Key Metrics of Vijay Solvex Limited
About Vijay Solvex Limited
Sectors
Company details
- Registered office
- Bhagwati Sadan Swami Dayanand Marg Station Road,, Alwar, In-rj, 301001
- Listed
- NSE: VIJSOLX · ₹729.70
Operational Areas of Vijay Solvex Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchIssuer not cooperating with CARE (rating based on limited information)
NoteLatest action: rating withdrawn (CARE, 23 Oct 2025)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Oct 2025 | CARE | Withdrawn | BB | A4 | Stable | — | View |
| 14 May 2025 | CARE | Downgraded (from BB+) | BB | A4 | Stable | ₹170 Cr | View |
| 23 Feb 2024 | CARE | Revised (from BBB) | BB+ | A3+ | Stable | ₹170 Cr | View |
| 06 Jan 2023 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹170 Cr | View |
| 08 Feb 2022 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹170 Cr | View |
| 06 Jan 2022 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹240 Cr | View |
| 06 Jan 2021 | CARE | Revised (from BBB) | BBB | A3+ | Stable | ₹240 Cr | View |
| 31 Dec 2019 | CARE | Other | — | — | — | — | View |
| 04 Apr 2019 | CARE | Other | — | — | — | — | View |
| 14 Mar 2018 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Oct 2025)
+ Comfortable capital structure albeit moderate debt coverage indicators
Despite increase in total debt mainly in form of working capital borrowing, the capital structure was comfortable as marked by an overall gearing ratio of 0.11x as on March 31, 2025 as against 0.03x as on March 31, 2024 owing to a healthy networth base. The company’s debt coverage indicators improved as a result of increased operating profitability in absolute termsand remained satisfactory as marked by interest coverage ratio of 7.67x during FY25 against 4.30x during FY24(Audited). Further,
+ Brief Financials (₹ crore) March 31, 2024 (A) March 31, 2025 (A) Q1FY26 (UA)
Total operating income 1829.23 1830.73 460.55 PBILDT 4.33 26.66 2.76 PAT 2.35 18.37 1.02 Overall gearing (times) 0.03 0.11 - Interest coverage (times) 4.30 7.67 - A: Audited UA: Unaudited; Note: ‘the above results are latest financial results available’ Status of non-cooperation with previous CRA: Not applicable
+ Total operating income 1829.23 1830.73 460.55
PBILDT 4.33 26.66 2.76 PAT 2.35 18.37 1.02 Overall gearing (times) 0.03 0.11 - Interest coverage (times) 4.30 7.67 - A: Audited UA: Unaudited; Note: ‘the above results are latest financial results available’ Status of non-cooperation with previous CRA: Not applicable Any other information: Not applicable
+ No. Type Outstanding Rating
Facilities assigned in assigned in assigned in assigned in (₹ crore) 2025-2026 2024-2025 2023-2024 2022-2023 1)CARE BB; Stable; ISSUER NOT COOPERATIN
+ LT: Long term; ST: Short term; LT/ST: Long term/Short term
Annexure-3: Detailed explanation of covenants of rated instruments/facilities: Not applicable Annexure-4: Complexity level of instruments rated Sr. No. Name of the Instrument Complexity Level 1 Fund-based - LT-Cash Credit Simple 2 Fund-based - LT/ ST-Cash Credit Simple 3 Fund-based - ST-Term loan Simple 4 Non-fund-based - ST-Letter of credit Simple
Credit challenges
− Moderate scale of operations with thin profitability in FY25 and Q1FY26
As per FY25 the scale of operation as marked by total operating income has been remained in stable on Y-o-Y basis at Rs.1830.73 Crores during FY25 as against Rs.1829.23 Crores during FY24 stable revenue generation from Edible oils and Ceramic segments. In Q1FY26, VSL has reported total income from operations worth Rs. 460.55crore. Profitability of VSL improved on back of lower cost of material albeit remained low owing to its low value-added nature of
− Pending litigations against the company
As articulated by the management, VSL is the registered owner of ‘Scooter’ trademark/device/logo and copyright holder for the artwork of SCOOTER Wavy device which is registered with Registrar of Trade Mark and Copyright and is defending its right before the Hon’ble Courts and Tribunals, wherever the challenges against use of ‘Scooter’ and /or any other intellectual property rights of the Company have been made. Further, during FY10, some shareholders had moved petition before National
− Key Strengths
Wide experience of promoters in edible oil industry and operational synergies with group entities: Being part of Nirajan Lal Data group (NLDG), top management of VSL has vast experience in edible oil industry. Mr Vijay Data, Managing Director, has more than three decades of experience in edible oil industry and looks after day to day operations of edible oil division. Mr. Daya Kishan Data, whole time director and Mechanical Engineer by qualification, has more than two
