Vigor Plast India
Book Building issueSME₹25.10 Cr issue
+4.94%
Listing gain over issue price
Issue size
₹25.10 Cr
1 lot at cut-off
₹1,29,600
Lot size
1,600shares
Open
04 Sep 2025
Close
09 Sep 2025
Allotment
10 Sep 2025
Listing
12 Sep 2025
Listing performance
Issue price
₹81
Listed at
₹85
Listing-day close
₹85.70
Latest price
₹68.80
Close on 23 Oct 2026
Listing gain
+4.94%
Return since issue
-15.06%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Sep 2025 – 09 Sep 2025
- Listing date
- 12 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹81 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹25.10 Cr
- Market cap at offer price
- ₹83.85 Cr
- Promoter holding
- 100.00% → 70.05% pre-issue → post-issue
- ISIN
- INE1DM601016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Survey No.640/3, Behind Gujarat Gas CNG Pump Godown Zone, Lalpur Road, Dared, Village: Chela, 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 | 8,73,600 | — | — |
| Market maker | 1,55,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹81
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,29,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,59,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,07,200 |
| B-HNI (min) | 8 | 12,800 | ₹10,36,800 |
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
8,73,600
Anchor portion
₹7.08 Cr
at ₹81 per share
Valuation and performance
Valuation at offer price
₹81 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.56 | 4.98 |
| P/E (×) | 12.35 | 16.27 |
| Price to book (×) | 4.97 | — |
| Market cap | — | ₹83.85 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 59.39%
- ROCE
- 28.24%
- Debt / equity
- 1.39
- PAT margin
- 11.30%
- EBITDA margin
- 26.51%
- NAV per share
- ₹16.30
- Price to book
- 4.97
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vigor Plast India
Vigor Plast India Limited, incorporated as a Private Limited Company in January 2014 and converted to a Public Limited Company in November 2024, manufactures and supplies a comprehensive range of Polyvinyl Chloride (PVC), Unplasticized Polyvinyl Chloride (uPVC), and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products. The company caters to both rural and urban markets, providing long-lasting solutions for water distribution, wastewater management, and drainage. Its products, known for durability and corrosion resistance, serve residential, commercial, agricultural, and industrial sectors. The company operates a single manufacturing facility in Dared, Gujarat, with warehouses in Rajkot, Jamnagar, Surat, and Ahmedabad, and maintains a distribution network spanning 25 states and union territories across India.
Company Analysis
from RHPVigor Plast India Limited is a manufacturer and supplier of PVC, uPVC, and cPVC pipes, fittings, and related products for plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management applications across residential, commercial, agricultural, and industrial sectors.
Vigor Plast India Limited, incorporated as a Private Limited Company in January 2014 and converted to a Public Limited Company in November 2024, manufactures and supplies a comprehensive range of Polyvinyl Chloride (PVC), Unplasticized Polyvinyl Chloride (uPVC), and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products. The company caters to both rural and urban markets, providing long-lasting solutions for water distribution, wastewater management, and drainage. Its products, known for durability and corrosion resistance, serve residential, commercial, agricultural, and industrial sectors. The company operates a single manufacturing facility in Dared, Gujarat, with warehouses in Rajkot, Jamnagar, Surat, and Ahmedabad, and maintains a distribution network spanning 25 states and union territories across India.
plastic pipes and fittings manufacturingplumbingirrigationwastewater managementdrainage systems
Objects of the Issue
- Repayment of certain secured borrowings availed by our Company ₹1,139.30 lakhs p.25
- Funding capital expenditure towards development and construction of new warehouse in Ahmedabad, Gujarat ₹379.96 lakhs p.25
- General corporate purposes [●] p.25
- Repayment of certain secured borrowings of the company p.47
- Capital expenditure towards construction of new warehouse in Ahmedabad, Gujarat p.47
- General corporate purposes p.47
- Repayment of certain secured borrowings availed by our Company ₹1,139.30 lakhs p.96
- Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat ₹379.96 lakhs p.96
- General corporate purposes p.96
- Not disclosed in this part of the document
Issue Structure
- Total Issue
- Up to 30,99,200 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 24,99,200 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Up to 6,00,000 Equity Shares aggregating to ₹[●] Lakhs (comprising up to 2,00,000 shares each from Jayesh Premjibhai Kathiriya, Premjibhai Dayabhai Kathiriya, and Rajeshbhai Kathiriya)
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹10/- each
Business Model
Vigor Plast manufactures PVC, uPVC, and cPVC pipes and fittings which it sells through a network of distributors and dealers. Revenue is generated from sales to various sectors including industrial (44.62% of FY2025 revenue), residential (23.93%), agricultural (22.55%), and commercial (8.90%) segments. The company sources raw materials from multiple suppliers and sells primarily through distributor and dealer channels.
Business Segments
Supply of PVC, uPVC, and cPVC pipes and fittings to industrial applications
Supply of PVC, uPVC, and cPVC pipes and fittings to residential applications
Supply of PVC, uPVC, and cPVC pipes and fittings to agricultural applications
Supply of PVC, uPVC, and cPVC pipes and fittings to commercial applications
Manufacturing and sale of uPVC, cPVC, and PVC pipes and fittings for water supply and plumbing applications
Manufactures cPVC Pipes, uPVC Pipes, Agriculture Pipes (Sel Fit), SWR Ring Fit Pipes and SWR Sel Fit Pipes for various applications including potable water supply, irrigation, and drainage management
Manufactures cPVC Fittings, uPVC Fittings, Agriculture Fittings (Sel Fit), SWR Ring Fit Fittings, SWR Sel Fit Fittings, P.T.M.T. Taps, garden pipes and other plumbing solutions
Manufacture and supply of PVC, uPVC, and cPVC pipes for plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management applications
Manufacture and supply of pipe fittings, manhole covers, flush tanks, plumbing accessories including solvent cement, and related products
Manufacture and sale of cPVC Pipes, uPVC Pipes, Agriculture Pipes (Sel Fit), SWR Ring Fit Pipes and SWR Sel Fit Pipes
Manufacture and sale of cPVC Fittings, uPVC Fittings, Agriculture Fittings (Sel Fit), SWR Ring Fit Fittings, SWR Sel Fit Fittings, P.T.M.T. Taps, garden pipes, etc.
