VW
Vidya Wires
Book Building issueMainboardBSE₹300 Cr issue
+0.25%
Listing gain over issue price
Issue size
₹300 Cr
1 lot at cut-off
₹14,976
Lot size
288shares
Open
03 Dec 2025
Close
05 Dec 2025
Allotment
08 Dec 2025
Listing
10 Dec 2025
Listing performance
Issue price
₹52
Listed at
₹52.13
Listing-day close
₹53.17
Latest price
₹100.09
Listing gain
+0.25%
Return since listing
+92.48%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹3.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 10 Dec 2025 | ₹3.50 | +6.73% | ₹800 | ₹55.50 | ₹1,008 |
| 09 Dec 2025 | ₹3.50 | +6.73% | ₹800 | ₹55.50 | ₹1,008 |
| 08 Dec 2025 | ₹4 | +7.69% | ₹900 | ₹56 | ₹1,152 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 03 Dec 2025 – 05 Dec 2025
- Listing date
- 10 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹52 per share
- Lot size
- 288 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹300 Cr
- Market cap at offer price
- ₹1,106 Cr
- Promoter holding
- 99.91% → 72.80% pre-issue → post-issue
- ISIN
- INE14UN01029
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- Plot No 8/1-2.GIDC, Opposite SLS Industries, Vithal Udyognagar, Gujarat
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 | 1,73,07,991 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 288 shares per lot, in multiples, at ₹52
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 288 | ₹14,976 |
| Retail (max) | 13 | 3,744 | ₹1,94,688 |
| S-HNI (min) | 14 | 4,032 | ₹2,09,664 |
| S-HNI (max) | 66 | 19,008 | ₹9,88,416 |
| B-HNI (min) | 67 | 19,296 | ₹10,03,392 |
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.
Shares allocated
1,73,07,991
Anchor portion
₹90 Cr
at ₹52 per share
Valuation and performance
Valuation at offer price
₹52 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.55 | 2.27 |
| P/E (×) | 20.39 | 22.91 |
| Price to book (×) | 5.00 | — |
| Market cap | — | ₹1,106 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.57%
- ROCE
- 19.72%
- Debt / equity
- 0.88
- PAT margin
- 2.74%
- EBITDA margin
- 4.32%
- NAV per share
- ₹10.40
- Price to book
- 5.00
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vidya Wires
Vidya Wires Limited, incorporated in 1981 as a private limited company and converted to public limited company in 2024, is a manufacturer of winding and conductivity products for critical industries. The company produces enameled copper wires, enameled copper rectangular strips, paper insulated copper conductors, copper busbar, bare copper conductors, specialized winding wires, PV ribbon, and aluminum paper covered strips. These products serve energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways. The company operates three manufacturing units in Gujarat and has a subsidiary, ALCU Industries Private Limited. It exports to over 18 countries across 5 continents.
Company Analysis
from RHPVidya Wires Limited manufactures precision-engineered winding and conductivity products including enameled wires, copper strips, and conductors for power generation, electrical systems, electric motors, and clean energy applications.
Vidya Wires Limited, incorporated in 1981 as a private limited company and converted to public limited company in 2024, is a manufacturer of winding and conductivity products for critical industries. The company produces enameled copper wires, enameled copper rectangular strips, paper insulated copper conductors, copper busbar, bare copper conductors, specialized winding wires, PV ribbon, and aluminum paper covered strips. These products serve energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways. The company operates three manufacturing units in Gujarat and has a subsidiary, ALCU Industries Private Limited. It exports to over 18 countries across 5 continents.
winding and conductivity productspower & transmissiongeneral engineeringelectrical systemselectric motorsrenewable energyelectric vehiclesrailways
Objects of the Issue
- Funding capital expenditure requirements for setting up new project in our subsidiary viz. ALCU ₹ 1,400.00 million p.27
- Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by our Company ₹ 1,000.00 million p.27
- General corporate purposes p.27
- Funding capital expenditure requirements for setting up new project in our subsidiary viz. ALCU p.56
- Repayment or pre-payment of all or certain borrowings including the bridge loan p.56
- Funding capital expenditure requirements for setting up new project in our subsidiary viz. ALCU ₹ 1,400.00 million p.108
- Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by our Company ₹ 1,000.00 million p.108
- General corporate purposes p.108
- Investment in ALCU (subsidiary) for funding capital expenditure requirements for setting up the Proposed Project including expansion of manufacturing capacity by 18,000 MT and introduction of new products p.227
- Repayment/prepayment of outstanding borrowings ₹1,000 million p.229
- General corporate purposes
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹ 1 each, aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹ 1 each, aggregating up to ₹ 2,740.00 million
- Offer for Sale
- Up to 5,001,000 Equity Shares of face value ₹ 1 each aggregating up to ₹ [●] million by the Promoter Selling Shareholders
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 1 each
Business Model
The company manufactures winding and conductivity products based on confirmed customer orders. It sources raw materials (primarily copper, aluminium, and insulation materials) from domestic suppliers and international suppliers (primarily Japan and UAE), manufactures products at its three operating facilities in Gujarat, and sells to customers in power & transmission (48.06% of FY2025 revenue), general engineering (10.20%), and electrical sectors (28.58%), with 86.37% domestic sales and 13.63% exports.
