Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹143, the stock trades at a trailing P/E ratio of 66.5x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 2,290% over the past three years. Announcement • May 25
V.R. Woodart Limited to Report Q4, 2026 Results on May 28, 2026 V.R. Woodart Limited announced that they will report Q4, 2026 results on May 28, 2026 New Risk • May 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-₹28m). Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹4.55b market cap, or US$48.0m). New Risk • Mar 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 94% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-₹28m). Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₹2.55b market cap, or US$27.8m). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹82.99, the stock trades at a trailing P/E ratio of 68.3x. Average trailing P/E is 27x in the Forestry industry in India. Total returns to shareholders of 1,550% over the past three years. New Risk • Feb 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-₹28m). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₹989.7m market cap, or US$10.9m). Announcement • Feb 07
V.R. Woodart Limited to Report Q3, 2026 Results on Feb 13, 2026 V.R. Woodart Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Announcement • Jan 16
V.R. Woodart Limited Approves Board Appointments V R Woodart Limited at its Extra Ordinary General Meeting held on 14th January 2026, approved appointment of Mrs. Minal Patil as a whole time Director, MR. MANISH JHANWAR as an INDEPENDENT Director and MADHURA SINGH as an INDEPENDENT Director . Announcement • Nov 12
V.R. Woodart Limited announced that it has received INR 332.42 million in funding from Synergy Technoeco Consultancy Pvt Ltd On November 11, 2025, V.R. Woodart Limited closed the transaction. The company issued 1,39,90,000 equity shares at an issue price of INR 22 for gross proceeds of INR 307,780,000 and 44,80,000 convertible warrants at an issue price of INR 5.5 for gross proceeds of INR 24,640,000. The transaction included participation from Minal Gaurav Patil for 62,10,000 shares and 20,40,000 warrants, Mounica Maddukuri for 62,10,000 shares and 20,40,000 warrants, Synergy Techno Eco Consultancy Pvt. Ltd for 10,00,000 shares, Suyash Rajendra Chhajed for 5,00,000 shares, Hardik Atul Shah for 20,000 shares, Ruchi Amit Dadheech for 50,000 shares, Parushana Suyash Chhajed for 4,00,000 warrants. The transaction is approved by board of directors of the company. Announcement • Nov 05
V.R. Woodart Limited to Report Q2, 2026 Results on Nov 11, 2025 V.R. Woodart Limited announced that they will report Q2, 2026 results on Nov 11, 2025 New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings have declined by 6.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹1.3m free cash flow). Negative equity (-₹21m). Earnings have declined by 6.7% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (₹643.3m market cap, or US$7.33m). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹1.3m free cash flow). Negative equity (-₹21m). Revenue is less than US$1m. Market cap is less than US$10m (₹613.5m market cap, or US$6.99m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Announcement • Aug 02
V.R. Woodart Limited to Report Q1, 2026 Results on Aug 06, 2025 V.R. Woodart Limited announced that they will report Q1, 2026 results on Aug 06, 2025 New Risk • May 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₹1.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹1.3m free cash flow). Negative equity (-₹21m). Revenue is less than US$1m. Market cap is less than US$10m (₹520.8m market cap, or US$6.09m). Announcement • May 22
V.R. Woodart Limited to Report Q4, 2025 Results on May 28, 2025 V.R. Woodart Limited announced that they will report Q4, 2025 results on May 28, 2025 Announcement • Apr 07
V.R. Woodart Limited Announces Board Appointments, Effective from February 07, 2025 V.R. Woodart Limited at the EGM held on 04 April 2025, approved Appointment of Mr. Anwar Shaikh as a Whole-time Director of the Company. The company approved Appointment of Mrs. Nidhi Bhatt as an Independent Director of the Company. Effective from February 07, 2025. Mr. Shaikh, Proposed term of 5 years from February 07, 2025 to February 06, 2030, has been the CFO of the Company for 5 years now. He is a seasoned professional with over 10 years of experience in Manufacturing industries. Holding a Bachelor's degree in Commerce, he has expertise in financial management, accounting, and Indirect Taxation. Mrs. Nidhi Kirti Bhatt, Proposed term of 5 years from February 07, 2025 to February 06, 2030, is a Post Graduate with over 12 years of experience in HR strategy, governance, and compliance across industries. Skilled in policy formulation and workforce management, she brings strong expertise in human capital management. She has around 7 years of experience in Directorships in various Companies and she is currently also a Director in Kamsons Polymers Limited. Announcement • Mar 07
