VMS Industries Ltd (533427)

Services · Ship Building · NSE · Updated 17 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹18.34 ↓ 47.75% (1Y)

🎯 Key Takeaways

VMS Industries Ltd appears to be in a mature but stagnant phase, with minimal growth and declining profitability over recent quarters. Despite operating in the shipbuilding services sector, the company has shown no meaningful improvement in margins or returns, and its financial performance has deteriorated over the past year, reflected in a -47% return over 12 months.
Revenue grew 65% QoQ to ₹60 in Q2FY20.
⚠️ The company faces persistent margin compression and weak profitability, with no signs of operational improvement. Its core shipbuilding services segme

Market Cap

₹45

P/E Ratio

12.8

P/B Ratio

0.80

ROE

4.3%

ROCE

7.1%

Debt/Equity

0.48

Promoter

38.1%

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📖 The Story

VMS Industries Ltd appears to be in a mature but stagnant phase, with minimal growth and declining profitability over recent quarters. Despite operating in the shipbuilding services sector, the company has shown no meaningful improvement in margins or returns, and its financial performance has deteriorated over the past year, reflected in a -47% return over 12 months.

📰 What's Happening

The company has not announced any new orders, expansions, or strategic initiatives in the latest filings. Management has not provided forward guidance in the available disclosures. There have been no major capital expenditures, acquisitions, or management changes reported recently. Operations remain stable but uninspired, with consistent promoter holding at 38.1% and negligible institutional interest.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Dec 2018	Mar 2019	Jun 2019	Sep 2019
Revenue	87	80	36	60
Operating Profit	2	0	1	1
OPM %	2.2%	0.1%	2.4%	1.2%
Net Profit	1	0	0	1
EPS	₹0.64	₹0.17	₹0.24	₹0.38

Revenue has shown volatility but no clear upward trend, peaking at ₹87 crore in December 2018 before declining to ₹60 crore and ₹36 crore in subsequent quarters. Operating profitability remains extremely thin, with operating margins hovering between 1.2% and 2.4%, and net profits turning negative in the June 2019 quarter. The lack of margin expansion or revenue recovery suggests underlying pressure on execution or demand, despite stable asset base.

🔮 Management Outlook & What's Next

There is no available forward guidance or strategic outlook in the latest regulatory filings. Management has not articulated any turnaround plan, cost-reduction initiative, or growth target in the recent quarterly results or accompanying statements. The absence of commentary on future conditions suggests either a lack of confidence or a holding pattern without a clear roadmap.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2018	Mar 2019	Mar 2019	Mar 2020
Equity Capital	16	16	16	16
Reserves	37	38	39	40
Borrowings	18	31	27	14
Total Liabilities	122	139	163	142
Fixed Assets	12	11	11	6
Investments	10	3	3	9
Total Assets	122	139	163	142

The balance sheet shows a stable capital structure with modest leverage (D/E of 0.48) and consistent equity and reserves over the past two years. Total assets have declined slightly from ₹163 crore to ₹142 crore, indicating asset reduction without aggressive reinvestment. Borrowings have decreased from ₹31 crore to ₹14 crore, suggesting a deliberate deleveraging trend, though liquidity remains constrained given negative operating cash flows.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2019
Operating	-19
Investing	+9
Financing	+7
Net Cash Flow	-3

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	38.1%	38.1%	38.1%	38.1%
FII	0.4%	0.4%	0.4%	0.4%
DII	0.2%	0.2%	0.0%	0.0%
Public	57.2%	57.1%	57.3%	57.5%
# Shareholders	22,960	22,662	22,787	22,083

Promoter holding remains stable at 38.1%, indicating no immediate exit plans. Institutional interest is minimal, with FII and DII holdings collectively below 1% and showing slight fluctuations without a clear trend. The shareholder base is highly dispersed, with over 22,000 individual shareholders, suggesting retail dominance and limited investor focus. No significant changes in ownership patterns have emerged recently.

⚖️ Peer Comparison — Ship Building

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
SWANDEF	14,215	—	-7.5%	-340.1%	39.13
KMEW	6,613	45.8	42.0%	60.3%	0.61
537669	256	—	—	—	0.47
HRYNSHP	61	14.8	0.8%	-2.3%	0.11
533427	45	12.8	7.1%	4.3%	0.48
519413	31	—	0.9%	13.6%	-3.70
509563	11	66.0	1.1%	0.9%	0.00
BHARATIDIL	—	—	11.3%	9.2%	-0.18

🔗 Peer Stock Analyses

SWANDEF KMEW 537669 HRYNSHP 519413

⚠️ Risk Factors

The company faces persistent margin compression and weak profitability, with no signs of operational improvement. Its core shipbuilding services segment appears to be under pressure, given volatile revenue and stagnant margins. High dispersion in shareholding may lead to low liquidity and volatility. Additionally, the lack of strategic direction or management commentary raises concerns about long-term viability and capital allocation discipline.

📋 Recent Filings

🧠 Analyst's Read

VMS Industries is undergoing a quiet operational plateau with no visible catalysts for improvement. Without new order pipelines, margin recovery initiatives, or strategic clarity, the company remains a high-risk holding with limited upside potential. Investors should monitor for any shift in order intake, margin trends, or management communication in future filings.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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