− Comfortable capital structure albeit moderate debt coverage indicators
Despite increase in total debt mainly in form of working capital borrowing, the capital structure was comfortable as marked by an overall gearing ratio of 0.11x as on March 31, 2025 as against 0.03x as on March 31, 2024 owing to a healthy networth base. The company’s debt coverage indicators improved as a result of increased operating profitability in absolute termsand remained satisfactory as marked by interest coverage ratio of 7.67x during FY25 against 4.30x during FY24(Audited). Further,
Could lead to an upgrade
• Substantial growth in scale of operations while sustaining PBILDT margin beyond 4.00% • Sustaining its capital structure with overall gearing going below 0.50 times
Could lead to a downgrade
Factors that could lead to negative rating action/downgrade • Decline in total operating income (TOI) by more than 30% from envisaged level and fall in PBILDT margin below 2.25% on sustained basis • Overall gearing deteriorating beyond 1.00 times on sustained basis • Any adverse outcome of pending litigations against company
Agency-reported financials (CARE, 23 Oct 2025)
| Metric | March 31, 2024 | March 31, 2025 | Q1FY26 |
|---|---|---|---|
| Total operating income | ₹1,829 Cr | ₹1,831 Cr | ₹461 Cr |
| PBILDT | ₹4.33 Cr | ₹26.66 Cr | ₹2.76 Cr |
| PAT | ₹2.35 Cr | ₹18.37 Cr | ₹1.02 Cr |
| Overall gearing (times) | 0.03× | 0.11× | — |
| Interest coverage (times) | 4.30× | 7.67× | — |
| Revenue growth (YoY) | — | 0.1% | — |
| EBITDA margin | 0.2% | 1.5% | 0.6% |
| Implied interest cost (EBITDA ÷ coverage) | ₹1.01 Cr | ₹3.48 Cr | — |
| PAT margin | 0.1% | 1.0% | 0.2% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| continues to remain under ISSUER ISSUER Long Term Bank Facilities NOT | Working capital & bank lines | — | ₹27.0 Cr | — | BB (Stable) | Non-cooperating | CARE |
| NOT continues to remain under ISSUER Long Term Short Term Bank NOT A4+ continues to remain under ISSUER | Working capital & bank lines | — | ₹60.0 Cr | — | BB / A4 (Stable) | Downgraded | CARE |
| Facilities CARE ISSUER NOT Short Term Bank Facilities NOT | Working capital & bank lines | — | ₹83.0 Cr | — | A4 | Downgraded | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Term loan | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Not cooperating since 14 May 2025 (17 months) – investment grade cannot be retained |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 23 Oct 2025 · Proposed debt rated but not raised |
| Next action stable or better (model) | 87% |
| Information on file | 44% · missing: Audited financial statements (last 18 months), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 87% chance the next rating action is stable or better
- Current rating BB (below investment grade)
- Interest coverage 15.42×
- Issuer not cooperating with the rating agency
- CARE withdrew its ratings on 23 Oct 2025 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
From the report
Further, the Careedge Ratings has withdrawn the rating assigned to the term loan facility with immediate effect as VSL has repaid the facility availed as well as declared that it has not availed the proposed fund-based facility rated by CareEdge Ratings.
From the report
VSL’s gross cash accruals remained at Rs.18.68 crore in FY23 with no major long-term debt repayments except lease obligation in FY24.
From the report
Average utilization of its fund-based working capital limits remained low at less than 1% p.a. for last 12 months ending November 2023, however, utilization of non-fund-based limits remained moderate at around 47% p.a. during same period.
From the report
Short term investments (including cash and bank balance) continued to remain healthy at Rs.104.25 crore as on March 31, 2023 [PY: Rs.153.31 crore].
From the report
VSL’s gross cash accruals remained at Rs.57 crore in FY22 with no major long-term debt repayments except low finance lease discharge obligation in FY23.
From the report
Average utilization of its fund-based working capital limits remained low at less than 1% p.a. for last 12 months ending November, 2022, however, utilization of non-fund-based limits remained high at around 88% p.a. during last 12 months ended in September, 2022.
From the report
Current ratio of the company increased from 1.32 times as on March 31, 2021 to 1.71 times as on March 31, 2022 with substantial increase in unencumbered cash and bank balance to Rs.98 crore as on March 31, 2022.