Business Segments
Manufacturing and sale of enamelled copper winding wires/strips, paper insulated copper conductors, bare copper wire/bare copper rod, and PV ribbon copper
Manufacturing and sale of aluminum paper covered strips
Manufacture and sale of enamelled copper wires, paper covered wires, and other specialty cables for industrial applications including motors, transformers, and power distribution
Manufactures specialty copper and aluminium winding wires and conductors for electrical, power transmission, renewable energy, and automotive applications
Products used in power generation, transmission and distribution systems, including transformers, switchgear, and distribution equipment
Electrical equipment and appliances including motors, compressors, and other electrical components
Industrial machinery and general engineering applications
Products for renewable energy systems including solar and wind, and electric vehicle applications
Products for consumer appliances and electronics including refrigerators, air conditioners, and consumer electronics
Manufacture and sale of enameled copper winding wires for industrial applications
Supply of winding and conductivity products to power generation, transmission and distribution sectors
Supply of winding and conductivity products to electrical equipment manufacturers
Supply of winding and conductivity products to general engineering and machinery manufacturers
Supply of winding and conductivity products to renewable energy, electric vehicle and automotive sectors
Supply of winding and conductivity products to consumer durable goods manufacturers
Income from generation of electricity from renewable sources and export incentives
SWOT Analysis
Strengths
- • Long-term lease agreements for manufacturing facilities with favorable terms(p.53)
- • Backward integration capability for cost and time efficiency(p.55)
- • Strong credit rating maintained(p.54)
- • Low rejection rate demonstrates product quality control(p.54)
- • International export presence across multiple countries(p.63)
- • Top 5 manufacturers in winding and conductivity products industry in India(p.133)
- • Installed capacity of 19,680 MTPA with diversified product portfolio and multiple end-user industries(p.110)
- • Backward integration for quality control and sustainability initiatives(p.133)
- • Presence in strategically located region(p.133)
- • Diversified customer base with longstanding relationships and continuous financial performance(p.133)
- • Experienced professional management team(p.133)
- • Strong profitability metrics with PAT CAGR of 37.86% (FY2023-FY2025) and ROE of 24.57%(p.135)
- • 4th largest manufacturer in India's winding and conductivity products industry(p.223)
- • Strong market position with 5.7% market share expanding to 11.0% post-expansion(p.223)
- • De-risked customer base with no single customer exceeding 9% of annual revenues(p.223)
- • Extensive product portfolio with over 8,000 SKUs across multiple end-user industries(p.223)
- • Backward integration with in-house copper rod manufacturing capacity(p.224)
- • Strategically located manufacturing facilities in Gujarat with port access(p.224)
- • Strong financial performance with 33.86% EBITDA CAGR over FY23-25(p.225)
- • Experienced management team with 40+ years of industry experience(p.225)
- • Long operating history and market leadership in winding wires(p.298)
- • Diversified product portfolio across multiple wire and conductor categories(p.298)
- • Multiple manufacturing facilities with expansion underway(p.252)
- • Sustained revenue and profitability growth(p.252)
- • Export presence and international recognition(p.252)
- • Promoter experience in the industry(p.262)
- • 4th largest manufacturer in winding and conductivity products with 5.7% market share(p.355)
- • Broad customer base reducing revenue concentration risk(p.356)
- • Strong profitability growth with CAGR of 37.86% in PAT (FY2023-FY2025)(p.358)
- • High repeat customer revenue concentration at 94.28% in FY2025(p.358)
- • Established supplier relationships with major companies for over 10 years(p.358)
- • Improved capacity utilization from 70.31% to 94.51%(p.356)
Weaknesses
- • Heavy promoter personal guarantees on borrowings(p.59)
- • Significant contingent liabilities from tax disputes(p.59)
- • High dependence on key promoters for operations(p.55)
- • Executive directors lack listed company experience(p.55)
