VIPIND - V.I.P. Industries Ltd. Share Price

Consumer Durables

₹311.40+1.80(+0.58%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does V.I.P. Industries Ltd. do?

Plastic Products - Consumer•Consumer Durables•Small Cap

V.I.P. Industries Limited manufactures and sells luggage, backpacks, and accessories in India. It provides hard luggage and soft luggage bags, including school bags, trolleys, backpacks, suitcases, executive cases, duffels, overnight travel solutions, and handbags. The company offers its products primarily under the VIP, Caprese, Carlton, Skybags, Alfa, and Aristocrat brands through multi-brand outlets, exclusive brand outlets, canteen stores department, and e-commerce platforms. It also exports its products. V.I.P. Industries Limited was incorporated in 1968 and is headquartered in Mumbai, India.

Industry Group:Consumer Durables

Employees:7,515

Website:www.vipindustries.co.in

Summary of Latest Earnings Report from V.I.P. Industries

Summary of V.I.P. Industries's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook and Key Points:

Positive Industry Trends: Expects tailwinds from increased wedding days, religious travel, and rising passenger travel. Hotel occupancy and travel demand are improving, supporting industry growth.

Financial Targets:

EBITDA Margin: Aims for 12% in Q4 FY25, driven by gross margin expansion (+3% via inventory normalization) and operating leverage. Targets 15% EBITDA in FY26, potentially up to 18% if brand investments are moderated.
Debt & Inventory: Reduced debt by Rs.86 crore (targeting Rs.100 crore by March 2025). Inventory reduced by Rs.224 crore (9M FY25), with slow-moving inventory at Rs.80"“100 crore (to be liquidated by Q1 FY26).

Operational Improvements:

Bangladesh Unit: Turned profitable in Q3; capacity utilization to rise to 85% with upright soft luggage production. Aims to contribute positively from Q4.
Gross Margins: Improved 150 bps QoQ; targets 50% exit Q4 and 52"“53% in FY26 via premiumization and cost initiatives.
Cost Rationalization: Reduced warehousing/freight costs; org restructuring benefits to materialize in FY26.

Growth Strategies:

Premiumization: Focus on VIP, Skybag, and Carlton (targeting 10% revenue share). Launches in premium categories (e.g., Kiara, Carlton stores).
Channel Expansion: 25 new Carlton stores in 6 months; push in institutional/B2B sales. E-commerce growth via marketplace/quick commerce.
Market Share: Gained 2% YoY (now 38%); targets 40% with improved fill rates, assortment, and same-store growth.

Challenges:

Competition: Intense pricing pressure in hard luggage (D2C entrants); soft luggage demand decline.
Online-Offline Balance: Implemented MOP (minimum advertised pricing) for VIP brands to protect offline margins.

BCG Initiatives: Targeting Rs.250 crore bottom-line impact via cost optimization, supply chain efficiency, and revenue strategies (50% completed).

Inventory Normalization: Aims for Rs.500"“550 crore by June 2025 (vs. Rs.692 crore in Dec 2024) with healthier product mix.

Legal Win: Favorable tribunal ruling on Rs.357.56 crore CST demand, removing contingent liability.

Summary: Focus remains on margin recovery, debt reduction, and premium-led growth amid competitive pressures. FY26 targets hinge on execution of cost/product strategies.

Q&A Session

Last updated: Feb 25

Question 1:
"Could you just talk a little bit about how much of your excess inventory you have been able to liquidate in Q3 and how much is still balance, and overall how much your debt levels are right now?"
Answer:
Inventory reduced by Rs.224 crore in 9M FY25, with Rs.80"“100 crore slow-moving inventory remaining. Debt reduced by Rs.87 crore. Target liquidation of Rs.500"“550 crore by March 2025.

Question 2:
"Is it primarily due to reduction in the warehousing and freight cost given the progress made on inventory liquidation? What should be the new normal as far as your other expense cost is concerned?"
Answer:
Other expenses declined due to reduced warehousing/freight costs from inventory liquidation. Future normalization depends on inventory composition (slow-moving vs. fresh stock). Warehouse space reduced by 5 lakh sq. ft.

Question 3:
"How are we managing gross margin improvement despite pricing pressure? Is Bangladesh's rising share aiding this?"
Answer:
Gross margin improved due to Bangladesh operations breaking even, cost initiatives, and price benchmarking. Future EBITDA improvement will combine gross margin (+3%) and operating leverage.

