New Risk • Jun 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (₹547.0m market cap, or US$5.74m). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). New Risk • May 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.9% Last year net profit margin: 2.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (₹589.3m market cap, or US$6.15m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.1% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Announcement • May 21
VMS Industries Limited to Report Q4, 2026 Results on May 28, 2026 VMS Industries Limited announced that they will report Q4, 2026 results on May 28, 2026 Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹21.02, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 9x in the Infrastructure industry in India. Total returns to shareholders of 69% over the past three years. New Risk • Mar 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$10m (₹518.8m market cap, or US$5.52m). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: ₹0.11 (vs ₹0.14 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.11 (down from ₹0.14 in 3Q 2025). Revenue: ₹269.9m (down 20% from 3Q 2025). Net income: ₹2.65m (down 21% from 3Q 2025). Profit margin: 1.0% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 22% per year. Announcement • Feb 05
VMS Industries Limited to Report Q3, 2026 Results on Feb 13, 2026 VMS Industries Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹30.52, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 11x in the Infrastructure industry in India. Total returns to shareholders of 100% over the past three years. New Risk • Jan 29
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 7.6% 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 Risk Market cap is less than US$10m (₹714.6m market cap, or US$7.77m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ₹0.77 (vs ₹0.31 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.77. Revenue: ₹438.3m (down 55% from 2Q 2025). Net income: ₹4.68m (down 35% from 2Q 2025). Profit margin: 1.1% (up from 0.7% in 2Q 2025). The increase in margin was driven by lower expenses. Announcement • Nov 03
VMS Industries Limited to Report Q3, 2026 Results on Nov 13, 2025 VMS Industries Limited announced that they will report Q3, 2026 results on Nov 13, 2025 Announcement • Sep 19
VMS Industries Limited Approves Appointment of Dhwani Nagar as Independent Director VMS Industries Limited at its AGM held on September 18, 2025 approved the appointment of Ms. Dhwani Nagar as Independent Director of the company. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹34.40, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 19x in the Infrastructure industry in India. Total returns to shareholders of 177% over the past three years. Announcement • Aug 21
VMS Industries Limited, Annual General Meeting, Sep 18, 2025 VMS Industries Limited, Annual General Meeting, Sep 18, 2025, at 15:00 Indian Standard Time. Location: 808/c pinnacle business park, corporate road, prahladnagar, ahmedabad-380015, India Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹0.71 (vs ₹0.26 in 1Q 2025) First quarter 2026 results: EPS: ₹0.71. Revenue: ₹411.8m (down 61% from 1Q 2025). Net income: ₹4.35m (down 28% from 1Q 2025). Profit margin: 1.1% (up from 0.6% in 1Q 2025). The increase in margin was driven by lower expenses. New Risk • Aug 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹850.2m (US$9.72m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (101% accrual ratio). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Market cap is less than US$10m (₹850.2m market cap, or US$9.72m). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Announcement • Aug 01
VMS Industries Limited to Report Q1, 2026 Results on Aug 12, 2025 VMS Industries Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹38.40, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 18x in the Infrastructure industry in India. Total returns to shareholders of 215% over the past three years. Reported Earnings • May 23
Full year 2025 earnings released: EPS: ₹2.91 (vs ₹3.83 in FY 2024) Full year 2025 results: EPS: ₹2.91. Revenue: ₹2.93b (up 10% from FY 2024). Net income: ₹68.0m (up 7.7% from FY 2024). Profit margin: 2.3% (down from 2.4% in FY 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹27.23, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 20x in the Infrastructure industry in India. Total returns to shareholders of 100% over the past three years. Announcement • May 14
VMS Industries Limited to Report Fiscal Year 2025 Results on May 22, 2025 VMS Industries Limited announced that they will report fiscal year 2025 results on May 22, 2025 New Risk • Apr 03
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 8.5% 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 Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Market cap is less than US$10m (₹659.1m market cap, or US$7.72m). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹24.41, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 17x in the Infrastructure industry in India. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹26.87, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 18x in the Infrastructure industry in India. Total returns to shareholders of 161% over the past three years. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹0.14 (vs ₹1.75 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.14 (down from ₹1.75 in 3Q 2024). Revenue: ₹342.9m (down 54% from 3Q 2024). Net income: ₹3.35m (down 88% from 3Q 2024). Profit margin: 1.0% (down from 3.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. New Risk • Feb 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹841.9m (US$9.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (25% accrual ratio). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Market cap is less than US$10m (₹841.9m market cap, or US$9.71m). Minor Risk Profit margins are more than 30% lower than last year (1.5% net profit margin). Announcement • Feb 05
