VIP Clothing Limited (NSE: VIPCLOTHNG | BSE: 532613)
Source: VIP Clothing Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | VIP Clothing Limited |
| Corporate Identity Number (CIN) | L18101MH1991PLC059804 |
| ISIN | INE450G01024 |
| Stock Exchange Listing | NSE: VIPCLOTHNG | BSE: 532613 |
| Date of Incorporation / Founding Year | January 14, 1991 |
| Founders / Key Founding Figures | Dr. Sunil J. Pathare & Kapil J. Pathare |
| Registered Office & Corporate Headquarters | C-6, Road No. 22, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra |
| Telephone & Official Investor Relations Email | 022 – 40209000 | investor.relations@vip.in |
| Chairman / Managing Director & CEO | Dr. Sunil J. Pathare (Chairman and Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Devendra Vyas (CFO) & Mr. Rahul Soni (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Pathare Family / Promoter & Promoter Group |
| Industry / Sector Classification | Textiles, Apparel, Hosiery & Intimate Wear |
| Total Employees / Workforce Split | 555 Employees and Workers (240 Employees and 315 Workers as on March 31, 2026) |
| Manufacturing Plants / Offices Count | Stitching Unit at Erode (Tamil Nadu) and Windmill at Coimbatore (Tamil Nadu) |
| Credit Ratings & Rating Agency | India Ratings and Research Private Limited (IND BBB-/Stable for Fund-Based Working Capital; IND A3 for Non-Fund-Based Working Capital) |
| Statutory, Secretarial & Cost Auditors | M/s. DMKH & Co. (Statutory Auditors) & M/s. KRS & Co. (Secretarial Auditors) |
| Registrar and Share Transfer Agent (RTA) | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
🏢 The Corporate Identity: VIP Clothing Limited Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
VIP Clothing Limited operates as an integrated manufacturer, trader, marketer, and distributor specializing in men’s, women’s, and children’s innerwear, thermal wear, and adjacent comfort apparel categories. The company commands a diversified product portfolio reaching consumers across general trade, modern trade, exclusive brand outlets, multi-brand outlets, and rapidly expanding e-commerce and quick-commerce channels. By maintaining rigorous manufacturing standards, automated fabric cutting, and strict quality control protocols across its operating hubs, the company converts high-grade raw materials into contemporary, value-driven apparel collections designed for everyday consumer comfort.
The Founders, Promoters & Their Legacy
The operational leadership and strategic vision of VIP Clothing Limited are anchored by the Pathare family. Dr. Sunil J. Pathare serves as the Executive Chairman and Managing Director, guiding the overarching governance and strategic expansion of the enterprise. Mr. Kapil J. Pathare serves as the Deputy Managing Director, steering manufacturing excellence, quality assurance, and production processes. Under their multi-decade stewardship, the organization has successfully transitioned from a traditional manufacturing enterprise into a modern, quality-driven market leader in the Indian intimate-wear sector.
The Journey: Corporate History & Key Milestones
Incorporated on January 14, 1991, under the Companies Act, 1956, VIP Clothing Limited has steadily expanded its manufacturing infrastructure, brand architecture, and distribution network. Over the decades, the company has undertaken vital capital restructurings, sub-divisions of equity shares, preferential warrant issues, and continuous technology modernizations. By aligning its production capabilities with shifting consumer demands towards branded, comfortable, and functional apparel, the company has cemented a resilient operational presence across domestic markets.
The Corporate Umbrella & Group Structure
VIP Clothing Limited operates as a standalone corporate entity without active subsidiary companies, joint ventures, or associate companies as of March 31, 2026. The company maintains strategic and operational integration through its registered headquarters in Mumbai, manufacturing facilities in Tamil Nadu, and extensive distributor and retail partnerships spanning the Indian subcontinent.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
Under Indian Accounting Standard (Ind AS) 108, the company operates within a single primary business segment: ‘Hosiery and Others’. Consequently, segment-wise financial breakdowns are unified under this core operational classification, while detailed product lines and brand categories are monitored internally through dedicated review mechanisms.
| Operating Segment | Segment Revenue (₹ Crores) | % Share of Total Revenue |
|---|---|---|
| Hosiery and Others | 253.83 | 100.00% |
Note: Segment revenue includes revenue from operations of ₹253.83 Crores for FY 2025-26.
The Product & Service Catalog (with Operational KPIs & Order Book)
The company’s product catalog covers men’s innerwear (briefs, trunks, vests), women’s intimate wear (bras, panties, leisurewear), children’s innerwear, thermal wear, socks, and athleisure garments. Raw material procurement is heavily weighted toward high-quality cotton, synthetic yarns, and processed fabrics sourced from established domestic and international suppliers. Production efficiency is maintained through automated fabric-laying and cutting machinery at stitching units, minimizing wastage and optimizing material yields.
