---
title: "Varun Shipping Company Ltd (VARUNSHIP) — Share Price, Financials & Analysis"
symbol: "VARUNSHIP"
company: "Varun Shipping Company Ltd"
canonical: "https://tapetide.com/stocks/VARUNSHIP"
isin: "INE702A01013"
bse_code: "500465"
sector: "Services"
industry: "Transport Services"
generated_at: "2026-10-13T11:01:43.974Z"
---

# Varun Shipping Company Ltd (VARUNSHIP)

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

## Company

- **BSE Code:** 500465
- **ISIN:** INE702A01013
- **Sector:** Services
- **Industry:** Transport Services
- **Macro Sector:** Services
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** varunship.com

## About

Varun Shipping Company Limited is an India-based shipping company. The Company provides shipping solutions across the entire hydrocarbon product chain. It provides support services to the oil exploration industry.

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 65.5%

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -7.10% over past five years.
- Company has a low return on equity of -31.2% over last 3 years.
- Company has high debtors of 614 days.
- Company's cost of borrowing seems high

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -10% | — | — |
| revenue growth | -96% | -20% | -7% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2012 | Jun 2012 | Sep 2012 | Dec 2012 | Mar 2013 | Jun 2013 | Sep 2013 | Dec 2013 | Mar 2014 | Jun 2014 | Sep 2014 | Dec 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 80 | 154 | 86 | 56 | 45 | 56 | 36 | 7 | -25 | 0 | 0 | 30 |
| Expenses | 21 | -29 | 67 | 54 | 46 | 54 | 45 | 176 | 37 | 69 | 55 | 53 |
| Operating Profit | 59 | 183 | 19 | 3 | -1 | 2 | -9 | -169 | -62 | -69 | -55 | -23 |
| OPM % | 74 | 119 | 22 | 4.8 | -1.7 | 3.1 | -25 | -2301 | — | — | — | -75 |
| Other Income | -141 | 25 | -72 | 41 | 5 | 53 | 34 | -14 | -11 | -1 | -7 | -8 |
| Interest | 34 | 41 | 48 | 41 | 35 | 31 | 51 | 45 | 35 | 39 | 39 | 51 |
| Depreciation | 23 | 22 | 15 | 17 | 17 | 22 | 29 | 27 | 12 | 25 | 25 | 26 |
| Profit before tax | -139 | 145 | -116 | -14 | -48 | 2 | -55 | -255 | -119 | -135 | -126 | -108 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Net Profit | -138 | 145 | -116 | -14 | -48 | 2 | -55 | -255 | -120 | -135 | -126 | -108 |
| EPS in Rs | -9.23 | 9.68 | -7.74 | -0.93 | -3.18 | 0.14 | -3.66 | -17.02 | -8 | -9 | -8.39 | -7.19 |

### Profit & Loss

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

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Sep 2012 18m | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 643 | 673 | 945 | 915 | 666 | 491 | 466 | 5 |
| Expenses | 256 | 349 | 372 | 528 | 663 | 810 | 702 | 214 |
| Operating Profit | 387 | 323 | 573 | 386 | 3 | -319 | -236 | -209 |
| OPM % | 60 | 48 | 61 | 42 | 0.4 | -65 | -51 | -4056 |
| Other Income | 1 | 101 | 7 | 157 | 481 | 730 | 779 | -27 |
| Interest | 76 | 111 | 140 | 145 | 193 | 216 | 360 | 164 |
| Depreciation | 130 | 166 | 212 | 271 | 236 | 178 | 144 | 88 |
| Profit before tax | 183 | 148 | 228 | 127 | 54 | 17 | 38 | -488 |
| Tax % | 1 | 4 | 1 | 3 | 77 | 12 | -2 | — |
| Net Profit | 181 | 141 | 226 | 123 | 13 | 15 | 38 | -489 |
| EPS in Rs | — | 9.9 | 15.05 | 8.19 | 0.84 | 0.98 | 2.56 | -32.58 |
| Dividend Payout % | 29 | 45 | 33 | 61 | 96 | 81 | 20 | — |

### Balance Sheet

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

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Sep 2012 | Sep 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 117 | 143 | 150 | 150 | 150 | 150 | 150 | 150 |
| Reserves | 358 | 581 | 765 | 663 | 662 | 663 | 692 | -58 |
| Borrowings | 1328 | 1793 | 2201 | 2847 | 2739 | 2704 | 1343 | 1023 |
| Other Liabilities | 95 | 105 | 157 | 182 | 175 | 330 | 567 | 1005 |
| Total Liabilities | 1897 | 2622 | 3272 | 3843 | 3726 | 3847 | 2753 | 2120 |
| Fixed Assets | 1760 | 2444 | 3130 | 3536 | 2947 | 1892 | 653 | 567 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 21 | 21 | 21 | 21 | 42 | 27 | 50 | 349 |
| Other Assets | 116 | 157 | 122 | 286 | 737 | 1927 | 2049 | 1204 |
| Total Assets | 1897 | 2622 | 3272 | 3843 | 3726 | 3847 | 2753 | 2120 |

