Vama Wovenfab
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.00×
- Big non-institutionalbNII · above ₹10 lakh
- 2.32×
- Small non-institutionalsNII · ₹2–10 lakh
- 2.03×
- Retail individualRII · up to ₹2 lakh
- 2.80×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 2,76,000 | 4,30,800 | ₹14.69 Cr | 1.56× |
| Big non-institutionalwithin NII | 1,83,600 | 4,26,400 | ₹14.54 Cr | 2.32× |
| Small non-institutionalwithin NII | 92,400 | 1,87,600 | ₹6.40 Cr | 2.03× |
| Retail individual | 10,89,600 | 30,52,800 | ₹104 Cr | 2.80× |
| Total | 13,80,000 | 34,98,000 | ₹119 Cr | 2.53× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 17 Sep, 06:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 15 Sep 2026 – 17 Sep 2026
- Listing date
- 22 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹324 – ₹341
- Issue price
- ₹341 per share
- Lot size
- 400 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹49.54 Cr
- Fresh issue
- ₹47.06 Cr 13,80,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹177 Cr
- Promoter holding
- 100.00% → 72.00% pre-issue → post-issue
- ISIN
- INE1G7R01010
- CIN
- U18109MH2011PLC214860
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- 1104, W 92, L T Road, Borivali (West), Vazira Naka, Mumbai 400092
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 14,400 | 1.04% | 0.99% |
| NII (HNI) | 2,76,000 | 20.00% | 19.00% |
| bNII > ₹10L · within NII | 1,83,600 | — | 12.64% |
| sNII < ₹10L · within NII | 92,400 | — | 6.36% |
| Retail (RII) | 10,89,600 | 78.96% | 75.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 72,800 | — | 5.01% |
| Total issue | 14,52,800 | — | 100.00% |
Net offer to the public of 13,80,000 shares, out of a total issue of 14,52,800. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 400 shares per lot, in multiples, at ₹341
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,36,400 |
| S-HNI (min) | 2 | 800 | ₹2,72,800 |
| S-HNI (max) | 7 | 2,800 | ₹9,54,800 |
| B-HNI (min) | 8 | 3,200 | ₹10,91,200 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 30.90 | 22.25 |
| P/E (×) | 11.04 | 15.33 |
| Price to book (×) | 4.44 | — |
| Market cap | — | ₹177 Cr |
Key performance indicators
- Return on net worth
- 50.37%
- ROCE
- 39.00%
- Debt / equity
- 0.89
- PAT margin
- 5.38%
- EBITDA margin
- 8.32%
- NAV per share
- ₹76.80
- Price to book
- 4.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 214.62 | 77.76 | 27.87 |
| Revenue from operations | 214.62 | 77.45 | 27.87 |
| Other income | 0 | 0.31 | 0.01 |
| Total expenses | 199.28 | 68.84 | 24.38 |
| Operating profit | 15.34 | 8.92 | 3.49 |
| Operating margin | 7.15% | 11.47% | 12.52% |
| Profit before tax | 15.33 | 8.92 | 3.49 |
| Profit after tax | 11.55 | 6.84 | 2.63 |
| PAT margin | 5.38% | 8.80% | 9.44% |
| Balance sheet | |||
| Total assets | 74.18 | 67.47 | 37.14 |
| Current assets | 66.48 | 59.38 | 32.39 |
| Current liabilities | 42.89 | 47.18 | 26.25 |
| Total liabilities | 45.48 | 50.33 | 28.09 |
| Net worth | 28.69 | 17.15 | 9.05 |
| Current ratio | 1.55× | 1.26× | 1.23× |
| Return on equity | 40.26% | 39.88% | 29.06% |
| Cash flow | |||
| Operating cash flow | -6.31 | -2.33 | 6.93 |
| Investing cash flow | -0.12 | -3.56 | -0.36 |
| Financing cash flow | 6.75 | 5.87 | -6.42 |
| Net cash flow | 0.32 | -0.02 | 0.15 |
Objects of the issue
1 Capital Expenditure towards Construction of shed ₹1.36 Cr
The company proposes to construct the remaining portion of the first floor to accommodate increased space requirements for additional machinery and enhanced production capacity. This expenditure will facilitate enhanced manufacturing operations and modernization on the first floor to accommodate new machinery and operational requirements enabling higher production volumes to meet growing customer demand.