The Names You Know: Key Brands & Flagship Portfolio
VIP Clothing Limited markets its diverse product offerings under a well-established portfolio of trusted consumer brands. These brands cater to distinct demographic segments across value, mid-market, and premium price points.
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| VIP | Men’s Innerwear & Basics | Mass-market consumers seeking everyday durability, comfort, and trusted utility. |
| Frenchie / Frenchie X | Men’s Fashion & Premium Innerwear | Youth and premium demographics looking for contemporary styling, snug fits, and fashion-forward designs. |
| Feelings | Women’s Intimate Wear | Women seeking supportive, comfortable, and well-crafted innerwear solutions. |
| Rivolta | Premium Men’s Apparel & Innerwear | Discerning consumers demanding luxury fabrics, sophisticated tailoring, and premium aesthetics. |
| Leader | Innerwear & Daily Essentials | Value-conscious consumers prioritizing rugged utility and affordability. |
| Yuwa Series | Children’s Innerwear & Apparel | Kids and parents seeking skin-friendly, soft, and durable daily wear. |
Mapping the Domestic & Global Reach (India vs. Exports)
The company maintains a strong domestic sales footprint across India while executing targeted international shipments to overseas markets. Domestic sales remain the primary driver of top-line performance, complemented by strategic export engagements.
| Geographic Region | FY 2025-26 Revenue (₹ Crores) | % Share (FY 2025-26) | FY 2024-25 Revenue (₹ Crores) | % Share (FY 2024-25) | Latest YoY (%) |
|---|---|---|---|---|---|
| India (Domestic) | 246.88 | 97.94% | 226.88 | 96.43% | +8.82% |
| Rest of the World (Exports) | 5.19 | 2.06% | 8.40 | 3.57% | -38.21% |
| Total Sale of Products | 252.07 | 100.00% | 235.28 | 100.00% | +7.14% |
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
The company’s operating infrastructure comprises specialized manufacturing and power-generation installations located in Tamil Nadu:
- Stitching Unit: Situated at S. F. No. 125, 126 & 127, Appachimarmadam, Erode, Tamil Nadu – 638 055, focused on garment assembly and quality finishing.
- Windmill Unit: Situated at Chinnakkully Village, Pappampatty Panchayat, Coimbatore, Tamil Nadu – 641 016, generating renewable wind energy utilized for sustainable operations.
- Corporate Headquarters: Located at C-6, Road No. 22, MIDC, Andheri (East), Mumbai – 400 093, housing executive management, administrative functions, and compliance teams.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Metric (₹ Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 253.83 | 236.89 | +7.15% |
| EBITDA / Operating Profit before Depreciation & Taxes | 23.93 | 18.01 | +32.87% |
| Profit Before Tax (PBT) | 12.51 | 7.02 | +78.21% |
| Profit After Tax (PAT / Net Income) | 9.81 | 5.46 | +79.67% |
| Total Equity (Net Worth) | 194.37 | 184.56 | +5.32% |
| Total Debt (Non-Current + Current Borrowings) | 65.80 | 77.70 | -15.32% |
| Operating Cash Flow | 20.23 | (37.36) | N/M |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
During the financial year ended March 31, 2026, VIP Clothing Limited demonstrated robust top-line expansion and significant margin improvement. Revenue from operations grew by approximately 7.15% to ₹253.83 Crores compared to ₹236.89 Crores in FY 2024-25. Disciplined cost management across material consumption, employee expenses, and operational overheads propelled operating profitability upward. Profit before tax surged by 78.08% to ₹12.51 Crores, while profit after tax expanded by 79.77% to reach ₹9.81 Crores.
| Consolidated Profit & Loss Statement (₹ Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 253.83 | 236.89 | +7.15% |
| Other Income | 1.04 | 1.36 | -23.53% |
| Total Income | 254.87 | 238.25 | +6.98% |
| Cost of Materials Consumed | 37.66 | 83.83 | -55.08% |
| Purchases of Stock-in-Trade | 136.55 | 62.77 | +117.54% |
| Changes in Inventories of Finished Goods, Work-in-Progress & Stock-in-Trade | 4.08 | (1.99) | N/M |
| Employee Benefits Expense | 20.12 | 23.42 | -14.09% |
| Finance Costs | 8.79 | 8.05 | +9.19% |
| Depreciation and Amortization Expense | 2.63 | 2.94 | -10.54% |
| Knitting and Processing Charges | 10.15% | 7.56% | – |
| Other Expenses | 19.89 | 27.03 | -26.42% |
| Total Expenses | 242.36 | 231.22 | +4.82% |
| Profit Before Tax | 12.51 | 7.02 | +78.21% |
| Tax Expense (Current Tax, Deferred Tax & Earlier Years) | 2.70 | 1.57 | +71.97% |
| Profit for the Year After Tax (PAT) | 9.81 | 5.46 | +79.67% |
| Other Comprehensive Income (Net of Tax) | 0.00 | (0.06) | -100.00% |
| Total Comprehensive Income for the Year | 9.81 | 5.40 | +81.67% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
The company maintains a solid capital structure backed by a net worth of ₹194.37 Crores as of March 31, 2026. Total debt stood at ₹65.80 Crores, reflecting prudent debt reduction compared to the previous fiscal year. Working capital management remained efficient, supported by inventory controls and steady trade receivable realizations.
