Vipul Limited (VIPULLTD)
₹9.82 +2.83% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vipul's revenue was ₹7.7 Cr (+356.1% year on year, -81.0% on the previous quarter), and net profit ₹-0.8 Cr (a smaller loss than a year earlier); the operating margin was -246.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹7.7 | +356.1% | -81.0% |
| Operating profit | ₹-19.0 | loss widened | loss widened |
| Net profit | ₹-0.8 | loss narrowed | loss narrowed |
| EPS (₹) | -0.05 | loss narrowed | loss narrowed |
| Operating margin | -246.4% | — | — |
VIPULLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.57% of the VIPULLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.25%. That is close to its usual level. Turnover was only ₹12 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 7 sessions in about the last 20.
Delivery in the last 5 sessions: 85.0% · 71.9% · 63.8% · 72.3% · 75.6%
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
Vipul Limited approved its unaudited financial results for the quarter ended June 30, 2026. The statutory auditor issued a Qualified Conclusion citing non-compliance with Ind AS regarding amalgamation accounting, unprovided impairments on loans and advances to struck-off or liquidated entities, and unprovided interest on customer advances and borrowings under negotiation. Furthermore, the company highlighted an unrecovered arbitral award of Rs 148.70 crore from Tanamera Developments Private Limited currently under NCLT proceedings.
- Statutory auditor issued a Qualified Conclusion on Q1 FY27 results over Ind AS compliance and impairment failures
- Unrecovered arbitral award of Rs 148.70 crore pending against Tanamera Developments under NCLT dispute
- Bank guarantee of Rs 3,91,14,400 held entitled to encashment following an arbitral award against OSHB
- 35th AGM scheduled for November 12, 2026, with cut-off date fixed as November 5, 2026
Vipul Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MAS Services Limited confirms that all securities received for dematerialization between July 1, 2026, and September 30, 2026, were processed within 15 days. Security certificates received were confirmed, mutilated, and cancelled, and the depository names were updated in the register of members within the mandated timeline. This is a standard statutory filing with no impact on the company's financial or operational performance.
- Compliance certificate pertains to the quarter ended September 30, 2026
- Covers dematerialization requests received between July 1, 2026, and September 30, 2026
- Confirmation that securities were accepted/rejected and processed within 15 days of receipt
- Issued by Registrar and Share Transfer Agent MAS Services Limited on October 06, 2026
Vipul Limited has submitted copies of newspaper clippings for its standalone and consolidated audited financial results for the quarter and year ended March 31, 2026. The notices were published on October 1, 2026, in English and Hindi editions of Business Standard pursuant to SEBI Listing Regulations. This is a routine statutory disclosure following the finalization of audited annual results.
- Newspaper clippings submitted for Audited Financial Results for the Quarter and Financial Year ended March 31, 2026
- Published on Thursday, October 1, 2026
- Disclosed in Business Standard (English) and Business Standard (Hindi)
- Filed under Regulation 30 & 47 of SEBI (LODR) Regulations, 2015
Vipul Limited approved its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, alongside auditor reports featuring a modified opinion. The company reported a consolidated net loss share of Rs (2.89) lakhs from two associates for FY26. The Board recommended no dividend for FY26 and appointed new cost and internal auditors for FY27. Total annual revenue for FY26 stands at Rs 18.83 Cr compared to Rs 86.50 Cr in FY25.
- Auditors issued a modified opinion on both Standalone and Consolidated financial results for FY26
- Board decided against recommending any dividend on equity shares for FY26
- Group share of net loss from two associates stood at Rs (2.62) lakhs for Q4 and Rs (2.89) lakhs for FY26
- Appointed M/s. Vijender Sharma & Co. as Cost Auditor and M/s. Arora & Bansal as Internal Auditor for FY27
Vipul Limited approved its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, alongside auditor reports featuring a modified opinion. The company reported a consolidated net loss share of Rs (2.89) lakhs from two associates for FY26. The Board recommended no dividend for FY26 and appointed new cost and internal auditors for FY27. Total annual revenue for FY26 stands at Rs 18.83 Cr compared to Rs 86.50 Cr in FY25.
