VMS Industries

Ahmedabad, India Founded: 1991 • Age: 35 yrs Listed
Waste recycling services are provided by VMS Industries in India.

About VMS Industries

VMS Industries is a publicly listed company based in Ahmedabad (India) founded in 1991. It operates as a waste recycling services are provided by VMS Industries in India. The company has 40 employees. Its chief executive is Upendra Thakkar. Its Indian entity Vms Industries Limited reported revenue of β‚Ή293 Cr. VMS Industries offers products and services including Ship Recycling Service, Assets Dismantling, and Metal Trading. Its focus areas include Waste & Water Management, Waste Management, Treatment and Recycling. Its competitors include Vertex Energy, Covanta, Lakeshore Recycling, CMC and Coastal Waste & Recycling and 4 more; 4 of its 9 listed competitors have raised funding.

Company details

VMS Industries was founded in 1991 in Ahmedabad, India. Waste recycling services are delivered by the company in the environmental sector. Operations encompass the collection, sorting, and processing of various waste materials for recycling. Services are focused on sustainable waste management solutions, primarily within India. Leadership roles are held by Upendra Thakkar as CEO and Manoj Jain as CEO MD, overseeing daily activities and strategic direction.

  • Headquarters Ahmedabad, India
  • Employees 40
  • Stage Public
  • Sectors
    Environment
  • Website vmsil.in
  • Social LinkedIn Facebook
  • Legal Name Vms Industries Limited
Key Metrics
  • Market Cap
    ₹42.34 Cr

    VMS · BSE

  • Share Price
    ₹17.29

    -0.06% today

  • Revenue
    ₹309 Cr

    FY 2018-19 · +129.2% YoY

  • EBITDA
    ₹3.12 Cr

    Margin 1.0%

  • Net Profit
    ₹2.30 Cr

    FY 2018-19 · +38.6% YoY

  • P/E (TTM)
    11.1x

    P/B 0.5x

  • ROE
    4.1%

    ROCE 6.2%

  • Debt / Equity
    0.42

    Interest cover 64.7x

  • Employee Count
    40

Products & Services of VMS Industries

VMS Industries offers a comprehensive portfolio of products and services, including Ship Recycling Service, Assets Dismantling, and Metal Trading.

Ship Recycling Service
Recycling

Dismantling and recycling of large ships for scrap materials.

Assets Dismantling
Dismantling

Breaking down industrial assets into reusable components.

Metal Trading
Trading

Buying and selling various metals for industrial use.

Funding Insights of VMS Industries

  • Total Rounds 1
  • Investors Count 1

All 1 funding rounds of VMS Industries with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Jul 2013–Post-IPO––
Valuation history

1 investors in total: 1 institutional.

Investors in VMS Industries

VMS Industries has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include Bhole Baba Overseas.

All
Institutional
InvestorDescriptionFounded YearDomainLocation
-
–bholebabaoverseas.tcc.mode-
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Investor details for VMS Industries

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  • Round participation
  • Investor portfolios
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Board of directors of Vms Industries Limited (VMS Industries)

Vms Industries Limited is the primary company behind VMS Industries. The board of Vms Industries Limited currently have 5 directors; the longest-serving is Manojkumar Jain, appointed in 2008. 13 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Manojkumar Jain
DIN 02190018
Managing Director01 Apr 200818 yrs 6 moVms Industries Limited
Sangeeta Jain
DIN 00125273
Whole-time director01 Apr 201016 yrs 6 moVms Industries Limited
Vinod Kanubhai Rana
DIN 08160972
Director02 Sep 20242 yrs 1 moVms Industries Limited
Khyati Bhavya Shah
DIN 09430457
Director02 Sep 20242 yrs 1 moVms Industries Limited
Dhwani Lalitbhai Nagar
DIN 10874632
Director16 Jul 20251 yr 3 moVms Industries Limited

People of VMS Industries

2 people are tracked at VMS Industries (2 in leadership); the tracked headcount is 40.

NameRoleGroup
Upendra Thakkar
CEOLeadership
Manoj Jain
CEO & MDLeadership
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Complete people profiles for VMS Industries

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IPO & Listings of VMS Industries

VMS Industries is a publicly listed company on the BSE with ticker symbol VMS in India, operating in the Industrial services sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date14 Jun 2011
  • Listed onBSE: 533427
  • Listed entityVMS Industries Limited
  • Exchange sectorIndustrial services
  • ISININE932K01015
  • Share price₹18.25 (+0.77% on the day) · 2026-10-14
  • Market capitalisation₹44.3 Cr
  • Price to earnings30.0
  • EPS (diluted, trailing year)₹0.61
  • Volume (last session)7,691

Financials of VMS Industries

Exchange-reported figures of Vms Industries Limited, the listed company behind VMS Industries (BSE: VMS).