VMS Industries Limited to Report Q3, 2025 Results on Feb 13, 2025 VMS Industries Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹44.49, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 23x in the Infrastructure industry in India. Total returns to shareholders of 216% over the past three years. New Risk • Jan 20
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 7.7% 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 High level of non-cash earnings (25% accrual ratio). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (₹1.00b market cap, or US$11.6m). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹40.92, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 24x in the Infrastructure industry in India. Total returns to shareholders of 188% over the past three years. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% 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 High level of non-cash earnings (25% accrual ratio). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (₹876.1m market cap, or US$10.1m). New Risk • Jan 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹846.3m (US$9.76m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (25% accrual ratio). Market cap is less than US$10m (₹846.3m market cap, or US$9.76m). Minor Risks Profit margins are more than 30% lower than last year (1.5% net profit margin). Shareholders have been diluted in the past year (49% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹47.58, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 25x in the Infrastructure industry in India. Total returns to shareholders of 359% over the past three years. New Risk • Nov 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.5% Last year net profit margin: 2.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.5% net profit margin). Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (₹958.6m market cap, or US$11.4m). Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: ₹0.31 (vs ₹1.16 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.31 (down from ₹1.16 in 2Q 2024). Revenue: ₹1.00b (up 14% from 2Q 2024). Net income: ₹7.22m (down 62% from 2Q 2024). Profit margin: 0.7% (down from 2.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Announcement • Oct 31
VMS Industries Limited to Report Q2, 2025 Results on Nov 13, 2024 VMS Industries Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹40.00, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 28x in the Infrastructure industry in India. Total returns to shareholders of 251% over the past three years. Announcement • Oct 03
VMS Industries Limited Approves Board Appointments VMS Industries Limited announced at annual general meeting held on September 30, 2024, the shareholders approved appointment of Independent Director Mr. Vinod Kanubhai Rana, for Period of 5 Years starting from September 2, 2024 to September 1, 2029 and appointment of Independent Director Mrs. Khyati Shah, for Period of 5 Years starting from September 2, 2024 to September 1, 2029. Mr. Vinod Kanubhai Rana is proficient in Corporate & Allied Laws, and has immense knowledge and experience in the field of Finance and corporate law. hence the Board considers that his association would be of immense benefit to the Company and it is desirable to avail services of Mr. Vinod Kanubhai Rana as an Additional Independent Director. Education Qualification: B.com, ACS. Mrs. Khyati Shah is proficient in Corporate & Allied Laws, and has immense knowledge and experience in the field of Finance and corporate law. hence the Board considers that her association would be of immense benefit to the Company and it is desirable to avail services of Mrs. Khyati Shah as an Additional Independent Director. Education Qualification: B.com, ACS. Announcement • Sep 13
VMS Industries Limited, Annual General Meeting, Sep 30, 2024 VMS Industries Limited, Annual General Meeting, Sep 30, 2024, at 15:00 Indian Standard Time. New Risk • Aug 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 49% This is considered a minor 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (₹1.47b market cap, or US$17.6m). Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹0.26 (vs ₹0.63 in 1Q 2024) First quarter 2025 results: EPS: ₹0.26 (down from ₹0.63 in 1Q 2024). Revenue: ₹1.06b (up 109% from 1Q 2024). Net income: ₹6.06m (down 41% from 1Q 2024). Profit margin: 0.6% (down from 2.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year whereas the company’s share price has increased by 61% per year. Announcement • Aug 02
VMS Industries Limited to Report Q1, 2025 Results on Aug 13, 2024 VMS Industries Limited announced that they will report Q1, 2025 results on Aug 13, 2024 New Risk • Jul 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (₹988.9m market cap, or US$11.8m). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹50.03, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 35x in the Infrastructure industry in India. Total returns to shareholders of 218% over the past three years. New Risk • Jul 17
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 2.4% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₹672.8m market cap, or US$8.05m). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (8.1% average weekly change). Announcement • Jul 04
