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Growth will be achieved through the commencement of the new greenfield project in Sayakha, Gujarat, and the utilization of INR 20.47 Cr raised via a rights issue in FY26 for expansion and working capital.
Products & Services
Pigment powder, pigment dispersion, fast colour bases, salts, and dyes catering to paint, textile, pharmaceutical, and printing ink industries.
Brand Portfolio
Vipul Organics Limited (formerly known as Vipul Dye Chem).
New Products/Services
Development of efficient membrane-related products supported by a new R&D unit.
Market Expansion
Expansion into 45 different nations across Africa, America, and Latin America to diversify revenue streams.
External Factors
Industry Trends
The industry is highly fragmented with low entry barriers; the company is positioning itself through geographic diversification and capacity expansion to counter intense competition.
Competitive Landscape
Intense competition from several organized and unorganized players due to minimal capital requirements for entry.
Competitive Moat
Moat is built on 30+ years of promoter experience and a diversified export presence in 45 countries, which provides a durable advantage against single-market downturns.
Macro Economic Sensitivity
High sensitivity to crude oil prices and global geopolitical factors affecting petrochemical supply chains.
Geopolitical Risks
Potential impacts from trade barriers, such as tariff impositions on Indian exports to the US.
Regulatory & Governance
Industry Regulations
Compliance with the Factories Act 1948 and local Shop and Establishment Acts; pollution control via ZLD systems.
Environmental Compliance
Implementation of a Zero Liquid Discharge (ZLD) system under an OEM contract with Arvind Envisol for waste water management.
Legal Contingencies
No major pending court cases or insolvency proceedings were reported during the audit period ending March 31, 2025.
Risk Analysis
Key Uncertainties
Volatility in crude oil prices impacting 65-70% of costs and a stretched working capital cycle with GCA exceeding 200 days.
Geographic Concentration Risk
66% of revenue is concentrated in export markets across 45 nations, reducing domestic market dependency.
Third Party Dependencies
Dependency on Arvind Envisol for the operation and maintenance of the critical ZLD waste management system.
Technology Obsolescence Risk
Mitigated by the establishment of a dedicated R&D unit for membrane development and efficient operations.
Credit & Counterparty Risk
High credit extension to clients is required, as reflected in debtor days of 110-120 days.