### Cash Flow

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

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Sep 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 410 | 323 | 671 | 295 | -87 | 370 | -358 |
| Cash from Investing Activity | -1066 | -798 | -906 | -649 | 355 | -118 | 2394 |
| Cash from Financing Activity | 617 | 474 | 238 | 409 | -327 | -270 | -1718 |
| Net Cash Flow | -39 | -1 | 2 | 56 | -59 | -18 | 319 |
| Free Cash Flow | -657 | -477 | -238 | -355 | 496 | 508 | 876 |
| CFO/OP | 106 | 101 | 117 | 77 | -3013 | -130 | 150 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Sep 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 27 | 29 | 22 | 25 | 182 | 106 | 614 |
| Cash Conversion Cycle | 27 | 29 | 22 | 25 | 182 | 106 | 614 |
| Working Capital Days | -8 | 9 | -28 | 4 | 289 | 532 | 298 |
| ROCE % | — | 10 | 13 | 6 | 0 | -3 | 3 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 5 / 10

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 132.41 | Sell |
| EMA (10) | 130.08 | Sell |
| SMA (20) | 139.69 | Sell |
| EMA (20) | 136.53 | Sell |
| SMA (50) | 148.85 | Sell |
| EMA (50) | 145.98 | Sell |
| SMA (100) | 164.79 | Sell |
| EMA (100) | 140.5 | Sell |
| SMA (200) | 97.43 | Buy |
| EMA (200) | 111.76 | Buy |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 30.07 | Neutral |
| MACD (12,26,9) | -7.51 | Sell |
| Stochastic (14,3,3) | 25.72 | Neutral |
| ADX (14) | 46.27 | Buy |
| Williams %R (14) | -77.62 | Neutral |
| ATR (14) | 8.1 | High Volatility |
| ROC (12) | -17.63 | Sell |
| Stoch RSI (14) | 19.09 | Buy |
| UO (7,14,28) | 45.99 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2015-07-22 | [Fixes Record Date for Demerger & Amalgamation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=FBB42F0F_6C29_4657_98E6_B2FBF201FFFB_175141.pdf) |
| 2015-07-22 | [Fixes Record Date for Demerger & Amalgamation](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/FBB42F0F_6C29_4657_98E6_B2FBF201FFFB_175141.pdf) |
| 2015-07-16 | [Shareholding Pattern For June 30, 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=C76D44C3_6265_402E_9896_5DCEAF334BE8_121029.pdf) |
| 2015-07-16 | [Shareholding Pattern For June 30, 2015](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/C76D44C3_6265_402E_9896_5DCEAF334BE8_121029.pdf) |
| 2015-07-06 | [Financial Results for Dec 31, 2014 (Standalone)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=223A6B42_E5B8_4CEA_8E54_29494599822E_165107.pdf) |
| 2015-07-06 | [Financial Results for March 31, 2015 (Standalone)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=FB46E55C_B647_4945_A9A5_2DA6E6BA344C_135946.pdf) |
| 2015-07-06 | [Financial Results for Dec 31, 2014 (Standalone)](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/223A6B42_E5B8_4CEA_8E54_29494599822E_165107.pdf) |
| 2015-07-06 | [Financial Results for March 31, 2015 (Standalone)](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/FB46E55C_B647_4945_A9A5_2DA6E6BA344C_135946.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| Mar 2015 | [Annual Report 2015](http://www.bseindia.com/bseplus/AnnualReport/500465/5004650315.pdf) |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/500465/5004650314.pdf) |
| Sep 2012 | [Annual Report 2012](https://www.bseindia.com/bseplus/AnnualReport/500465/5004650912.pdf) |
| Mar 2011 | [Annual Report 2011](https://www.bseindia.com/bseplus/AnnualReport/500465/5004650311.pdf) |
| 2011 | [Annual Report 2011](https://archives.nseindia.com/annual_reports/AR_VARUNSHIP_2010_2011_12092011060000.zip) |
| Mar 2010 | [Annual Report 2010](https://www.bseindia.com/bseplus/AnnualReport/500465/5004650310.pdf) |
| 2010 | [Annual Report 2010](https://archives.nseindia.com/annual_reports/AR_VARUNSHIP_2009_2010_18082010121500.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 2026-10-13T11:01:43.974Z.