Vishal Fabrics Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Vishal Fabrics Ltd trades at ₹20.1, in a downtrend and 37 weeks into that stage. That is −15.3% against its own 200-day average. It sits at 19% of a 52-week range of ₹16 to ₹38. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 37 of stage 4, confirmed. At ₹20.1 it trades −15.3% versus its 200-day average and sits at 19% of its 52-week range (₹16–₹38).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +47% while the NIFTY 500 moved +265% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 17th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Vishal Fabrics Ltd trades at 14.0× P/E, near the bottom of its own range — cheaper only 17% of the time. Its long-run median P/E is 16.2×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 14.0× is near the bottom of its own range — cheaper only 17% of the time, against a long-run median of 16.2× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −2.0% against a −46.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Vishal Fabrics Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 10.0% — the per-curve reads carry the story. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

47.0/100 — rank 3 of 6 in Textiles - Processing/Texturising · 70% evidence confidence

Vishal Fabrics Ltd scores 47.0 out of 100 against the 6 companies it is compared with in Textiles - Processing/Texturising, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.7 + 12.4 + 10.9 + 3 = 47. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Vishal Fabrics Ltd reported ₹348 Cr of revenue in the Mar 26 quarter, −11.1% year on year. Over 10 years it has compounded at 19.4% a year. The last full year, FY26, came in at ₹1,602 Cr. The last four reported quarters add to ₹1,602 Cr.

Vishal Fabrics Ltd reported ₹348 Cr of revenue in the Mar 26 quarter, −11.1% year on year. Over 10 years it has compounded at 19.4% a year. The last full year, FY26, came in at ₹1,602 Cr. The last four reported quarters add to ₹1,602 Cr.

FY26 revenue came in at ₹1,602 Cr (+5.4% on the year), capping 10 years at 19.4% compound. The latest quarter (Mar 26) printed ₹348 Cr, −11.1% year on year.

Pace check: the last four quarters averaged +5.8% growth against the decade's 19.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +5.4% over the last 4 quarters against +5.1%/yr over the last 8 — stabilising; TTM profit +26.2% vs +29.8%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 7.4% this quarter (+0.3 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Vishal Fabrics Ltd's operating margin is 7.4% in the Mar 26 quarter, +0.3 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 10.0%. The current quarter sits inside that band.

Vishal Fabrics Ltd's operating margin is 7.4% in the Mar 26 quarter, +0.3 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 10.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 7.4%, +0.3 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0%–10.0%.

Why the margin moved: operating margin went +0.3 pp year on year while gross margin went +0.8 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +21.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Vishal Fabrics Ltd earned ₹8.9 Cr of net profit in the Mar 26 quarter, +21.5% year on year. Full-year FY26 profit was ₹36.0 Cr. The 10-year compound rate is 9.9%. That is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹7.3 Cr.

Vishal Fabrics Ltd earned ₹8.9 Cr of net profit in the Mar 26 quarter, +21.5% year on year. Full-year FY26 profit was ₹36.0 Cr. The 10-year compound rate is 9.9%. That is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹7.3 Cr.

Mar 26 profit was ₹8.9 Cr, +21.5% year on year. On the full year, FY26 printed ₹36.0 Cr (+24.1%), and the 10-year compound rate is 9.9%.

Why profit moved: revenue contributed −11.1% and the margin +0.3 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +35.8% vs revenue +5.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 122% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 122% of Vishal Fabrics Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3.0 Cr of operating cash against ₹36.0 Cr of profit. After ₹3.0 Cr of capital spending, ₹0.0 Cr was left as free cash.

FY26: operating cash of ₹3.0 Cr against reported profit of ₹36.0 Cr, leaving free cash of ₹0.0 Cr after ₹3.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 122% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 122%: the cash cycle stretched 32 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 138-day cycle and ₹16.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Vishal Fabrics Ltd's cash conversion cycle runs 138 days in FY26, up from 106 days in FY21. Capital spending ran ₹16.0 Cr over the last 3 years. At FY26 sales of ₹1,602 Cr each day of that cycle holds about ₹4.4 Cr, so roughly ₹606 Cr sits inside the business at any moment.

FY26: debtors at 148 days, inventory at 16 days — roughly 0.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 138 days, looser than FY21's 106.

The full loop: cash goes out to suppliers and production on day 0; stock waits 16 days to sell; customers pay about 148 days after that; and suppliers themselves are paid at 26 days — netting out to the 138-day cycle.

In money terms: at FY26 sales of ₹1,602 Cr, each day of the cycle holds about ₹4.4 Cr — so the 138-day loop keeps roughly ₹606 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹16.0 Cr over the last 3 fiscal years against ₹98.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 10%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Vishal Fabrics Ltd earns a ROCE of 10% in FY26. That is up from a trough of 8% in FY19. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 2.2% net margin on 1.56× asset turns.

FY26 ROCE is 10%, recovered from a FY19 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 2.2% net margin × 1.56× asset turns × 1.58× balance-sheet leverage ≈ 5.4% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.35.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Vishal Fabrics Ltd carries ₹225 Cr of borrowings against ₹647 Cr of equity in FY26, a debt-to-equity of 0.35. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹387 Cr to ₹225 Cr. Capital spending ran ₹16.0 Cr across the last 3 of those years.

FY26: borrowings of ₹225 Cr against equity of ₹647 Cr — a debt-to-equity of 0.35. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹387 Cr to ₹225 Cr while capital spending ran ₹16.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 20.8 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 20.8 points of Vishal Fabrics Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 24.5% of the company. Promoters moved −14.0 points over the same window, to 55.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +20.8 points over 8 quarters to 24.5%; Promoters: −14.0 points over 8 quarters to 55.0%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

Why the register moved: foreign institutions drove it (+20.8 points), absorbed on the other side by promoters (−14.0 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Vishal Fabrics Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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