Credit rating
Credit Rating 25 Aug - Crisil upgraded Vinyas ratings; bank facilities enhanced to Rs. 275 crore.
Source: Nse
Vinyas Innovative Technologies Ltd. (VINYAS)
SME CapIndustrials stocks · SME cap · NSE
Vinyas Innovative Technologies is a precision manufacturer for strategic sectors like Defence, Aerospace, Medical, Industrial, and Transportation. With 25+ years experience, it specializes in high-reliability electronics manufacturing, PCB assembly, subsystem integration, and system-level manufacturing for mission-critical platforms.
₹1,629.5
-45.65 · -2.73%
Market cap ₹1,730 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:51 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 -1.1% / mo · MACD + · near 52W high
Stock trend: 75
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VINYASD candles · FIT view+42.6%Latest close ₹1629.50 on 2026-10-19
Bar
-4.1%
RSI
61
MACD hist
21.75
52W pos
89%
2026-10-19O ₹1699.00H ₹1699.00L ₹1593.15C ₹1629.50Vol 3,300 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
VINYASNifty India ManufacturingNifty 500
- VINYAS
- +26.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +32.2 pp
Chart stats
19 Oct 2026- From 52W high
- -5.8%
- 52W range position
- 89%
- ATR (14)
- 4.6%
- Volume vs 20D
- 0.29x
- Avg traded value
- ₹1.7 Cr
- 20D price channel
- ₹1,310 - ₹1,699
₹1,730
₹809 - ₹1,730
₹75.3
Latest completed session
20-session average
49.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED28
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish65
Price trend and sector-relative-strength timing.
Valuation
Legacy model-69.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
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 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹302 Cr | NDF | NDF |
| EBITDA | ₹40 Cr | NDF | +90.5% |
| Operating margin | 13.0% | NDF | +300 bps |
| PAT | ₹22 Cr | NDF | NDF |
| PAT margin | 7.3% | NDF | +303 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 56.70
- P/B
- 7.35
- EV/EBITDA
- 27.37
- Market Cap
- 1730.00Cr
Profitability
- ROE
- 12.90%
- ROCE
- —
- ROA
- 6.62%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- 58.00%
- EPS 3Y
- 58.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 3.81×
- Altman Z
- 6.85
- Book Value
- 187.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -32.00 Cr
- EPS TTM
- 24.53
Shareholding
- Promoter Hold
- 29.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 514
Net Profit
₹ CrLatest: 31.0
Return on Equity
%Latest: 13.1
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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 61. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 falling (~1.1% over last month) — short-term momentum negative.
- RSI(14) at 61 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 6% off 52W high · 101% 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
87
RS percentile
Stage 2 UptrendEstablished S2
1M return
+13.8%
3M return
+26.6%
6M return
+46.1%
1Y return
+37.9%
RS 1D
0
RS 20D
+9
Sector rank
#2
Industry rank
#25
Stage evidence
- Price is 26.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.1%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
18 Jun 2026
S2 age
86 trading sessions
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 135.59-1.72%
RS vs Nifty 500136
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth19/25
Quality2/20
Balance Sheet4/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
28
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
28/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 19/25 to the score.
- Balance sheet contributes 4/15 to the score.
- Quality contributes 2/20 to the score.
Main drags
- Fair-value margin of safety is negative at -69.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- 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
56.7
PB
7.3
EV/EBITDA
27.4
ROE
12.9%
ROCE
—
FCF Yield
—
Debt/Equity
0.6
MoS
-69.0%
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
28
Previous: 28
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-69.0%
Previous: -69.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
28
28
28
28
28
28
28
28
28
28
28
28
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
₹321.26
-407.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹964.03
-69.0% MoS
PEG
0.98
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
SAHASRA
SME
Sahasra Electronic Solutions Ltd.
Electronics Manufacturing Services
match 86
18
88.2
6.2%
-901%
OVERVALUED
AIMTRON
SME
Aimtron Electronics Ltd.
