Vigor Plast IndiaShare price, financial results, shareholding and management
- Market cap
- ₹63 cr
- Stock P/E
- 12.2peers 27.5
- Book value
- ₹12.5
- Price to book
- 4.88
- EV / operating profit
- -
- Market cap to sales
- 1.38
- ROCE · FY25
- 30.6%
- ROE · FY25
- 59.1%
- ROE, 3-year average
- 57.9%
- Operating margin · FY25
- 26.7%peers 13.9%
- Sales growth, 3 years
- 12.1%
- Profit growth, 3 years
- 158.5%
- Debt to equity
- 1.37peers 0.69
- Borrowings
- ₹17.7 cr
- Interest cover
- 4.8×
- Cash from business / op. profit
- -
- Debtor days
- 15
- Pledged
- 0.00%
- Promoter holding
- 70.05%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 415
- 52-week high / low
- ₹120 / ₹45
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Vigor Plast India share price chart
Close on 6 Nov 2026 · +0.83% on the day · Vol 51,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -13.4%
- 3 months
- -37.8%
- 6 months
- -9.3%
- 1 year
- -22.9%
- Since IPO
- -24.8%
- Traded a day, 20 days
- ₹0.16 cr
- Taken for delivery
- 83%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY25 on FY24 | +7% | +77% |
| 3 years, a year | +12% | +159% |
About Vigor Plast India: business, products and customers
Vigor Plast India makes plastic water pipes and the fittings that join them, sold under its own brand through dealers to homes, farms, shops and factories. Its shares trade on NSE Emerge.
Vigor Plast India makes CPVC pipes and fittings for hot and cold water, UPVC pipes for cold water, PVC pipes for farms and SWR pipes for drainage, plus taps and garden pipe. Everything is sold under the VIGOR brand to distributors and dealers, who resell to plumbers, builders and farmers. Fittings and other small products made 54.1% of FY25 revenue and pipes 45.9%.
The company was formed in January 2014 to trade in pipes and fittings and later began making them at its factory in Dared, near Jamnagar in Gujarat. It keeps stock at four warehouses in Rajkot, Jamnagar, Surat and Ahmedabad, and sells through 440 distributors and dealers in 25 states and union territories. Gujarat brought in 41.5% of FY25 revenue, and the only export market is Nepal.
Read more about the business
Revenue from operations was ₹65.9 cr in FY26 against ₹45.6 cr in FY25, and profit after tax was ₹9.1 cr against ₹5.2 cr. Most of the IPO money went to repay loans, and part of it is for a larger new warehouse in Ahmedabad.
From the offer document (red herring prospectus, September 2025), the December 2025 investor presentation and earnings call, and the June 2026 quarter results.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 31% in FY25.
- The promoters own a large part of the company: 70.05%.
To watch
- The new Ahmedabad warehouse, with ₹2.7 cr of IPO money still to be spent at June 2026 (Results, June 2026 quarter, p.5).
- Factory use, which the managing director put at about 80% in December 2025, and the plan to add machines only after revenue nears ₹100 cr (Transcript, December 2025, p.8 and p.11).
- The share of fittings in sales, which the company says follows market demand (Offer document, p.132; Transcript, December 2025, p.15).
- The growth rate of 25% to 30% a year over three years that the December 2025 presentation says the company expects (Investor presentation, December 2025, p.5).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Vigor Plast India revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Vigor Plast India half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | H2FY26 | |
|---|---|---|
| Sales | 28.25 | 37.60 |
| Expenses | 19.73 | 27.83 |
| Operating profit | 8.51 | 9.77 |
| OPM | 30.1% | 26.0% |
| Interest | 0.87 | 0.51 |
| Depreciation | 2.22 | 2.54 |
| Profit before tax | 5.42 | 6.76 |
| Net profit | 4.06 | 5.06 |
Vigor Plast India profit and loss
Full years to March, FY22 to FY25 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|
| Sales | 32.32 | 37.28 | 42.48 | 45.58 |
| Expenses | 29.44 | 34.20 | 34.93 | 33.41 |
| Operating profit | 2.88 | 3.08 | 7.55 | 12.17 |
| OPM | 8.9% | 8.3% | 17.8% | 26.7% |
| Other income | 0.23 | 0.10 | 0.04 | 0.44 |
| Interest | 0.80 | 0.88 | 0.99 | 1.81 |
| Depreciation | 1.86 | 1.96 | 2.47 | 3.91 |
| Profit before tax | 0.45 | 0.34 | 4.13 | 6.89 |
| Tax rate | 33.3% | 14.7% | 29.1% | 24.8% |
| Net profit | 0.30 | 0.30 | 2.93 | 5.18 |
| EPS ₹ | 6 | 6 | 58.60 | 6.60 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Vigor Plast India profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|
| Operating margin | 8.9% | 8.3% | 17.8% | 26.7% |
| Tax rate | 33.3% | 14.7% | 29.1% | 24.8% |
| ROCE | · | 9.1% | 26.2% | 30.6% |
| ROE | · | 20.1% | 94.4% | 59.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Vigor Plast India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Customers pay faster than they did in FY23, which frees up the company's money.
