Vipul Organics Ltd

BSE: 530627

₹ 223-3.48%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 425 crWebsite: www.vipuldyes.com ; www.vipulorganics.comUpdated: 24 Oct 2026

About

Vipul Organics Ltd is a specialty chemicals maker whose products include the SunTone/SunCoat range and organic intermediates for automotive coatings and paints. Exports make up about 60% of revenue. It reported FY26 revenue of Rs 175.4 Cr. Through its unit ADIMEM Technologies, it is moving into RO/UF membranes and water treatment.^[1][2]

Products and new business lines

The product range includes the SunTone/SunCoat range, and Omya is to distribute it in 8 European markets (from Jun 2026).^[1]
ADIMEM Technologies began commercial sales of RO/UF membranes in Apr 2026.^[1]
The FY26 annual report proposes moving into membrane technology, water and wastewater treatment EPC (STP, ETP, ZLD, desalination), separation and purification systems, and related equipment.^[3]

Manufacturing and capacity

Commercial production began in Aug 2026 at the Sayakha greenfield plant (PCPIR, Bharuch, Gujarat), with an initial capacity of 3,600+ MT/year.^[1]
Manufacturing was moved to Sayakha from Tarapur. The plant was funded with about ₹47.95 Cr of equity.^[1]
The existing Maharashtra plants were running at sub-optimal utilisation in Q1 FY27.^[1]

Customers and exports

Exports make up about 60% of revenue, according to the Q1 FY27 call.^[1]
In Jun 2026 the company signed an exclusive deal with Omya to distribute SunTone/SunCoat in 8 European markets, including the UK and Norway.^[1]
Trial exports of specialty organic intermediates for automotive coatings and paints have crossed Rs 40 million in total, as of Q1 FY27.^[1]

Expansion plans

Capacity across all facilities is planned to reach about 10,000 TPA over several phases. No target date has been given.^[1]
ADIMEM membrane manufacturing is planned to start at Sayakha from Q3 2026.^[1]
The company aims for membranes and membrane-based solutions to reach about 25% of group revenue within 3 years.^[1]

Recent developments

ADIMEM won a competitive bid for Aquaporin's global membrane platform, which is being moved to Sayakha (reported in Q1 FY27).^[1]
From 1 Apr 2026, the MD's pay rose to Rs 13.5 lakh/month and the WTD/CFO's to Rs 13.2 lakh/month. The MD was re-appointed to June 2032.^[3]
For FY26, an 8% dividend (Rs 0.80 per share) was recommended on 1,90,54,566 shares.^[3]

Market Cap

₹425 Cr

High / Low

₹309 / 157

Stock P/E

52.8

Price / Book

3.8

Book Value

₹66

EPS

₹3.6

No. of Shares

1.77 Cr

ROCE

8.4%

ROE

7.6%

OPM

6.7%

Debt / Equity

0.45

Sales

₹175 Cr

Net Profit

₹7 Cr

Promoter holding

63.9%

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