Vigor Plast India Limited (VIGOR)
VIGOR delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 89.29% of the VIGOR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 82.49%. That is close to its usual level. Turnover was only ₹31 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 23 Oct, one of 11 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 85.7% · 100.0% · 100.0% · 86.4% · 89.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vigor Plast India Limited has submitted voting results and the Scrutinizer's Report for its 12th Annual General Meeting held on September 29, 2026. Shareholders approved all agenda items with requisite majorities, including the appointment of M/s. Raichura & Co., Chartered Accountants, as Statutory Auditors. Additional approved resolutions include remuneration revisions for Managing Director Jayesh Kathiriya, Whole Time Director Rajesh Kathiriya, and three non-executive directors. The voting took place via remote e-voting and e-voting during the AGM via Microsoft Teams.
- Appointment of M/s. Raichura & Co., Chartered Accountants, as Statutory Auditors approved by shareholders
- Resolutions passed at the 12th AGM held on September 29, 2026 via video conferencing
- Approval granted for remuneration hikes to Chairman & MD and Whole Time Director
- Resolutions 6, 7, and 8 on non-executive director remuneration passed with 7,277,100 votes (100% in favour)
Vigor Plast India Limited has submitted voting results and the Scrutinizer's Report for its 12th Annual General Meeting held on September 29, 2026. Shareholders approved all agenda items with requisite majorities, including the appointment of M/s. Raichura & Co., Chartered Accountants, as Statutory Auditors. Additional approved resolutions include remuneration revisions for Managing Director Jayesh Kathiriya, Whole Time Director Rajesh Kathiriya, and three non-executive directors. The voting took place via remote e-voting and e-voting during the AGM via Microsoft Teams.
- Appointment of M/s. Raichura & Co., Chartered Accountants, as Statutory Auditors approved by shareholders
- Resolutions passed at the 12th AGM held on September 29, 2026 via video conferencing
- Approval granted for remuneration hikes to Chairman & MD and Whole Time Director
- Resolutions 6, 7, and 8 on non-executive director remuneration passed with 7,277,100 votes (100% in favour)
Vigor Plast India Limited has dispatched letters containing the web-link for its FY 2025-26 Annual Report to members whose email addresses are not registered, in compliance with SEBI LODR Regulation 36(1)(b). The company's 12th Annual General Meeting is scheduled to be held on September 29, 2026, at 04:00 PM IST via Video Conferencing. The cut-off date for e-voting eligibility is set for September 22, 2026. Remote e-voting begins on September 26, 2026, and concludes on September 28, 2026.
- 12th Annual General Meeting scheduled for September 29, 2026, at 04:00 P.M. (IST)
- Cut-off date for remote e-voting eligibility set for September 22, 2026
- Remote e-voting period runs from September 26, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST)
- Filing made pursuant to SEBI LODR Regulation 36(1)(b) for unregistered email holders
Vigor Plast India Limited has issued the notice for its 12th Annual General Meeting (AGM) scheduled for September 29, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements, the appointment of M/s. Raichura & Co. as statutory auditors for a 5-year term, and the re-appointment of retiring director Mr. Rajesh Kathiriya. The company is also seeking shareholder approval to increase the remuneration of Chairman & MD Mr. Jayesh Kathiriya and Whole Time Director Mr. Rajesh Kathiriya from ₹9,00,000 to ₹12,00,000 per annum, alongside hikes for other family-member directors.
- 12th Annual General Meeting to be held on September 29, 2026, with remote e-voting active from September 26 to September 28, 2026.
- Proposed remuneration increase for Chairman & MD Jayesh Kathiriya from ₹9,00,000 to ₹12,00,000 per annum.
- Proposed remuneration increase for Whole Time Director Rajesh Kathiriya from ₹9,00,000 to ₹12,00,000 per annum.
- Proposed remuneration increases for Premjibhai, Jashvantiben, and Nitaben Kathiriya from ₹3,81,000 to ₹10,00,000 per annum each.
- Appointment of M/s. Raichura & Co. as Statutory Auditors for a 5-year term from the 12th to the 17th AGM.
Vigor Plast India Limited held its Board meeting on September 05, 2026, and approved the recommendation to appoint M/s. Raichura & Co, Chartered Accountants, as Statutory Auditors for a term of 5 consecutive years (from the 12th AGM until the 17th AGM in 2031), replacing retiring auditors M/s. Sarvesh Gohil & Associates. The Board also approved the draft Annual Report and Directors' Report for FY 2025-26. The 12th Annual General Meeting (AGM) has been scheduled for September 29, 2026, via Video Conferencing.
- Recommended appointment of M/s. Raichura & Co as Statutory Auditors for a 5-year term ending at the 17th AGM in 2031
- Replacing retiring Statutory Auditors M/s. Sarvesh Gohil & Associates
- 12th Annual General Meeting scheduled for Tuesday, September 29, 2026 at 04:00 P.M. IST
- Approved NSDL as the e-voting agency and M/s. SCS and Co. LLP as the Scrutinizer
Financial Performance
Revenue Growth by Segment
Pipes revenue grew 24.35% YoY from INR 16.84 Cr in FY24 to INR 20.94 Cr in FY25. Fittings and Ancillary products saw a slight decline of 3.92% from INR 25.64 Cr to INR 24.64 Cr in the same period. In Q2 FY26, total revenue reached INR 16.89 Cr, a 54% YoY increase from INR 10.96 Cr.
Geographic Revenue Split
Domestic sales contribute 97.68% (INR 44.52 Cr) of revenue, while international exports account for 2.32% (INR 1.06 Cr) as of FY25. Within India, Gujarat is a key market, contributing 41.52% of revenue in FY25, up from 19.64% in FY22.
