Annual reportSep 2026
Sep 2026 · Updates 15 Sep - Annual Report 2025-26 shared; 12th AGM on September 29, 2026 via VC/OAVM.
Source: Nse
Vigor Plast India Ltd. (VIGOR)
SME CapIndustrials stocks · SME cap · NSE
Vigor Plast India Ltd. manufactures PVC, uPVC, and cPVC pipes, fittings, and related products from its automated facility in Dared, Gujarat. Its comprehensive piping systems serve plumbing, irrigation, and SWR applications for residential, commercial, agricultural, and industrial sectors, distributed via 440 dealers across 25 states under the "VIGOR" brand.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result17 Jul, 12:48 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage10/14 · 71%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -17.7% / mo · MACD +
Stock trend: 36
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VIGORD candles · FIT view+34.7%Latest close ₹75.85 on 2026-10-21
Bar
-0.3%
RSI
37
MACD hist
0.21
52W pos
41%
2026-10-21O ₹76.10H ₹76.10L ₹75.85C ₹75.85Vol 8,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VIGORNifty India ManufacturingNifty 500
- VIGOR
- -26.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -20.2 pp
Chart stats
21 Oct 2026- From 52W high
- -36.7%
- 52W range position
- 41%
- ATR (14)
- 6.4%
- Volume vs 20D
- 0.27x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹66.9 - ₹106
₹119.8
₹44.8 - ₹119.8
₹4.8
Latest completed session
20-session average
67.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +54.0% · PAT +39.4% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model-55.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +54% YoY · PAT +39% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹17.5 Cr | +54.0% | -15.6% |
| EBITDA | ₹4.4 Cr | +26.6% | -11.9% |
| Operating margin | 25.3% | -548 bps | +105 bps |
| PAT | ₹2.3 Cr | +39.4% | -19.0% |
| PAT margin | 13.2% | -137 bps | -56 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.90
- P/B
- 2.18
- EV/EBITDA
- 5.30
- Market Cap
- 78.70Cr
Profitability
- ROE
- 40.00%
- ROCE
- —
- ROA
- 8.57%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 6.72×
- Altman Z
- 4.17
- Book Value
- 34.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- 6.60
Shareholding
- Promoter Hold
- 70.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 17.5-15.6% vs prev
Net Profit
₹ CrLatest: 2.3-19.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~21.5% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 37% off 52W high · 69% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
58
RS percentile
Stage 1 Base / Transition
1M return
-25.7%
3M return
-26.7%
6M return
+31.5%
1Y return
-19.8%
RS 1D
-7
RS 20D
-31
Sector rank
#2
Industry rank
#31
Stage evidence
- Price is within 6.8% of the 30-week proxy.
- The 30-week proxy changed +5.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
241 observations
21 Oct 2026Value 91.04-4.07%
RS vs Nifty 50091
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation13/30
Growth3/25
Quality15/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
-8
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Quality contributes 15/20 to the score.
- Balance sheet contributes 10/15 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -55.5%.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
11.9
PB
2.2
EV/EBITDA
5.3
ROE
40.0%
ROCE
—
FCF Yield
—
Debt/Equity
0.2
MoS
-55.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-55.5%
Previous: -63.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
34
34
34
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹71.99
-5.4% MoS
Growth-justified P/E
7.4
Growth-justified Value
₹48.77
-55.5% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IDEALTECHO
SME
Ideal Technoplast Industries Ltd.
Plastics
match 89
26
29.5
11.1%
+25%
OVERVALUED
JYOTIGLOBL
SME
Jyoti Global Plast Ltd.
Plastics
match 87
68
11.4
18.1%
+72%
UNDERVALUED
BALCO
SME
Solve Plastic Products Ltd.
Plastics
match 80
42
17.9
4.3%
+55%
WATCHLIST
SATIPOLY
SME
Sati Poly Plast Ltd.
Plastics
match 79
73
4.8
18.7%
+86%
UNDERVALUED
PEARLPOLY
Small
Pearl Polymers Limited
Plastics
match 76
18
—
-17.0%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-04T07:22:32.547Z
Management commentary snapshot
Vigor Plast reported strong Q2 FY26 results with revenue up 54% YoY to ₹16.89 crore, EBITDA up 86% to ₹5.01 crore (margin 29.67%), and PAT up 145% to ₹2.41 crore. H1 FY26 revenue grew 24% HoH to ₹28.25 crore, EBITDA 38% to ₹8.51 crore (margin 30.14%), and PAT 51% to ₹4.06 crore.