SWOT Analysis
Strengths
- • Comprehensive product portfolio in PVC/uPVC/cPVC pipes and fittings(p.24)
- • Wide geographical distribution network across 25 states and union territories(p.31)
- • Multiple quality certifications demonstrating standards compliance(p.40)
- • Strong revenue growth with PAT margin expansion(p.35)
- • Diversified customer base across four key sectors(p.34)
- • Experienced promoters in manufacturing domain(p.48)
- • Established manufacturing operations with no historical breakdowns(p.47)
- • No historical labour disputes affecting operations(p.47)
- • No cyber security breaches to date(p.48)
- • Sustainable revenue and profit growth trajectory(p.51)
- • Improving employee attrition trend(p.52)
- • Comprehensive product portfolio with 1500+ SKUs across PVC, uPVC, and cPVC categories(p.139)
- • Strong quality certifications including ISO 9001:2015 and multiple BIS standards(p.137)
- • Experienced leadership with cumulative 67+ years of combined experience(p.139)
- • Established brand presence with brand ambassador and trademark registration(p.139)
- • Strategic manufacturing location providing logistics and cost advantages(p.137)
- • Large distribution network with 440 dealers/distributors across 25 states(p.139)
- • Strong EBITDA margin improvement from 8.26% to 26.51% over three years(p.127)
- • Comprehensive product range across multiple applications(p.212)
- • Multiple BIS and IS certifications demonstrating quality standards(p.212)
- • Advanced manufacturing technology and automation(p.212)
- • In-house quality control laboratory(p.212)
- • Skilled and dedicated workforce(p.212)
- • Strong revenue and profitability growth trajectory(p.213)
- • Significant EBITDA margin expansion(p.213)
- • Strong PAT margin improvement(p.214)
- • Significant capacity utilization growth(p.223)
- • Debt reduction and improved leverage(p.214)
- • Strong revenue growth trajectory(p.221)
- • Improving ROCE performance(p.214)
- • Reduced material cost ratio(p.221)
- • Product diversification with margin enhancement(p.223)
- • Improved trade receivables management(p.215)
Weaknesses
- • Geographical concentration of warehouses in single state (Gujarat)(p.31)
- • High dependence on top ten suppliers for 65.97% of purchases(p.32)
- • High debt-to-equity ratio (1.39 in FY2025) from debt-funded growth(p.33)
- • Significant customer concentration with top 10 customers contributing 27.10% of revenues(p.34)
- • Under-utilization of production capacity at 69.52% for pipes and 81.36% for fittings(p.43)
- • Operational reliance on single manufacturing facility in Dared, Gujarat(p.38)
- • History of delayed loan repayments and GST/EPF compliance issues(p.37)
- • Regulatory compliance lapses including delayed statutory filings(p.45)
- • Heavy dependence on skilled labour availability(p.47)
- • High employee attrition rate despite improvement(p.47)
- • Significant capital-intensive training requirements(p.47)
- • Inadequate insurance coverage relative to assets(p.50)
- • High debt burden with substantial secured borrowings(p.51)
- • No formal contracts with transportation providers(p.53)
- • Dependence on single export market(p.59)
- • Promoters lack public company governance experience(p.48)
- • Inadequate cyber security infrastructure(p.48)
- • Trade receivables collection risks(p.49)
- • Limited cash reserves(p.68)
- • High dependence on top customers with top 5 customers representing 19.08% of revenue(p.128)
- • Significant raw material cost concentration with top 5 suppliers at 49.16% of purchases(p.128)
- • Below-average current ratio of 0.63 indicating potential liquidity concerns(p.127)
- • High debt-to-equity ratio of 1.39, indicating substantial leverage(p.127)
- • Seasonal labour shortage impacting production capacity(p.139)
- • All four existing warehouses operating at 100% capacity utilization creating bottleneck(p.101)
- • History of payment delays to lenders(p.156)
- • Continued payment delays extending into FY 2024-25(p.158)
- • High debt-to-equity ratio indicating financial leverage(p.208)
- • Weak current ratio indicating liquidity constraints(p.203)
- • Minimal cash balance relative to operations(p.190)
- • High short-term borrowings relative to equity(p.188)
- • High supplier concentration risk(p.226)
- • Significant long-term debt burden(p.215)
- • Below-par current ratio indicating liquidity stress(p.214)
- • Declining capital turnover efficiency(p.214)
- • Significant inventory holding(p.215)
- • High short-term borrowings requiring refinancing(p.215)
Opportunities
- • Expansion to new geographical regions to reduce state concentration(p.39)
- • Growth in plastic industry from ₹3,00,000 crore to ₹10,00,000 crore(p.24)
- • Capacity utilization improvement potential for pipes (69.52% currently)(p.43)
- • Direct B2C channel expansion following closure of Vigor Polytech(p.34)
- • New warehouse construction in Ahmedabad for improved logistics(p.25)
- • Expansion through warehouse construction in Ahmedabad(p.48)
- • Strategic use of IPO proceeds for debt reduction and growth(p.48)
- • Capacity expansion and operational efficiency improvements(p.47)
- • Potential market expansion beyond Nepal(p.59)
- • