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 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 12-11-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 06-11-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Manufacturing of luggage and travel accessories
Start date and time of board meeting 12-11-2026   13:00:00
End date and time of board meeting 12-11-2026   15:45:00
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 Not applicable



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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 46,812.00 1,04,648.00
Other income 619.00 946.00
Total income 47,431.00 1,05,594.00
2 Expenses
(a) Cost of materials consumed 23,734.00 46,004.00
(b) Purchases of stock-in-trade 9,312.00 17,477.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (8,087.00) (4,658.00)
(d) Employee benefit expense 6,407.00 12,764.00
(e) Finance costs 1,994.00 3,611.00
(f) Depreciation, depletion and amortisation expense 3,042.00 6,185.00
(f) Other Expenses
1 Other Expenses 18,751.00 37,398.00
Total other expenses 18,751.00 37,398.00
Total expenses 55,153.00 1,18,781.00
3 Total profit before exceptional items and tax (7,722.00) (13,187.00)
4 Exceptional items 4,891.00 4,891.00
5 Total profit before tax (2,831.00) (8,296.00)
6 Tax expense
7 Current tax 458.00 495.00
8 Deferred tax (237.00) (383.00)
9 Total tax expenses 221.00 112.00
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 (3,052.00) (8,408.00)
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 (3,052.00) (8,408.00)
17 Other comprehensive income net of taxes 88.00 134.00
18 Total Comprehensive Income for the period (2,964.00) (8,274.00)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (3,052.00) (8,408.00)
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 (2,964.00) (8,274.00)
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
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -2.15 -5.92
Diluted earnings (loss) per share from continuing operations -2.15 -5.92
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 -2.15 -5.92
Diluted earnings (loss) per share from continuing and discontinued operations -2.15 -5.92
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) Notes: 1. The results for the quarter and half year ended September 30, 2026 were reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meetings held on November 12, 2026. The above results for the quarter and half year ended September 30, 2026 have been reviewed 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 half year ended September 30, 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. Exceptional item disclosed above includes the following : kindly provide table in text mode Sr NoParticularsStandaloneConsolidatedFor the Quarter EndedFor the Half Year EndedFor the Year EndedFor the Quarter EndedFor the Half Year EndedFor the Year Ended�September 30, 2026��September 30, 2026��September 30, 2025��March 31, 2026��September 30, 2026��September 30, 2025��September 30, 2026��September 30, 2025��March 31, �2026�(unaudited)(unaudited)(unaudited)(audited)(unaudited)(unaudited)(unaudited)(unaudited)(audited)1Gain towards sale of non-core assets (Refer note 9)������������������ 48.91������������� 48.91������������������ -��������������� 63.53������������� 48.91������������������������ -�������������� 48.91������������������� -������������������� 63.532Receipt 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������������������������ -��������������������� -�������������������� -����������������� 4.57������������������ -�������������������������� -�������������������� -��������������������� -��������������������� 4.573Partial receipt of the insurance claim from the Insurance Company relating to a 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������������������������ -��������������������� -�������������������� -��������������������� -�������������������� -���������������������� 4.32������������������ -���������������� 11.32������������������ 15.154Impact 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)������������������ -�������������������������� -�������������������� -���������������� (5.07)����������������� (5.07)�Total����������� 48.91������� 48.91������� (5.07)������� 63.03������� 48.91������������ 4.32������� 48.91��������� 6.25���������� 78.18 6. The Nomination and Remuneration Committee of the Board of Directors of the Company at its meetings held on August 03, 2026 approved grant of 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 current quarter ended September 30, 2026, the Company has granted 1,50,000 stock appreciation rights to eligible employees resulting in a net expense of Rs. 0.11 Crores during the quarter ended September 30, 2026. Further, 1,45,000 and 2,41,000 ESAR's have been lapsed/forfeited during the quarter and half year ended September 30, 2026 respectively. During the quarter ended September 30, 2026, the eligible employees of the Company exercised 20,000 stock appreciation rights, in accordance with the terms and conditions of the VIP Employees Stock Appreciation Rights plan 2018. Consequently, the Company has issued 3,545 fully paid-up equity shares of Rs 2 each during the current quarter ended September 30, 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. 0.32 Crores to the Securities Premium during the half year ended September 30, 2026. 7. There is an ongoing dispute between the Company and Carlton Shoes Ltd. & Anr, with respect to the ownership and usage right to the 'Carlton brand in India. The matter is being heard on merits and is presently sub-judice before the Delhi High Court. Pending resolution of this matter, the Company had obtained interim relief from the Hon'ble Supreme Court of India (vide its order dated January 23, 2026) to sell existing inventory in India under the brand 'CARLTON' up to May 31, 2026. Accordingly, the Company has sold all of its inventory under the said brand on or before May 31,2026. Pending conclusion of the dispute no new inventory is being manufactured or sold under the 'Carlton' brand by the Company in India. The Company is pursuing the dispute and will decide its course of action with respect to the 'Carlton' brand in India based on the outcome of the matter. The Company continues to have global rights for selling products under the mark 'CARLTON'. 8. 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. 9. 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 all of the non-core assets during the year ended March 31,2026 and half year ended September 30, 2026. The gain on the sale of assets is as per note 5 above. 10. The standalone results included a provision towards inventories amounting to Rs. 93.74 Crores accrued during the year ended March 31, 2026. Further, the consolidated results included a provision towards inventories amounting to Rs. 122.66 Crores accrued during the year ended March 31, 2026. Subsequently there has been a partial reversal of the said provision aggregating to a net impact of Rs. 19.88 Crores and Rs. 22.88 Crores during the half year ended September 30, 2026, in the standalone and consolidated results respectively. 11. The Company has restricted the recognition of Deferred Tax Assets in the Parent Company's financial results considering the carried forward business losses and the management review of business plans.



