Integrated Filing — IndAS



General information about company

Scrip Code 507880
NSE Symbol VIPIND
MSEI Symbol NOTLISTED
ISIN INE054A01027
Name of company VIP Industries Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 15-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 11-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Manufacturing of luggage and travel accessories
Start date and time of board meeting 15-05-2026   13:58:00
End date and time of board meeting 15-05-2026   16:25:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 43,623.00 1,85,813.00
Other income 372.00 2,236.00
Total income 43,995.00 1,88,049.00
2 Expenses
(a) Cost of materials consumed 21,261.00 79,968.00
(b) Purchases of stock-in-trade 5,026.00 20,731.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 1,091.00 17,774.00
(d) Employee benefit expense 5,472.00 21,799.00
(e) Finance costs 2,012.00 7,034.00
(f) Depreciation, depletion and amortisation expense 3,073.00 12,729.00
(f) Other Expenses
1 Other Expenses 18,993.00 69,634.00
Total other expenses 18,993.00 69,634.00
Total expenses 56,928.00 2,29,669.00
3 Total profit before exceptional items and tax (12,933.00) (41,620.00)
4 Exceptional items 53.00 7,818.00
5 Total profit before tax (12,880.00) (33,802.00)
6 Tax expense
7 Current tax (101.00) 299.00
8 Deferred tax 111.00 (300.00)
9 Total tax expenses 10.00 (1.00)
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (12,890.00) (33,801.00)
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period (12,890.00) (33,801.00)
17 Other comprehensive income net of taxes 280.00 755.00
18 Total Comprehensive Income for the period (12,610.00) (33,046.00)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (12,890.00) (33,801.00)
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent (12,610.00) (33,046.00)
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 2,841.00 2,841.00
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve 26,109.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -9.07 -23.79
Diluted earnings (loss) per share from continuing operations -9.07 -23.79
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -9.07 -23.79
Diluted earnings (loss) per share from continuing and discontinued operations -9.07 -23.79
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1 The results for the Quarter and Year ended March 31, 2026 were reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meetings held on May 15, 2026. The above results for the year ended March 31, 2026 have been audited by the Statutory Auditors of the Company in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. 2 This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 Ind AS, prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3 The Company's business segment consists of a single segment of Manufacturing and marketing of luggage and bags as per Indian Accounting Standard (Ind AS-108) Operating segment requirement. 4 The consolidated financial results for the Quarter and Year ended March 31, 2026, include the results of its subsidiary companies viz; VIP Industries Bangladesh Private Limited, VIP Industries BD Manufacturing Private Limited, VIP Luggage BD Private Limited, VIP Accessories BD Private Limited and Blow Plast Retail Limited. 5 Certain entities forming part of the promoter group ('the Sellers') of the Company have entered into an agreement with Multiples Private Equity Fund and other parties ('the Purchasers') for the sale of up to 4,54,46,305 equity shares held by the Sellers in the Company constituting approximately 32% of the total paid up share capital of the Company. The Company received the approval granted by the Competition Commission of India vide its letter dated August 26, 2025 and an intimation has been filed with the stock exchanges on August 26,2025. In this regard, the Shareholder's Agreement (SHA) has become effective from September 23, 2025 and the Multiples group has acquired 'Control' and have been classified as 'Promoters' of the Company. An intimation in this regard has been filed with the stock exchanges on September 23, 2025. Pursuant to share purchase agreement dated July 13, 2025, transfer of shares through open market acquisitions was completed during the year. 6 Exceptional item disclosed above includes the following : Sr No Particulars Standalone Qtr Mar 31 2026 Standalone Qtr Dec 31 2025 Standalone Year Mar 31 2026 Consolidated Qtr Mar 31 2026 Consolidated Qtr Dec 31 2025 Consolidated Qtr Mar 31 2025 Consolidated Year Mar 31 2026 Consolidated Year Mar 31 2025 1 Gain towards sale of non-core assets (Refer note 10) - 63.53 63.53 - 63.53 - 63.53 - 2 Receipt of the insurance claim from the Insurance Company relating to loss of property, plant and equipment and inventories that were destroyed due to a fire at the Company’s regional warehouse at Guwahati on May 17, 2025 0.53 4.04 4.57 0.53 4.04 - 4.57 - 3 Partial receipt of the insurance claim from the Insurance Company relating to loss of property, plant and equipment and inventories that were destroyed due to a major fire at a plant of the Company’s subsidiary (VIP Industries Bangladesh Private Limited) located in Bangladesh, on January 31, 2023 - - - - 3.67 4.25 15.15 7.83 4 Impact for loss of property, plant and equipment and inventories that were destroyed due to a fire at the Company’s regional warehouse at Guwahati on May 17, 2025 - - (5.07) - - - (5.07) - Total 0.53 67.57 63.03 0.53 71.24 4.25 78.18 7.83 7 The Nomination and Remuneration Committee of the Board of Directors of the Company at its various meetings held during the year, approved to grant new stock appreciation rights to eligible employees of the Company, in accordance with the terms and conditions of the VIP Employees Stock Appreciation Rights plan 2018 named 'ESARP 2018' as approved by the shareholders of the Company on July 17, 2018. Accordingly, during the year ended March 31, 2026, the Company has granted 7,20,000 stock appreciation rights to eligible employees resulting in a net expense of Rs. 2.23 Crores during the year ended March 31, 2026. Further, 88,000 and 3,53,000 ESAR's have been lapsed/forfeited during the quarter and year ended March 31, 2026 respectively. During the quarter and year ended March 31, 2026, the eligible employees of the Company exercised 4,000 and 1,78,900 stock appreciation rights respectively, in accordance with the terms and conditions of the VIP Employees Stock Appreciation Rights plan 2018. Consequently the Company has issued 412 fully paid up equity shares of Rs 2 each of the company during the quarter ended March 31, 2026 and a cumulative of 32,142 fully paid up equity shares of Rs 2 each of the Company during the year ended March 31, 2026, to the eligible employees, as approved by the Allotment Committee of the Board of Directors of the Company. Accordingly the company has transferred Rs. 4.75 Crores to the Securities Premium during the year ended March 31, 2026. 8 The Company was involved in an ongoing litigation regarding the use of a trademark. The Division Bench of Hon’ble Delhi High Court vide order dated July 1, 2025, has dismissed the appeal filed by the Company against the interim order granting injunction in favour of the Company dated July 17, 2023. The Company had filed a special leave petition before the Hon’ble Supreme Court of India against the order of the Division Bench of Hon’ble Delhi High Court. The Hon’ble Supreme Court of India vide its order dated August 01, 2025 disposed off the special leave petition allowing the Company six months to sell the existing stock subject to conditions mentioned therein. The Hon’ble Supreme Court of India vide its order dated January 23, 2026 has granted a further extension of four months to continue selling the Carlton luggage. The aforesaid matter remains sub-judice and based on legal opinion the management has assessed that the Company has strong merit in respect of the aforesaid matter. 9 A commercial Suit is filed against the Company at Bombay City Civil Court, by a Company based in China in respect of commercial dispute for recovery of amount of Rs. 6.41 crores towards supply of material to the Company not acknowledged as debts. The Company is defending the matter and has obtained an independent legal opinion and accordingly no provision for any liability has been made in the financial results. 10 The Company had identified certain assets of the Company currently being classified as Property Plant and Equipment and Investment Properties, as non-core assets of the Company. Pursuant to the applicable provisions of the Companies Act 2013 and the related applicable Rules, the Board at its meeting held on September 16, 2025 and December 29, 2025 have approved the transaction for the sale of the above mentioned assets to the identified entities at an arm’s length basis and in accordance with the price arrived as per the valuation report. The Company has completed the said sale transaction for part of the non-core assets during the quarter ended December 31, 2025. The gain on the sale of assets is as per note 6 above. The remaining of the non-core assets have been classified as 'Current Assets held for Sale' and have accordingly been disclosed separately at carrying value at cost in the statement of Assets and Liabilities, pursuant to provisions of the Ind AS 105 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 11 The standalone results include a provision towards inventories amounting to Rs. 93.74 Crores accrued during the year ended March 31, 2026 (March 31, 2025 : Rs. 4.28 Crores). Further, the consolidated results include a provision towards inventories amounting to Rs. 122.66 Crores accrued during the year ended March 31, 2026 (March 31, 2025 : Rs. 7.53 Crores). 12 The Company has restricted the recongnition of Deferred Tax Assets in the standalone financial statements considering the recent changes in the shareholding and management and review of business plans (please refer note 5 above). 13 The Government of India has consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes collectively referred to as the 'New Labour Codes' notified on November 21, 2025. The Company has assessed the impact of these changes and based on actuarial valuation has recognised an estimated additional provision of Rs. 3.63 Crores towards gratuity and long-term compensated absenses in the results under 'Employees Benefits Expenses'. 14 There was a proceeding of investigation/search initiated in respect of the Goods and Service Tax (GST) registration of the Company for Maharashtra state under section 67 of the Maharashtra Goods & Service Tax Act, 2017 and the Central Goods & Service Tax Act, 2017 during the year. The Company has paid a GST amounting to Rs. 14.11 Crores, comprising of tax of Rs. 8.63 Crores which is available as Input tax credit and Interest of Rs. 4.78 Crores which along with certain other ineligible tax credit totaling to Rs. 5.48 Crores has been expensed off. There is no material adverse impact on the financial position of the Company. 15 The figures of the quarters ended March 31, 2026 and March 31, 2025 are balancing figures between the audited figures in respect of the full financial year ended on March 31, 2026 and March 31, 2025 and the unaudited published year to date figures upto third quarters ended on December 31, 2025 and December 31, 2024 respectively, which were subjected to Limited review by the Statutory Auditors.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 20,674.00