Bars below the line are cash going out.
Vigor Plast India balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|
| Equity capital | 0.50 | 0.50 | 0.50 | 7.85 |
| Reserves | 0.85 | 1.14 | 4.07 | 5.11 |
| Net worth | 1.35 | 1.64 | 4.57 | 12.96 |
| Borrowings | 12.67 | 11.29 | 21.56 | 17.72 |
| Other liabilities | 6.55 | 7.15 | 9.76 | 9.83 |
| Total liabilities | 20.57 | 20.08 | 35.89 | 40.51 |
| Fixed assets | 10.28 | 10.67 | 15.75 | 27.85 |
| Capital work in progress | 0 | 0 | 3.01 | 0 |
| Investments | 0 | 0 | 0 | 1.52 |
| Other assets | 10.29 | 9.41 | 17.13 | 11.14 |
Vigor Plast India cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|
| Cash from operations | -0.75 | 4.58 | 1.97 | · |
| Cash from investing | -1.16 | -2.09 | -11.49 | · |
| Cash from financing | 1.92 | -2.27 | 9.29 | · |
| Net cash flow | 0.01 | 0.22 | -0.23 | · |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|
| Debtor days | 26 | 25 | 25 | 15 |
| Inventory days | 80 | 56 | 108 | 115 |
| Days payable | 83 | 77 | 88 | 94 |
| Cash conversion cycle | 23 | 4 | 46 | 37 |
| Working capital days | -68 | -73 | -45 | -52 |
Vigor Plast India peers and competitors
Listed SME companies in the same industryBy sales, Vigor Plast India is number 128 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Pentagon Rubber | 66 | 35.9 | 50.9 | 1.8 | 9.5% | 0.92 |
| Advance Technoforge | 51 | 12.5 | 50 | 4.1 | 15.5% | 1.26 |
| Horizon Reclaim (India) | 288 | 28.8 | 49 | 10 | 32.0% | 1.44 |
| Solve Plastic Products | 8 | 19.0 | 45.6 | 0.4 | 4.5% | 1.09 |
| Polysil Irrigation Systems | 148 | 52.8 | 45.6 | 2.8 | 10.9% | 0.61 |
| Vigor Plast India | 63 | 12.2 | 45.6 | 5.2 | 26.7% | 1.37 |
| Alphalogic Industries | 141 | 26.2 | 45.1 | 5.4 | 12.7% | 0.04 |
| Rajeshwari Cans | 15 | 6.9 | 42.6 | 2.2 | 12.8% | 0.53 |
| Holmarc Opto-Mechatronics | 138 | 33.9 | 42.2 | 4.1 | 15.0% | 0.02 |
| Gayatri Rubbers And Chemicals | 327 | 58.5 | 41.8 | 5.6 | 21.0% | 0.35 |
| Shayona Engineering | 53 | 13.2 | 40.3 | 4 | 18.7% | 0.76 |
| Median of the 10 others | 102 | 27.5 | 45.3 | 4.1 | 13.9% | 0.69 |
Vigor Plast India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
Vigor Plast India shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 70.05% | 70.05% |
| Foreign investors (FIIs) | 6.18% | 2.86% |
| Indian institutions (DIIs) | 4.05% | 4.51% |
| HNIs (over ₹2 lakh each) | 4.19% | 8.73% |
| Small holders (up to ₹2 lakh) | 12.03% | 11.01% |
| Companies and others | 3.50% | 2.84% |
| Number of shareholders | 421 | 415 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Vigor Plast India study: the business from its own documents
Read from 8 of the company's own documentsVigor Plast India so far
From the company's own record
- 12 Sept 2025Listed on NSE Emerge at ₹81
- 7 Oct 2026An order announced
- 31 March 2026Promoters at 70.05%
- 9 Sept 2026Highest close since listing, ₹117.00
Vigor Plast India key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹65.9 cr
- Up from ₹45.6 cr in FY25, with profit after tax of ₹9.1 cr against ₹5.2 cr.Results, June 2026 quarter, p.4; Offer document, p.127
- Latest quarter
- ₹17.5 cr
- Revenue in the June 2026 quarter, against ₹11.4 cr a year earlier; profit after tax was ₹2.3 cr against ₹1.7 cr.Results, June 2026 quarter, p.4
- Fittings share
- 54.1%
- Fittings and other small products as a share of FY25 revenue; the managing director says fittings earn more than plain pipe.Offer document, p.132; Transcript, December 2025, p.9
- Factory capacity
- 3,550 tonnes
- 2,490 tonnes of pipes used at 69.5% and 1,060 tonnes of fittings used at 81.4% in FY25; the managing director said in December 2025 use had reached about 80%.Offer document, p.133; Transcript, December 2025, p.8
- Dealer network
- 440
- Distributors and dealers in 25 states and union territories at March 2025, given 21 to 30 days of credit.Offer document, p.127
Show 5 more facts
- Top ten dealers
- 27.1% of revenue
- Their share in FY25, down from 39.7% in FY23, so no single dealer dominates.Offer document, p.128
- Sales from Gujarat
- 41.5%
- Share of FY25 revenue from the home state, up from 26.0% in FY23; Uttar Pradesh added 13.5%.Offer document, p.128
- Largest supplier
- 26.2% of purchases
