---
title: "VHCL Industries Ltd (522233) — Share Price, Financials & Analysis"
symbol: "522233"
company: "VHCL Industries Ltd"
canonical: "https://tapetide.com/stocks/522233"
isin: "INE674D01026"
bse_code: "522233"
generated_at: "2026-10-13T10:58:24.510Z"
---

# VHCL Industries Ltd (522233)

Canonical page: https://tapetide.com/stocks/522233

## Company

- **BSE Code:** 522233
- **ISIN:** INE674D01026
- **Stock Type:** EQUITY
- **Listed Since:** 2011-05-30
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** vhcl.co.in

## About

VHCL Industries Limited is engaged in manufactures of metal products. The company fabricates welding fluxes, electrodes, wires and all other welding consumables.

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.23 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -2.39% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 983 days.
- Working capital days have increased from 287 days to 716 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| revenue growth | -78% | -21% | 460% |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2014 | Dec 2014 | Mar 2015 | Jun 2015 | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Dec 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 65.24 | 15.86 | 17.12 | 1.35 | 3.79 | 0.27 | 6.99 | 1.39 | 1.52 | 6.76 | 3.2 | 0 |
| Expenses | 59.5 | 20.01 | 17.45 | 2.81 | 4.82 | 0.63 | 8.72 | 1.99 | 1.46 | 6.81 | 4.53 | 0.2 |
| Operating Profit | 5.74 | -4.15 | -0.33 | -1.46 | -1.03 | -0.36 | -1.73 | -0.6 | 0.06 | -0.05 | -1.33 | -0.2 |
| OPM % | 8.8 | -26.17 | -1.93 | -108.15 | -27.18 | -133.33 | -24.75 | -43.17 | 3.95 | -0.74 | -41.56 | — |
| Other Income | 0.27 | -0.7 | -2.71 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -127.34 | 0 |
| Interest | 4.62 | 1.85 | 1.25 | 0.01 | 0.01 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0 | 0 |
| Depreciation | 0.27 | 0.27 | 0.45 | 0.21 | 0.21 | 0.21 | 0.21 | 0.15 | 0.42 | 0.63 | 0.21 | 0.2 |
| Profit before tax | 1.12 | -6.97 | -4.74 | -1.68 | -1.25 | -0.57 | -1.94 | -0.76 | -0.37 | -0.69 | -128.88 | -0.4 |
| Tax % | 0 | 0 | 1.9 | 0 | 0 | 1.75 | 0 | 0 | 0 | 0 | -0.03 | 0 |
| Net Profit | 1.12 | -6.97 | -4.83 | -1.68 | -1.25 | -0.57 | -1.94 | -0.76 | -0.37 | -0.69 | -128.83 | -0.4 |
| EPS in Rs | 0.07 | -0.45 | -0.19 | -0.07 | -0.05 | -0.02 | -0.08 | -0.03 | -0.01 | -0.03 | -5 | -0.02 |

### Profit & Loss

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

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 0 | 0 | 228 | 480 | 498 | 111 |
| Expenses | 0 | 0 | 207 | 458 | 492 | 113 |
| Operating Profit | 0 | 0 | 21 | 23 | 7 | -3 |
| OPM % | -50 | -29 | 9 | 4.7 | 1.3 | -2.6 |
| Other Income | 0 | 0 | -5 | -2 | 1 | 0 |
| Interest | 0 | 0 | 7 | 10 | 6 | 9 |
| Depreciation | 0 | 0 | 2 | 1 | 1 | 1 |
| Profit before tax | 0 | 0 | 7 | 10 | 1 | -12 |
| Tax % | 0 | 0 | 6 | 29 | 95 | 1 |
| Net Profit | 0 | 0 | 7 | 7 | 0 | -12 |
| EPS in Rs | — | — | — | 0.47 | 0 | -0.49 |
| Dividend Payout % | 0 | 0 | 0 | 11 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 3 | 3 | 0.3 | 7 | 7 | 51 |
| Reserves | -3 | -3 | 23 | 48 | 48 | 7 |
| Borrowings | 0 | 0 | 26 | 56 | 126 | 205 |
| Other Liabilities | 0 | 0 | 95 | 183 | 203 | 97 |
| Total Liabilities | 1 | 1 | 144 | 294 | 384 | 360 |
| Fixed Assets | 0 | 0 | 13 | 13 | 11 | 30 |
| CWIP | 0 | 0 | 15 | 16 | 27 | 15 |
| Investments | 0 | 0 | 2 | 2 | 2 | 2 |
| Other Assets | 1 | 1 | 115 | 264 | 344 | 314 |
| Total Assets | 1 | 1 | 144 | 294 | 384 | 360 |

### Cash Flow

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

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0 | 0 | 11 | -16 | -43 | 5 |
| Cash from Investing Activity | 0 | 0 | -20 | -1 | -14 | -7 |
| Cash from Financing Activity | 0 | 0 | 10 | 26 | 54 | -11 |
| Net Cash Flow | 0 | 0 | 1 | 10 | -3 | -13 |
| Free Cash Flow | 0 | 0 | -6 | -18 | -58 | -2 |
| CFO/OP | 700 | 200 | 56 | -63 | -647 | -178 |

