VSF Projects
VSFPROJECTSLTD NSE
VSF Projects
ConstructionNSE: VSFPROJECTSLTD BSE: VSFPROJ Civil Construction
Key Fundamentals
MicrocapCivil ConstructionConstructionMarket Cap
₹57.24 Cr
Volatility
Moderate
P/E Ratio
-116.6
EBITDA
₹0.60 Cr
Return on Equity
-0.33%
Debt to Equity
0.86
Book Value
₹48.32
EPS
₹0
52W High
₹52.99
52W Low
₹28.25
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Stock is trading at 0.56 times its book value
Weaknesses
3- Company has low interest coverage ratio.
- Company has a low return on equity of -0.43% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
-86.02% lower than
3Y
Net Income Growth
-200% lower than
3Y
Cash Flow Change
-85.14% lower than
3Y
ROE
-187% lower than
3Y
ROCE
-73.98% lower than
3Y
EBITDA Margin (Avg.)
207% higher than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0.22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Expenses | 0.23 | 0.16 | 0.05 | -0.09 | 0.14 | 0.31 | 0.01 | 0.07 | 0.12 | 0.14 | 0.15 | 0.21 | 0.14 |
| Operating Profit | -0.23 | -0.16 | -0.05 | 0.31 | -0.14 | -0.31 | -0.01 | -0.07 | -0.12 | -0.14 | -0.15 | -0.21 | -0.14 |
| OPM % | — | — | — | 140.91% | — | — | — | — | — | — | — | — | — |
| Other Income | 0 | 0 | 0 | 35.54 | 0 | 0 | 0.21 | 0.21 | 0.19 | 0.22 | 0.12 | 0.11 | 0.1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0.02 | 0.02 | 0.12 | 0.01 | 0.02 |
| Depreciation | 0 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.06 | 0.07 | 0.08 | 0.09 | 0.01 | 0.07 |
| PBT | -0.23 | -0.19 | -0.07 | 35.83 | -0.16 | -0.33 | 0.16 | 0.05 | -0.02 | -0.02 | -0.24 | -0.12 | -0.13 |
| Tax % | -4.35% | 10.53% | -14.29% | -0.03% | -6.25% | 3.03% | -6.25% | 60% | 100% | -100% | -16.67% | 50% | -53.85% |
| Net Profit | -0.22 | -0.21 | -0.06 | 35.84 | -0.15 | -0.35 | 0.17 | 0.03 | -0.04 | 0 | -0.21 | -0.18 | -0.06 |
| EPS in Rs | -0.13 | -0.13 | -0.04 | 21.85 | -0.09 | -0.21 | 0.11 | 0.02 | -0.02 | 0 | -0.13 | -0.11 | -0.04 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4.47 | 9.14 | 1.26 | 0 | 2.74 | 1.24 | 1.74 | 1.65 | 1.63 | 0.22 | 0 | 0 | 0 |
| Expenses | 3.46 | 7.84 | 1.04 | 0.22 | 9.6 | 0.91 | 1.44 | 1.54 | 1.51 | 0.33 | 0.53 | 0.62 | 0.64 |
| Operating Profit | 1.01 | 1.3 | 0.22 | -0.22 | -6.86 | 0.33 | 0.3 | 0.11 | 0.12 | -0.11 | -0.53 | -0.62 | -0.64 |
| OPM % | 22.6% | 14.22% | 17.46% | — | -250.36% | 26.61% | 17.24% | 6.67% | 7.36% | -50% | — | — | — |
| Other Income | 0 | 0.12 | -0.05 | -0.04 | 0 | 0.02 | 0 | 0 | 0 | 35.52 | 0.43 | 0.64 | 0.55 |
| Interest | 0.52 | 0.53 | 0.47 | 0.51 | 0.22 | 0.12 | 0 | 0 | 0 | 0 | 0.03 | 0.17 | 0.17 |
| Depreciation | 0.43 | 0.34 | 0.24 | 0.23 | 0.21 | 0.2 | 0.19 | 0.12 | 0.06 | 0.06 | 0.14 | 0.26 | 0.25 |
| PBT | 0.06 | 0.55 | -0.54 | -1 | -7.29 | 0.03 | 0.11 | -0.01 | 0.06 | 35.35 | -0.27 | -0.41 | -0.51 |
| Tax % | 283.33% | 56.36% | -12.96% | -7% | -0.27% | -66.67% | -45.45% | 700% | 83.33% | 0% | 7.41% | 7.32% | — |
| Net Profit | -0.1 | 0.24 | -0.47 | -0.93 | -7.27 | 0.05 | 0.15 | -0.08 | 0.01 | 35.35 | -0.29 | -0.43 | -0.45 |
| EPS in Rs | -0.07 | 0.16 | -0.32 | -0.63 | -4.95 | 0.03 | 0.1 | -0.05 | 0.01 | 21.55 | -0.18 | -0.26 | -0.28 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 5.87 | 6.58 | 6.58 | 16.4 | 16.4 |
| Reserves | 23.81 | 24.06 | 18.29 | 17.36 | -5.72 | -5.67 | -5.52 | -5.6 | -3.11 | 43.62 | 82.37 | 81.93 |
| Borrowings | 15.95 | 15.74 | 2.22 | 16.38 | 15.28 | 15.65 | 15.65 | 15.65 | 14.93 | 31.54 | 60.44 | 84.68 |
| Other Liabilities | 42.45 | 49.47 | 63.38 | 49.72 | 50.49 | 49.99 | 49.57 | 49.65 | 48.83 | 9.5 | 12.59 | 8.37 |
| Total Liabilities | 88.08 | 95.14 | 89.76 | 89.33 | 65.92 | 65.84 | 65.57 | 65.57 | 67.23 | 91.24 | 172 | 191 |
| Fixed Assets | 27.73 | 27.07 | 26.69 | 26.36 | 64.06 | 63.84 | 63.65 | 63.53 | 63.48 | 63.38 | 65.26 | 65.57 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.58 | 20.87 | 88.54 | 116 |
| Investments | 53.72 | 53.72 | 53.72 | 53.72 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 |