Financial Highlights

FY 2018-19 Β· Consolidated
Revenue
₹309 Cr
+129.2% YoY
EBITDA
₹3.12 Cr
+101.3% YoY
Profit After Tax
₹2.30 Cr
+38.6% YoY
Net Worth
₹55.79 Cr
+3.8% YoY
Total Assets
₹84.01 Cr
+13.4% YoY
Total Debt
₹26.84 Cr
+40.9% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Income statement
Revenue30913511510282.28116127
Revenue growth+129.2%+17.5%+12.7%+23.7%-29.1%-8.7%-
EBITDA3.121.55(1.02)(1.17)(0.42)0.25(0.63)
EBITDA margin+1.0%+1.2%-0.9%-1.2%-0.5%+0.2%-0.5%
Profit before tax3.152.471.761.390.881.481.91
Net profit2.301.661.150.940.641.081.56
Net profit margin+0.7%+1.2%+1.0%+0.9%+0.8%+0.9%+1.2%
EPS (β‚Ή)1.371.010.610.580.330.620.96
Balance sheet
Total assets84.0174.1159.3064.5056.9711286.08
Net worth55.7953.7452.2852.0751.4651.0750.20
Total debt26.8419.055.7610.914.1960.5535.87
Cash & bank18.7021.6331.577.869.8932.9522.92
Net working capital67.6147.2136.9131.0237.7695.1770.56
Cash flow
Cash from operations(19.02)(19.48)27.66(4.61)---
Cash from investing9.37(1.18)2.55(2.86)---
Cash from financing6.7110.72(6.50)5.45---
ParticularsSep 2019Jun 2019
Revenue59.6436.14
Other income0.630.77
EBITDA0.840.98
EBITDA margin+1.4%+2.7%
Depreciation0.120.12
Interest0.631.07
Profit before tax0.720.56
Tax0.100.15
Net profit0.620.41
EPS (β‚Ή)0.380.24
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue157289266140158153176
Revenue growth-45.4%+8.3%+89.7%-10.9%+2.8%-13.1%-
EBITDA(0.31)7.926.07(0.35)(1.70)0.41(1.62)
EBITDA margin-0.2%+2.7%+2.3%-0.3%-1.1%+0.3%-0.9%
Profit before tax2.129.138.452.991.481.451.32
Net profit1.476.786.320.741.071.081.20
Net profit margin+0.9%+2.4%+2.4%+0.5%+0.7%+0.7%+0.7%
EPS (β‚Ή)0.602.783.831.520.650.640.73
Balance sheet
Total assets12711186.3686.7386.9776.36102
Net worth97.1596.2263.9357.6855.3253.9953.15
Total debt29.4514.9022.4329.0431.6522.3648.35
Cash & bank15.9729.6559.3018.6319.5420.5319.05
Net working capital11910280.5582.3878.5868.7893.73
Cash flow
Cash from operations(31.30)(46.47)46.61(5.54)(11.48)27.79(40.71)
Cash from investing7.003.072.368.903.132.7111.05
Cash from financing10.6313.74(8.30)(4.26)7.35(29.02)30.09
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue44.8350.3024.9142.5839.6452.1033.5697.47
Revenue growth (YoY)+13.1%-3.5%-25.8%-56.3%-62.4%---
Other income1.532.192.081.261.541.180.742.65
Total expenses44.8850.5525.0142.6839.5246.1833.7597.58
EBITDA(0.05)(0.25)(0.10)(0.10)0.125.92(0.19)(0.11)
EBITDA margin-0.1%-0.5%-0.4%-0.2%+0.3%+11.4%-0.6%-0.1%
Depreciation0.170.150.180.180.190.120.150.15
Interest0.661.271.460.330.870.13(0.05)1.41
Profit before tax0.650.520.340.650.606.850.450.98
Tax0.180.230.090.180.171.710.110.25

