N R Vandana Tex Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 May 2025 – 30 May 2025
- Listing date
- 04 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹45 per share
- Lot size
- 3,000 shares
- Listing at
- NSE
- Total issue size
- ₹27.89 Cr
- Market cap at offer price
- ₹105 Cr
- Promoter holding
- 100.00% → 73.39% pre-issue → post-issue
- ISIN
- INE104101014
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- 220, Mahatma Gandhi Road, Barabazar, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,61,000 | — | — |
| Market maker | 3,12,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹45
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 21,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 24,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.03 | 3.69 |
| P/E (×) | 8.95 | 12.20 |
| Price to book (×) | 0.47 | — |
| Market cap | — | ₹105 Cr |
Key performance indicators
- Return on net worth
- 15.10%
- ROCE
- 13.82%
- Debt / equity
- 2.43
- PAT margin
- 1.95%
- EBITDA margin
- 6.29%
- NAV per share
- ₹95.71
- Price to book
- 0.47
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About N R Vandana Tex Industries
N R Vandana Tex Industries Limited, incorporated in 1992 and converted to a public limited company in August 2024, is a cotton textile manufacturer focused on women's ethnic wear. The company designs and manufactures high-quality cotton sarees (98.32% of revenue in FY2025), salwar suits and bed sheets under its own brands 'Vandana' and 'Tanaya'. It operates a B2B business model with two main distribution channels: a network of 1,397 wholesalers spread across 31 states and union territories (79.17% of FY2025 revenue of ₹27,080.25 lakhs), and an online B2B e-commerce platform including marketplaces like AJIO, Solv, Udaan and Bijnis (20.83% of revenue). The company outsources partial manufacturing to 229 job workers primarily concentrated in Gujarat. Manufacturing process includes cutting, dyeing, embroidery, sewing, embellishments, finishing, inspection and packing. The company is headquartered in Kolkata, West Bengal.
Company Analysis
from RHPN R Vandana Tex Industries Limited is engaged in designing, manufacturing and wholesale of cotton textile products including sarees, salwar suits and bed sheets, operating primarily in India's textile industry.
N R Vandana Tex Industries Limited, incorporated in 1992 and converted to a public limited company in August 2024, is a cotton textile manufacturer focused on women's ethnic wear. The company designs and manufactures high-quality cotton sarees (98.32% of revenue in FY2025), salwar suits and bed sheets under its own brands 'Vandana' and 'Tanaya'. It operates a B2B business model with two main distribution channels: a network of 1,397 wholesalers spread across 31 states and union territories (79.17% of FY2025 revenue of ₹27,080.25 lakhs), and an online B2B e-commerce platform including marketplaces like AJIO, Solv, Udaan and Bijnis (20.83% of revenue). The company outsources partial manufacturing to 229 job workers primarily concentrated in Gujarat. Manufacturing process includes cutting, dyeing, embroidery, sewing, embellishments, finishing, inspection and packing. The company is headquartered in Kolkata, West Bengal.
Objects of the Issue
- Funding working capital requirements of our Company ₹1,628.00 lakhs p.26
- Repayment of loan ₹500.00 lakhs p.26
- General corporate purposes p.26
- Funding working capital requirements of our Company ₹1,628.00 Lakhs p.93
- Prepayment / Repayment of Loan ₹500.00 Lakhs p.99
- General corporate purposes p.101
- —
Issue Structure
- Total Issue
- Up to 61,98,000 Equity Shares aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 61,98,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] lakhs
- Offer for Sale
- Not Applicable
- Price Band
- Price Band of a minimum price (Floor Price) of ₹[●] and the maximum price (Cap Price) of ₹[●]
- Lot Size
- The Market lot and Trading lot for the Equity Share is [●] and in multiples of [●] thereafter; subject to a minimum allotment of [●] Equity Shares to the successful applicants
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue through a B2B model with two channels: (1) Network of wholesalers who purchase cotton textile products at wholesale prices for retail distribution, contributing ₹21,438.13 lakhs (79.17%) of FY2025 revenue; (2) Online B2B e-commerce platforms where the company sells directly to bulk buyers, contributing ₹5,642.12 lakhs (20.83%) of FY2025 revenue. The manufacturing is partly in-house and partly outsourced to 229 contract manufacturers (job workers) on non-exclusive agreements. Primary raw materials are fabrics and threads. The company maintains approximately 1,397 wholesaler relationships as of March 31, 2025.