Electronics Manufacturing Services
match 77
47
81.2
23.6%
-94%
FAIR VALUE
CYIENTDLM
Small
Cyient DLM Limited
Electronics Manufacturing Services
match 66
34
85.1
7.5%
-80%
WATCHLIST
AVALON
Micro
Avalon Technologies Limited
Electronics Manufacturing Services
match 65
43
99.4
16.5%
-157%
WATCHLIST
DIXON
Mid
Dixon Technologies (India) Limited
Electronics Manufacturing Services
match 64
50
41.3
18.9%
+0%
FAIR VALUE
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 2026-10-05T07:21:15.010Z
Management commentary snapshot
VINYAS reported strong FY26 results with revenue up 29.45% YoY to ₹518 Cr and PAT up 58.92% YoY to ₹30.87 Cr. EBITDA margin expanded to 12.5% from 11.1%. The order book reached ₹1,309 Cr as of March 31, 2026, providing 2x revenue cover and 5-6 years visibility.
The company delivered robust FY26 performance, driven by strong order inflows and improved profitability. The substantial order book provides long-term revenue visibility, while strategic capacity expansion and new customer additions support future growth. Focus on high-reliability sectors like Defence and Aerospace remains key, but working capital management needs close monitoring.
Growth engines
Defence & Aerospace Programs
Evolving defense ecosystem and geopolitical developments create strong long-term opportunities, with ₹793 Cr order book in this segment.
System Integration
Expanded beyond PCB assembly into system integration, delivering cable harnesses and tested subsystems, with ₹324 Cr order book.
Technology Transfer Enablement
Advancing technology transfer and licensed manufacturing engagements with global OEMs, positioning for larger platform opportunities.
Vertical Segment Expansions
Expanded into medical devices and commercial aerospace sectors through qualified manufacturing capabilities and Tier-1 approvals.
Capacity and execution
New Production Facility
Expansion – Additional 25,000 sq.ft of Class 3 facility to support System Integration.
Tailwinds
Global Re-Armament
Global re-armament is driving demand for the industry.
Supply Chain Diversification
Accelerating supply chain diversification and localization trends are creating long-term growth opportunities.
Headwinds
Short-term Supply Chain Disruptions
Global geopolitical developments have led to short-term supply chain disruptions.
Risk radar
Working Capital Management
UNDER_STRESSSignificant increases in trade receivables and inventory in FY26 led to negative cash flow from operations.
Execution Risk
Ability to efficiently execute on the large and growing order book, especially with new capacity additions.
Geopolitical Supply Chain
Short-term supply chain disruptions due to global geopolitical developments could impact operations.
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 YOY
The company provides full-year and half-year comparisons against the prior year, indicating that annual and semi-annual performance trends are most relevant for assessing growth and profitability in its project-based industrial business.
Sector KPIs management disclosed
Order Inflow
Orders Received: ₹960.38 Cr in FY25-26 from various domestic and international customers.
Order Book
Order Book as on 31st March 2026: ₹1,309.06 Cr.
Revenue Cover
Order Book provides 2x revenue cover and 5-6 year visibility.
Revenue Execution
Revenue: ₹518 Cr (+29.45% YoY) in FY26; H2 FY26 Revenue: ₹303.59 Cr (+22.36% YoY).
Management forward view
Leveraging Opportunities
Management remains focused on leveraging opportunities through quality, operational excellence, and strategic partnerships.
Growth Target
Management is targeting 30-35% growth.
Strategic Expansion
Evaluating expansion opportunities in North America and Europe to align closely with global OEM ecosystems and export-driven programs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | ₹1,309 Cr order book with 5-6 year visibility. | Timely execution and conversion of the substantial order book into revenue, maintaining growth momentum. |
| Working Capital & Cash Flow | Negative cash flow from operations (-₹32.29 Cr) in FY26 due to increased receivables and inventory. | Improvement in working capital cycle, reduction in receivables/inventory days, and positive cash generation from operations. |
| New Facility Ramp-up | Additional 25,000 sq.ft Class 3 facility for System Integration. | Successful commissioning and efficient utilization ramp-up of the new capacity to support order execution. |
| Margin Sustainability | EBITDA margin at 12.5% in FY26. | Maintenance or further expansion of margins amidst growth and potential supply chain volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited 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 28th percentile of the scored universe and 24th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Industrials: 24th pctile, median 68 · SME: 32nd pctile, median 64
Evidence depth
Financial-only
7 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
71
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Latest 3 quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸Operating cash flow is negative at ₹-32 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vinyas Innovative Technologies Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.