Vipul Limited

Key Metrics of Vipul Limited

Revenue₹59.6 Cr▼ 26.7% YoYFY 2025-26

EBITDA−₹5.66 Cr▼ 1,070.6% YoY

Net profit−₹14.2 Cr▲ 35.2% YoY

Net worth₹393 Cr▲ 3.1% YoY

Competitors10identified

About Vipul Limited

Sectors

Banking & Financial ServicesNBFC, Lending & Housing Finance

Company details

Registered office: Unit No. 201, C–50, Malviya Naagr, Delhi, In-dl, 110017
Listed: NSE: VIPULLTD · ₹9.03

Operational Areas of Vipul Limited

Banking & Financial Services›NBFC, Lending & Housing Finance

Company summary

Entity details

CINL65923DL2002PLC167607

LEI code984500DFA3PABBD37117

State codeDL

PIN code110017

Current legal nameVIPUL LIMITED

Classification—

Listing statusListed (NSE: VIPULLTD)

Registration no.167607

Company age—

PAN—

CountryIndia

CityDelhi

StateHaryana

Current statusActive

Date of incorporation—

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026

Industry classification

NIC code65923

Description of main activityFinancial intermediation (banking, NBFC)

Description of business activityFinancial intermediation (banking, NBFC)

SectorOther Industries · Discovered Companies

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Financials, ratios and risk analysis

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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date · 4 days left

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 34 days left

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

CARE · 11 Mar 2019 — Other

Change in last 12 monthsNo change

Change since first rating on recordNo changesince Aug 2016

Rating actions50 up · 0 down

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
11 Mar 2019	CARE	Other	—	—	—	—	View
10 Jan 2018	CARE	Reaffirmed	BB	A4	Stable	₹1,086 Cr	View
29 Nov 2017	CARE	Reaffirmed	BB	A4	Stable	₹886 Cr	View
23 Sep 2016	CARE	Reaffirmed	BB	A4	—	₹450 Cr	View
30 Aug 2016	CARE	Assigned	BB	—	—	₹380 Cr	View

Credit strengths (CARE, Jan 2018)

+ V Pradeep Kumar CIN

L67190MH1993PLC071691 T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore - 641 037.

Credit challenges

− Project execution risk

The company is developing 10 projects with total project cost of Rs. 2499 cr and has incurred Rs. 2035 cr on the same as on Aug 31, 2017. Out of the 10 projects, Aarohan Residences Phase 1 is one of the major projects wi th total project cost of Rs. 586 cr and the company has incurred Rs. 199 cr on the development of the project as on Aug 31, 2017. Therefore, considering the project is at a nascent stage of execution with ~34% of the total project cost incurred and only Rs . 71 cr of

− Leveraged capital structure

As on March 31, 2017, the company’s debt obligations have increased to Rs. 432.73 cr from Rs. 295.21 cr as on March 31, 2016. The incremental amount has been utilized in the construction of Aarohan Residences Phase 1 and meeting other debt repayment obligations. In H1FY18, owing to the slow collection status, the company has raised NCDs of Rs. 150 cr with Rs. 51 cr disbursed till Oct, 2017, and the rest Rs. 24 cr in Nov, 2017, for Aarohan Residences Phase 1. Further, the

− Slowdown in collection status and over dependence on one project

Out of the total 10 ongoing projects, the company has sold 65.06 lsf of area out of the total saleable area of 74.70 lsf till Aug 31, 2017. However, in FY17 the sales progress has been slow with only 3.41 lsf of area being sold as compared to 3.93 lsf of area being sold during FY16. Further, till Aug 31, 2017, the company has sold ~1.76 lsf of area in total. Moreover, owing to the slowdown in the real estate industry, the sales momentum remained slow leading to slow

− Therefore, going forward it is important for the company to continue the sales momentum in its Aarohan Residences

Phase 1 project and improve the collection status for other projects. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Subdued demand scenario in real estate industry The real estate sector is moving towards a more rational regime where developers, having learnt from their mistakes,

− Key Rating Strengths

Experienced management with established track record in NCR Vipul Ltd is involved in real estate development with a strong presence in North India. The company focuses on real estate development – Residential, Commercial and Integrated Townships etc. The company has developed and delivered 8.62 lsf of area (till Aug, 2017). The main promoter of the company is Mr Punit Beriwala, who is also the managing director. He has about 30 years of experience in the real estate industry. The company is curr

Borrowings & rated debt

Rated borrowing limits (latest)₹1,086 Cr

Peak rated limits₹1,086 CrJan 2018 · CARE

Limits raised2 times4 new facilities rated

Rated limits over time

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
Facilities Action Long-term Bank Facilities [Double B ]	Working capital & bank lines	—	₹525 Cr	—	BB (Stable)	Reaffirmed	CARE
Short-term Bank Facilities	Working capital & bank lines	—	₹18.0 Cr	—	A4	Reaffirmed	CARE
[A Four] Total Facilities Details of facilities in Annexure-1	Other	—	₹543 Cr	—	—	Other	CARE

CARE ratings on record (checked 23 Oct 2026)

Instrument	Amount	Rating
Bank Guarantee	—	Withdrawn
Bank Overdraft	—	Withdrawn
Cash Credit	—	Withdrawn
Term Loan	—	Withdrawn

Credit assessment · Manufacturing

Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26

Indicative long-term—

Indicative short-term—

Score—

LiquidityStretched

DirectionStable

CARE rating · Mar 2019—

Ratios, pillar scores and the indicative rating are part of Premium.

Rating status

Default	No default on record
Issuer cooperation	Cooperating
Credit enhancement	None – standalone rating
Next action stable or better (model)	35%
Information on file	67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months)

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

⬇ PDF report ⬇ Excel

Can it borrow more?Further bank funding difficult Next rating action stable or better: 41% (At risk of downgrade) · ML model on 4072 rating histories, AUC 0.666

Rated limits—

Not yet allocated—

Extra debt within 2.5× EBITDA—

Interest coverage—

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 41% chance the next rating action is stable or better

Rated limits by facility

Timeline

11 Mar 2019 CARE other: — CARE rationale

10 Jan 2018 CARE reaffirmed: BB (Stable)Rated limits ₹1,086.24 cr CARE rationale

29 Nov 2017 CARE reaffirmed: BB (Stable)Rated limits ₹886.24 cr CARE rationale

23 Sep 2016 CARE reaffirmed: BBRated limits ₹450 cr CARE rationale

30 Aug 2016 CARE assigned: BBRated limits ₹379.89 cr CARE rationale

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.

Competitors of Vipul Limited