| Consolidated Balance Sheet (₹ Crores) | As at March 31, 2026 | As at March 31, 2025 | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 22.32 | 23.48 | -4.94% |
| Right of Use Assets | 3.45 | 4.25 | -18.82% |
| Intangible Assets | 69.37 | 69.37 | 0.00% |
| Financial Assets (Loans & Other Financial Assets) | 0.81 | 2.90 | -72.07% |
| Non-Current Tax Assets (Net) & Other Non-Current Assets | 15.26 | 13.65 | +11.79% |
| Total Non-Current Assets | 111.21 | 113.65 | -2.15% |
| Current Assets | |||
| Inventories | 95.49 | 92.44 | +3.30% |
| Trade Receivables | 95.75 | 98.61 | -2.90% |
| Cash and Cash Equivalents | 0.75 | 0.71 | +5.63% |
| Bank Balances Other than Cash and Cash Equivalents | 0.01 | 0.01 | 0.00% |
| Loans & Other Financial Assets | 9.80 | 9.06 | +8.17% |
| Other Current Assets | 15.25 | 14.91 | +2.28% |
| Total Current Assets | 217.04 | 215.73 | +0.61% |
| TOTAL ASSETS | 328.25 | 329.38 | -0.34% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 18.03 | 18.03 | 0.00% |
| Other Equity | 176.34 | 166.53 | +5.89% |
| Total Equity (Net Worth) | 194.37 | 184.56 | +5.32% |
| Liabilities | |||
| Non-Current Liabilities | |||
| Non-Current Borrowings | 0.25 | 0.94 | -73.40% |
| Non-Current Lease Liabilities & Other Financial Liabilities | 7.08 | 7.97 | -11.17% |
| Provisions & Deferred Tax Liabilities (Net) | 8.16 | 5.85 | +39.49% |
| Total Non-Current Liabilities | 15.49 | 14.75 | +5.02% |
| Current Liabilities | |||
| Current Borrowings (Short-Term Borrowings) | 65.56 | 76.77 | -14.60% |
| Current Lease Liabilities | 1.23 | 1.33 | -7.52% |
| Trade Payables (MSME & Others) | 42.87 | 47.04 | -8.86% |
| Other Financial Liabilities & Other Current Liabilities | 8.19 | 4.63 | +76.89% |
| Provisions | 0.55 | 0.31 | +77.42% |
| Total Current Liabilities | 118.40 | 130.08 | -8.98% |
| Total Liabilities | 133.88 | 144.82 | -7.55% |
| TOTAL EQUITY AND LIABILITIES | 328.25 | 329.38 | -0.34% |
Cash Flow: Tracking the Money Movement
Cash generation exhibited a significant turnaround during FY 2025-26. Net cash generated from operating activities reached ₹20.23 Crores, recovering sharply from a net cash outflow of ₹37.36 Crores in FY 2024-25, driven by improved operating profitability and efficient working capital management.
| Statement of Cash Flows (₹ Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Net Cash Generated from / (Used in) Operating Activities (A) | 20.23 | (37.36) | N/M |
| Purchase of Property, Plant and Equipment (CapEx) | (0.11) | (6.22) | -98.23% |
| Net Cash Generated from Investing Activities (B) | 1.75 | 3.95 | -55.70% |
| Net Cash Used in / Generated from Financing Activities (C) | (21.94) | 33.82 | N/M |
| Net Increase in Cash and Cash Equivalents (A+B+C) | 0.38 | 4.07 | -90.66% |
| Cash and Cash Equivalents at Beginning of Year | 0.71 | 0.30 | +136.67% |
| Cash and Cash Equivalents at End of Year | 0.75 | 0.71 | +5.63% |
Funding the Future: CapEx, CWIP, R&D & Foreign Exchange
Capital expenditure during the year remained focused on maintenance and operational efficiency, with property, plant, and equipment additions totaling ₹0.11 Crores. Foreign exchange earnings through exports stood at ₹5.09 Crores, while foreign exchange outgo was ₹0.46 Crores.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Dr. Sunil J. Pathare | Chairman & Managing Director | 00192182 | Executive / Promoter |
| Mr. Kapil J. Pathare | Deputy Managing Director | 01089517 | Executive / Promoter |
| Dr. Kishor S. Navandar | Non-Executive Independent Director | 00164401 | Independent |
| Mr. Vilas C. Gupte | Non-Executive Independent Director | 10509707 | Independent |
| Mr. Uday L. Ajgaonkar | Non-Executive Independent Director | 02219286 | Independent |
| Ms. Vandana K. Bhardwaj | Non-Executive Independent Woman Director | 06839882 | Independent |
| Mr. Devendra Vyas | Chief Financial Officer | – | Key Managerial Personnel |
| Mr. Rahul Soni | Company Secretary & Compliance Officer | – | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
The promoter and promoter group hold a significant stake in the company, ensuring aligned management incentives and long-term strategic stability. Public and institutional shareholders comprise the remainder of the equity base.
