---
title: "Vadivarhe Speciality Chemicals Ltd (VSCL) — Share Price, Financials & Analysis"
symbol: "VSCL"
company: "Vadivarhe Speciality Chemicals Ltd"
canonical: "https://tapetide.com/stocks/VSCL"
isin: "INE551Q01028"
nse_symbol: "VSCL"
sector: "Commodities"
industry: "Chemicals & Petrochemicals"
market_cap_cr: 31.2
generated_at: "2026-09-13T18:36:15.517Z"
---

# Vadivarhe Speciality Chemicals Ltd (VSCL)

Canonical page: https://tapetide.com/stocks/VSCL

## Company

- **NSE Symbol:** VSCL
- **ISIN:** INE551Q01028
- **Sector:** Commodities
- **Industry:** Chemicals & Petrochemicals
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2017-06-02
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** vscl.in

## About

Incorporated in 2009, Vadivarhe Speciality Chemicals Ltd is engaged in the manufacturing of Speciality 
Chemicals, Intermediates & API.[1]

## Latest Price

- **Price:** ₹20.8
- **Change:** -0.7 (-3.26%)
- **Open:** ₹20.8
- **Day High:** ₹20.8
- **Day Low:** ₹20.8
- **Previous Close:** ₹21.5
- **Volume:** 3000
- **As Of:** 2026-09-11T03:52:19+00:00

## Key Fundamentals

Observed at 2026-09-11T04:47:58.640973Z.

- **Market Cap:** ₹31.2 Cr
- **Classification:** SME
- **P/E (reported):** -19.7
- **Book Value:** ₹0.01
- **Price to Book:** 1869.57
- **Dividend Yield:** 0%
- **ROE:** 333.75%
- **ROCE:** -38.69%
- **Debt to Equity:** 16.77
- **Revenue (yearly):** ₹45.78 Cr
- **Net Income:** ₹-1.64 Cr
- **EBITDA:** ₹0.61 Cr
- **52-Week High:** ₹31.8
- **52-Week Low:** ₹16.05
- **RSI (14):** 42.19

## Key Insights

### Strengths

- Promoter holding has increased by 4.90% over last quarter.

