Vinyl Chemicals (I) Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹433 Cr
- P/E
- 15.91
- ROE
- 9.80%
- PEG
- -0.56
- Price to sales
- 0.65
- Debt to equity
- 0.00
- 52W high / low
- ₹289 / ₹165
- Sales growth (5Y)
- 10.05%
- EBITDA margin
- 3.88%
- Net profit margin
- 1.93%
- Promoter holding
- 50.41%
- Sales (last year)
- ₹668 Cr
Incorporated in 1986, Vinyl Chemicals (India) Ltd is in the business of dealing in chemicals, mainly Vinyl Acetate Monomer (VAM)[1]
Potential multibaggers · Q2 FY27
Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Peers
Chemicals & Petrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹234 Cr | 3.0 | |
| 2 | 40%+ | Flat | ₹3,888 Cr | 48.5 | |
| 3 | 40%+ | Flat | ₹3,514 Cr | 4.3 | |
| 4 | 40%+ | Flat | ₹180 Cr | 11.9 | |
| 5 | 40%+ | Flat | ₹138 Cr | 15.1 | |
| 6 | 20–40% | Up 2%+ | ₹1.70L Cr | 85.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals rankingFinancials of Vinyl Chemicals
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Vinyl Chemicals
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 50.41% | 50.41% | 50.41% | 50.41% | 50.41% | 50.41% | 50.42% | 50.41% | 50.41% | 50.41% | 50.41% | 50.41% |
| FIIs + | 0.00% | 0.09% | 0.00% | 0.04% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.00% | 0.00% |
| DIIs + | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.05% | 0.05% |
| Public + | 49.57% | 49.49% | 49.57% | 49.55% | 49.55% | 49.56% | 49.57% | 49.57% | 49.55% | 49.55% | 49.52% | 49.53% |
| No. of Shareholders | 45,819 | 44,460 | 44,255 | 43,083 | 42,338 | 41,924 | 41,227 | 40,756 | 39,684 | 38,831 | 38,667 | 37,678 |
Financials of Vinyl Chemicals
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 154 | 159 | 168 | 156 | 150 | 146 | 173 | 151 | 152 | 169 | 180 | 100 | 219 |
| Expenses + | 150 | 150 | 160 | 150 | 144 | 143 | 163 | 149 | 149 | 166 | 177 | 97 | 202 |
| Operating Profit | 5 | 9 | 9 | 6 | 6 | 4 | 10 | 2 | 3 | 4 | 3 | 3 | 17 |
| OPM % | 2.9% | 6% | 5% | 3.8% | 4.0% | 2.5% | 6% | 1.3% | 1.8% | 2.2% | 1.6% | 2.7% | 8% |
| Other Income + | 1 | 1 | 2 | 1 | 1 | 3 | 0 | 4 | 1 | 2 | 3 | 6 | -1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 5 | 9 | 10 | 7 | 7 | 7 | 10 | 6 | 4 | 6 | 6 | 9 | 15 |
| Tax % | 27% | 26% | 27% | 27% | 26% | 24% | 28% | 26% | 26% | 26% | 24% | 26% | 25% |
| Net Profit + | 4 | 7 | 8 | 5 | 5 | 5 | 7 | 4 | 3 | 5 | 5 | 7 | 11 |
| EPS in Rs | 2.12 | 3.78 | 4.11 | 2.68 | 2.80 | 2.73 | 3.96 | 2.43 | 1.57 | 2.46 | 2.54 | 3.61 | 6.22 |
Financials of Vinyl Chemicals
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 442 | 335 | 293 | 375 | 483 | 372 | 404 | 865 | 1,013 | 597 | 625 | 652 | 668 |
| Expenses + | 424 | 326 | 283 | 361 | 469 | 366 | 389 | 821 | 966 | 572 | 600 | 639 | 642 |