VMS Industries Limited Declares First Interim Dividend, Payable on or Before August 02, 2024 The board of directors of VMS Industries Limited at its meeting held on July 3, 2024, considered and declared first Interim Dividend at the rate of INR 0.50/- (Fifty paisa Only) i.e. 5% per Equity Share bearing face value of INR 10/- each for the financial year 2024-25. The Interim Dividend will be paid on or before August 02, 2024. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₹31.64, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 36x in the Infrastructure industry in India. Total returns to shareholders of 201% over the past three years. Reported Earnings • May 04
Full year 2024 earnings released: EPS: ₹3.83 (vs ₹1.52 in FY 2023) Full year 2024 results: EPS: ₹3.83 (up from ₹1.52 in FY 2023). Revenue: ₹2.71b (up 93% from FY 2023). Net income: ₹63.2m (up 153% from FY 2023). Profit margin: 2.3% (up from 1.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 28
VMS Industries Limited to Report Fiscal Year 2024 Results on May 03, 2024 VMS Industries Limited announced that they will report fiscal year 2024 results on May 03, 2024 New Risk • Apr 01
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 8.6% 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 Risk Market cap is less than US$10m (₹809.0m market cap, or US$9.70m). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹42.34, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 36x in the Infrastructure industry in India. Total returns to shareholders of 393% over the past three years. Announcement • Feb 06
VMS Industries Limited to Report Q3, 2024 Results on Feb 13, 2024 VMS Industries Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹35.96, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 28x in the Infrastructure industry in India. Total returns to shareholders of 417% over the past three years. Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: ₹1.16 (vs ₹0.20 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.16 (up from ₹0.20 in 2Q 2023). Revenue: ₹881.6m (up 366% from 2Q 2023). Net income: ₹19.0m (up 482% from 2Q 2023). Profit margin: 2.2% (up from 1.7% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 04
VMS Industries Limited to Report Q2, 2024 Results on Nov 11, 2023 VMS Industries Limited announced that they will report Q2, 2024 results on Nov 11, 2023 Announcement • Oct 18
Vms Industries Limited Announces Demise of Ajitkumar Jain, Director VMS Industries Limited announced the demise of Mr. AJITKUMAR JAIN on Oct. 16, 2023, belonging to Promoter Group Director holding Nil shares of the Company. Mr. Ajit Kumar Jain was appointed as Director of the company and played crucial leadership roles through which the company immensely benefitted. Mr. Ajitkumar Jain sudden and "unexpected passing away will be anirreparable loss to the Company and all the directors and employees of the company convey deep sympathy, sorrow and condolences to his family. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹33.96, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 20x in the Infrastructure industry in India. Total returns to shareholders of 356% over the past three years. New Risk • Sep 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 242% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (₹546.9m market cap, or US$6.60m). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₹29.86, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 20x in the Infrastructure industry in India. Total returns to shareholders of 275% over the past three years. Announcement • Sep 03
VMS Industries Limited, Annual General Meeting, Sep 30, 2023 VMS Industries Limited, Annual General Meeting, Sep 30, 2023, at 15:00 Indian Standard Time. 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 7.8% 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 Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (₹321.1m market cap, or US$3.88m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹19.49, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 18x in the Infrastructure industry in India. Total returns to shareholders of 209% over the past three years. Announcement • Aug 03
VMS Industries Limited to Report Q1, 2024 Results on Aug 11, 2023 VMS Industries Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Announcement • May 19
VMS Industries Limited to Report Fiscal Year 2023 Results on May 29, 2023 VMS Industries Limited announced that they will report fiscal year 2023 results on May 29, 2023 Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹13.00, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 24x in the Infrastructure industry in India. Total loss to shareholders of 1.9% over the past three years. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹0.09 (vs ₹0.06 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.09 (up from ₹0.06 in 3Q 2022). Revenue: ₹393.1m (down 14% from 3Q 2022). Net income: ₹1.46m (up 46% from 3Q 2022). Profit margin: 0.4% (up from 0.2% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Feb 05
VMS Industries Limited to Report Q3, 2023 Results on Feb 13, 2023 VMS Industries Limited announced that they will report Q3, 2023 results at 12:15 PM, Indian Standard Time on Feb 13, 2023 Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₹16.85, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 27x in the Infrastructure industry in India. Total loss to shareholders of 1.5% over the past three years. Board Change • Nov 16
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. No experienced directors. 6 highly experienced directors. Non-Executive Independent Director Pranavkumar Parikh was the last director to join the board, commencing their role in 2010. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 02
VMS Industries Limited to Report Q2, 2023 Results on Nov 10, 2022 VMS Industries Limited announced that they will report Q2, 2023 results at 12:15 PM, Indian Standard Time on Nov 10, 2022 Reported Earnings • Sep 06