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 11.6% over past five years.
- Earnings include an other income of Rs.0.95 Cr.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -416.37% | — | — |
| ebitda margin growth | 9.52% | -108.13% | -88.26% | -104.4% |
| net income growth | 6.9% | -82.37% | — | 8% |
| revenue growth | 0% | 19.84% | 2% | 12% |
| roce | — | -457.91% | -441.18% | -11.56% |
| roe | — | — | 117.52% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 13.85 | 12.62 | 9.82 | 11.63 | 21.36 | 22.32 | 14.1 | 25.98 | 14.47 | 23.44 | 17.04 | 28.74 |
| Expenses | 14.32 | 12.78 | 12.39 | 15.98 | 19.8 | 20.58 | 15.01 | 21.04 | 16.41 | 27.92 | 19.5 | 25.66 |
| Operating Profit | -0.47 | -0.16 | -2.57 | -4.35 | 1.56 | 1.74 | -0.91 | 4.94 | -1.94 | -4.48 | -2.46 | 3.08 |
| OPM % | -3.39 | -1.27 | -26.17 | -37.4 | 7.3 | 7.8 | -6.45 | 19.01 | -13.41 | -19.11 | -14.44 | 10.72 |
| Other Income | 0.9 | 0.18 | 0.33 | 0.34 | 0.28 | 0.82 | 0.19 | 0.3 | 0.11 | 0.22 | 0.28 | 0.66 |
| Interest | 0.59 | 0.64 | 0.87 | 0.7 | 0.78 | 0.69 | 0.71 | 0.57 | 0.58 | 0.75 | 0.73 | 0.62 |
| Depreciation | 0.9 | 0.91 | 0.91 | 0.88 | 0.89 | 0.89 | 0.87 | 0.86 | 0.89 | 0.95 | 0.95 | 0.9 |
| Profit before tax | -1.06 | -1.53 | -4.02 | -5.59 | 0.17 | 0.98 | -2.3 | 3.81 | -3.3 | -5.96 | -3.86 | 2.22 |
| Tax % | 0 | 11.11 | 0 | 0 | 0 | 0 | 63.04 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -1.06 | -1.7 | -4.01 | -5.59 | 0.17 | 0.98 | -3.75 | 3.81 | -3.3 | -5.96 | -3.85 | 2.21 |
| EPS in Rs | -0.83 | -1.33 | -3.14 | -4.37 | 0.13 | 0.77 | -2.93 | 2.98 | -2.58 | -4.66 | -3.01 | 1.73 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 35.03 | 25.56 | 32.36 | 28.58 | 26.47 | 21.45 | 43.68 | 40.08 | 37.91 | 45.78 |
| Expenses | 24.64 | 21.8 | 29.97 | 37.82 | 27.01 | 28.24 | 40.22 | 35.48 | 43.8 | 45.18 |
| Operating Profit | 10.39 | 3.76 | 2.39 | -9.24 | -0.54 | -6.79 | 3.46 | 4.6 | -5.89 | 0.6 |
| OPM % | 29.66 | 14.71 | 7.39 | -32.33 | -2.04 | -31.66 | 7.92 | 11.48 | -15.54 | 1.31 |
| Other Income | 1.05 | 0.45 | 0.4 | 0.37 | 1.08 | 0.66 | 1.09 | 0.47 | 0.19 | 0.95 |
| Interest | 0.85 | 0.77 | 1.11 | 1.37 | 1.32 | 1.69 | 1.61 | 1.83 | 1.72 | 1.34 |
| Depreciation | 1.14 | 1.27 | 1.63 | 1.75 | 1.81 | 1.79 | 1.79 | 1.74 | 1.85 | 1.85 |
| Profit before tax | 9.45 | 2.17 | 0.05 | -11.99 | -2.59 | -9.61 | 1.15 | 1.5 | -9.27 | -1.64 |
| Tax % | 36.51 | 18.43 | -20 | -17.93 | 6.56 | 0 | 0 | 96.67 | 0 | 0 |
| Net Profit | 6.01 | 1.77 | 0.06 | -9.84 | -2.76 | -9.61 | 1.15 | 0.06 | -9.27 | -1.64 |
| EPS in Rs | 4.97 | 1.38 | 0.05 | -7.7 | -2.16 | -7.52 | 0.9 | 0.05 | -7.25 | -1.28 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 12.09 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 | 12.78 |
| Reserves | 11.38 | 14.64 | 14.7 | 4.87 | 2.11 | -7.5 | -6.36 | -6.29 | -15.56 | -17.2 |
| Borrowings | 12.74 | 9.66 | 20.98 | 19.67 | 23.45 | 24.42 | 26.94 | 26.18 | 36.03 | 31.77 |
| Other Liabilities | 9.52 | 7.13 | 9.28 | 14 | 8.84 | 11.97 | 13.08 | 8.94 | 9.48 | 11.42 |
| Total Liabilities | 45.73 | 44.21 | 57.74 | 51.32 | 47.18 | 41.67 | 46.44 | 41.61 | 42.73 | 38.77 |
| Fixed Assets | 17.12 | 19.68 | 26.09 | 25.2 | 25.98 | 24.32 | 23.36 | 21.59 | 22.43 | 21.07 |
| CWIP | 0.09 | 1.58 | 1.88 | 2.81 | 0.33 | 1.09 | 0.99 | 1.56 | 0.08 | 0.19 |
| Investments | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Other Assets | 28.47 | 22.9 | 29.72 | 23.26 | 20.82 | 16.21 | 22.04 | 18.41 | 20.17 | 17.46 |
| Total Assets | 45.73 | 44.21 | 57.74 | 51.32 | 47.18 | 41.67 | 46.44 | 41.61 | 42.73 | 38.77 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 2.09 | 7.15 | -1.22 | 4.1 | -0.28 | 1.24 | -0.35 | 2.26 | -7.15 | 6.36 |