Business Segments
SWOT Analysis
- • Established brand presence with recognized names in textile industry(p.24)
- • Diversified distribution network across multiple states(p.24)
- • Strong revenue growth trajectory(p.27)
- • Long-standing relationships with suppliers and favorable credit terms(p.36)
- • Presence in multiple distribution channels including e-commerce(p.37)
- • No monitoring agency required; audit committee oversees fund deployment(p.50)
- • Established brand recognition in saree segment with strong market presence(p.134)
- • Wide geographic distribution network across 31 states and union territories(p.134)
- • Substantial expansion of wholesaler network(p.138)
- • Low customer concentration reducing revenue dependency(p.138)
- • Experienced management with over 30 years in saree business(p.140)
- • Strong operational leverage with high capacity utilization(p.141)
- • Established relationships with long-standing job workers(p.140)
- • Diversified product portfolio across multiple categories(p.135)
- • Experienced management with deep textile industry expertise(p.171)
- • Established brand recognition in textile market(p.243)
- • Extensive distribution network across India(p.243)
- • Diversified revenue channels through both B2B wholesale and e-commerce(p.243)
- • Improved profitability and return metrics(p.239)
- • Growing revenue with strong CAGR and market expansion(p.246)
- • Improving profitability margins with PAT growth outpacing revenue growth(p.249)
- • Positive operating cash flow generation in FY2025(p.251)
- • Improved leverage with declining debt-to-EBITDA ratio(p.246)
- • Improved raw material cost efficiency(p.244)
- • Diversified customer base with low concentration risk(p.245)
- • Large and growing wholesaler network(p.245)
- • Highly concentrated business dependent on single product category(p.33)
- • Heavy dependence on job workers with limited formal agreements(p.33)
- • Significant geographical concentration of revenue in West Bengal(p.39)
- • Dependence on small design team(p.35)
- • High concentration among top suppliers(p.36)
- • Negative operating cash flows in prior years(p.41)
- • High inventory holding requirements(p.42)
- • Leased manufacturing and warehouse facilities with termination risk(p.38)
- • Outstanding tax and litigation liabilities(p.28)
- • Historical delays in statutory compliances and payments(p.40)
- • Heavy dependence on promoter services and knowledge for business operations(p.51)
- • Board lacks experience in listed company operations and compliance(p.51)
- • No alternate funding sources identified for capital requirements(p.52)
- • Significant strain from public company compliance and disclosure obligations(p.53)
- • Industry data reliability not independently verified(p.51)
- • High debt to equity leverage(p.136)
- • Narrow product concentration with sarees dominating revenue(p.139)
- • Geographic revenue concentration heavily dependent on East region(p.137)
- • Limited vertical integration with heavy reliance on job workers(p.149)
- • Modest profit margins despite revenue growth(p.136)
- • Limited scale and relatively new entry into bedsheet and salwar suit categories(p.134)
- • Minimal digital presence with nascent e-commerce operations(p.150)
- • High debt-to-equity ratio indicating significant financial leverage(p.239)
- • Significant dependence on few large customers(p.243)
- • Excess remuneration paid to Non-Executive Director exceeding statutory limits(p.195)
- • Pending income tax demand against the company(p.228)
- • Low cash and bank balances relative to operations(p.219)
- • High dependence on job workers with no long-term contracts(p.244)
- • Risk of job workers manufacturing for competitors(p.244)
- • Significant leverage with high debt levels(p.246)
- • Material litigation involving director(p.258)
- • Outstanding direct tax demands(p.261)
- • Expansion into new geographic markets outside West Bengal(p.39)
- • Growth in Indian textile sector supported by government schemes(p.24)
- • Expansion of e-commerce and online sales channels(p.37)
- • Product portfolio diversification beyond sarees(p.47)
- • Growth in manufacturing sector as key economic pillar(p.24)
- • Opportunity to formalize job worker relationships and improve supply chain(p.34)
- • Funding for working capital expansion and market growth(p.94)
- • Debt reduction and improved financial leverage post-IPO(p.99)
- • General corporate purposes funding for business development(p.102)