Question 4:
"What strategic goals are BCG assisting with, and is there quantification?"
Answer:
BCG's project targets Rs.250 crore bottom-line improvement via cost reduction, supply chain optimization, and revenue strategies (e.g., SKU rationalization, fill rate improvements).

Question 5:
"Are we at the bottom of pricing declines? What volume/value growth is expected next year?"
Answer:
Pricing declines have bottomed. FY26 volume/value growth to align with industry (8"“10%), aided by reduced liquidation drag and brand mix shifts (focus on premium brands).

Question 6:
"What drives the 12% exit EBITDA guidance for Q4? How sustainable are margins post-FY25?"
Answer:
Q4's 12% EBITDA will come from gross margin expansion (50% exit) and operating leverage. FY26 targets 15% EBITDA (after higher brand spending) vs. potential 18% without it.

Question 7:
"What is the current slow-moving inventory? When will liquidation end?"
Answer:
Slow-moving inventory at Rs.95"“100 crore (down from Rs.180 crore), to clear by Q1 FY26. Total inventory at Rs.692 crore (Dec-24), normalizing to Rs.500"“550 crore by June 2025.

Question 8:
"Why is the industry facing margin pressure despite travel growth?"
Answer:
New D2C entrants in hard luggage (easier to manufacture), shorter replacement cycles (1"“2 years), and price-sensitive consumers drive competition. Premiumization via Carlton/VIP aims to offset this.

Question 9:
"How are we countering e-commerce competition while premiumizing?"
Answer:
E-commerce growth via marketplace expansion and exclusive offline products (VIP Lounges). MOP (minimum online pricing) for VIP protects offline margins; Aristocrat drives value segment.

Question 10:
"What was the tribunal judgment's impact? Why enforce MOP only for VIP?"
Answer:
Favorable CST tax ruling (Rs.357 crore demand quashed) removes contingent liability. MOP for VIP (25% of revenue) safeguards offline channels (70% of sales) without sacrificing e-commerce growth.

Balance Sheet for V.I.P. Industries

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	0%	27	27	16	22	6.98	6.7
Current investments	6100%	4.72	1.06	1.88	22	26	41
Loans, current	-	0	0	0	0	0	0
Total current financial assets	31.2%	485	370	362	302	343	265
Inventories	-19.6%	618	768	542	482	369	370
Current tax assets	-	0	0	-	-	0	-
Total current assets	-5.5%	1,189	1,258	996	875	812	710
Property, plant and equipment	2%	153	150	127	94	62	51
Capital work-in-progress	118.4%	4.91	2.79	9.89	14	5.24	6.05
Investment property	-41.3%	1.88	2.5	2.5	2.31	2.33	2.06
Non-current investments	0%	47	47	46	47	47	53
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	2.9%	72	70	67	63	64	68
Total non-current assets	1.2%	605	598	506	371	313	322
Total assets	-3.4%	1,793	1,857	1,503	1,246	1,125	1,032
Borrowings, non-current	-	0	0	0	0	0	0
Total non-current financial liabilities	-1.8%	268	273	213	119	109	126
Provisions, non-current	-6.2%	16	17	16	16	15	13
Total non-current liabilities	-1.7%	285	290	230	135	125	139
Borrowings, current	-3.3%	416	430	210	135	82	75
Total current financial liabilities	-2.7%	853	877	550	425	309	328
Provisions, current	4.9%	6.56	6.3	6.1	5.58	5.49	5.21
Total current liabilities	-3.4%	918	950	619	504	378	388
Total liabilities	-3%	1,203	1,240	848	639	502	527
Equity share capital	0%	28	28	28	28	28	28
Total equity	-4.4%	590	617	654	607	623	505
Total equity and liabilities	-3.4%	1,793	1,857	1,503	1,246	1,125	1,032