- • Missing historical corporate records exposing to penalties(p.60)
- • Promoter educational qualifications cannot be independently verified(p.60)
- • High leverage with Debt-to-Equity ratio of 0.88 as on March 31, 2025(p.135)
- • Outstanding borrowings of ₹2,061.40 million as on November 14, 2025 on consolidated basis(p.126)
- • ALCU subsidiary posting losses with PAT of (₹0.68) million in FY2025(p.111)
- • EBITDA margin of only 4.32% in FY2025, below peer average(p.135)
- • Dependence on bridge loan of ₹448.35 million from HSBC for Proposed Project(p.124)
- • Geographic revenue concentration with 68.66% from Gujarat and Maharashtra(p.220)
- • Moderate debt-to-equity ratio of 0.88x indicating leveraged capital structure(p.229)
- • Limited current production capacity of only 19,680 MT per annum(p.223)
- • Dependence on third-party transportation providers(p.239)
- • High trade receivable days of 36 days in FY25(p.222)
- • Significant dependence on borrowed funds for operations(p.293)
- • High working capital intensity with growing inventory levels(p.314)
- • Promoter's educational credentials not traceable(p.262)
- • Limited independent board presence until recently(p.267)
- • Concentrated production facilities in single geography(p.252)
- • High promoter concentration with 99.92% shareholding by promoter group(p.318)
- • Reliance on related party funding with loans from directors carrying 9% interest(p.321)
- • High debt-to-equity ratio of 0.91 as of June 30, 2025(p.338)
- • Income Tax Department search conducted in February 2025 on group entities(p.347)
- • Pending excise, service tax and GST disputes with authorities of ₹35.7 million(p.346)
- • Material inventory and WIP holdings creating working capital pressure(p.326)
- • Negative operating cash flow deterioration(p.378)
- • Significant increase in trade receivables straining liquidity(p.378)
- • High debt burden with rising borrowings(p.380)
- • Contingent tax liabilities from regulatory disputes(p.380)
- • Income tax search and investigation against promoters(p.392)
- • Promoter litigation with SEBI settlement(p.393)
Opportunities
- • Capacity expansion through new project in subsidiary(p.56)
- • International market expansion potential(p.64)
- • Growth through new product development(p.63)
- • Expansion of manufacturing capacity through ALCU project to 37,680 MTPA (from 19,680 MTPA), increase of 91.4%(p.111)
- • India's shift towards renewable energy with target of 500 GW renewable energy by 2030(p.171)
- • Growing adoption of electric vehicles driving demand for EV motors and related components(p.112)
- • Positioning in growth segments including solar cables, PV ribbons, and EV-related products(p.111)
- • India's real GDP growth projected at 6.5% for FY26, supported by strong private consumption and investment(p.147)
- • De-risked business model with multiple end-user industries reducing customer and sector concentration risk(p.133)
- • Capacity expansion to 37,680 MT through Proposed Project enabling 3rd position in industry(p.226)
- • New product portfolio addition including Copper Foils and Solar Cables for EV/renewable sectors(p.226)
- • India's renewable energy target of 500 GW by 2030 driving solar and wind demand(p.227)
- • Rapid EV adoption in India with 42% YoY growth in FY24 sales(p.228)
- • Solar potential of 749 GW with only 11% currently installed(p.228)
- • Strategic expansion of export revenues from 13.57% to 25% of total revenues(p.228)
- • India's strong wind potential of 302 GW at 100m height with only 5% utilization(p.229)
- • Government support for domestic solar manufacturing through PLI scheme(p.227)
- • Expansion of manufacturing capacity through capital work in progress(p.310)
- • Growth through subsidiary ALCU Industries for aluminium products(p.258)
- • International market expansion given existing export track record(p.253)
- • Strategic financing through IPO to reduce leverage(p.287)
- • Planned capacity expansion from 19,680 MT to 37,680 MT through Proposed Project(p.355)
- • Product portfolio expansion including Copper Foils, Solar Cables and CTCs(p.356)
- • Growing renewable energy and EV market driving segment growth from 7.11% to 10.66% of revenue(p.360)
- • Export market growing with export revenue of ₹461.33 million in Q1 FY26(p.326)
- • Pre-approved supplier status with Power Grid Corporation of India enabling infrastructure penetration(p.356)