- • Expansion into underpenetrated south and north regions(p.140)
- • Rapid growth in India's textile and apparel market projected to reach US$350 billion by 2030(p.127)
- • Strong demand for home textiles with India's home textile industry expanding at 8.9% CAGR(p.127)
- • Growing e-commerce channel for textile products(p.122)
- • Government support through PLI scheme and Make in India initiatives(p.130)
- • Expansion of product portfolio into new segments(p.140)
- • Leverage technology for cost efficiency and supply chain optimization(p.140)
- • Expansion into new geographic markets and states(p.243)
- • Growth through e-commerce and digital channels(p.243)
- • Leverage brand recognition to expand product lines(p.243)
- • Capacity expansion through outsourced job workers(p.243)
- • Strategic growth through public markets after IPO(p.201)
- • Expansion of online sales channels with strong growth potential(p.251)
- • Introduction of new product categories showing exceptional growth(p.251)
- • Geographic market expansion and penetration(p.253)
- • Diversification of revenue streams through new products(p.253)
- • Seasonal demand spike in festive season for sarees and salwar suits(p.256)
- • Rapid changes in consumer preferences and fashion trends(p.33)
- • Intense competition in apparel and textile industry(p.48)
- • Volatility in raw material prices(p.36)
- • Rising transportation costs(p.37)
- • Dependence on third-party transportation providers(p.37)
- • Seasonal variations in business(p.47)
- • Fluctuations in customer order patterns(p.39)
- • Dependence on online marketplace partners(p.37)
- • Regulatory and compliance risks(p.47)
- • Risk of credit rating downgrades(p.35)
- • Environmental compliance costs and regulatory enforcement risks(p.50)
- • Government regulation changes could disrupt operations and increase costs(p.53)
- • Tax and levy changes could impact product costs and demand(p.53)
- • Political instability and policy changes affecting Indian economy(p.53)
- • COVID-19 pandemic impact remains uncertain and unpredictable(p.52)
- • Global economic volatility and foreign exchange fluctuations(p.54)
- • India's developing infrastructure poses operational risks(p.54)
- • Natural calamities and security threats could harm business(p.54)
- • Intense competition from both organized and unorganized textile sector(p.152)
- • Volatility in raw material costs affecting gross margins(p.149)
- • Dependency on cotton and synthetic fabric availability and pricing(p.149)
- • Fluctuations in global textile demand and export markets(p.127)
- • Risk of cyclical demand in traditional textile products(p.135)
- • Regulatory compliance costs in multiple states(p.156)
- • Exposure to changes in labor laws and compliance requirements(p.157)
- • Intense competition in textile and apparel industry(p.243)
- • Volatility in raw material prices affecting margins(p.222)
- • Regulatory and compliance risks in textile sector(p.176)
- • Foreign exchange and monsoon dependency(p.243)
- • Significant dependency on key managerial personnel and promoters(p.184)
- • Volatile raw material prices beyond company control(p.244)
- • Raw material cost increases may not be passable to customers(p.244)
- • Regulatory and policy changes affecting operations(p.244)
- • Risk of quality decline affecting customer retention(p.245)
- • Customer payment defaults could affect cash flow(p.245)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Narain Prasad Lohia | Promoter | 29,78,940 equity shares (17.42%) | — |
| Prabhu Lohia | Promoter | 42,28,942 equity shares (24.74%) | — |
| Gyanesh Lohia | Promoter | 16,83,350 equity shares (9.85%) | — |
| Narain Prasad Lohia | Promoter | 17.42% | — |
| Prabhu Lohia | Promoter | 24.74% | — |
| Gyanesh Lohia | Promoter | 9.85% | — |
| Ambika Lohia | Promoter Group | 4.82% | — |
| Usha Kiran Lohia | Promoter Group | 8.47% | — |
| Kanika Lohia | Promoter Group | 8.33% | — |
| Meghna Lohia | Promoter Group | 7.05% | — |
| Gobindram Narain Prasad HUF | Promoter Group | 2.48% | — |
| Gyanesh Lohia HUF | Promoter Group | 2.85% | — |
| Prabhu Lohia HUF | Promoter Group | 2.95% | — |
| Kaberi Sales Private Limited | Promoter Group | 7.50% | — |
| Vandana Finvest Private Limited | Promoter Group | 3.53% | — |
| Prabhu Lohia | Promoter | — | — |
| Gyanesh Lohia | Promoter | — | — |
| Narain Prasad Lohia | Promoter | 17.42% | — |
| Prabhu Lohia | Promoter | 24.74% | — |
| Gyanesh Lohia | Promoter | 9.85% | — |
| Narain Prasad Lohia | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.