V.R. Woodart Limited announced that it expects to receive INR 317.24 million in funding V.R. Woodart Limited announced a private placement that it will issue up to 12,420,000 equity shares at an issue price of INR 22 per share for the gross proceeds of up to INR 273,240,000 and 8,000,000 convertible warrants at an issue price of INR 44,000,000 for the aggregate gross proceeds of up to INR 317,240,000 on March 7, 2025. The transaction will include participation from Minal Gaurav Patil; Dhiraj Shetty; Prachi Dhiraj Shetty; Chetan R Shetty; Shilpa Amol Adval and other investors. The transaction has been approved by the board of directors of the company. Announcement • Feb 07
V.R. Woodart Limited Approves Board Changes V.R. Woodart Limited announced that at its board meeting held on February 7, 2025, approved the appointment of Mrs. Divya Santosh Pai as Additional Director (Non-Executive, Non-Independent) of the company; Date of appointment is February 7, 2025. Mrs. Divya Santosh Pai is a Chartered Accountant with around 15 years of experience in the field Finance, Accounting, Auditing, Taxation, and Financial Management. She has worked in consulting, manufacturing and financial services industries, handling accounting, auditing, financial reporting, compliance and strategic financial planning. Took note of the resignation of Mrs. Rashmi Ajay Anand as chairperson & whole time director of the company and Mr. Sanjay Brijlal Anand as non-executive director of the company with effect from closing business hours on February 07, 2025. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Non-Executive Independent Director Manan Shah was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 31
V.R. Woodart Limited to Report Q2, 2025 Results on Nov 07, 2024 V.R. Woodart Limited announced that they will report Q2, 2025 results on Nov 07, 2024 Announcement • Aug 17
V.R. Woodart Limited Announces Resignation of Shagufta Sadikot as Company Secretary and Compliance Officer V.R. Woodart Limited informed that Ms. Shagufta Sadikot (Mem. No. A72982) has tendered her resignation from the position of Company Secretary and Compliance Officer of the Company, to pursue new opportunities within the group companies with effect from the closing business hours of August 17, 2024. Announcement • Aug 14
V.R. Woodart Limited, Annual General Meeting, Sep 25, 2024 V.R. Woodart Limited, Annual General Meeting, Sep 25, 2024, at 10:30 Indian Standard Time. Announcement • Aug 08
V.R. Woodart Limited to Report Q1, 2025 Results on Aug 14, 2024 V.R. Woodart Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Announcement • May 25
V.R. Woodart Limited to Report Q4, 2024 Results on May 30, 2024 V.R. Woodart Limited announced that they will report Q4, 2024 results on May 30, 2024 Announcement • Feb 07
V.R. Woodart Limited to Report Q3, 2024 Results on Feb 13, 2024 V.R. Woodart Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Announcement • Jan 08
V.R. Woodart Limited Announces Company Secretary Changes V.R. Woodart Limited announced the appointment of Ms. Shagufta Sadikot as the Company Secretary and Compliance Officer of the Company effective from 8 January 2024. The aforesaid appointment has been made to fill the vacancy caused by the resignation of Mr. Akram Sati. Ms. Sadikot is an Associate Member of the Institute of Company Secretaries of India (ACS No. A72982) and holds a Bachelor's degree in Legal Science and Law (BLS/LLB). She has an experience of ~2 years in the field of Secretarial Compliances. She has handled various compliances related to FEMA & Corporate Secretarial functions including Board processes, Capital issues (IPO, ESOP's, Pvt Placements) Secretarial Audit, Due Diligence, etc. under the Companies Act and the SEBI Regulations. Announcement • Sep 03
V.R. Woodart Limited, Annual General Meeting, Sep 29, 2023 V.R. Woodart Limited, Annual General Meeting, Sep 29, 2023, at 10:30 Indian Standard Time. Announcement • Aug 08