| Operating Profit | 18 | 9 | 9 | 14 | 14 | 6 | 15 | 44 | 47 | 25 | 26 | 13 | 26 |
| OPM % | 4.0% | 2.8% | 3.2% | 3.8% | 2.8% | 1.7% | 3.7% | 5% | 4.6% | 4.2% | 4.1% | 2.0% | 3.9% |
| Other Income + | 1 | 3 | 4 | 4 | 1 | 4 | 0 | 2 | 2 | 4 | 5 | 9 | 11 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 19 | 12 | 13 | 18 | 14 | 10 | 15 | 47 | 48 | 30 | 30 | 22 | 36 |
| Tax % | 34% | 35% | 35% | 36% | 37% | 25% | 26% | 25% | 25% | 26% | 27% | 26% | |
| Net Profit + | 12 | 8 | 9 | 12 | 9 | 7 | 11 | 35 | 36 | 22 | 22 | 16 | 27 |
| EPS in Rs | 6.73 | 4.36 | 4.76 | 6.36 | 4.83 | 4.07 | 6.19 | 19.01 | 19.44 | 11.91 | 12.18 | 8.99 | 14.83 |
| Dividend Payout % | 22% | 34% | 38% | 38% | 50% | 59% | 60% | 52% | 51% | 57% | 57% | 78% |
Financials of Vinyl Chemicals
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 33 | 41 | 46 | 54 | 57 | 59 | 66 | 94 | 111 | 115 | 125 | 128 | 134 |
| Borrowings + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities + | 69 | 80 | 56 | 115 | 84 | 94 | 200 | 65 | 62 | 188 | 135 | 103 | 150 |
| Total Liabilities | 104 | 123 | 104 | 171 | 144 | 156 | 269 | 162 | 176 | 305 | 262 | 233 | 285 |
| Fixed Assets + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 9 | 45 | 39 | 34 | 2 | 47 | 55 | 78 | 40 | 57 | 68 | 52 | 20 |
| Other Assets + | 95 | 78 | 66 | 137 | 141 | 108 | 214 | 84 | 135 | 247 | 193 | 180 | 265 |
| Total Assets | 104 | 123 | 104 | 171 | 144 | 156 | 269 | 162 | 176 | 305 | 262 | 233 | 285 |
Financials of Vinyl Chemicals
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 0 | 34 | -7 | -3 | -21 | 51 | 11 | 17 | -20 | 36 | 24 | -16 |
| Cash from Investing Activity + | -3 | -33 | 10 | 8 | 34 | -44 | -6 | -21 | 40 | -14 | -6 | 21 |
| Cash from Financing Activity + | -2 | -3 | -3 | -4 | -5 | -5 | -4 | -7 | -19 | -18 | -12 | -13 |
| Net Cash Flow | -4 | -2 | -0 | 1 | 7 | 2 | 0 | -11 | 1 | 4 | 5 | -8 |
| Free Cash Flow | 0 | 34 | -7 | -3 | -21 | 51 | 11 | 17 | -21 | 36 | 24 | -16 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 39% | 409% | -23% | 22% | -116% | 883% | 92% | 57% | -20% | 164% | 115% | -77% |
Financials of Vinyl Chemicals
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 40 | 54 | 57 | 75 | 48 | 45 | 100 | 5 | 11 | 65 | 61 | 69 |
| Inventory Days | 33 | 29 | 23 | 57 | 53 | 50 | 70 | 24 | 33 | 78 | 39 | 19 |
| Days Payable | 53 | 88 | 69 | 116 | 63 | 95 | 188 | 26 | 22 | 118 | 78 | 56 |
| Cash Conversion Cycle | 20 | -5 | 11 | 17 | 39 | -1 | -17 | 3 | 22 | 25 | 23 | 32 |
| Working Capital Days | 19 | -4 | 10 | 19 | 36 | 2 | 2 | 7 | 26 | 32 | 27 | 37 |
| ROCE % | 57% | 24% | 21% | 30% | 24% | 14% | 23% | 55% | 44% | 22% | 22% | 15% |
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