2 Capital Expenditure towards Purchase of Machinery ₹7.25 Cr
The company plans to expand production by installing circular looms, cheese winders, and cheese pipers to significantly boost fabric production and maximize utilization of installed capacity. This capacity expansion will maximize utilization, streamline manufacturing, reduce costs through automation, and enable the company to meet growing market demand.
3 To meet Working Capital Requirements ₹26.50 Cr
The company requires funds to meet its working capital requirement for its operations. The working capital needs of the company are expected to reach a significant amount in FY 2026-27, with a portion expected to be utilized from the Net Proceeds of this Offer and balance to be met from internal accruals and borrowings.
4 General Corporate Purposes —
The company intends to deploy the balance Net Proceeds for general corporate purposes including strategic initiatives, brand building and strengthening of marketing activities, and on-going general corporate exigencies or any other purposes as approved by the Board subject to compliance with necessary regulatory provisions.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Vama Wovenfab
Vama Wovenfab Limited, incorporated on March 16, 2011, and converted to a public limited company on August 21, 2025, is engaged in the manufacture of woven packaging products including woven sacks and fabrics. The company produces these products primarily using polypropylene (PP) and high-density polyethylene (HDPE) granules for bulk purchasers in industries including cement, fertilizers, agrochemicals, and food processing. The company operates a manufacturing facility in Daman and serves customers across India, with significant geographical concentration in Daman and Diu, Maharashtra, and Gujarat. The company derives revenues from institutional/bulk buyers in a commoditised, price-sensitive market.
Management
Mr. Suresh Mohanlal Gupta
CEO
Mr. Saurabh Suresh Gupta
MD
Strengths
As stated in the offer document
Strong Long-Term Customer Relationship
The company has established enduring, trust-based relationships with both customers and suppliers, ensuring consistent raw material supply, stable production, and reliable product delivery.
Deep Customer Understanding and Prioritization
The company centers on truly understanding customer needs through close collaboration before production begins, with all departments aligning their efforts around customer priorities to minimize errors and reduce waste.
On-Time and Planned Delivery
The company strictly adheres to planned schedules for production and dispatch, ensuring timely delivery of orders through proactive monitoring and prompt scheduling.
Continuous Product and Process Improvement
The company invests in ongoing development at every stage, exploring superior materials, adopting innovative technologies, and integrating customer feedback to keep products and processes competitive.
Skilled and Experienced Workforce
The company's team comprises trained and skilled personnel who efficiently handle advanced machinery and production techniques, contributing to superior product quality and operational efficiency.
Risk factors
As stated in the offer document
Substantial Revenue Dependence on Limited Buyers in Commoditized Market
The company derives a substantial portion of its revenues from limited buyers, with the top customer contributing 63.68% of revenue in FY 2026. This concentration in a commoditized, price-sensitive market exposes the company to significant cyclicality, demand volatility, and customer attrition risks that could materially impact revenues and profitability.
Absence of Long-term Customer Agreements
The company operates without long-term agreements with customers, relying solely on purchase orders that provide no assurance of minimum offtake or fixed pricing. In the commoditized woven packaging industry, this exposes the company to potential revenue losses from customers shifting to competitors offering more favorable terms.
Raw Material Price Volatility Risk
The company's manufacturing operations depend heavily on polypropylene (PP) and high-density polyethylene (HDPE) granules, which are petroleum-derived products with prices directly linked to crude oil fluctuations. Industry reports indicate price swings of 20-40% within short durations, which could compress margins and adversely affect profitability.
High Geographical Revenue Concentration
The company derives major revenue from three states, with 47.93% from Daman and Diu in FY 2026, 39.60% from Maharashtra, and 12.46% from Gujarat. This geographical concentration heightens exposure to adverse regional developments and limits diversification benefits.