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
ParticularsSep 2019Jun 2019
Revenue59.6436.14
Other income0.630.77
EBITDA0.840.98
EBITDA margin+1.4%+2.7%
Depreciation0.120.12
Interest0.631.07
Profit before tax0.720.56
Tax0.100.15
Net profit0.620.41
EPS (β‚Ή)0.380.24
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Revenue30913511510282.28116127
Revenue growth+129.2%+17.5%+12.7%+23.7%-29.1%-8.7%-
Other income2.264.154.034.243.703.444.31
Total expenses30613311610382.70116128
Employee cost1.961.421.770.980.700.981.38
EBITDA3.121.55(1.02)(1.17)(0.42)0.25(0.63)
EBITDA margin+1.0%+1.2%-0.9%-1.2%-0.5%+0.2%-0.5%
Depreciation0.600.600.430.350.720.670.95
Interest1.632.630.821.331.681.540.82
Profit before tax3.152.471.761.390.881.481.91
Tax0.890.810.740.450.320.460.34
Net profit2.301.661.150.940.641.081.56
Net profit margin+0.7%+1.2%+1.0%+0.9%+0.8%+0.9%+1.2%
EPS (β‚Ή)1.371.010.610.580.330.620.96
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Equity & liabilities
Share capital16.4716.4716.4716.4716.4716.4716.47
Reserves & surplus39.3237.2735.8135.6034.9934.6033.73
Shareholders' funds (net worth)55.7953.7452.2852.0751.4651.0750.20
Minority interest1.371.311.261.451.260.120.00
Secured loans25.7419.055.764.794.1960.4534.67
Unsecured loans1.100.000.006.120.000.101.20
Total debt26.8419.055.7610.914.1960.5535.87
Total liabilities84.0174.1159.3064.5056.9711286.08
Assets
Gross block14.9414.9410.8310.9710.2410.3111.42
Net block11.2011.718.208.488.038.6110.16
Capital work in progress0.000.093.853.763.341.960.00
Investments3.1010.275.334.104.192.623.65
Inventories96.0526.9427.3417.280.5529.0218.06
Sundry debtors27.1426.2320.2717.223.8110.189.03
Cash & bank balances18.7021.6331.577.869.8932.9522.92
Loans & advances4.3419.0733.7915.8027.7324.4425.22
Total current assets14693.8711358.1641.9896.5975.23
Total current liabilities78.6246.6676.0627.144.221.424.67
Net working capital67.6147.2136.9131.0237.7695.1770.56
Total assets84.0174.1159.3064.5056.9711286.08
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Opening cash21.6331.577.869.89---
Net cash from operating activities(19.02)(19.48)27.66(4.61)---
Net cash from investing activities9.37(1.18)2.55(2.86)---
Net cash from financing activities6.7110.72(6.50)5.45---
Net change in cash(2.93)(9.93)23.70(2.03)---
Closing cash18.7021.6331.577.86---
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Growth
Sales growth+129.2%+17.5%+12.7%+23.7%-29.1%-8.7%-
EBITDA growth+101.3%+252.0%+12.8%-178.6%-268.0%+139.7%-
PBT growth+27.5%+40.3%+26.6%+58.0%-40.5%-22.5%+9997.0%
Net income growth+38.6%+44.4%+22.3%+46.9%-40.7%-30.8%-
Revenue CAGR (3Y)+44.8%+17.9%-0.4%-7.1%---
EBITDA CAGR (3Y)---+22.9%---
Profitability & leverage
Net income margin+0.7%+1.2%+0.9%+0.9%+0.7%+0.9%+1.2%
Return on capital employed+6.2%+7.8%+4.6%+4.6%+3.2%+3.1%+3.2%
Return on net worth+4.1%+3.2%+2.2%+1.8%+1.2%+2.0%+3.2%
Debt / equity0.420.230.160.150.630.950.71
Long-term debt / equity0.040.080.050.000.000.020.03
Interest cover64.68276.84-56.55-87.50-147.37-366.67-51.90
Efficiency & per share
Fixed asset turnover20.7010.4611.1910.128.0310.7111.15
Inventory turnover5.034.975.4712.035.584.947.05
Debtors turnover11.595.806.5110.2011.7912.1214.10
EPS (β‚Ή)1.371.010.610.580.330.620.96
Dividend per share (β‚Ή)0.000.000.000.000.000.000.00
Book value per share (β‚Ή)33.8732.6331.7431.6131.2431.0030.48
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue44.8350.3024.9142.5839.6452.1033.5697.47