Profitability Margins
Net Profit Margin (PAT %) improved significantly from 7.07% in FY24 to 11.37% in FY25, and further expanded to 14.37% in H1 FY26. This trend is driven by a shift toward higher-margin cPVC/SWR products and reduced interest burdens.
EBITDA Margin
EBITDA Margin stood at 30.14% in H1 FY26, a significant expansion from 26.69% in FY25 and 18.23% in FY24. In Q2 FY26, the margin was 29.67%, up 505 bps YoY, reflecting improved operating leverage and cost efficiencies.
Capital Expenditure
The company invested in property, plant, and equipment, which increased from INR 15.75 Cr in FY24 to INR 27.85 Cr in FY25. A further INR 6.01 Cr was utilized for investing activities in H1 FY26, including the construction of a new 75-80 tonne warehouse in Ahmedabad.
Credit Rating & Borrowing
The company has focused on deleveraging, reducing its Debt-to-Equity ratio from 6.9x in FY23 to 1.4x in FY25. It plans to repay INR 11.39 Cr of high-interest loans, which is expected to save INR 1.10-1.15 Cr in annual interest costs.
Operational Drivers
Raw Materials
Primary raw materials include PVC, uPVC, and cPVC resins. Cost of materials consumed was INR 17.06 Cr in H1 FY26, representing approximately 60.4% of total revenue.
Import Sources
The manufacturing facility is located in Jamnagar, Gujarat, positioned near raw material sources to reduce logistics costs. Specific international import sources are not disclosed.
Capacity Expansion
Current installed capacity is 2,490 Tonnes for Pipes and 1,060 Tonnes for Fittings. The company is currently operating at below 70% utilization, allowing for immediate scalability. A new 75-80 tonne storage facility is being established in Ahmedabad to support volume growth.
Raw Material Costs
Raw material costs accounted for 60.4% of revenue in H1 FY26 (INR 17.06 Cr). The company faces threats from high raw material price fluctuations which can impact gross margins if not passed through to customers.
Manufacturing Efficiency
The company utilizes a fully automated facility in Gujarat. Current capacity utilization is under 70%, providing significant headroom for growth without major immediate capital expenditure.
Logistics & Distribution
Distribution is handled via 440 dealers/distributors across 25 states. The company aims to optimize margins by reducing commission rates through stronger engagement and higher volumes.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be achieved by increasing penetration in all Indian states, expanding the product line to include column threaded pipes and water tanks, and entering export markets like Bangladesh, Bhutan, and Africa. Margin expansion is targeted through a shift to higher-margin fittings and cPVC products, alongside reducing interest costs via debt repayment.
Products & Services
PVC, uPVC, and cPVC pipes and fittings, SWR (Soil, Waste, and Rainwater) systems, and PTMT products used in residential, commercial, agricultural, and industrial plumbing.
Brand Portfolio
VIGOR
New Products/Services
Planned launches include column threaded pipes, water tanks, garden pipes, and new variants in existing product lines to increase the current 1,500+ SKU count.
Market Expansion
Targeting deeper penetration into Tier 2 and Tier 3 cities across 25 states and expanding the distributor base beyond the current 440 partners.
Market Share & Ranking
Not disclosed; operates in a fragmented market with a total plastic pipe market size of USD 7.40 billion in 2025.
External Factors
Industry Trends
The Indian plastic pipe industry is growing at a 10-12% CAGR, driven by urbanization and a shift from metal to polymer pipes. The government aims to expand the plastics sector from INR 3 lakh Cr to INR 10 lakh Cr within 5 years.
Competitive Landscape
Faces stiff competition from both organized and unorganized players in a fragmented market with low entry barriers.
Competitive Moat
Moat is built on brand recognition ('VIGOR' brand with celebrity endorsement), a robust network of 440 distributors, and a strategic manufacturing location in Gujarat that provides a cost advantage in raw material sourcing.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending, with demand driven by programs like Jal Jeevan Mission (USD 7.88 billion budget) and PMAY.
Consumer Behavior
Increasing preference for uPVC and cPVC over traditional galvanized iron pipes due to non-corrosive properties and ease of installation in residential construction.
Geopolitical Risks
Potential trade barriers in export markets like Nepal and future target markets in Africa and South Asia.
Regulatory & Governance
Industry Regulations
Complies with multiple Indian Standards (IS) including IS 15778:2007 for cPVC and IS 13592:2013 for SWR pipes. ISO 9001:2015 certified for quality management.
Taxation Policy Impact
Effective tax rate was approximately 25% in H1 FY26 (INR 1.37 Cr tax on INR 5.42 Cr PBT). Prone to changes in GST and taxation policies affecting building materials.
Risk Analysis
Key Uncertainties
Volatility in crude oil prices directly impacts PVC resin costs, which could impact margins by an estimated 5-10% if price hikes cannot be passed to consumers.
Geographic Concentration Risk
High concentration in Gujarat, which accounts for 41.52% of total revenue as of FY25.
Third Party Dependencies
Dependent on a network of 440 dealers for 100% of sales; any disruption in dealer relationships or commission structures could impact volume growth.
Technology Obsolescence Risk
The company uses fully automated machinery (375 units) to maintain a competitive edge; failure to upgrade could lead to higher labor costs compared to peers.
Credit & Counterparty Risk
Trade receivables stood at INR 7.22 Cr in H1 FY26, up from INR 1.93 Cr in FY25, indicating a potential increase in credit extended to distributors.