Significant Working Capital Requirements
The company requires substantial working capital, with working capital requirements representing 31.80% of total assets and 10.99% of revenue from operations in FY 2026. A significant portion is consumed in trade receivables (₹1,841.65 lakhs) and inventories (₹4,477.85 lakhs), creating potential cash flow constraints.
Negative Operating Cash Flows
The company reported negative cash flows from operating activities of ₹631.47 lakhs in FY 2026 and ₹232.51 lakhs in FY 2025. Sustained negative cash flows could significantly impact growth prospects and business sustainability.
Dependency on Continuous Power Supply
The company's energy-intensive manufacturing processes are highly dependent on uninterrupted power supply from limited providers (Adani Electricity Mumbai Limited and Torrent Power). Any power disruptions or significant tariff increases could materially affect production capabilities and operating costs.
Company Analysis
from RHPVama Wovenfab Limited manufactures woven packaging products (sacks and fabrics) primarily from polypropylene and HDPE for use in cement, fertilizers, agrochemicals, and food processing industries.
Vama Wovenfab Limited, incorporated on March 16, 2011, and converted to a public limited company on August 21, 2025, is engaged in the manufacture of woven packaging products including woven sacks and fabrics. The company produces these products primarily using polypropylene (PP) and high-density polyethylene (HDPE) granules for bulk purchasers in industries including cement, fertilizers, agrochemicals, and food processing. The company operates a manufacturing facility in Daman and serves customers across India, with significant geographical concentration in Daman and Diu, Maharashtra, and Gujarat. The company derives revenues from institutional/bulk buyers in a commoditised, price-sensitive market.
Objects of the Issue
- Capital Expenditure towards Construction of shed ₹136.30 lakhs p.42
- Capital Expenditure towards purchase of Machinery ₹724.52 lakhs p.42
- To Meet Working Capital Requirements ₹2,650.00 lakhs p.42
- General Corporate Purposes p.42
- Capital Expenditure towards Construction of Shed ₹136.30 lakhs p.84
- Capital Expenditure towards Purchase of Machinery ₹724.52 lakhs p.84
- To meet Working Capital Requirements ₹2,650.00 lakhs p.84
- General Corporate Purposes p.84
- Funding capex for new manufacturing equipment and plant
Issue Structure
- Total Issue
- Upto 14,52,800 Equity Shares of face value of ₹10.00 each amounting up to ₹ [●] Lakhs
- Fresh Issue
- Upto 14,52,800 Equity Shares of face value of ₹10.00 each amounting up to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹324.00 (Floor Price) to ₹341.00 (Cap Price)
- Lot Size
- Bid Lot: 800 Equity Shares and in multiples of 400 equity shares thereafter; Lot Size (Market lot and Trading lot): 800 and in multiples of 400 thereafter; subject to a minimum allotment of 800 Equity Shares to the successful applicants
- Face Value
- ₹10.00 each
Business Model
The company manufactures woven sacks and fabrics from PP and HDPE materials and sells them in bulk quantities to institutional buyers in industries such as cement, fertilizers, agrochemicals, and food processing. Revenue is generated through sale of these woven packaging products to a limited set of bulk purchasers.