- • UL approval enabling USA exports of enameled copper/aluminium wire products(p.356)
- • Expansion plans through fresh issue capital utilization(p.423)
- • Public listing enabling access to capital markets(p.403)
Threats
- • Operations with hazardous materials pose injury and environmental risks(p.54)
- • Product quality failures could result in cancellation of orders and liability claims(p.54)
- • Restrictive covenants in financing agreements limit operational flexibility(p.57)
- • Changes in trade policies adversely affecting profitability(p.65)
- • Evolving labor regulations creating compliance uncertainty and cost burden(p.65)
- • Inflation could reduce margins if prices cannot be passed to clients(p.66)
- • International sanctions could restrict market access(p.64)
- • Disruption risk to leasehold manufacturing facilities(p.53)
- • Commodity price volatility in copper and aluminium affecting raw material costs(p.148)
- • Foreign exchange risk from USD-denominated machinery and material imports(p.110)
- • Global economic uncertainty with world GDP growth projected to decrease to 2.8% for CY25(p.146)
- • U.S. tariffs and global trade disruptions affecting export competitiveness(p.146)
- • Execution risk on expansion project with ₹1,495.50 million total estimated cost and deployment timeline extending to FY2027(p.113)
- • Technology changes and product innovation requirements in rapidly evolving EV and renewable energy sectors(p.110)
- • Intense competition causing price pressure and margin erosion(p.239)
- • Raw material price volatility impacting production costs and profitability(p.239)
- • Quality concerns and counterfeit product risks in the wiring and cables market(p.239)
- • Dependence on LME-indexed copper prices for raw material procurement(p.237)
- • Indian wire and cable market facing headwinds from geopolitical tensions and global recession fears(p.205)
- • Volatility in raw material costs and forex exposure(p.294)
- • Interest rate and finance cost pressures(p.294)
- • Regulatory and tax compliance obligations(p.251)
- • Guarantees extended by promoters with financial consequences(p.256)
- • No historical dividend payments and uncertain future dividend policy(p.286)
- • Raw material prices volatile and dependent on London Metal Exchange commodity prices(p.359)
- • No long-term fixed-price supply agreements for key raw materials exposing to price fluctuations(p.359)
- • Intense competition from organized and unorganized sector competitors with greater resources(p.361)
- • Customer demand dependent on downstream industries' production and inventory levels(p.361)
- • No long-term customer agreements creating order fulfillment and pricing risks(p.361)
- • Geographic concentration with Western Zone contributing 72.84% of domestic revenue(p.361)
- • Regulatory and compliance risks in excise/GST matters(p.380)
- • Foreign currency exposure from international transactions(p.381)
- • Interest rate risk on variable rate borrowings(p.389)
- • Liquidity risk from working capital management(p.381)
- • Credit risk concentration among customers(p.381)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shyamsundar Rathi | Promoter/Promoter Selling Shareholder | 44.38% | — |
| Shailesh Rathi | Promoter/Promoter Selling Shareholder | 47.49% | — |
| Shilpa Rathi | Promoter | 0.29% | — |
| Shyamsundar Rathi | Promoter/Promoter Selling Shareholder | 44.38% | — |
| Shailesh Rathi | Promoter/Promoter Selling Shareholder | 47.49% | — |
| Shilpa Rathi | Promoter | 0.29% | — |
| Shyamsundar Rathi | Promoter | — | — |
| Shailesh Rathi | Promoter | — | — |
| Shyamsundar Rathi | Promoter | 44.38% | — |
| Shailesh Rathi | Promoter | 47.49% | — |
| Shilpa Rathi | Promoter | 0.29% | — |
| Shyamsundar Rathi | Promoter | 44.38% | — |
| Shailesh Rathi | Promoter | 47.49% | — |
| Promoter Group (including Shilpa Rathi, Brijlata Rathi, Chhaganlal Rathi, Nirmala Rathi, Balaram C Rathi HUF, Shyamsundar Rathi HUF, Shailesh Rathi HUF, Saroj Bang, Madhav Rathi) | Promoter Group | 99.92% | — |
| Shyamsundar Rathi | Promoter Selling Shareholder | — | — |
| Shailesh Rathi | Promoter Selling Shareholder | — | — |
Leadership
Shyamsundar Rathi · Chairman and Whole-Time Director
Shailesh Rathi · Managing Director
Naveen Pachisia · Chief Financial Officer
Alpesh Makwana · Company Secretary and Compliance Officer
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.