Full year 2022 earnings released: EPS: ₹0.70 (vs ₹0.64 in FY 2021) Full year 2022 results: EPS: ₹0.70 (up from ₹0.64 in FY 2021). Revenue: ₹1.63b (up 6.4% from FY 2021). Net income: ₹10.8m (up 1.9% from FY 2021). Profit margin: 0.7% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Aug 26
VMS Industries Limited, Annual General Meeting, Sep 30, 2022 VMS Industries Limited, Annual General Meeting, Sep 30, 2022. Announcement • Jul 30
VMS Industries Limited to Report Q1, 2023 Results on Aug 12, 2022 VMS Industries Limited announced that they will report Q1, 2023 results on Aug 12, 2022 Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₹15.29, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 18x in the Infrastructure industry in India. Total loss to shareholders of 15% over the past three years. Announcement • May 15
VMS Industries Limited to Report Q4, 2022 Results on May 28, 2022 VMS Industries Limited announced that they will report Q4, 2022 results on May 28, 2022 Board Change • Apr 27
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. No experienced directors. 6 highly experienced directors. Non-Executive Independent Director Pranavkumar Parikh was the last director to join the board, commencing their role in 2010. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₹20.80, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 29x in the Infrastructure industry in India. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹11.00, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 26x in the Infrastructure industry in India. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹13.05, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 20x in the Infrastructure industry in India. Total loss to shareholders of 29% over the past three years. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.06 (down from ₹0.12 in 3Q 2021). Revenue: ₹475.5m (up 5.0% from 3Q 2021). Net income: ₹997.0k (down 50% from 3Q 2021). Profit margin: 0.2% (down from 0.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Feb 03
VMS Industries Limited to Report Q3, 2022 Results on Feb 12, 2022 VMS Industries Limited announced that they will report Q3, 2022 results on Feb 12, 2022 Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₹12.98, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 22x in the Infrastructure industry in India. Total loss to shareholders of 33% over the past three years. Reported Earnings • Nov 23
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: ₹0.06 loss per share (down from ₹0.29 profit in 2Q 2021). Revenue: ₹311.8m (down 8.7% from 2Q 2021). Net loss: ₹1.02m (down 121% from profit in 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 67% share price gain to ₹19.22, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 37x in the Infrastructure industry in India. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₹12.76, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 28x in the Infrastructure industry in India. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 27% share price gain to ₹10.57, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 31x in the Infrastructure industry in India. Total loss to shareholders of 14% over the past three years. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹0.12 (vs ₹0.08 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹452.7m (down 5.3% from 3Q 2020). Net income: ₹1.97m (up 46% from 3Q 2020). Profit margin: 0.4% (up from 0.3% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 21% per year. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₹8.71, the stock is trading at a trailing P/E ratio of 20x, up from the previous P/E ratio of 17.1x. This compares to an average P/E of 29x in the Infrastructure industry in India. Total return to shareholders over the past three years is a loss of 48%. Announcement • Feb 05
VMS Industries Limited to Report Q3, 2021 Results on Feb 13, 2021 VMS Industries Limited announced that they will report Q3, 2021 results on Feb 13, 2021 Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹8.28, the stock is trading at a trailing P/E ratio of 19x, down from the previous P/E ratio of 22.7x. This compares to an average P/E of 25x in the Infrastructure industry in India. Total return to shareholders over the past three years is a loss of 55%. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 22% share price gain to ₹8.24, the stock is trading at a trailing P/E ratio of 19x, up from the previous P/E ratio of 15.6x. This compares to an average P/E of 25x in the Infrastructure industry in India. Total return to shareholders over the past three years is a loss of 57%. Is New 90 Day High Low • Dec 16
New 90-day high: ₹8.24 The company is up 4.0% from its price of ₹7.94 on 17 September 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 31% over the same period. Announcement • Dec 16
Vms Industries Limited Intimates Demise of Mr. Arun Prabhudan Barot, Chief Financial Officer VMS Industries Limited intimated the sudden and sad demise of Mr. Arun Prabhudan Barot, Chief Financial Officer of the Company, on December, 12, 2020. Is New 90 Day High Low • Nov 25
New 90-day low: ₹6.42 The company is down 15% from its price of ₹7.57 on 27 August 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Oct 27
Market bids up stock over the past week After last week's 17% share price gain to ₹7.63, the stock is trading at a trailing P/E ratio of 16.5x, up from the previous P/E ratio of 14.2x. This compares to an average P/E of 18x in the Infrastructure industry in India. Total return to shareholders over the past three years is a loss of 56%. Reported Earnings • Sep 18
First quarter earnings released Over the last 12 months the company has reported total profits of ₹7.63m, down 68% from the prior year. Total revenue was ₹1.43b over the last 12 months, down 53% from the prior year. 