Business Segments
SWOT Analysis
- • Strong revenue growth and profitability trajectory(p.97)
- • Exceptional return on equity significantly exceeding peers(p.99)
- • High return on capital employed(p.99)
- • Integrated manufacturing capability across multiple product lines(p.86)
- • Owned manufacturing facility with expansion capacity(p.86)
- • ISO 9001:2015 certified quality management system(p.147)
- • Established long-term customer relationships built on trust(p.144)
- • Deep customer understanding and alignment across departments(p.144)
- • Consistent on-time delivery and planned scheduling(p.145)
- • Skilled and experienced workforce with manufacturing expertise(p.145)
- • Three decades of promoter industry experience(p.128)
- • Over 30 years of industry experience in plastic manufacturing(p.176)
- • ISO 9001:2015 certification for quality(p.170)
- • Significant revenue growth and scale(p.171)
- • Recent milestone of ₹200 crores revenue crossing(p.171)
- • Established manufacturing capabilities with modern equipment for woven bags and fabrics(p.268)
- • Significant revenue growth demonstrating market traction(p.245)
- • Strong profitability improvement with PAT margin of 5.38%(p.245)
- • Strong return on equity of 50.37% indicating efficient use of shareholder capital(p.232)
- • Positive net worth and increasing equity base(p.237)
- • ISO 9001:2015 certification for quality management system(p.264)
- • High customer concentration with top customer representing 63.68% of revenue(p.26)
- • Significant working capital requirements consuming 31.8% of total assets(p.28)
- • Negative operating cash flow in FY2026 and FY2025(p.29)
- • Single manufacturing facility concentrated in Daman(p.33)
- • High employee attrition rate of 26.04% in FY2026(p.40)
- • Trademark application not yet registered(p.36)
- • Multiple regulatory compliance failures and non-compliances(p.31)
- • Registered office is leased with no guarantee of renewal(p.39)
- • Heavy dependence on limited customer base(p.98)
- • Significant reliance on short-term borrowings for working capital(p.50)
- • Declining EBITDA margin indicating operational pressure(p.97)
- • High inventory holding requirements(p.50)
- • Significant contingent liabilities and regulatory demands(p.55)
- • Costs and resource strain from transitioning to listed company status(p.46)
- • High concentration in single customer base(p.144)
- • High dependence on single largest supplier(p.144)
- • High attrition rate among workforce(p.150)
- • Declining EBITDA margins amid revenue growth(p.142)
- • Relatively low capacity utilization across segments(p.157)
- • High short-term borrowings relative to equity(p.210)
- • Concentration in inventory levels(p.210)
- • Working capital management challenges evidenced by cash flow(p.212)
- • Reliance on few customer relationships(p.170)
- • High dependence on related party transactions for both purchases and sales(p.228)
- • Significant increase in short-term borrowings indicating reliance on working capital financing(p.243)
- • High inventory levels requiring significant working capital(p.243)
- • Outstanding contingent liabilities including tax demands and GST notices(p.234)
- • Pending criminal litigation related to cheque dishonour with settlement agreements still unexecuted(p.257)
- • Concentration of collateral on single director's residential property(p.254)
- • Capacity expansion through capital investment in new machinery(p.88)
- • Significant growth in plastic packaging industry demand(p.88)
- • Operational efficiency gains from brand new infrastructure and modern machinery(p.87)
- • Market visibility and access to capital through listing(p.84)
- • Increased market presence across multiple end-use industries(p.84)
- • India plastic packaging market projected 3.06% CAGR through 2031(p.114)
- • Flexible packaging segment fastest growing at 4.41% CAGR(p.113)
- • Asia-Pacific region growing fastest at 6.78% CAGR(p.113)
- • Government initiatives supporting manufacturing sector growth(p.121)
- • E-commerce driving demand for durable packaging materials(p.112)
- • Circular economy and recycling trend expansion(p.113)
- • Planned nearby transportation hub to support geographic expansion(p.127)
- • Expansion through acquisition of complementary businesses(p.172)