From the report
Short term investments (including margin money as well as unencumbered cash and bank balance) remained at Rs.219 crore as on March 31, 2022 [PY: Rs.81 crore].
From the report
Average utilization of its fund-based working capital limits remained low at around 13% p.a. for last 12 months ending November, 2021, however, utilization of non-fund-based limits remained high at around 88% p.a. during the same period.
From the report
During FY21, the company reported negative cash flow from operations of Rs.52.72 crore owing to increase in inventory coupled with decrease in creditors as on March 31, 2021.
From the report
Short term investments including bank FDs in form of margin money as well as unencumbered cash and bank balance remained at Rs.81.24 crore as on March 31, 2021.
From the report
Average utilization of its fund-based working capital limits remained low at around 13% p.a. for last 12 months ending November, 2021, however, utilization of non-fund-based limits remained high at around 88% p.a. during the same period.
From the report
During FY21, the company reported negative cash flow from operations of Rs.52.72 crore owing to increase in inventory coupled with decrease in creditors as on March 31, 2021.
From the report
Short term investments including bank FDs in form of margin money as well as unencumbered cash and bank balance remained at Rs.81.24 crore as on March 31, 2021.
From the report
Liquidity Indicators Liquidity – Adequate: Liquidity of VSL remained adequate marked by healthy gross cash accruals of Rs.22.57 crore in FY20 with no major long-term debt repayments except finance lease obligation of Rs.0.29 crore in FY21.
From the report
As on March 31, 2020, the company had free cash and bank balance of Rs.1.23 crore which increased to Rs.4.50 crore as on September 30, 2020.
From the report
Although, average utilisation of fund based limits stood low at 17.74% for last 12 months ending November, 2020, utilisation of non-fund based limits remained full during the same period.
From the report
During FY20 and H1FY21, it availed additional LC limits against 100% FDR margins for import of crude soya oil.
From the report
On account of classification of fixed deposit, against which the company has availed LC limits, as non-current investments, current ratio deteriorated from 1.39 times as on March 31, 2019 to 1.05 times as on March 31, 2020 .
From the report
During FY20, the company generated cash flow of Rs.72.80 crore from operating activities as against Rs.73.36 crore in FY19.
From the report
Liquidity - Adequate: VSL’s liquidity position remained adequate marked by gross cash accruals of Rs.14.57 crore in FY19 with no long-term debt repayments.
From the report
Liquidity - Adequate: VSL’s liquidity position remained adequate marked by gross cash accruals of Rs.14.57 crore in FY19 with no long-term debt repayments.
From the report
As on March 31, 2019, the company had free cash and bank balance of Rs.16.76 crore.
From the report
Although, average utilisation of fund based limits stood low at 45.82% for last 12 months ending November, 2019, utilisation of non-fund based limits stood high at 91.54% during the same period.
From the report
During FY19, the company generated cash flow of Rs.73.51 crore from operating activities as against negative Rs.23.56 crore in FY18.
From the report
Further, average utilization of fund based working capital borrowing limits of VSL was low at 46% during last 12 months ended January, 2019.
From the report
The company does not have long term debt repayment obligation in FY19 except vehicle loan of Rs.0.06 crore against which the company had cash and bank balance of Rs.2.29 crore.
From the report
Further, average utilization of fund based working capital borrowing limits of VSL was low at 31% during last 12 months ended December, 2017.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Vijay Solvex Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Patanjali Foods |
Dal & Pulses · Food & Beverages | patanjalifoods.com | — | Mumbai, India |
 Swiggy |
E-commerce · Food Delivery | swiggy.com | 2014 | Bangalore, India |
 Tata Consumer Products |
Dal & Pulses · Food & Beverages | tataconsumer.com | 1962 | Kolkata, India |
| Biscuits & Bakery · Food & Beverages | britannia.co.in | 1892 | Kolkata, India | |
 Heritage Foods |
Dairy, Ghee & Milk Products · Food & Beverages | heritagefoods.in | 1992 | Hyderabad, India |
| Hindustan Foods Limited | · Manufacturing (Food stuffs) | — | — | Mumbai, Maharashtra, India |
 Zydus Wellness |
Packaged Foods & Confectionery · Food & Beverages | zyduswellness.com | — | Ahmedabad, India |
| Dhampur Bio Organics Limited | · Manufacturing (Food stuffs) | — | — | Moradabad, Uttar Pradesh, India |
| Packaged Foods & Confectionery · Food & Beverages | sapphirefoods.in | — | Panchkula, Haryana, India | |
| Packaged Foods & Confectionery · Food & Beverages | waghbakritea.com | — | India |
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.