| Shareholder Category | Number of Shares | % of Total Shares |
|---|---|---|
| Promoter and Promoter Group (Indian) | 4,19,55,538 | 46.55% |
| Financial Institutions, FPIs & Mutual Funds | 1,39,754 | 0.15% |
| Bodies Corporate & LLPs | 39,75,383 | 4.41% |
| Indian Public & HUF | 4,18,57,321 | 46.44% |
| Investor Education and Protection Fund (IEPF) | 9,05,492 | 1.00% |
| NRIs, Clearing Members & Others | 12,96,031 | 1.45% |
| Total Equity Capital | 9,01,29,519 | 100.00% |
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
As of March 31, 2026, VIP Clothing Limited did not have any subsidiaries, joint ventures, or associate companies. Consequently, Form AOC-1 disclosures are not applicable.
Strategic Investments, Credit Facilities & Contingent Liabilities
The company’s banking credit facilities are rated by India Ratings and Research, carrying a fund-based working capital rating of IND BBB-/Stable and non-fund-based ratings of IND A3. Contingent liabilities comprise bank guarantees amounting to ₹0.09 Crores, letters of credit amounting to ₹0.07 Crores, and indirect tax-related disputed demands amounting to ₹1.74 Crores.
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
- Established Brand Portfolio: Decades of market presence across trusted brands like VIP, Frenchie, Feelings, and Rivolta provide strong brand recall and consumer trust.
- Omnichannel Distribution: Deep penetration across general trade, modern trade, exclusive brand outlets, and digital/quick-commerce marketplaces.
- Integrated Manufacturing & Quality Control: In-house stitching and automated cutting facilities supported by strict quality assurance protocols.
What Could Go Wrong? Key Challenges & Business Risks
- Input Cost Volatility: Fluctuations in cotton, yarn, fabric, and energy prices can exert pressure on gross operating margins.
- Intense Market Competition: Vigorous competition from organized apparel brands, regional manufacturers, and unorganized market players.
- Working Capital Intensity: Managing inventory cycles and trade receivables across a vast distributor network requires continuous discipline.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
The company intends to drive sustainable growth by expanding its premium product lines (such as Frenchie X and Rivolta), scaling its children’s range (Yuwa Series), deepening digital and quick-commerce penetration, and optimizing operational efficiencies across manufacturing and supply chain networks.
The Verdict: Strategic Outlook & Conclusion
VIP Clothing Limited has demonstrated a notable recovery in profitability, cash generation, and financial stability during FY 2025-26. With upgraded credit ratings, reduced debt levels, and an expanded footprint across branded innerwear segments, the company is well-positioned to capitalize on formalization trends and rising consumer demand for quality comfortwear in India.
Frequently Asked Questions (FAQs) About VIP Clothing Limited
Q1: What is VIP Clothing Limited’s core business and product portfolio?
VIP Clothing Limited is a leading manufacturer, marketer, and distributor of men’s, women’s, and children’s innerwear, thermal wear, and comfort apparel marketed under flagship brands including VIP, Frenchie, Frenchie X, Feelings, Rivolta, Leader, and Yuwa Series.
Q2: What were the company’s financial results for FY 2025-26?
For FY 2025-26, VIP Clothing Limited reported revenue from operations of ₹253.83 Crores, an operating EBITDA of ₹23.93 Crores, a profit before tax of ₹12.51 Crores, and a net profit after tax of ₹9.81 Crores.
Q3: Who are the promoters and key executives of VIP Clothing Limited?
The company is promoted by the Pathare family. Dr. Sunil J. Pathare serves as the Chairman and Managing Director, and Mr. Kapil J. Pathare serves as the Deputy Managing Director.
Q4: Where are the company’s manufacturing operations located?
The company operates a stitching and garmenting unit in Erode, Tamil Nadu, and a wind power generation plant in Coimbatore, Tamil Nadu.
Q5: What is the debt and capital profile of the company?
As of March 31, 2026, the company’s total equity (net worth) stood at ₹194.37 Crores against total borrowings of ₹65.80 Crores, reflecting a strong capital structure supported by upgraded credit ratings from India Ratings and Research.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.vipclothing.in