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 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 19,685.00
Capital work-in-progress 1,422.00
Investment property 475.00
Goodwill 0.00
Other intangible assets 26,146.00
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 258.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other financial assets 2,864.00
Total of other non-current financial assets 2,864.00
Total non-current financial assets 3,122.00
Deferred tax assets (net) 5,839.00
Other non-current assets
1 Other non-current assets 456.00
Total of other non-current assets 456.00
Total non-current assets 57,145.00
2 Current assets
Inventories 54,952.00
Current financial asset
Current investments 3,530.00
Trade receivables, current 38,386.00
Cash and cash equivalents 10,546.00
Bank balance other than cash and cash equivalents 1,409.00
Loans, current 0.00
Other current financial assets
Total of other current financial assets 11,218.00
Total current financial assets 65,089.00
Current tax assets (net) 2,103.00
Other current assets
Total of other current assets
Total current assets 1,22,144.00
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 1,79,289.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,841.00
Other equity 18,011.00
Total equity attributable to owners of parent 20,852.00
Non controlling interest 0.00
Total equity 20,852.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 1,880.00
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 24,032.00
2 Other financial liabilities 79.00
Total of other non-current financial liabilities 24,111.00
Total non-current financial liabilities 25,991.00
Provisions, non-current 1,755.00
Deferred tax liabilities (net)
Deferred government grants, Non-current
Other non-current liabilities
1 Other non-current liabilities 4.00
Total of other non-current liabilities 4.00
Total non-current liabilities 27,750.00
Current liabilities
Current financial liabilities
Borrowings, current 49,173.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 11,106.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 51,144.00
Total Trade payable 62,250.00
Other current financial liabilities
1 Lease liabilities 6,169.00
2 Other financial liabilities 1,582.00
Total of other current financial liabilities 7,751.00
Total current financial liabilities 1,19,174.00
Other current liabilities 9,750.00
1 Other current liabilities 9,750.00
Total of other current liabilities 9,750.00
Provisions, current 1,506.00
Current tax liabilities (Net) 257.00
Deferred government grants, Current
Total current liabilities 1,30,687.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 1,58,437.00
Total equity and liabilites 1,79,289.00
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 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
Whether results are audited or unaudited Unaudited Unaudited
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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
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 (91.00) (59.00)
Total Amount of items that will not be reclassified to profit and loss (91.00) (59.00)
2 Income tax relating to items that will not be reclassified to profit or loss (23.00) (14.00)
3 Amount of items that will be reclassified to profit and loss
1 Amount that will be reclassified to Profit or Loss 156.00 179.00
Total Amount of items that will be reclassified to profit and loss 156.00 179.00
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 88.00 134.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (8,296.00)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 3,611.00
Adjustments for decrease (increase) in inventories (5,419.00)
Adjustments for decrease (increase) in trade receivables, current (11,437.00)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (90.00)
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 17,746.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 2,084.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 6,185.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 54.00
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 367.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 174.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (5,427.00)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (2,377.00)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 5,471.00
Net cash flows from (used in) operations (2,825.00)
Dividends received 0.00
Interest paid 0.00
Interest received (51.00)
Income taxes paid (refund) 269.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (3,145.00)
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 4,706.00
Purchase of property, plant and equipment 1,287.00
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 62.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 3,835.00
Net cash flows from (used in) investing activities 7,316.00
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 0.00
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 14,885.00
Repayments of borrowings 0.00
Payments of lease liabilities 4,398.00
Dividends paid 24.00
Interest paid 2,353.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (4,906.00)
Net cash flows from (used in) financing activities 3,204.00
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 7,375.00
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 7,375.00
Cash and cash equivalents cash flow statement at beginning of period 3,171.00
Cash and cash equivalents cash flow statement at end of period 10,546.00