- Share of FY25 raw material bought from one supplier; the top ten supplied 66.0%.Offer document, p.128
- IPO money for loans
- ₹11.4 cr
- Of ₹20.2 cr raised, used in full to repay borrowings by June 2026.Results, June 2026 quarter, p.5
- Ahmedabad warehouse
- ₹3.8 cr
- IPO money set aside for a new warehouse of 75 to 80 tonnes; ₹1.1 cr had been spent by June 2026.Results, June 2026 quarter, p.5; Investor presentation, December 2025, p.21
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On its December 2025 call the managing director said FY26 revenue would be ₹65 cr to ₹70 cr, that the factory had reached about 80% use and would not need more machines until revenue reaches about ₹100 cr, and that the new Ahmedabad warehouse would start within one or two months. The December 2025 presentation says the company expects a 25% to 30% yearly growth rate over the next three years. At June 2026, ₹2.7 cr of the IPO money for the Ahmedabad warehouse was still to be spent.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue of ₹65 cr to ₹70 cr | December 2025 call | ₹65.9 cr |
| New Ahmedabad warehouse to start in one or two months | December 2025 call | ₹1.1 cr of the ₹3.8 cr set aside had been spent by June 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Vigor Plast India earns its money by turning plastic resin into pipes and a very wide range of fittings, sold under its own name through hundreds of dealers.
Its weak spots are that it depends on resin prices it cannot control, it has one factory, and pipes for farms and homes are sold in a crowded market.
AverageCan it set its own prices?It earns more on its wide range of fittings than on plain pipe, but it has to cut its prices when resin makers cut theirs. On CPVC, made from imported material, its discounts stay steady.
AverageHow strong is it against rivals?It competes with larger pipe makers that have bigger networks. Its edge is a very wide fittings range, a known brand ambassador and wide dealer reach.
StrongWho are its customers?It sells to hundreds of distributors and dealers, and no single one matters much. Their share of sales has been falling.
AverageDoes it need a lot of money?Machines stay the same, but every new fitting needs its own mould, so the company keeps spending on moulds and stock. It relied on loans before the IPO and used IPO money to repay them.
AverageCan it keep finding new work?It has no order book; sales depend on dealers ordering stock week by week. The dealer network has grown and the company plans more warehouses to serve other regions.
AverageDo good and bad years swing a lot?Sales slow in the rains and pick up in summer, when farms and builders need pipes. Resin prices can move margins, and the mix of pipes and fittings changes with demand.
Who runs Vigor Plast India?
Promoters, directors and officers; tap a name for the background
JPJayesh Premjibhai KathiriyaPromoter, Chairman and Managing Director · holds 20.73%
Executive Director since the company was formed in January 2014 and Chairman and Managing Director for five years from 4 December 2024. Passed the Higher Secondary Examination of the Gujarat Secondary Education Board (1999), with over eight years in the brass industry at Dhananjay Brass Products and over 11 years in plastics. Runs production, quality control, packing and dispatch.
Offer document, p.160 and p.163RKRajeshbhai KathiriyaPromoter and Whole Time Director · holds 20.32%
Executive Director since January 2014 and Whole Time Director for five years from 4 December 2024. Studied up to the ninth standard at Shree Pranami High School, Jamnagar, with over eight years in the brass industry and over 11 years in plastics. Leads business development and marketing.
Offer document, p.160 and p.163PDPremjibhai Dayabhai KathiriyaPromoter and Non-Executive Director · holds 20.18%
Non-Executive Director since January 2014. Passed the Secondary Examination of the Gujarat Secondary Education Board (1979), with eight years as proprietor of Dhananjay Brass Products and 11 years at Vigor Plast. The offer document states that Premjibhai Dayabhai Kathiriya is the father of Jayesh Premjibhai Kathiriya and Rajeshbhai Kathiriya.
