1. At a Glance
Vinyas Innovative has gone full rocket mode since listing—delivering complex electronics manufacturing (PCBA, Box Build) for aerospace, defense, and medtech clients. Orders? Overflowing. Valuation? Nosebleed. But behind the shiny circuits, is there a clean circuit to profitability?
2. Introduction with Hook
Picture this: A quiet electronics player suddenly raising ₹150 Cr, bagging orders like it’s Amazon sale day, and jumping from SME to mainboard stardom. That’s Vinyas.
- FY25 Revenue: ₹397 Cr (up from ₹317 Cr in FY24)
- Net Profit: ₹19 Cr
- ROE: 14.1%
- Stock P/E: 87x (yep, you read that right)
It’s a classic case of growth now, margins later. But does the thesis solder together?
3. Business Model (WTF Do They Even Do?)
Vinyas is a full-stack Electronics Manufacturing Services (EMS) provider.
Their offerings:
- PCB Assembly (PCBA)
- Product Integration & Box Build
- Design-for-Manufacturability
- Aerospace/Defense-certified electronics
- Medical device assembly (recent tie-up with Fresenius Kabi)
- After-market support for OEMs/ODMs
Their secret sauce? Vertical integration + niche certifications (AS9100D, NADCAP) + strong B2B client retention.
4. Financials Overview
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 235 | 317 | 397 |
| Operating Profit | 21 | 33 | 41 |
| Net Profit | 7 | 15 | 19 |
| OPM (%) | 9% | 11% | 10% |
| EPS (₹) | 12.2 | 15.4 | 19.0 |
Summary: Revenues zooming. Margins stable. But net profits still catching up.
5. Valuation
- FY25 EPS: ₹15.4
- CMP: ₹1,347 → P/E = 87.4x
- Book Value: ₹117 → P/B = 11.5x
Fair Value Estimate
| Method | Value Range (₹) |
|---|---|
| P/E @ 40x | 600 |
| P/E @ 50x | 750 |
| P/E @ 70x (Kaynes comps) | 1,050 |
| DCF (assumes 20% CAGR) | 950–1,150 |
EduInvesting FV Range: ₹750 – ₹1,100
Valuation riding on momentum, not fundamentals. Don’t chase without seatbelt.
6. What’s Cooking – News, Triggers, Drama
- ₹160 Cr Orders (Jul 2025): Major PCBA deals signed
- ₹150 Cr Warrants Raised: At ₹1,100 per share (June 2025)
- NADCAP Certification Achieved: For Aerospace electronics
- Fresenius Kabi Deal: Medical device manufacturing tie-up
- ₹390 Cr Order (Dec 2024): Long-term domestic contract—execution crucial
- SMT Capacity Expansion: Adding 300M SMT line with ₹30 Cr Capex
This is not a sleepy EMS firm—it’s on a warpath.
7. Balance Sheet 💰
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | 4 | 13 | 13 |
| Reserves | 42 | 116 | 134 |
| Borrowings | 86 | 97 | 104 |
| Fixed Assets | 13 | 42 | 40 |
| Other Assets | 200 | 266 | 290 |
| Total Assets | 216 | 309 | 330 |
Watchlist Item: Capex-driven growth with rising leverage. But networth doubling YoY = dilution + capital inflow.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash from Ops | 12 | -28 | 9 |
| Cash from Investing | -3 | -28 | -3 |
| Cash from Financing | -10 | 65 | -6 |
| Net Cash Flow | -2 | 9 | -1 |
Uh-oh: Operating cash turned positive in FY25, but FY24 was ugly. Need to see consistent conversion.
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE (%) | 18% | 19% | 16% |
| ROE (%) | 14% | 14% | 14% |
| Debt/Equity | 0.7x | 0.6x | 0.6x |
| Working Capital Days | 137 | 181 | 182 |
| Debtor Days | 33 | 101 | 163 |
| CCC (Days) | 173 | 193 | 215 |
Warning Shot: Inventory and debtor cycles getting longer—execution needs to catch up to order book.
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 235 | 317 | 397 |
| Operating Profit | 21 | 33 | 41 |
| Net Profit | 7 | 15 | 19 |
| EPS (₹) | 12.2 | 15.4 | 19.0 |
Margins are steady, scale is rising, but overheads growing in lockstep. That’s why profits aren’t flying… yet.
11. Peer Comparison
| Company | P/E | ROE % | OPM % | Revenue (₹ Cr) | CMP (₹) |
|---|---|---|---|---|---|
| Vinyas | 87.3 | 14.1 | 10% | 397 | 1,347 |
| Kaynes Tech | 133.6 | 11.0 | 15.1% | 2,722 | 5,853 |
| Syrma SGS | 73.1 | 10.2 | 8.6% | 3,787 | 705 |
| Jyoti CNC | 71.9 | 21.2 | 27% | 1,817 | 1,021 |
Verdict: Valued like a tech stock, operating like a mid-scale EMS player.
12. Miscellaneous – Shareholding, Promoters
| Type | Mar 2024 | Mar 2025 |
|---|---|---|
| Promoters | 29.38% | 29.39% |
| FIIs | 0.03% | 0.48% |
| DIIs | 3.24% | 3.51% |
| Public | 67.35% | 66.62% |
Red Flag: Low promoter holding for a microcap. But institutions are now sniffing—FII and DII entries confirmed.
13. EduInvesting Verdict™
Vinyas is on a scaling spree—expanding SMT capacity, clinching mega orders, and tapping capital markets smartly. Aerospace-medtech angle + EMS scalability = big narrative.
But high receivables, rising payables, low promoter skin, and an 87x PE mean the rally is running ahead of results.
Track delivery timelines. Track margins. Track working capital. If they manage all three—this could be the next Kaynes.
Metadata
Written by EduInvesting Analyst | 20 July 2025
Tags: Vinyas Innovative, EMS, Electronics Manufacturing, SME to Mainboard, Aerospace, Medtech, High PE Stocks