Vigor Plast delivered robust Q2 and H1 FY26 performance, demonstrating significant growth in revenue and profitability driven by operational excellence and an improved product mix. Management's strategic focus on capacity expansion, debt reduction, and distribution optimization, coupled with favorable sector tailwinds, supports continued positive momentum.
Current business mix
Revenue by Sector (FY25)
Latest issuer-disclosed distribution across 4 reported categories.
Industrial44.6%
Residential23.9%
Agricultural22.6%
Commercial8.9%
Growth engines
Underutilized Production Capacity
Current capacity utilization below 70% allows significant ramp-up without major capex, improving operating leverage.
Product Mix Shift
Increased focus on higher-margin fittings and cPVC/SWR pipes has led to better profitability and gross margin expansion.
Expanding Distribution Reach
A robust pan-India network of 440 dealers is being further deepened into Tier 2/3 cities for volume growth.
Strategic Warehouse Expansion
New warehouses in high-demand regions will reduce delivery times, improve service levels, and strengthen dealer retention.
Capacity and execution
New Warehouse Facility
Establishing a new 75–80 tonne facility in Ahmedabad, a high-demand region, to improve delivery timelines and operational agility.
Tailwinds
Government Focus on Infrastructure
Government’s continued focus on agriculture, housing, commercial, and infrastructure development provides a solid demand base.
Jal Jeevan Mission & PMAY
Programs like Jal Jeevan Mission and PMAY are driving strong demand for plumbing and agri piping, creating multi-year growth visibility.
Indian Plastics Sector Growth
The government aims to expand the Indian plastics sector from ₹3,00,000 crore to ₹10,00,000 crore within 4–5 years.
Export Opportunity
India’s plastic exports reached ₹89,296 crore in FY25 (till Jan), with PLEXCONCIL targeting US$ 25 bn by 2027.
Headwinds
Seasonal Labour Shortage
Identified as a weakness in the SWOT analysis.
High Inventory Cost
Identified as a weakness in the SWOT analysis.
Complex Dealer Collection Maintenance
Maintenance of complete collection with all dealers/distributors is complex, identified as a weakness.
Risk radar
Stiff Competition
The industry faces stiff competition and has a low barrier to entry.
High Raw Material Price Fluctuation
The company is prone to high raw material price fluctuations, impacting profitability.
High Transportation Cost
High transportation costs are identified as a threat.
Government and Taxation Policy Changes
The business is prone to changes in Government and Taxation Policy.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q2 YoY comparison highlights strong annual growth momentum, while H1 HoH (Half-on-Half) provides insight into sequential performance and execution efficiency in a business influenced by project cycles and seasonal demand.
Sector KPIs management disclosed
Revenue from Operations
Q2 FY26: ₹1,688.61 lakhs (54% YoY growth); H1 FY26: ₹2,824.95 lakhs (24% HoH growth)
EBITDA
Q2 FY26: ₹501.01 lakhs (86% YoY growth); H1 FY26: ₹851.46 lakhs (38% HoH growth)
EBITDA Margin
Q2 FY26: 29.67% (505 Bps expansion YoY); H1 FY26: 30.14% (318 Bps expansion HoH)
PAT
Q2 FY26: ₹240.61 lakhs (145% YoY growth); H1 FY26: ₹405.89 lakhs (51% HoH growth)
Management forward view
CAGR Target
Management remains confident of achieving a 25–30% CAGR over the next three years.
Warehouse Expansion
Plans to expand the warehouse network across key locations to improve delivery efficiency and product availability.
Scaling Production Capacity
Will invest in additional machinery to scale production to meet growing demand and improve agility.
Optimizing Distribution for Margin Expansion
Aims to strengthen dealer/distributor relationships to improve operational efficiency and boost profit margins.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | Q2 FY26: 54% YoY; H1 FY26: 24% HoH | Sustained revenue growth, especially from new capacity and distribution network expansion. |
| EBITDA Margin | Q2 FY26: 29.67%; H1 FY26: 30.14% | Maintenance or further expansion of margins, driven by product mix and operational efficiencies. |
| Net Debt/Equity | 1.39x (FY25) | Continued reduction in the debt/equity ratio and realization of interest savings. |
| Capacity Utilization | Pipes: 69.52% (FY25); Fittings: 81.36% (FY25) | Ramp-up in utilization rates, particularly for pipes, as demand and distribution expand. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · SME: 99th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 70.1%.
- ▸Promoter pledge is zero.
- ▸ROCE is 35.2%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vigor Plast India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Company Ir
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.