### Ratios

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | — | — | 142 | 150 | 185 | 983 |
| Inventory Days | — | — | 15 | 29 | 40 | 3 |
| Days Payable | — | — | 148 | 128 | 151 | 302 |
| Cash Conversion Cycle | — | — | 8 | 51 | 74 | 685 |
| Working Capital Days | — | — | 34 | 50 | 94 | 716 |
| ROCE % | — | -4 | 70 | 28 | 4 | -2 |

## Shareholding Pattern

### annual

| Category | Mar 2016 | Mar 2017 | Dec 2017 |
| --- | --- | --- | --- |
| Promoters | 19.58% | 19.58% | 19.58% |
| DIIs | 1.16% | 1.09% | 1.09% |
| Public | 79.26% | 79.33% | 79.33% |
| No. of Shareholders | 8623 | 8635 | 8647 |

### Quarterly

| Category | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 19.58% | 19.58% | 19.58% | 19.58% | 19.58% | 19.58% | 19.58% | 19.58% |
| DIIs | 1.16% | 1.15% | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% |
| Public | 79.26% | 79.27% | 79.33% | 79.33% | 79.33% | 79.33% | 79.33% | 79.33% |
| No. of Shareholders | 8623 | 8627 | 8629 | 8638 | 8635 | 8640 | 8647 | 8647 |

## 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 / 5 / 11

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 155.2 | Buy |
| EMA (10) | 156.07 | Buy |
| SMA (20) | 163.21 | Sell |
| EMA (20) | 160.62 | Sell |
| SMA (50) | 170.96 | Sell |
| EMA (50) | 169.24 | Sell |
| SMA (100) | 180.48 | Sell |
| EMA (100) | 178.77 | Sell |
| SMA (200) | 198.68 | Sell |
| EMA (200) | 193.81 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 41.85 | Neutral |
| MACD (12,26,9) | -5.74 | Sell |
| Stochastic (14,3,3) | 22.47 | Neutral |
| ADX (14) | 29.44 | Buy |
| Williams %R (14) | -54 | Neutral |
| ATR (14) | 6.65 | High Volatility |
| ROC (12) | -5.32 | Sell |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 50.23 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2018-02-28 | [Unaudited Financial Results Along With Limited Review Report For The Quarter Ended On 31St December, 2017.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f1aa14b9-162a-42e2-b480-829947c00759.pdf) |
| 2018-02-28 | [Unaudited Financial Results Along With Limited Review Report For The Quarter Ended On 31St December, 2017.](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/2/f1aa14b9-162a-42e2-b480-829947c00759.pdf) |
| 2018-01-16 | [Statement For Investor Complaints For The Quarter Ended 31St December 2017.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=145b4d4a-e7fd-4e14-813e-5382ca7cd17c.pdf) |
| 2018-01-16 | [Compliance Certificate For The Period Ended 31St December 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=02b3ac92-dbfb-4ae8-889b-df4f3c579738.pdf) |
| 2018-01-16 | [Statement For Investor Complaints For The Quarter Ended 31St December 2017.](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/1/145b4d4a-e7fd-4e14-813e-5382ca7cd17c.pdf) |
| 2018-01-16 | [Compliance Certificate For The Period Ended 31St December 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/1/02b3ac92-dbfb-4ae8-889b-df4f3c579738.pdf) |
| 2017-11-25 | [Intimation Of Result Of Postal Ballot](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=757a9a90-adcf-4030-b744-b7f8494dfd89.pdf) |
| 2017-11-25 | [Intimation Of Result Of Postal Ballot](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/757a9a90-adcf-4030-b744-b7f8494dfd89.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| Mar 2014 | [Financial Year 2014](http://www.bseindia.com/bseplus/AnnualReport/521056/5210560314.pdf) |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/522233/5222330314.pdf) |
| Mar 2013 | [Financial Year 2013](https://www.bseindia.com/bseplus/AnnualReport/521056/5210560313.pdf) |
| Mar 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport/522233/5222330313.pdf) |
| 2013 | [Financial Year 2013](https://archives.nseindia.com/annual_reports/AR_805_CHESLINTEX_2012_2013_31072013183312.zip) |
| Sep 2012 | [Financial Year 2012](https://www.bseindia.com/bseplus/AnnualReport/521056/5210560912.pdf) |
| Mar 2012 | [Annual Report 2012](https://www.bseindia.com/bseplus/AnnualReport/522233/5222330312.pdf) |
| 2012 | [Financial Year 2012](https://archives.nseindia.com/annual_reports/AR_CHESLINTEX_2011_2012_31012013113939.zip) |
| Mar 2011 | [Financial Year 2011](https://www.bseindia.com/bseplus/AnnualReport/521056/5210560311.pdf) |
| Mar 2011 | [Annual Report 2011](https://www.bseindia.com/bseplus/AnnualReport/522233/5222330311.pdf) |

---

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 2026-10-13T10:58:24.510Z.