Vipul

EXECUTIVE SUMMARY

Vipul Limited is an active, publicly listed real estate developer with more than two decades of operating history and a strong legacy presence in Gurugram. The company is listed on the NSE and BSE and is led by promoter, Managing Director, CEO and CFO Punit Beriwala. Vipul states that it has delivered more than 10 million square feet to over 7,000 customers across residential, commercial, retail and township formats.

Gurugram remains the centre of Vipul's brand equity. Its completed portfolio includes Vipul Belmonte, Vipul Greens, Vipul Gardens, Tatvam Villas, Vipul Square, Vipul Plaza, Vipul Agora and Vipul Tech Square. The current profile is more complex: Lavanya Apartments is only partially completed, Aarohan registrations have lapsed, and FY25 consolidated results show a sharp revenue decline and a return to loss.

KEY PERFORMANCE METRICS

• Legal entity: Vipul Limited

• Stock listings: NSE symbol VIPULLTD and BSE code 511726

• Operating history: More than 20 years in real estate

• Delivered area claimed: More than 10 million square feet

• Customers served claimed: More than 7,000

• FY25 consolidated revenue: Rs 99.31 crore

• FY25 consolidated loss after tax: Rs 28.27 crore

• FY25 consolidated equity: Rs 377.03 crore

• FY25 current borrowings: Rs 84.86 crore

• Gurugram status: Large completed portfolio with selected delayed or lapsed projects

IMPORTANT CAVEAT

Vipul's historical delivery record and current financial position must be considered separately. Several major Gurugram assets were completed years ago, but the company now reports lower revenue, a FY25 loss and substantial current liabilities. Haryana RERA lists Aarohan Phase I, Aarohan Commercial Tower and Vipul Lavanya Towers 2 and 3 among lapsed registrations. Buyers should verify the current approval and completion status of the exact phase.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

Vipul Limited is headquartered at Vipul Tech Square, Sector 43, Gurugram, with a registered office in New Delhi. The company operates through subsidiaries, joint ventures and project arrangements across Gurugram, Faridabad, Dharuhera, Bawal, Bhubaneswar and Ludhiana. Its product history covers apartments, villas, plots, offices, retail centres and integrated townships.

SISTER COMPANIES AND GROUP ENTITIES

The consolidated group includes project and holding entities disclosed in Vipul's annual reports. Legal ownership can differ by development, and historical joint ventures have involved other builders and landowners. Buyers should confirm the contracting entity, title holder and any corporate guarantee for their project.

LEADERSHIP AND MANAGEMENT

Punit Beriwala serves as promoter, Managing Director, CEO and CFO and has more than three decades of business experience. The board includes executive and independent directors, while Rakesh Sharma is identified as a senior business-development executive. Concentration of several leadership roles in one executive increases the importance of board oversight.

PROJECT PORTFOLIO ANALYSIS

Vipul's strongest evidence is its completed Gurugram portfolio. The group built premium housing on Golf Course Road and Sohna Road, alongside office and retail properties. Current exposure is concentrated in completion of legacy projects and monetisation of remaining land or inventory rather than a broad cycle of new launches.

A. DELIVERED / OPERATIONAL LANDMARKS

Vipul Belmonte, Vipul Greens, Vipul Gardens and Tatvam Villas are established residential developments. Vipul Square, Vipul Plaza, Vipul Agora, Vipul Tech Square and Vipul Business Park form the main commercial legacy. These projects created lasting brand recognition in Gurugram.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

Lavanya Apartments in Gurugram is classified by the company as partially completed. Aarohan Residences was planned as an ultra-luxury Golf Course Road development, but its Phase I and commercial-tower registrations are listed as lapsed by Haryana RERA. Buyers need written confirmation of construction, registration and possession status.

Outside Gurugram, the website lists Pratham Apartments in Bawal and Vipul Greens in Bhubaneswar as under construction, with projects in Dharuhera, Bhubaneswar and Ludhiana described as partially completed.

C. PIPELINE

Vipul states an ambition to add approximately four million square feet to its portfolio. The near-term pipeline depends on completing existing developments, resolving approval constraints, monetising inventory and converting land opportunities into registered projects. A claimed pipeline should not be treated as launched supply without approvals.

FINANCIAL ANALYSIS

FY25 consolidated revenue fell to Rs 99.31 crore from Rs 438.38 crore in FY24. Consolidated profit after tax moved from a Rs 233.50 crore profit to a Rs 28.27 crore loss. The prior-year profit included significant accounting and transaction effects, so it does not represent a stable recurring earnings base.