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-14.3%	37	43	36	33	32	17
Current investments	6100%	4.72	1.06	1.88	22	26	41
Loans, current	-	0	0	0	0	0	0
Total current financial assets	29.6%	504	389	393	324	383	287
Inventories	-19%	742	916	763	587	493	518
Current tax assets	-	0	0	-	-	-	-
Total current assets	-6.7%	1,336	1,432	1,263	1,012	970	900
Property, plant and equipment	-1.9%	203	207	180	148	113	98
Capital work-in-progress	25%	16	13	12	15	6.37	7.13
Investment property	-41.3%	1.88	2.5	2.5	2.31	2.33	2.06
Non-current investments	54.8%	2.3	1.84	1.32	1.01	1.13	1.03
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	6.9%	32	30	28	22	22	19
Total non-current assets	-0.6%	630	634	541	403	328	330
Total assets	-4.9%	1,966	2,067	1,804	1,415	1,298	1,230
Borrowings, non-current	-	0	0	0	0	0	0
Total non-current financial liabilities	-1.8%	277	282	224	131	122	139
Provisions, non-current	-6.2%	16	17	16	16	15	13
Total non-current liabilities	-2%	293	299	241	148	138	154
Borrowings, current	-6.2%	500	533	258	181	138	123
Total current financial liabilities	-5.6%	946	1,002	762	536	413	449
Provisions, current	0%	14	14	13	11	12	12
Current tax liabilities	-198.2%	0.45	1.56	4.44	4.9	4.34	0.95
Total current liabilities	-6.1%	1,024	1,090	848	626	492	517
Total liabilities	-5.2%	1,317	1,389	1,088	774	630	671
Equity share capital	0%	28	28	28	28	28	28
Total equity	-4.4%	648	678	716	642	668	560
Total equity and liabilities	-4.9%	1,966	2,067	1,804	1,415	1,298	1,230

Income Statement for V.I.P. Industries

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-8.1%	500	544	638	515	541	538
Other Income	17.6%	3.21	2.88	2.34	4.16	5.8	2.95
Total Income	-8.1%	503	547	640	519	546	541
Cost of Materials	-11.4%	110	124	123	135	123	100
Purchases of stock-in-trade	-13.8%	138	160	161	227	311	243
Employee Expense	0%	40	40	40	42	44	43
Finance costs	-11.1%	17	19	17	15	14	11
Depreciation and Amortization	4%	27	26	26	24	23	20
Other expenses	-20.3%	146	183	164	163	172	171
Total Expenses	-12.2%	525	598	634	534	553	544
Profit Before exceptional items and Tax	55.3%	-22.17	-50.8	5.92	-15.1	-6.2	-3.32
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	55.3%	-22.17	-50.8	5.92	-15.1	-6.2	-3.32
Current tax	81.6%	0	-4.44	4.44	-4.58	-0.4	-0.17
Deferred tax	28.6%	-5.33	-7.86	-2.97	0.07	-0.94	-0.72
Total tax	52.4%	-5.33	-12.3	1.47	-4.51	-1.34	-0.89
Total profit (loss) for period	54.8%	-16.84	-38.5	4.45	-10.59	-4.86	-2.43
Other comp. income net of taxes	-200%	0.85	1.15	0.58	0.69	0.28	0.19
Total Comprehensive Income	55.7%	-15.99	-37.35	5.03	-9.9	-4.58	-2.24
Earnings Per Share, Basic	41%	-1.19	-2.71	0.31	-0.75	-0.35	-0.17
Earnings Per Share, Diluted	40.8%	-1.19	-2.7	0.31	-0.75	-0.34	-0.17
Debt equity ratio	-	063	-	-	-	-	-
Debt service coverage ratio	-	015	-	-	-	-	-
Interest service coverage ratio	-	-034	-	-	-	-	-

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	9.7%	2,216	2,020	1,257	613	1,714	1,784
Other Income	-81.5%	16	82	47	59	24	9.52
Total Income	6.1%	2,231	2,102	1,305	673	1,738	1,794
Cost of Materials	25%	471	377	275	98	219	222
Purchases of stock-in-trade	15.7%	1,035	895	580	160	605	898
Employee Expense	3.6%	174	168	136	112	176	185
Finance costs	108.7%	49	24	22	28	22	1.49
Depreciation and Amortization	43.9%	83	58	58	67	75	13
Other expenses	40%	663	474	280	171	397	443
Total Expenses	15.4%	2,221	1,924	1,221	785	1,568	1,597
Profit Before exceptional items and Tax	-94.9%	10	178	84	-112.89	170	197
Exceptional items before tax	78.6%	26	15	0	0	-48.5	0
Total profit before tax	-81.8%	36	193	84	-112.89	121	197
Current tax	-78%	9.57	40	4.94	-0.17	37	68
Deferred tax	72%	-1.41	-7.6	15	-28.19	-4.15	-0.08
Total tax	-76.9%	8.16	32	20	-28.36	32	68
Total profit (loss) for period	-83.1%	28	161	64	-84.53	89	129
Other comp. income net of taxes	129.5%	1.87	-1.95	0.11	3.45	-3.33	-1.22
Total Comprehensive Income	-81.6%	30	159	64	-81.08	85	128
Earnings Per Share, Basic	-90.6%	1.97	11.37	4.51	-5.98	6.28	9.11
Earnings Per Share, Diluted	-90.6%	1.97	11.33	4.48	-5.98	6.28	9.11