Revenue growth (YoY)+13.1%-3.5%-25.8%-56.3%-62.4%---
Other income1.532.192.081.261.541.180.742.65
Total expenses44.8850.5525.0142.6839.5246.1833.7597.58
EBITDA(0.05)(0.25)(0.10)(0.10)0.125.92(0.19)(0.11)
EBITDA margin-0.1%-0.5%-0.4%-0.2%+0.3%+11.4%-0.6%-0.1%
Depreciation0.170.150.180.180.190.120.150.15
Interest0.661.271.460.330.870.13(0.05)1.41
Profit before tax0.650.520.340.650.606.850.450.98
Tax0.180.230.090.180.171.710.110.25
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue157289266140158153176
Revenue growth-45.4%+8.3%+89.7%-10.9%+2.8%-13.1%-
Other income7.064.744.475.375.504.465.30
Total expenses158281260141159153178
Employee cost0.003.412.830.461.161.731.30
EBITDA(0.31)7.926.07(0.35)(1.70)0.41(1.62)
EBITDA margin-0.2%+2.7%+2.3%-0.3%-1.1%+0.3%-0.9%
Depreciation0.710.630.450.380.380.390.46
Interest3.922.901.641.651.943.031.90
Profit before tax2.129.138.452.991.481.451.32
Tax0.652.322.130.480.410.390.12
Net profit1.476.786.320.741.071.081.20
Net profit margin+0.9%+2.4%+2.4%+0.5%+0.7%+0.7%+0.7%
EPS (β‚Ή)0.602.783.831.520.650.640.73
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital24.4724.4716.4716.4716.4716.4716.47
Reserves & surplus72.6871.7547.4641.2138.8537.5236.68
Shareholders' funds (net worth)97.1596.2263.9357.6855.3253.9953.15
Secured loans29.4514.9022.4329.0431.2922.3648.35
Unsecured loans0.000.000.000.000.360.000.00
Total debt29.4514.9022.4329.0431.6522.3648.35
Total liabilities12711186.3686.7386.9776.36102
Assets
Gross block12.4412.3911.739.889.829.689.49
Net block6.547.206.314.875.195.435.55
Capital work in progress0.000.000.000.000.000.000.00
Investments0.000.000.000.003.702.632.54
Inventories14.6944.9740.902.0548.4414.6279.58
Sundry debtors63.8423.7033.3925.7125.7019.0546.30
Cash & bank balances15.9729.6559.3018.6319.5420.5319.05
Loans & advances58.9141.9531.7836.2231.1939.8923.39
Total current assets15314016582.6112594.09168
Total current liabilities34.3937.9384.820.2346.2925.3174.59
Net working capital11910280.5582.3878.5868.7893.73
Total assets12711186.3686.7386.9776.36102
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash29.6559.3018.6319.5420.5319.0518.62
Net cash from operating activities(31.30)(46.47)46.61(5.54)(11.48)27.79(40.71)
Net cash from investing activities7.003.072.368.903.132.7111.05
Net cash from financing activities10.6313.74(8.30)(4.26)7.35(29.02)30.09
Net change in cash(13.68)(29.65)40.67(0.90)(0.99)1.480.43
Closing cash15.9729.6559.3018.6319.5420.5319.05
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-45.4%+8.3%+89.7%-10.9%+2.8%-13.1%-
EBITDA growth-103.9%+30.5%+1834.3%+79.4%-514.6%+125.3%-
PBT growth-76.8%+8.1%+182.6%+102.0%+2.1%+9.9%-53.5%
Net income growth-78.3%+7.3%+754.1%-30.8%-0.9%-10.0%-
Revenue CAGR (3Y)+3.9%+22.3%+20.2%-7.3%-3.9%+9.2%+15.6%
EBITDA CAGR (3Y)-4.0%-+145.6%-40.0%--27.8%+15.9%
Profitability & leverage
Net income margin+0.9%+2.4%+2.4%+1.8%+0.7%+0.7%+0.7%
Return on capital employed-+12.2%+11.7%+2.9%+4.2%+5.0%+3.7%
Return on net worth-+8.5%+10.4%+1.3%+2.0%+2.0%+2.2%
Debt / equity-0.230.420.540.490.660.60
Long-term debt / equity-0.030.050.070.090.050.00
Interest cover-384.3139.7829.18-226.03-93.2715,150.00-91.35
Efficiency & per share
Fixed asset turnover-23.9324.6514.2516.1715.9918.63
Inventory turnover-6.7212.405.565.003.252.01
Debtors turnover-10.119.015.467.054.696.49
EPS (β‚Ή)0.602.783.831.520.650.640.73
Dividend per share (β‚Ή)0.000.000.000.000.000.000.00
Book value per share (β‚Ή)0.0039.3238.8135.0233.5832.7832.27