- • Growth in BOPP and specialized bags manufacturing(p.171)
- • Capacity expansion evidenced by production milestones(p.171)
- • Expansion into diverse industries requiring packaging solutions(p.236)
- • Growth through increasing customer base and repetitive orders(p.244)
- • Capacity utilization improvement and production expansion(p.237)
- • Market opportunity in woven bags and fabric segments(p.236)
- • Risk of substitute packaging products reducing demand for woven PP/HDPE bags(p.29)
- • Increasing regulatory restrictions and environmental concerns regarding plastic usage(p.38)
- • Geographical revenue concentration with 47.93% from Daman and Diu(p.28)
- • Highly commoditized and price-sensitive market with intense price-based competition(p.26)
- • Dependence on third-party logistics providers with no owned transport fleet(p.34)
- • Vulnerability to power supply disruptions and tariff increases(p.29)
- • Delay in obtaining environmental Consent to Operate during interim period(p.32)
- • Directors lack experience in managing listed companies(p.39)
- • Regulatory changes and evolving compliance requirements(p.47)
- • Industry-wide reputational damage from unethical practices by competitors(p.47)
- • Impact of natural disasters on Indian economy and operations(p.48)
- • Geopolitical risks and terrorist activity affecting financial markets(p.48)
- • Global economic volatility and macroeconomic factors(p.47)
- • Liquidity and trading constraints for equity shareholders post-IPO(p.46)
- • Potential shareholder dilution from future capital raises(p.45)
- • Intense competition from larger established manufacturers(p.150)
- • Global growth moderation to 3.2-3.3% from current levels(p.107)
- • Trade policy uncertainty and potential tariff escalation(p.109)
- • Rising input costs from oil price volatility(p.111)
- • Below-normal monsoon impacting rural economy demand(p.111)
- • Regulatory compliance costs for plastic waste and EPR frameworks(p.115)
- • Geopolitical risks disrupting supply chains(p.109)
- • Regulatory compliance burden from employment and labor laws(p.161)
- • Environmental and waste management regulations(p.167)
- • Competition and pricing pressure from compliance costs(p.162)
- • Inflation and input cost volatility(p.211)
- • Significant dependence on external suppliers for raw materials with exposure to price volatility(p.252)
- • Risk of inability to fully offset raw material price increases in product pricing(p.252)
- • Seasonality impact in construction industry affecting demand(p.252)
- • Intense competition from domestic and international manufacturers(p.253)
- • Economic slowdown could materially affect operations(p.252)
- • Outstanding GST demand of ₹23.47 Lakhs representing regulatory compliance risk(p.260)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Suresh Mohanlal Gupta | Promoter | — | — |
| Mr. Vaibhav Suresh Gupta | Promoter | — | — |
| Mr. Saurabh Suresh Gupta | Promoter | — | — |
| Mrs. Nisha Vaibhav Gupta | Promoter | — | — |
| Mr. Suresh Mohanlal Gupta | Promoter | 55.57% | — |
| Mr. Vaibhav Suresh Gupta | Promoter | 24.29% | — |
| Mr. Saurabh Suresh Gupta | Promoter | 10.37% | — |
| Mrs. Nisha Vaibhav Gupta | Promoter | 0.87% | — |
| Mrs. Sheetal Saurabh Gupta | Promoter Group | 0.60% | — |
| Mrs. Usha Suresh Gupta | Promoter Group | 0.60% | — |
| M/s. Vasundhara Chem Plast Industries | Promoter Group | 7.70% | — |
| Suresh Gupta | Promoter | — | — |
| Vaibhav Suresh Gupta | Promoter | — | — |
| Saurabh Suresh Gupta | Promoter | — | — |
| Mr. Suresh Mohanlal Gupta | Promoter | 55.57% | — |
| Mr. Vaibhav Suresh Gupta | Promoter | 24.29% | — |
| Mr. Saurabh Suresh Gupta | Promoter | 10.37% | — |
| Mrs. Nisha Vaibhav Gupta | Promoter | 0.87% | — |
| Mr. Suresh Mohanlal Gupta | Promoter | 55.57% | — |
| Mr. Vaibhav Suresh Gupta | Promoter | 24.29% | — |
| Mr. Saurabh Gupta | Promoter | 10.37% | — |
| Mrs. Nisha V Gupta | Promoter | 0.87% | — |
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.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vama Wovenfab Ltd. THIS ISSUE | 30.90 | 76.80 | 15.33, computed at the offer price | 4.44, computed at the offer price | 50.37% |
| 0.45 | 39.08 | 183.18 | 2.10 | 1.27% | |
| 4.30 | 40.54 | 4.53 | 0.47 | 11.20% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.