- Auditors issued a modified opinion on both Standalone and Consolidated financial results for FY26
- Board decided against recommending any dividend on equity shares for FY26
- Group share of net loss from two associates stood at Rs (2.62) lakhs for Q4 and Rs (2.89) lakhs for FY26
- Appointed M/s. Vijender Sharma & Co. as Cost Auditor and M/s. Arora & Bansal as Internal Auditor for FY27
Vipul Limited's Board of Directors has accorded in-principle approval for the merger of six wholly-owned subsidiary companies into Vipul Limited under Section 233 of the Companies Act, 2013. The Board also noted non-compliances and penalties levied by stock exchanges during the current financial year and confirmed payments made in respect thereof. Additionally, the Board noted the appointment of two Independent Directors (Dipesh Jaswantlal Shah and Sunil Kumar Gupta) and approved the re-appointment of Ajay Arjit Singh for a second 5-year term.
- In-principle approval granted for the merger of 6 wholly-owned subsidiary companies under Section 233
- Noted non-compliances and stock exchange penalties levied during the current financial year
- Noted appointments of Dipesh Jaswantlal Shah and Sunil Kumar Gupta as Independent Directors
- Approved re-appointment of Ajay Arjit Singh as Independent Director for a 5-consecutive-year second term
Vipul Limited has received approval from the Registrar of Companies (ROC), Delhi, granting a 3-month extension to hold its Annual General Meeting (AGM) for the financial year ended March 31, 2026. The AGM, originally due by September 30, 2026, can now be conducted up to December 30, 2026. The extension was sought citing ongoing legal proceedings affecting the company. The ROC has approved the delay while cautioning the company to ensure timely statutory compliance in the future.
- ROC Delhi granted a 3-month extension under Section 96(1) of the Companies Act, 2013
- AGM deadline extended from September 30, 2026, to December 30, 2026
- Extension sought citing pending legal proceedings
- Company advised by the ROC to be careful in future regarding statutory compliance
Vipul Limited has approved the relocation of its registered office within the local limits of New Delhi, effective September 10, 2026. The office has moved from Malviya Nagar (New Delhi-110017) to South Extension (New Delhi-110049) due to the expiration of the lease agreement at the prior premises. The board approved the shifting through a resolution by circulation on September 10, 2026. This administrative change falls under the existing jurisdiction of the Registrar of Companies (RoC), Delhi & Haryana, and does not alter the company's business operations or financials.
- Board approved shifting of registered office via circular resolution on 10th September 2026
- Relocation from Malviya Nagar, New Delhi-110017 to South Extension, New Delhi 110049
- Shift triggered by the expiry of the existing lease agreement
- Jurisdiction remains unchanged under RoC, Delhi & Haryana
Vipul Limited has received query letters from the Registrar of Companies (ROC), Delhi, dated August 22, 2026, and September 1, 2026. The queries concern the applicability of Corporate Social Responsibility (CSR) provisions and statutory compliance for FY 2020-21 and FY 2021-22. The company maintains that it was in full compliance under the Companies Act, 2013, and is submitting requisite records and clarifications to the ROC.
- ROC Delhi issued query letters on August 22, 2026 and September 01, 2026
- Inquiry focuses on CSR applicability and compliance for FY 2020-21 and FY 2021-22
- Company stated it is preparing and submitting supporting records to the statutory authority
Vipul Limited has requested stock exchanges to waive penalties for the non-submission/delayed filing of financial results for the quarter ended June 30, 2026, under Regulation 33 of SEBI LODR. The delay is attributed to the accounting and financial reconciliation required following an NCLT order dated April 17, 2026, which sanctioned the amalgamation of five wholly-owned subsidiaries into the company with an appointed date of April 1, 2022. The company stated it is finalizing the merged financials for the year ended March 31, 2026, after which board approval and filing of the June 2026 quarterly results will proceed.
