NSE: VIPIND | BSE: 507880

Momentum Trap

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380.55 -2.10 (-0.55%)

27.38% Fall from 52W High

195.6K NSE+BSE Volume

NSE 21 Nov, 2025 3:18 PM (IST)

5,405.8

Market Cap

High in industry

Beta 1Year

Average volatility

VIP Industries Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for VIPIND, BSE:507880 VIP Industries Ltd.

VIP Industries Ltd.

13 Aug 2021

380.55

-0.55%

We revise our FY22/23/24 estimates upwards as we raise our target PE multiple to 35x (30x earlier) and maintain our BUY recommendation with a revised TP of Rs 425/share (earlier Rs 415) based on FY24E EPS.

Number of FII/FPI investors increased from 117 to 125 in Sep 2025 qtr.

VIP Industries Ltd.

12 Aug 2021

380.55

-0.55%

Q1FY22 Result Update - GM springs a positive surprise - BUY

Buy: VIP Industries Ltd.

Prabhudas Lilladhar

We upgrade VIP to a BUY (earlier under review) and increase our FY22/FY23 EPS estimates by 44%/5% respectively as demand recovery post 2 nd wave is significantly better than our original anticipation (sequential top-line decline of just 15.1% in 1QFY22 despite lockdown-like restrictions). However, bigger surprise was GM expansion to 50.9% (almost similar to pre-COVID levels) resulting in significant earnings upgrade for FY22. In the entire last fiscal, VIP faced headwinds on margin side with a fear that demand recovery will be back-ended and restoring margins to pre-COVID levels can be a tall task given...

VIP Industries Ltd. is trading below all available SMAs

VIP Industries Ltd.

12 Aug 2021

380.55

-0.55%

VIP Industries: Q1FY22 Result Review

Buy: VIP Industries Ltd.

IDBI Capital

VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only 9% QoQ fall in sales). Interestingly, its gross margin improved to 60% from 47% in Q4FY21 as it procured nearly 90% of luggage from its captive Bangladesh plants. As per the management, the gross margin is sustainable. Q1FY22 EBITDA jumped up nearly 3x QoQ to Rs129 mn and...

VIP Industries Ltd. is trading below all available SMAs

VIP Industries Ltd.

12 Aug 2021

380.55

-0.55%

Vip Industries

Buy: VIP Industries Ltd.

Target

ICICI Securities Limited

VIP has, over the years, maintained balance sheet prudence with stringent working capital policy, virtually debt free status and healthy RoCE: 30%+ Q1FY22 Results: Second wave significantly disrupted a seasonally strong quarter...

Number of FII/FPI investors increased from 117 to 125 in Sep 2025 qtr.

VIP Industries Ltd.

22 Jul 2021

380.55

-0.55%

VIP Industries - BAG' It Now!

Buy: VIP Industries Ltd.

Monarch Networth Capital Limited

We present an Investment Idea on VIP Industries (VIP) with a fair value in the range of Rs.550-600. The company is the undisputed market leader in the organized luggage industry with a market share of ~46%. Given the company's presence across different product categories, pricing points and wide distribution platform, we believe the company is in a sweet spot to capitalize on the growth with economies opening up. Further, adding to our enthusiasm are strong cost-cutting initiatives and an increase in sourcing from Bangladesh. These initiatives coupled with strong FCF generation and...

Axis Direct decreased Hold price target of VIP Industries Ltd. to 415.0 on 17 Nov, 2025.

VIP Industries Ltd.

26 May 2021

380.55

-0.55%

Vip Industries

Buy: VIP Industries Ltd.

Target

ICICI Securities Limited

The company has implemented close to ~ | 170 crore fixed cost savings in FY21 (overall opex down 51% YoY in FY21). VIP believes ~50% (| 80-85 crore) would be sustainable in FY22E. Given the near term headwinds and Q1 being critical for VIP, we reduce our revenue estimates for FY22E. We broadly maintain our estimates for FY23E as we expect improved traction in the domestic travel industry from H2FY22 onwards. While revenue recovery may take longer, structural changes in fixed overheads will lead to faster recovery in profitability terms. The company is well placed on the liquidity...

VIP Industries Ltd. has an average target of 402.25 from 4 brokers.

VIP Industries Ltd.

26 May 2021

380.55

-0.55%

Q4FY21 Result Update - GM pressure to sustain until demand revives - Downgrade to 'HOLD'

Hold: VIP Industries Ltd.

Prabhudas Lilladhar

While our FY22 estimates have undergone a massive cut as 2 nd wave has derailed the recovery process; our FY23 figures are broadly intact as we expect improvement in demand environment over the next 12 months. We believe there are clear near term margin headwinds amid aggressive discounting and RM cost inflation. Unless demand environment improves margins will continue to remain under pressure due to inferior sales mix (higher share of mass/value products which have lower margin). However, we believe VIP has done well on the cost management front (fixed cost savings...

VIP Industries Ltd. is trading below all available SMAs

VIP Industries Ltd.

26 May 2021

380.55

-0.55%

Result Update:V I P Inds.

Buy: VIP Industries Ltd.

Recommendation Target

Axis Direct

We introduce FY24 estimates and believe, VIP will be able to bounce back to its leadership position in the industry thus driving us to upgrade the stock to BUY (HOLD earlier) with a revised TP of Rs. 415/share (earlier Rs. 330) based on FY24E EPS.

VIP Industries Ltd. has an average target of 402.25 from 4 brokers.

VIP Industries Ltd.

30 Mar 2021

380.55

-0.55%

Channel Check Update - Demand momentum intact

Accumulate: VIP Industries Ltd.

Prabhudas Lilladhar

VIP took price hike of ~6% from March 01 to counter inflationary pressures. Recently, we conducted some channel checks (interacted with few distributors and an MD of one unlisted company) in the luggage space to get a pulse of current demand trends. Our checks reveal 1) demand in 4QFY21 benefitted from gradual reopening of schools in Jan/Feb (augured well for backpack sales) coupled with shift in market share from unorganized to...

VIP Industries Ltd. has an average target of 402.25 from 4 brokers.

VIP Industries Ltd.

05 Feb 2021

380.55

-0.55%

Q3FY21 Result Update - Grim margin outlook - Accumulate

Accumulate: VIP Industries Ltd.

Target

Prabhudas Lilladhar

We cut our EPS estimates by 7.5%/2.1% for FY22E/FY23E respectively amid aggressive discounting (higher channel inventory due to low demand) and RM cost inflation (input costs are up ~60-70% on QoQ basis). Our earnings cut is steeper for FY22E, as discounting and inflationary pressures are unlikely to sustain beyond 12 months. In addition, we have r e-aligned our borrowing forecast (VIP aims to be debt free by July/Aug) and have baked in the benefits of cost reduction program (targeted savings of ~Rs1.8bn in FY21E; 50% is sustainable in nature) resulting in 220bps EBITDA margin...

VIP Industries Ltd. is trading below all available SMAs

Is VIP Industries Ltd. worth buying?

380 Votes:

Buy 74.74%

Sell 12.11%

Hold 13.16%

RESEARCH REPORTS

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