VIPULLTD - Vipul Ltd
📢 Recent Corporate Announcements
Vipul Limited has issued a clarification regarding a previous regulatory filing dated March 03, 2026. The company noted that the FIR number was incorrectly stated as 544/2024 and has now been corrected to FIR No. 322 of 2025. This update is provided under Regulation 30 of SEBI (LODR) Regulations. Investors should note the existence of legal actions, although the specific details of the FIR were not disclosed in this correction letter.
- Correction of FIR number from 544/2024 to 322 of 2025
- Reference to previous communication dated March 03, 2026 (Ref: VIPUL/SEC/FY 2025-26/2425)
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
- Company Secretary Piyush Bairagi confirmed the error was inadvertent
Vipul Limited has reported that its Managing Director, CEO, and CFO, Mr. Punit Beriwala, was arrested on February 27, 2026, by the Economic Offences Wing (EOW), Gurugram. The arrest is linked to FIR No 544/2024 and is currently described by the company as a personal proceeding. The Board is currently evaluating interim arrangements for the management of the company's affairs. This development is highly significant as the arrested individual held three critical executive roles simultaneously, creating a temporary leadership vacuum.
- Mr. Punit Beriwala (MD, CEO, and CFO) arrested on February 27, 2026, by EOW Gurugram
- The arrest relates to alleged offences pertaining to FIR No 544/2024
- The Board of Directors is evaluating interim management arrangements to ensure business continuity
- Company claims operations continue in the normal course despite the arrest of the top executive
Vipul Limited has approved the allotment of 8.89 crore fully convertible warrants at an issue price of Rs. 9.20 per warrant. The total fundraise amounts to approximately Rs. 81.79 crore, with the company already receiving the mandatory 25% upfront subscription amount. The allotment includes 1.24 crore warrants to the promoter, Punit Beriwala, and the remainder to 15 public category entities. This capital infusion is intended to strengthen the company's balance sheet, though it will lead to substantial equity dilution upon conversion.
- Allotment of 8,89,00,000 fully convertible warrants at an issue price of Rs. 9.20 each
- Total aggregate fundraise value stands at Rs. 81,78,80,000 on a preferential basis
- Promoter Punit Beriwala subscribed to 1.24 crore warrants, demonstrating internal commitment
- Company has received 25% of the total amount payable towards subscription from all allottees
- Current un-diluted paid-up equity capital consists of 14,09,59,480 shares of Re. 1 each
Vipul Limited has signed a definitive agreement to sell its entire 50% equity and preference shareholding in its associate company, High Class Projects Limited. The stake is being acquired by Expertpro Realty Private Limited for a total cash consideration of Rs 4.375 crore. The associate company was loss-making, contributing a loss of Rs 3.38 crore against a turnover of Rs 3.37 crore in the last financial year. Following this transaction, High Class Projects Limited will cease to be an associate of Vipul Limited.
- Divestment of 50% equity and preference shares in associate High Class Projects Limited
- Total consideration received for the sale is Rs 4,37,50,000 (Rs 4.375 crore)
- Target company reported a loss of Rs 338.08 lakhs on a turnover of Rs 337.04 lakhs in the last FY
- Buyer Expertpro Realty Private Limited is a non-promoter entity
- Transaction completed on February 18, 2026, resulting in immediate exit from the associate
Vipul Limited reported its Q3 FY26 results, which are significantly impacted by several auditor observations regarding financial transparency and liquidity. The statutory auditor highlighted that the company has not provided for interest on various borrowings and customer advances due to ongoing negotiations. Furthermore, a substantial portion of the company's cash is tied up in uncashed cheques, dormant accounts, and frozen bank accounts. The company also failed to deposit undisputed TDS statutory dues for the current financial year.
- Auditor flagged ₹599.68 lakhs in uncashed customer cheques held at the request of customers.
- ₹272.57 lakhs is currently held in frozen bank accounts and ₹54.84 lakhs in dormant accounts.
- Interest on unsecured borrowings, ICDs, and certain customer advances has not been provided for, pending negotiations.
- Undisputed statutory dues for Income Tax (TDS) for FY 2025-26 remain undeposited.
- Consolidated results exclude associate Vipul Karamchand SEZ Private Limited as its audits for FY24 and FY25 are still incomplete.
Vipul Limited's Q3 FY26 results are overshadowed by several significant auditor observations regarding financial health and internal controls. The auditor highlighted that Rs 272.57 lakhs are held in frozen bank accounts and Rs 599.68 lakhs in customer cheques remain unpresented. Additionally, the company has not provided for interest on various borrowings and advances due to ongoing negotiations and lacks signed documentation for several loans. The consolidated results also exclude a key associate due to incomplete audits for the past two financial years.
- Auditor flagged Rs 272.57 lakhs in frozen bank accounts and Rs 54.84 lakhs in dormant accounts.
- Unpresented customer cheques totaling Rs 599.68 lakhs are being held at customer request instead of being deposited.
- Company failed to deposit undisputed TDS statutory dues for the financial year 2025-26.
- Interest on unsecured borrowings and customer advances has not been provided, pending settlement negotiations.
- Consolidated results exclude associate Vipul Karamchand SEZ Private Limited as FY24 and FY25 audits are still pending.
Vipul Limited has formally submitted the minutes of its first Extra Ordinary General Meeting (EGM) for the financial year 2025-26 to the stock exchanges. The meeting was conducted on January 08, 2026, via video conferencing and other audio-visual means. This filing is a standard regulatory requirement following the conclusion of the meeting to ensure transparency. While the cover letter does not detail specific resolutions, it confirms the official recording of the proceedings.
- Extra Ordinary General Meeting (EGM) for FY 2025-26 held on January 08, 2026.
- Official minutes filed with BSE and NSE on February 06, 2026.