- Delayed filing of financial results for the quarter ended June 30, 2026 under Regulation 33 of SEBI LODR
- Scheme of Amalgamation involving 5 wholly-owned subsidiaries was approved by NCLT on April 17, 2026
- Amalgamation has an Appointed Date of April 1, 2022, requiring restatement and reconciliation of merged statements
- Company has formally requested stock exchanges to waive non-compliance fines and penalties
Vipul Limited informed stock exchanges that it received a disclosure under SEBI SAST Regulation 29(1) from Algoquant Fintech Limited regarding the acquisition of company shares. However, the data submitted does not match the company's internal shareholding records. The company has sought detailed clarification and past shareholding data from Algoquant to reconcile the discrepancy before filing updated compliances.
- Disclosure received under Regulation 29(1) of SEBI (SAST) Regulations, 2011 from Algoquant Fintech Limited.
- Company noted that acquisition information does not align with internal shareholding records.
- Vipul has requested clarification regarding past shareholding and acquisition details for reconciliation.
- Reconciliation and formal regulatory compliance actions remain pending receipt of complete information.
Vipul Limited has appointed Mr. Dipesh Jasvantlal Shah and Mr. Sunil Gupta as Non-Executive Independent Directors effective June 26, 2026. Both appointments are for a five-year term, subject to shareholder approval at the next General Meeting. This board strengthening occurs while the company faces significant financial stress, including a TTM loss of ₹28 Cr and an NCLT order restraining asset sales. Mr. Gupta brings professional expertise as a Chartered Accountant and Company Secretary to the board.
- Appointment of 2 Non-Executive Independent Directors effective June 26, 2026
- Both directors appointed for a fixed term of 5 consecutive years
- Mr. Sunil Gupta is a qualified Chartered Accountant and Company Secretary
- Company is currently managing a TTM revenue of ₹63 Cr against a net loss of ₹28 Cr
- Promoter holding remains relatively low at 18.25% as of March 2026
Vipul Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially disclosed to the exchanges. This is a standard administrative procedure and does not reflect on the company's operational performance.
- Trading window closure effective from July 01, 2026.
- Closure pertains to the Unaudited Financial Results for the 1st Quarter ending June 30, 2026.
- Restriction applies to all Designated Persons and their immediate relatives.
- Window to reopen 48 hours after the results are declared.
Vipul Limited has announced the resignation of Mr. Rajeev Gupta from his position as a Non-Executive Independent Director. The resignation was effective from the close of business hours on June 4, 2026. According to the company's filing, the departure is due to personal reasons. This change in the board composition is a standard regulatory disclosure and does not indicate any operational issues.
- Mr. Rajeev Gupta (DIN: 06995293) resigned as Independent Director effective June 4, 2026.
- The resignation was attributed solely to personal reasons as per the official disclosure.
- The company filed the notification with BSE and NSE on June 5, 2026, in compliance with SEBI Regulation 30.
- No other material reasons for the resignation were provided in the annexure.
Vipul Limited has informed the stock exchanges of its inability to convene the Audit Committee and Board Meeting by the statutory deadline of May 30, 2026. The delay is primarily due to the fact that the Managing Director, CEO, and CFO, Mr. Punit Beriwala, is currently in judicial custody. This has created significant practical constraints in finalizing the financial results and related matters. The company is currently evaluating interim arrangements to ensure legal compliance and finalize the accounts at the earliest possible time.
- Failure to convene the Board Meeting for financial results by the May 30, 2026 deadline.
- MD, CEO, and CFO Punit Beriwala is currently in judicial custody, leading to leadership vacuum.
- Company unable to finalize financial statements due to the absence of the primary executive officer.
- Management is seeking interim arrangements to address governance and compliance failures.
Financial Performance
Revenue Growth by Segment
Total revenue from operations declined by 52.21% YoY, falling from INR 170.06 Cr in FY2023-24 to INR 81.27 Cr in FY2024-25. This was primarily driven by a significant decrease in sales during the year.
