VIP Industries shares fall 8% as revenue falls, losses widen in March quarter

Shares of VIP Industries Ltd. fell as much as 8% on Monday, May 18, to hit a fresh 52-week low after the luggage maker reported another weak quarter, with revenue declining and losses widening sharply amid continued business restructuring.

Revenue for the fourth quarter declined 11.7% to ₹436.2 crore from ₹494.2 crore in the corresponding quarter last year.

The company reported an Earnings Before Interest, Tax, Depreciation, Amortisation (EBITDA) loss of ₹82.2 crore for the quarter, compared to an EBITDA profit of ₹6.5 crore a year ago.

Its net loss widened sharply to ₹128.9 crore from a loss of ₹27.4 crore in the year-ago period.

The company said the “repair” process continued into the March quarter as it undertook restructuring measures during FY26.

VIP Industries added that inventory levels across channels have now fallen to below 60 days, down from over 90 days in September 2025.

Its management said no incremental provisions are expected going forward and indicated that the restructuring undertaken during FY26 is expected to support a return to growth in FY27.

The company also said it is targeting the recovery of lost market share from FY28 onwards.

Shares of the company dropped as much as 8% in Monday’s trade following the earnings announcement. The stock was trading 7% down at ₹281.20 as of 11 am. It has declined more than 25% over the last 12 months.

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