Timeline of VMS Industries

3 dated milestones of VMS Industries across 22 years, from founding to its latest funding, stage changes and deals.

  1. Founded VMS Industries is founded.
  2. IPO Lists on the stock exchange (IPO).
  3. Funding First funding round.

Competitors of VMS Industries

VMS Industries has 9 listed competitors in our database, 4 of them funded. They include Vertex Energy, Covanta, Lakeshore Recycling, CMC and Coastal Waste & Recycling, among others.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
vertexenergy.com2001Houston, United States$4.49M497
Waste recycling services in the oil industry are provided.
covanta.com1983Morristown, United States––
Provider of waste recycling services
lrsrecycles.com1999Oconomowoc, United States$4.5M–
Waste recycling services are provided across the United States.
cmc.com1915Irving, United States–13,022
CMC is engaged in metal recycling and steel production.
coastalwasteinc.com2017Pompano Beach, United States–138
Solid waste disposal and recycling services are provided.
terracycle.com2001Trenton, United States$27.42M–
Waste recycling services for hard-to-recycle plastics are provided.
perma-fix.com1991Atlanta, United States–296
Waste treatment services are provided for environmental compliance and remediation.
pyrum.net2007Strasbourg, France$18.94M–
Provider of thermal pyrolysis technology solutions for management of waste tyres and plastics
roydon.com2009Clifton, United Kingdom–164
Plastic recycling and resource recovery services are provided globally.
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Detailed competitors of VMS Industries

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Web traffic of VMS Industries

The website of VMS Industries (vmsil.in) receives about 2K visits a month.

  • Monthly visits
    2K

    ▲ 34.5% vs previous month

Top companies in Waste & Water Management Systems

10 companies that operate in the same segment as VMS Industries (Waste & Water Management Systems), ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Wastewater and energy management services are provided internationally.
1853Aubervilliers, Seine-saint-denis, France–USD 52.17 B215,040
Sustainable infrastructure solutions in renewable energy are developed and managed.
1931Alcobendas, Comunidad De Madrid, Spain–USD 1.9 M44
Provider of climate-smart deeptech solutions for renewable energy and sustainable agriculture
2010Pune, Maharashtra, IndiaUSD 76.38 MUSD 56.11 M702
Waste collection and management services are provided nationwide.
1968Houston, Texas, United States–USD 25.2 B61,700
Integrated waste management services are provided nationwide.
1998Phoenix, Arizona, United States–USD 16.59 B42,000
Provider of smart water purifier rental and maintenance services
2016Bengaluru, Karnataka, IndiaUSD 19.29 MUSD 3.62 M–
Sensor-based sorting and recycling solutions are provided for multiple industries.
1972Asker, Viken, Norway–USD 1.53 B4,950
Smart water dispensers with flavored options are provided for offices.
2013Boston, Massachusetts, United StatesUSD 135.53 M–102
Surplus goods are shared among neighbors through a mobile app.
2015London, England, United KingdomUSD 51.2 M––
Water and waste treatment services are provided worldwide.
1966London, England, United Kingdom–USD 4.18 B9,750
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Frequently Asked Questions about VMS Industries

VMS Industries was founded in 1991 and raised its 1st funding round 22 years after it was founded.

VMS Industries is headquartered in Ahmedabad, India. It is registered at Ahmedabad, Gujarat, India.

Upendra Thakkar is the current CEO of VMS Industries.

VMS Industries has 40 employees.

The primary company behind VMS Industries, Vms Industries Limited, reported revenue of β‚Ή293 Cr for FY 2025, up 8% year on year.

VMS Industries was founded in 1991 in Ahmedabad, India. Waste recycling services are delivered by the company in the environmental sector. Operations encompass the collection, sorting, and processing of various waste materials for recycling. Services are focused on sustainable waste management solutions, primarily within India. Leadership roles are held by Upendra Thakkar as CEO and Manoj Jain as CEO MD, overseeing daily activities and strategic direction.

VMS Industries's top competitors include Vertex Energy, Covanta and Coastal Waste & Recycling.

VMS Industries offers Ship Recycling Service, Assets Dismantling, and Metal Trading.

Yes, VMS Industries is publicly traded on BSE under the ticker symbol VMS.

VMS Industries has 1 investor. Key investors include Bhole Baba Overseas.

VMS Industries operates through Vms Industries Limited.

The legal entities of VMS Industries currently have 7 directors, including Sangeeta Jain, Manojkumar Jain, Amitbhai Pravinchandra Mandaliya and others.

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