| Cash from Investing Activity | -4.33 | -5.32 | -8.27 | -1.68 | 0.02 | -0.82 | -0.69 | -0.51 | -1.32 | -0.63 |
| Cash from Financing Activity | 1.88 | -1.12 | 9.25 | -2.34 | 0.58 | -0.6 | 1.05 | -2.04 | 8.53 | -5.61 |
| Net Cash Flow | -0.37 | 0.7 | -0.23 | 0.08 | 0.32 | -0.18 | 0 | -0.29 | 0.05 | 0.12 |
| Free Cash Flow | -1.59 | 1.81 | -9.63 | 2.31 | -0.39 | 0.35 | -1.11 | 1.72 | -8.5 | 5.69 |
| CFO/OP | 35 | 208 | -48 | -44 | 20 | -18 | -10 | 81 | 121 | 1060 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 159.63 | 122.95 | 143.25 | 104.34 | 125.62 | 34.37 | 48.22 | 44.99 | 79.53 | 64.66 |
| Inventory Days | 61.66 | 170.63 | 221.62 | 122.32 | 77.4 | 168.42 | 120.82 | 147.37 | 128.08 | 107.78 |
| Days Payable | 115.85 | 120.38 | 174.61 | 205.42 | 152.95 | 218.56 | 145.63 | 122.81 | 98.83 | 112.8 |
| Cash Conversion Cycle | 105.44 | 173.2 | 190.26 | 21.24 | 50.07 | -15.76 | 23.4 | 69.55 | 108.78 | 59.64 |
| Working Capital Days | 63.14 | 85.54 | 90.35 | -30.65 | 11.45 | -106.86 | -33.09 | 15.39 | -27.83 | -63.94 |
| ROCE % | 29.66 | 7.86 | 2.88 | -25.06 | -5.34 | -24.02 | 7.61 | 10.15 | -22.66 | -2.05 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 74.64% | 74.64% | 74.64% | 74.64% | 69.95% | 66.83% | 66.83% | 66.83% | 66.83% | 66.83% | 66.83% | 71.73% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 20.81% | 20.76% | 20.05% | 20.05% | 23.25% | 26.63% | 26.7% | 26.72% | 26.72% | 26.67% | 26.58% | 22.63% |
| Others | 4.55% | 4.6% | 5.3% | 5.3% | 6.81% | 6.55% | 6.48% | 6.45% | 6.45% | 6.5% | 6.59% | 5.64% |
| No. of Shareholders | 356 | 360 | 351 | 355 | 398 | 460 | 451 | 449 | 448 | 438 | 426 | 428 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 4 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 21.58 | Sell |
| EMA (10) | 21.72 | Sell |
| SMA (20) | 22.77 | Sell |
| EMA (20) | 22.79 | Sell |
| SMA (50) | 24.29 | Sell |
| EMA (50) | 23.87 | Sell |
| SMA (100) | 23.17 | Sell |
| EMA (100) | 24.57 | Sell |
| SMA (200) | 25.8 | Sell |
| EMA (200) | 27.67 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 39.94 | Neutral |
| MACD (12,26,9) | -1.26 | Sell |
| Stochastic (14,3,3) | 14.01 | Buy |
| ADX (14) | 29.15 | Buy |
| Williams %R (14) | -89.86 | Buy |
| ATR (14) | 1.05 | High Volatility |
| ROC (12) | -12.97 | Sell |
| Stoch RSI (14) | 52.66 | Neutral |
| UO (7,14,28) | 40.12 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 5 Sep - 17th AGM on September 29, 2026 via VC/OAVM; newspaper notice issued for e-voting. | [Copy of Newspaper Publication 5 Sep - 17th AGM on September 29, 2026 via VC/OAVM; newspaper notice issued for e-voting.](https://nsearchives.nseindia.com/corporate/VSCL_05092026195944_NewspaperAdvtIntimationSigned.pdf) |
| 5 Sep - 17th AGM on 29 Sep 2026 via VC/OAVM; shareholders to approve financials and director reappointments/remuneration. | [Shareholders meeting 5 Sep - 17th AGM on 29 Sep 2026 via VC/OAVM; shareholders to approve financials and director reappointments/remuneration.](https://nsearchives.nseindia.com/corporate/VSCL_05092026183232_17thAGMnoticeNSEsigned.pdf) |
| 31 Aug - Vadivarhe Speciality Chemicals Limited has informed about Resignation of Director/KMP/SMP | [Resignation of Director/KMP/SMP 31 Aug - Vadivarhe Speciality Chemicals Limited has informed about Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/VSCL_ROID_97440_KMP_Doc.zip) |