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-7.9%	501	544	639	516	546	546
Other Income	-10.9%	2.47	2.65	2.06	3.88	2.66	2.57
Total Income	-7.9%	504	547	641	520	549	549
Cost of Materials	-15.2%	152	179	157	190	244	202
Purchases of stock-in-trade	-14.1%	68	79	103	143	120	76
Employee Expense	-7%	54	58	59	68	69	66
Finance costs	-10.5%	18	20	18	17	15	12
Depreciation and Amortization	0%	30	30	29	28	27	24
Other expenses	-21.2%	150	190	175	182	184	184
Total Expenses	-12.8%	520	596	637	553	536	529
Profit Before exceptional items and Tax	64.8%	-16.69	-49.19	3.71	-33.25	13	19
Exceptional items before tax	-138.8%	0	3.58	0	0	0	0
Total profit before tax	62%	-16.69	-45.61	3.71	-33.25	13	19
Current tax	80.7%	-0.04	-4.38	4.46	-6.8	3.9	4.04
Deferred tax	43%	-4.23	-8.18	-4.79	-2.57	2.14	1.95
Total tax	61.1%	-4.27	-12.56	-0.33	-9.37	6.04	5.99
Total profit (loss) for period	60.6%	-12.42	-33.05	4.04	-23.88	7.15	13
Other comp. income net of taxes	261.6%	2.81	-0.12	-6.22	-0.23	2.38	-0.2
Total Comprehensive Income	68.9%	-9.61	-33.17	-2.18	-24.11	9.53	13
Earnings Per Share, Basic	43.4%	-0.88	-2.32	0.28	-1.68	0.5	0.94
Earnings Per Share, Diluted	43.7%	-0.87	-2.32	0.28	-1.68	0.5	0.94
Debt equity ratio	-	07	-	-	-	-	-
Debt service coverage ratio	-	017	-	-	-	-	-
Interest service coverage ratio	-	006	-	-	-	-	-

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	7.8%	2,245	2,082	1,290	619	1,718	1,785
Other Income	-31.2%	12	17	36	48	12	8.32
Total Income	7.5%	2,257	2,099	1,326	667	1,731	1,793
Cost of Materials	10.1%	832	756	567	164	357	307
Purchases of stock-in-trade	50.8%	476	316	214	49	382	768
Employee Expense	14.5%	270	236	189	138	210	201
Finance costs	100%	55	28	25	30	23	1.49
Depreciation and Amortization	34.2%	99	74	70	78	84	17
Other expenses	39.8%	718	514	311	180	411	454
Total Expenses	17.9%	2,206	1,871	1,240	792	1,534	1,578
Profit Before exceptional items and Tax	-78.1%	51	229	86	-124.61	197	215
Exceptional items before tax	175.3%	26	-32.21	0	0	-48.5	0
Total profit before tax	-61.2%	77	197	86	-124.61	148	215
Current tax	-67.3%	18	53	6.87	0.26	38	70
Deferred tax	128%	3.85	-9.17	12	-27.38	-1.73	0.03
Total tax	-51.2%	22	44	19	-27.12	37	70
Total profit (loss) for period	-64.9%	54	152	67	-97.49	112	145
Other comp. income net of taxes	107.8%	2.1	-13.15	2.64	2.02	2.01	-0.08
Total Comprehensive Income	-60.1%	56	139	70	-95.47	114	145
Earnings Per Share, Basic	-70.9%	3.84	10.76	4.73	-6.9	7.91	10.28
Earnings Per Share, Diluted	-71%	3.82	10.72	4.71	-6.9	7.91	10.28

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	VIPIND	Consumer
PE	-67.32	63.86
PS	1.99	2.00
Growth	0.9 %	8.1 %

Shareholder Name	Holding %
D G P Securities Limited	27.01%
Vibhuti Investments Company Limited	15.72%
Sbi Flexicap Fund	7.05%
Kemp And Company Limited	2.36%
Kiddy Plast Limited	2.34%
Alcon Finance & Investments Limited	1.98%
Tata Mutual Fund - Tata Small Cap Fund	1.54%
DGP Enterprises Private Limited	1.38%
Dilip G Piramal	0.45%
Shalini Dilip Piramal	0.23%
Radhika D Piramal	0.16%
Aparna Piramal Raje	0.1%
Overseas Corporate Bodies	0.02%