V.R. Woodart Limited to Report Q1, 2024 Results on Aug 14, 2023 V.R. Woodart Limited announced that they will report Q1, 2024 results on Aug 14, 2023 Announcement • Jul 30
V.R. Woodart Limited Announces Resignation of Yash Kale as Company Secretary / Compliance Officer V.R. Woodart Limited informed that, Mr. Yash Kale (Membership No: A70897) has tendered his resignation from the position of `Company Secretary and Compliance Officer' of the Company with effect from the closing business hours of Saturday, July 29, 2023, to pursue new opportunities outside the Company. Announcement • Jul 06
V.R. Woodart Limited Approves Appointment of Yash Kale as Company Secretary and Compliance Officer The Board of Directors of the V.R. Woodart Limited at its meeting held on July 04, 2023, has approved the appointment of Mr. Yash Kale as Company Secretary and Compliance officer of the Company with effect from July 04, 2023. Mr. Yash Kale is an Associate Member of The Institute of Company Secretaries of India (ICSI), and a Commerce Graduate from Mumbai University. He has the relevant experience of working in Compliance and Secretarial field for more than two years. Announcement • Jun 23
V.R. Woodart Limited Announces Resignation of Roshan Gupta as Company Secretary and Compliance Officer V.R. Woodart Limited informed that, Mr. Roshan Gupta has tendered his resignation from the position of Company Secretary and Compliance Officer of the Company, to pursue new opportunities outside the Company with effect from the closing business hours of June 23, 2023. Announcement • May 20
V.R. Woodart Limited to Report Q4, 2023 Results on May 26, 2023 V.R. Woodart Limited announced that they will report Q4, 2023 results on May 26, 2023 Announcement • Feb 15
V.R. Woodart Limited Appoints Roshan Gupta as Company Secretary and Compliance Officer with Effect from February 15, 2023 V.R. Woodart Limited announced that at the board meeting held on February 14, 2023, the company approved the appointment of Mr. Roshan Gupta as Company Secretary and Compliance officer with effect from February 15, 2023. Mr. Roshan Gupta is an Associate member of The Institute of Company Secretaries of India (ICSI), a Commerce Graduate from Mumbai University and also pursuing LLB from Mumbai University. Mr. Roshan Gupta has a total working experience of more than 5 years in the field of secretarial, legal and other compliance related matters. He has been associated with Faze Three Group since March 2021 and was previously serving as Company Secretary of Faze Three Autofab Limited. Announcement • Feb 07
V.R. Woodart Limited to Report Q3, 2023 Results on Feb 14, 2023 V.R. Woodart Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Announcement • Feb 02
V.R. Woodart Limited Announces Resignation of Samruddhi Varadkar as Company Secretary and Compliance Officer V.R. Woodart Limited announced that Ms. Samruddhi Varadkar has tendered her resignation from the position of Company Secretary and Compliance Officer of the Company, with effect from the closure of business hours of February 01, 2023. Announcement • Nov 05
V.R. Woodart Limited to Report Q2, 2023 Results on Nov 10, 2022 V.R. Woodart Limited announced that they will report Q2, 2023 results on Nov 10, 2022 Board Change • Oct 11
High number of new directors Non-Executive Independent Director Manan Shah was the last director to join the board, commencing their role in 2022. Announcement • Aug 20
V.R. Woodart Limited, Annual General Meeting, Sep 19, 2022 V.R. Woodart Limited, Annual General Meeting, Sep 19, 2022, at 10:30 Indian Standard Time. Announcement • May 17
V.R. Woodart Limited to Report Q4, 2022 Results on May 24, 2022 V.R. Woodart Limited announced that they will report Q4, 2022 results on May 24, 2022 Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Non-Executive Director Sanjay Anand is the most experienced director on the board, commencing their role in 1998. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 23
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Non-Executive Director Sanjay Anand is the most experienced director on the board, commencing their role in 1998. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 06
V.R. Woodart Limited to Report Q3, 2022 Results on Feb 14, 2022 V.R. Woodart Limited announced that they will report Q3, 2022 results on Feb 14, 2022 Board Change • Jan 12
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Non-Executive Independent Director Kartik Jethwa was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