Profitability Margins
Operating Profit Margin fell from 81.99% to 19.97% (a 75.64% decrease) because the previous year included high-margin land sales. Net Profit Margin plummeted from 145.68% to -26.54% (a 118.22% decrease), resulting in a net loss of INR 21.90 Cr in FY2024-25 compared to a profit of INR 247.49 Cr in FY2023-24.
EBITDA Margin
The EBITDA margin saw a sharp decline as earnings before interest, tax, and depreciation were significantly lower than the previous year. The Interest Coverage Ratio dropped by 99.83% from 15.39 to 0.03, indicating a severe reduction in the ability to meet interest obligations from operating profits.
Credit Rating & Borrowing
The Debt-Equity Ratio improved by 54.58%, decreasing from 0.49 to 0.22 as the company repaid significant amounts of debt during FY2024-25.
Operational Drivers
Raw Materials
Construction materials including steel, cement, and other commodities represent the primary input costs, though specific percentage breakdowns are not provided. The company noted rising commodity prices as a significant cost pressure.
Raw Material Costs
Raw material costs are impacted by commodity inflation. The company is facing a 'pressing need' to adopt alternative construction methods to reduce dependence on manual labor and mitigate rising material costs.
Strategic Growth
Growth Strategy
The company plans to achieve growth through a preferential issue of 10,85,00,000 fully convertible warrants at INR 9.20 per warrant to raise approximately INR 99.82 Cr. Strategically, the firm is focusing on delivering existing projects in core markets, reducing debt, and improving debt quality while rationalizing capital expenditure.
Products & Services
Real estate development projects, construction contracts, and residential/commercial properties.
Brand Portfolio
Vipul Limited.
Market Expansion
The company continues to focus its business strategy on its core markets, though specific new regions are not named in the report.
Strategic Alliances
The company operates through various subsidiaries, joint ventures, and associates, though specific partner names for new JVs were not provided in the current period.
External Factors
Industry Trends
The real estate sector is the second-largest employment provider in India but faces severe manual labor shortages. There is a sector-wide shift toward technology-driven construction methods to ensure project timelines are met despite labor volatility.
Competitive Landscape
The company competes in the real estate development and construction contract sector, which is currently exposed to high commodity inflation and regulatory risks.
Competitive Moat
The company relies on its intellectual capital and a workforce of 56 skilled employees. However, the moat is currently weakened by legal restraints and a qualified audit opinion regarding the recoverability of INR 9.80 Cr in investments.
Macro Economic Sensitivity
Highly sensitive to economic cycles and interest rates, as evidenced by the 99.62% drop in Return on Capital Employed (from 51.03% to 0.2%) following a slowdown in the real estate sector.
Regulatory & Governance
Industry Regulations
Operations are subject to RERA and SEBI (LODR) regulations. The company must comply with new revenue accounting standards for construction contracts, which require complex estimations of 'stage of completion' and 'costs to complete'.
Environmental Compliance
The company is focusing on decarbonization and energy efficiency measures to attract capital from net-zero committed investors.
Taxation Policy Impact
The company reported a deferred tax credit of INR 44.53 Cr in the previous year, but no current tax expense was recorded for FY2024-25 due to the reported loss.
Legal Contingencies
The Hon’ble NCLT, New Delhi (CP No. 205/ND/2025) issued an order on December 10, 2025, restraining the company from alienating or encumbering any immovable or movable assets, land, licenses, or receivables. The company also faces risks regarding the recoverability of INR 9.80 Cr in unquoted equity instruments in loss-making subsidiaries.
Risk Analysis
Key Uncertainties
The statutory auditor has raised concerns about the company's ability to continue as a 'going concern' due to material uncertainties. There is a significant risk of management override in estimating the recoverable amount of investments where net worth has eroded.
Third Party Dependencies
High dependency on a pool of skilled manual labor and third-party legal panels for managing pending litigations.
Technology Obsolescence Risk
The company identifies a 'pressing need' for technology adoption in construction to mitigate labor-related disruptions.
Credit & Counterparty Risk
The company faces recoverability risks on loans and financial instruments advanced to joint ventures and subsidiaries, especially where those entities have no active projects under development.