- Meeting conducted via Video Conferencing (VC) and Other Audio Visual Means (OAVM).
- Compliance filing as per SEBI listing obligations and disclosure requirements.
Vipul Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MAS Services Limited, confirms that all dematerialization requests received between October 1, 2025, and December 31, 2025, were processed within the mandated 15-day period. This filing confirms that the company is adhering to regulatory timelines for converting physical shares to electronic form. Such filings are standard procedural requirements for all listed entities in India.
- Compliance certificate for the quarter ended December 31, 2025.
- Dematerialization requests processed within the 15-day regulatory timeframe.
- Security certificates were mutilated and cancelled after due verification by the RTA.
- MAS Services Limited acted as the Registrar and Share Transfer Agent (RTA) for the period.
Shareholders of Vipul Limited have overwhelmingly approved a special resolution to issue up to 10.85 crore fully convertible warrants on a preferential basis. The proposal received 99.98% support from voting shareholders during the Extra Ordinary General Meeting held on January 8, 2026. The warrants will be allocated to both Promoter/Promoter Group and Public category entities, indicating a significant capital infusion. This move is likely intended to strengthen the company's balance sheet or fund upcoming projects.
- Approved issuance of up to 10,85,00,000 fully convertible warrants on a preferential basis.
- Resolution passed with a 99.98% majority, representing 3,75,40,813 votes in favor.
- Promoter group cast 2,56,63,083 votes, with 100% support for the fundraise.
- Public non-institutional shareholders contributed 95,61,087 votes with 99.94% approval.
- The meeting was conducted via video conferencing with 48 shareholders in attendance.
Vipul Limited held an Extraordinary General Meeting (EGM) on January 08, 2026, to seek approval for a major fundraise. The primary agenda was the issuance of up to 10,85,00,000 fully convertible warrants on a preferential basis. These warrants are intended for both the Promoter & Promoter Group and Public category investors. The company expects to announce the final voting results and the scrutinizer's report within two working days.
- Proposed issuance of up to 10,85,00,000 fully convertible warrants.
- Warrants to be issued to Promoters and Public category entities on a preferential basis.
- The EGM was conducted via Video Conferencing with 48 members in attendance.
- Final voting results and Scrutinizer's report to be released within 2 working days.
Vipul Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting January 1, 2026. This closure is a standard regulatory requirement ahead of the declaration of the unaudited financial results for the third quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are announced. The specific date for the board meeting to approve these results will be communicated separately at a later date.
- Trading window closure starts from January 1, 2026, for all designated persons.
- Closure pertains to the approval of unaudited financial results for Q3 and nine months ending Dec 31, 2025.
- The window will reopen 48 hours after the official declaration of the financial results.
- Compliance is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
- The date for the board meeting to consider results is yet to be announced.
Vipul Limited has called for an Extra-Ordinary General Meeting (EGM) on January 08, 2026, to seek shareholder approval for a preferential issue of 10.85 crore fully convertible warrants. The warrants are priced at ₹9.20 each, aiming to raise a total of approximately ₹99.82 crore from both promoters and public investors. Subscribers are required to pay 25% of the issue price upfront, with the remaining 75% payable upon conversion into equity shares within 18 months. This capital infusion is expected to strengthen the company's financial position for future business activities.
- Proposed issuance of 10,85,00,000 fully convertible warrants at an issue price of ₹9.20 per warrant.
- Total fundraise amount targeted is approximately ₹99.82 crore on a preferential basis.
- Promoter Punit Beriwala to be allotted 1.24 crore warrants, indicating continued promoter support.
- Warrants are convertible into equity shares of ₹1 face value within a maximum period of 18 months.
- Relevant date for determining the minimum issue price was set as December 09, 2025.
Vipul Limited's board approved a preferential issue of up to 10,85,00,000 fully convertible warrants at ₹9.20 per warrant, potentially raising ₹99.82 Crore. These warrants can be converted into equity shares within 18 months. The funds are being raised from promoter group and public category investors. An Extra-Ordinary General Meeting (EGM) is scheduled for January 08, 2026, to seek shareholder approval for the issue.
- Issue of up to 10,85,00,000 Fully Convertible Warrants
- Issue price of ₹9.20 per warrant
- Total fund raise aggregating up to ₹99.82 Crore
- Warrants convertible within 18 months
- EGM scheduled on January 08, 2026
Vipul Limited's board has approved a preferential issue of up to 10,85,00,000 fully convertible warrants at ₹9.20 per warrant, potentially raising ₹99.82 Crore. These warrants can be converted into equity shares within 18 months. The funds will be raised from promoters, promoter groups, and the public category. This infusion of capital could strengthen the company's financial position and support future growth initiatives.
- Issue of up to 10,85,00,000 Fully Convertible Warrants
- Issue price of Rs. 9.20/- per Warrant
- Total fund raise aggregating up to Rs. 99,82,00,000/-
- Warrants convertible within 18 months
Vipul Limited has informed the exchange about an order passed by the NCLT, New Delhi in CP No. 205/ND/2025. The NCLT has restrained Tanamera Developments Private Limited (formerly Vipul SEZ Developers Private Limited) from selling, transferring, mortgaging, or encumbering its assets. This interim order, dated December 10, 2025, also directs Respondent Nos. 1 to 12 to maintain status-quo regarding the assets of Tanamera Developments. The petition was filed by Vipul Limited under Sections 241–242 of the Companies Act, 2013.
- NCLT Order dated 10.12.2025 passed in CP No. 205/ND/2025.
- Vipul Limited filed petition under Sections 241–242 of the Companies Act, 2013.
- Respondent No. 1 Company restrained from transferring assets.
- Respondent Nos. 1 to 12 directed to maintain status-quo.
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.