Cash Flow for V.I.P. Industries

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	108.7%	49	24	22
Change in inventories	-153%	-285.81	-112.37	-148.2
Depreciation	43.9%	83	58	58
Unrealised forex losses/gains	-7.1%	0.09	0.15	-0.55
Share-based payments	29.2%	8.12	6.51	8.26
Net Cashflows from Operations	-158.2%	-96.76	169	6.86
Dividends received	94.2%	-2.84	-64.94	-9.32
Interest received	30.4%	-0.19	-0.71	-4.87
Income taxes paid (refund)	-61.5%	16	40	6.77
Net Cashflows From Operating Activities	-288.9%	-116.12	63	-14.1
Proceeds from sales of PPE	80%	0.9	0.5	0.57
Purchase of property, plant and equipment	11.6%	78	70	17
Dividends received	-94.1%	4.68	63	7.72
Interest received	-810%	0.09	0.9	11
Income taxes paid (refund)	-	0	0	-1.6
Other inflows (outflows) of cash	15.8%	23	20	169
Net Cashflows From Investing Activities	-458.9%	-49.25	15	173
Proceeds from issuing shares	2.1%	0.06	0.04	0.03
Proceeds from borrowings	390%	295	61	0
Repayments of borrowings	-	0	0	74
Payments of lease liabilities	43.5%	67	47	40
Dividends paid	-55.6%	29	64	35
Interest paid	125%	28	13	14
Net Cashflows from Financing Activities	364%	171	-63.39	-163.19
Net change in cash and cash eq.	-67.4%	5.56	15	-4.61

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	100%	55	28	25
Change in inventories	-372.7%	-328.55	-68.72	-216.73
Depreciation	34.2%	99	74	70
Unrealised forex losses/gains	64%	-0.69	-3.69	0.89
Share-based payments	29.2%	8.12	6.51	8.26
Net Cashflows from Operations	-146.3%	-103.74	227	-10.22
Interest received	30.4%	-0.19	-0.71	-4.87
Income taxes paid (refund)	-47.1%	28	52	8.59
Net Cashflows From Operating Activities	-176.3%	-131.7	175	-23.68
Proceeds from sales of PPE	-166.7%	0.9	1.15	2.42
Purchase of property, plant and equipment	-6.6%	100	107	36
Interest received	-810%	0.09	0.9	11
Other inflows (outflows) of cash	15.8%	23	20	169
Net Cashflows From Investing Activities	9.9%	-75.99	-84.47	146
Proceeds from issuing shares	2.1%	0.06	0.04	0.03
Proceeds from borrowings	515.8%	352	58	0
Repayments of borrowings	-	0	0	31
Payments of lease liabilities	36.5%	72	53	44
Dividends paid	-55.6%	29	64	35
Interest paid	113.3%	33	16	15
Net Cashflows from Financing Activities	387.2%	218	-74.57	-125.51
Net change in cash and cash eq.	-40%	10	16	-3.09

Valuation
Market Cap	4.42 kCr
Price/Earnings (Trailing)	-67.72
Price/Sales (Trailing)	2
EV/EBITDA	45.03
Price/Free Cashflow	-28.3
MarketCap/EBT	-48.15

Fundamentals
Revenue (TTM)	2.21 kCr
Rev. Growth (Yr)	-8.29%
Rev. Growth (Qtr)	-7.93%
Earnings (TTM)	-65.31 Cr
Earnings Growth (Yr)	-273.71%
Earnings Growth (Qtr)	62.42%

Profitability
Operating Margin	-4.31%
EBT Margin	-4.15%
Return on Equity	-10.07%
Return on Assets	-3.32%
Free Cashflow Yield	-3.53%

Investor Care
Dividend Yield	0.43%
Dividend/Share (TTM)	2
Shares Dilution (1Y)	0.06%
Diluted EPS (TTM)	-4.59

Financial Health
Current Ratio	1.3
Debt/Equity	0.77
Debt/Cashflow	-0.26

VIPIND - V.I.P. Industries Ltd. Share Price

What does V.I.P. Industries Ltd. do?

Summary of Latest Earnings Report from V.I.P. Industries

Balance Sheet for V.I.P. Industries

Income Statement for V.I.P. Industries

Sector Comparison: VIPIND vs Consumer Durables

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Cash Flow for V.I.P. Industries

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Is V.I.P. Industries Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)