Capital work-in-progress 1,458.00
Investment property 461.00
Goodwill 0.00
Other intangible assets 29,589.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 256.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other financial assets 2,897.00
Total of other non-current financial assets 2,897.00
Total non-current financial assets 3,153.00
Deferred tax assets (net) 5,435.00
Other non-current assets
1 Other non-current assets 245.00
Total of other non-current assets 245.00
Total non-current assets 61,015.00
2 Current assets
Inventories 47,245.00
Current financial asset
Current investments 7,041.00
Trade receivables, current 27,054.00
Cash and cash equivalents 3,171.00
Bank balance other than cash and cash equivalents 1,383.00
Loans, current 0.00
Other current financial assets
Total of other current financial assets 10,961.00
Total current financial assets 49,610.00
Current tax assets (net) 2,329.00
Other current assets
Total of other current assets
Total current assets 99,184.00
3 Non-current assets classified as held for sale 223.00
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 1,60,422.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,841.00
Other equity 26,109.00
Total equity attributable to owners of parent 28,950.00
Non controlling interest
Total equity 28,950.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Lease liabilities 26,394.00
2 Other financial liabilities 81.00
Total of other non-current financial liabilities 26,475.00
Total non-current financial liabilities 26,475.00
Provisions, non-current 1,740.00
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non-current liabilities 5.00
Total of other non-current liabilities 5.00
Total non-current liabilities 28,220.00
Current liabilities
Current financial liabilities
Borrowings, current 41,075.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 5,024.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 39,877.00
Total Trade payable 44,901.00
Other current financial liabilities
1 Lease liabilities 6,308.00
2 Other financial liabilities 1,371.00
Total of other current financial liabilities 7,679.00
Total current financial liabilities 93,655.00
Other current liabilities 8,162.00
1 Other current liabilities 8,162.00
Total of other current liabilities 8,162.00
Provisions, current 1,406.00
Current tax liabilities (Net) 29.00
Deferred government grants, Current
Total current liabilities 1,03,252.00
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 1,31,472.00
Total equity and liabilites 1,60,422.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Amount of items that will not be reclassified to profit and loss (259.00) (217.00)
Total Amount of items that will not be reclassified to profit and loss (259.00) (217.00)
2 Income tax relating to items that will not be reclassified to profit or loss (45.00) (24.00)
3 Amount of items that will be reclassified to profit and loss
1 Amount that will be reclassified to Profit or Loss 494.00 948.00
Total Amount of items that will be reclassified to profit and loss 494.00 948.00
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 280.00 755.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (33,802.00)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 7,034.00
Adjustments for decrease (increase) in inventories 22,596.00
Adjustments for decrease (increase) in trade receivables, current 8,758.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (432.00)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 5,821.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 694.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 12,729.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 446.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 904.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 378.00
Adjustments for fair value losses (gains) (97.00)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (7,687.00)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 1,078.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 52,222.00
Net cash flows from (used in) operations 18,420.00
Dividends received 0.00
Interest paid 0.00
Interest received (115.00)
Income taxes paid (refund) 210.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 18,095.00
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 7,165.00
Purchase of property, plant and equipment 4,797.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 114.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (7,314.00)
Net cash flows from (used in) investing activities (4,832.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 1.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings (451.00)
Repayments of borrowings 0.00
Payments of lease liabilities 9,096.00
Dividends paid 46.00
Interest paid 4,296.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (13,888.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (625.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (625.00)
Cash and cash equivalents cash flow statement at beginning of period 3,796.00
Cash and cash equivalents cash flow statement at end of period 3,171.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 M/s Price Waterhouse Chartered Accountants LLP Yes 30-11-2026