Offer document, p.161, p.163 and p.165JRJashvantiben Rajeshbhai KathiriyaPromoter and Non-Executive Director · holds 4.50%
Executive Director from April 2019 and Non-Executive Director from 30 November 2024. Bachelor of Arts from Saurashtra University (2005), with more than five years in plastics. The offer document states that Jashvantiben Rajeshbhai Kathiriya is the spouse of Rajeshbhai Kathiriya.
Offer document, p.161, p.163 and p.165NJNitaben Jayeshbhai KathiriyaPromoter and Non-Executive Director · holds 4.31%
Executive Director from April 2019 and Non-Executive Director from 30 November 2024. Passed the Secondary Examination of the Gujarat Secondary Education Board (1996), with more than five years in plastics; oversees administration. The offer document states that Nitaben Jayeshbhai Kathiriya is the spouse of Jayesh Premjibhai Kathiriya.
Offer document, p.161, p.163 and p.165SRSumit Rameshbhai GosraniIndependent Director
Independent Director for five years from 30 November 2024. Chartered Accountant (2010) with over 14 years of practice, earlier a partner at Mehta Gosrani and Co. and proprietor of Sumit Gosrani and Associates since August 2023.
Offer document, p.162 and p.164NRNimesh RajputIndependent Director
Independent Director for five years from 30 November 2024. Master's degree in Labour Welfare and a PhD in Human Resource Management, with over 30 years in human resources, including as Head of HR at Wind World (India) Limited from 2000 to 2015.
Offer document, p.162 and p.164MBMahesh BusaIndependent Director
Independent Director for five years from 30 November 2024. Bachelor of Laws from Saurashtra University (2007), practising as a lawyer since June 2007.
Offer document, p.162 and p.164PTPintu Tulsibhai JadavChief Financial Officer
Chief Financial Officer since 30 November 2024 after joining the company as a senior accounts officer in May 2022. MBA in Finance from Gujarat Technological University, with 11 years in accounts at I-Process Services, Madhuram Overseas and Swan Sweets.
Offer document, p.173 and p.174Vigor Plast India latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 70.05%; Aarth AIF Growth Fund up to 2.74%.
- 7 Oct 2026: an order announced.
Vigor Plast India announcements
54 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Price movementSignificant movement in price has been observed in Vigor Plast India Limited. The Exchange, in order to ensure that investors have latest relevant information aPDF ↗
- Change in AuditorsOf the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingProceedings of 12th Annual General Meeting held on September 29, 2026PDF ↗
- Updatesdispatch of letters to Members whose e-mail addresses are not registered pursuant to Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure RequirePDF ↗
- Copy of Newspaper PublicationPursuant to Notice of 12th Annual General MeetingPDF ↗
- Shareholders meetingNotice of to be held on September 29, 2026PDF ↗
- Outcome of Board MeetingHeld on September 05, 2026PDF ↗
- Statement of deviation(s) or variation(s) under Reg. 32statement of deviation(s) or variation(s) under Reg. 32PDF ↗
- Outcome of Board Meeting, the financial results for the period ended Jun 30, 2026PDF ↗
Vigor Plast India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 31 Dec 2025 ↗read
- 6 Dec 2025 ↗read
- 26 Nov 2025 ↗read
- 31 Dec 2025 ↗read
- 30 Nov 2025 ↗read
Vigor Plast India share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Vigor Plast India's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY24 and FY25.
- ✓Market cap uses the share count in the latest shareholding pattern (1,03,51,700 shares).
- !The FY25 results imply 78,50,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹58.60) and FY25 (₹6.60) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY25.
- iPrices run to the close on 12 Oct 2026, from the exchange's daily figures.
Questions people ask about Vigor Plast India
What does Vigor Plast India do?
Vigor Plast India makes plastic water pipes and the fittings that join them, sold under its own brand through dealers to homes, farms, shops and factories. Its shares trade on NSE Emerge.
What is the share price of Vigor Plast India?
₹61 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Vigor Plast India?
₹63 cr at the close on 6 Nov 2026, on 1,03,51,700 shares.
What is the P/E of Vigor Plast India?
12.2 times FY25 profit at the close on 6 Nov 2026 (our arithmetic).
What are Vigor Plast India's revenue and profit?
Revenue ₹46 cr and profit after tax ₹5 cr in FY25.
Who are the promoters of Vigor Plast India?
Jayesh Premjibhai Kathiriya, Rajeshbhai Kathiriya, Premjibhai Dayabhai Kathiriya, Jashvantiben Rajeshbhai Kathiriya, Nitaben Jayeshbhai Kathiriya; promoters held 70.05% at 31 March 2026.
What was the IPO price of Vigor Plast India?
₹81 a share; it listed on 12 Sept 2025.
What is Vigor Plast India's website?
www.vigorplastindia.com
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Built from 3 earnings call transcripts, 2 investor presentations, 1 offer document, 1 result filing, 1 press release, 54 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.