At March 2025, consolidated equity stood at Rs 377.03 crore. Current borrowings declined to Rs 84.86 crore from Rs 179.94 crore, but trade payables, other financial liabilities and provisions remained substantial. The balance sheet requires careful cash-flow analysis despite positive book equity.

CREDIT RATING AND LIQUIDITY

Vipul's liquidity depends on collections, asset monetisation and settlement of legacy obligations. The absence of non-current borrowings at March 2025 and reduction in current debt are positives. Large current liabilities and weak FY25 operating performance remain important constraints.

MARKET POSITION AND COMPETITIVE ANALYSIS

Vipul retains meaningful brand recognition in established Gurugram sectors, particularly along Golf Course Road and Sohna Road. Its completed communities compete well on location and resale familiarity. For new purchases, larger NCR developers now offer deeper launch pipelines, stronger presales visibility and more predictable funding access.

REGULATORY COMPLIANCE AND LEGAL STATUS

Vipul Limited remains an active listed company with current financial and governance filings. Haryana RERA records several completed and legacy projects, while specific registrations for Aarohan and Lavanya are lapsed. Regulatory and court proceedings involving buyer claims remain part of the public record and must be reviewed project by project.

CUSTOMER PERSPECTIVE

Residents in completed Vipul developments benefit from established locations, mature communities and a recognised resale market. Delayed projects create a different experience, including uncertainty over timelines and enforcement proceedings. Site condition and resident feedback provide a more reliable picture than group-wide claims.

RISK ASSESSMENT

Vipul combines a genuine delivery legacy with material current financial and execution risk. The central issue is whether the company can convert its asset base and remaining inventory into enough cash to complete obligations and rebuild a sustainable development pipeline.

A. OPERATIONAL RISKS

• Completion of delayed residential phases

• Renewal or replacement of lapsed registrations

• Maintenance quality across older assets

• Limited momentum in fresh launches

B. FINANCIAL RISKS

• Sharp FY25 revenue contraction

• Return to consolidated loss

• High current liabilities and provisions

• Reliance on asset sales and collections

C. LEGAL AND GOVERNANCE RISKS

• Buyer disputes and execution proceedings

• Project-level registration gaps

• Multiple entities and legacy joint ventures

• Concentration of MD, CEO and CFO roles

BEST PRACTICE FOR BUYERS

Separate completed resale inventory from under-construction exposure. For any project, verify the live RERA registration, occupation certificate, promoter entity, title and outstanding lender charge. Review the latest audited accounts and obtain written confirmation of possession, dues and maintenance obligations.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

Vipul's best route to recovery is completion of delayed projects, disciplined liability reduction and selective launches on clear-title land. Its established Gurugram brand and completed asset base provide a foundation, but financial improvement must become visible in recurring revenue, collections and cash flow.

INVESTMENT AND BUYER THESIS

Completed Vipul properties in strong Gurugram locations can offer practical resale value and established communities. Under-construction or lapsed-registration inventory carries a much higher risk profile. Vipul Limited's listed status improves disclosure, but disclosure does not replace project-level verification.

A. STRENGTHS

• More than 10 million square feet of claimed delivery

• Recognised Gurugram residential and commercial landmarks

• Public-company financial and governance disclosures

• Experienced promoter-led management

B. CONCERNS

• FY25 consolidated loss and lower revenue

• Lapsed registrations in key legacy projects

• Large current liabilities and provisions

• Limited fresh-launch visibility

C. OPPORTUNITIES

• Monetisation of well-located land and inventory

• Completion-led recovery in customer confidence

• Demand for established Golf Course Road assets

• Balance-sheet improvement through debt reduction

D. WATCHPOINTS

Track Aarohan and Lavanya registration status, construction progress, FY26 collections, liability reduction, cash generation and promoter shareholding. Review any NCLT or RERA development before making a commitment.

CONCLUSION

Vipul is an active listed developer with a credible legacy of completed Gurugram projects, but its present profile demands financial and regulatory caution. Completed properties deserve separate consideration from delayed inventory, and new purchases should proceed only after confirmation of live approvals, promoter authority and delivery funding.

DISCLAIMER

This report is based on publicly available information only. It is intended for due-diligence and research purposes, not investment advice. All financial metrics, project statuses, legal proceedings, and regulatory information are point-in-time and may change. Buyers and investors should independently verify all information from official RERA portals, company filings, court records, rating reports, and legal advisors before making any decision.