| 31 Aug - Vadivarhe Speciality Chemicals Limited has informed about Change in Company Secretary/Compliance Officer | [Change in Company Secretary/Compliance Officer 31 Aug - Vadivarhe Speciality Chemicals Limited has informed about Change in Company Secretary/Compliance Officer](https://nsearchives.nseindia.com/corporate/VSCL_31082026162800_CS_RESIGNATION_INTIMATION_MANOJ.pdf) |
| 30 December 2025 - Vadivarhe Speciality Chemicals Limited has informed about Receiving of purchase order aggregating to Rs. 10,93,73,000.00 (Rupees Ten Crore Ninety-Three Lakh Seventy-Three Thousand Only) from the … | [Bagging/Receiving of orders/contracts 30 December 2025 - Vadivarhe Speciality Chemicals Limited has informed about Receiving of purchase order aggregating to Rs. 10,93,73,000.00 (Rupees Ten Crore Ninety-Three Lakh Seventy-Three Thousand Only) from the …](https://nsearchives.nseindia.com/corporate/VSCL_30122025163018_VSCLIntimationofPO30122025.pdf) |
| 3 Sep - Vadivarhe Speciality Chemicals Limited has informed regarding Outcome of Board Meeting held on September 03, 2026. | [Outcome of Board Meeting 3 Sep - Vadivarhe Speciality Chemicals Limited has informed regarding Outcome of Board Meeting held on September 03, 2026.](https://nsearchives.nseindia.com/corporate/VSCL_03092026181133_OutcomeOfBoardMeetingSigned.pdf) |
| 3 Sep - Vadivarhe Speciality Chemicals Limited has informed about Change in Company Secretary/Compliance Officer | [Change in Company Secretary/Compliance Officer 3 Sep - Vadivarhe Speciality Chemicals Limited has informed about Change in Company Secretary/Compliance Officer](https://nsearchives.nseindia.com/corporate/VSCL_03092026181625_OutcomeOfBoardMeetingSigned.pdf) |
| 29 May - Submitted FY26 SDD compliance certificate confirming all 3 UPSI events captured and no noncompliance. | [Structural Digital Database 29 May - Submitted FY26 SDD compliance certificate confirming all 3 UPSI events captured and no noncompliance.](https://nsearchives.nseindia.com/corporate/VSCL_29052026141114_SDD_Certificate_VSCL_March_26.pdf) |
| 28 May 2026 - FY26 audited loss ₹163.77 lakh; revenue ₹4,640.63 lakh; internal auditor appointed for FY27. | [Change in Auditors 28 May 2026 - FY26 audited loss ₹163.77 lakh; revenue ₹4,640.63 lakh; internal auditor appointed for FY27.](https://nsearchives.nseindia.com/corporate/VSCL_28052026132829_Outcome_of_BM_280526_VSCL.pdf) |
| 28 May 2026 - Board approved FY26 audited results; net profit ₹221.48 lakh and appointed internal auditor. | [Outcome of Board Meeting 28 May 2026 - Board approved FY26 audited results; net profit ₹221.48 lakh and appointed internal auditor.](https://nsearchives.nseindia.com/corporate/VSCL_28052026132234_Outcome_of_BM_280526_VSCL.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31582_VSCL_2025_2026_A_3245438_05092026182708.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28741_VSCL_2024_2025_A_7766224_06092025132731.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26048_VSCL_2023_2024_0609202419298.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23562_VSCL_2022_2023_05092023193605_09052023200019.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21368_VSCL_2021_2022_05092022174031_09052022180025.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19396_VSCL_2020_2021_04092021211408_09042021220003.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17340_VSCL_2019_2020_05092020000004_05092020070005.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15959_VSCL_2018_2019_07092019193813_07092019200010.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_13214_VSCL_2017_2018_27082018114238.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:36:15.517Z.