| Other Assets | 6.63 | 14.35 | 9.35 | 9.25 | 1.86 | 2 | 1.92 | 2.04 | 2.17 | 6.99 | 18 | 9.44 |
| Total Assets | 88.08 | 95.14 | 89.76 | 89.33 | 65.92 | 65.84 | 65.57 | 65.57 | 67.23 | 91.24 | 172 | 191 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 0.2 | -0.53 | -0.24 | -0.45 | 1.28 | -0.24 | -0.02 | -0.02 | -0.88 | -3.94 | -10.53 | 28.98 |
| Investing | -0.22 | 0.27 | 0.14 | 0.11 | 0 | 0.04 | 0 | 0 | -1.59 | -19.29 | -69.69 | -28.36 |
| Financing | 0 | 0.38 | 0.1 | 0.29 | -1.32 | 0.25 | 0 | 0 | 2.47 | 26.6 | -49.58 | -0.17 |
| Net Cash Flow | -0.02 | 0.12 | 0 | -0.05 | -0.04 | 0.05 | -0.02 | -0.02 | 0 | 3.37 | -130 | 0.45 |
| Free Cash Flow | 0.2 | -0.25 | -0.1 | -0.34 | 1.28 | -0.2 | -0.02 | -0.02 | -2.47 | -23.23 | -80.22 | 0.88 |
| CFO/OP | 46 | -35 | -36 | 205 | -19 | -73 | -7 | 0 | -725 | 3,545 | 1,977 | -4,674 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 355 | 480 | 2,092 | — | 1.33 | 2.94 | 2.1 | 2.21 | 0 | 0 | — | — |
| Inventory Days | — | — | 0 | — | 0 | 0 | 0 | 0 | 0 | — | — | — |
| Cash Conversion Cycle | 355 | 480 | 2,092 | — | 1.33 | 2.94 | 2.1 | 2.21 | 0 | 0 | — | — |
| Working Capital Days | -1,050 | -468 | -4,907 | — | -3,210 | -6,961 | -4,669 | -4,911 | -4,758 | -9,888 | — | — |
| ROCE % | 1.27% | 2.48% | -0.06% | -1.36% | -25.69% | 0.96% | 0.69% | -0.06% | 0.35% | -0.26% | -0.2% | -0.14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view VSF Projects insights
60 extracted metrics + investor summaries across FY07–FY26.
Documents
2
Clarification On Price Movement
11 Apr - Company says recent share price rise is market-driven; no undisclosed events pending. 11 Apr - Company says recent share price rise is market-driven; no undisclosed events pending.
3
Clarification On Price Movement
11 Apr - Company says recent share price rise is market-driven; no undisclosed events pending. 11 Apr - Company says recent share price rise is market-driven; no undisclosed events pending.
4
Clarification sought from VSF Projects Ltd
10 Apr - Exchange has sought clarification from VSF Projects Ltd on April 10, 2026 with reference to significant movement in price, in order to ensure that investors … 10 Apr - Exchange has sought clarification from VSF Projects Ltd on April 10, 2026 with reference to significant movement in price, in order to ensure that investors …
Frequently Asked Questions about VSF Projects
What does VSF Projects Ltd do?
VSF Projects Ltd is developing a multi-product Free Trade Warehousing Zone (FTWZ/SEZ)
with an Inland Container Depot on its own
53.81-hectare site near Krishnapatnam
Port in Tirupati district, Andhra Pradesh;
its earlier shrimp-export and civil-construction activities are legacy businesses, n...
Where is VSF Projects Ltd (519331) listed?
VSF Projects Ltd trades as VSFPROJECTSLTD on the NSE and under code VSFPROJ on the BSE.
Which sector does VSF Projects Ltd belong to?
VSF Projects Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of VSF Projects Ltd?
VSF Projects Ltd has a market capitalisation of ₹57.24 Cr, which places it in the Small Cap band.
What is the PE ratio of VSF Projects Ltd?
VSF Projects Ltd trades at a PE ratio of -116.60, on earnings per share of ₹0, against a book value of ₹48.32 per share.
What is the 52-week high and low of VSF Projects Ltd?
Over the last 52 weeks VSF Projects Ltd has traded between ₹28.25 and ₹52.99.
What is the Return on Equity (ROE) of VSF Projects Ltd?
VSF Projects Ltd reported a return on equity of -0.33%. Its debt-to-equity ratio is 0.86.
Company Information
VSF Projects Ltd is developing a multi-product Free Trade Warehousing Zone (FTWZ/SEZ) with an Inland Container Depot on its own 53.81-hectare site near Krishnapatnam Port in Tirupati district, Andhra Pradesh; its earlier shrimp-export and civil-construction activities are legacy businesses, not current operating revenue sources.[1]
Website vsfprojects.com
Face Value ₹ 10
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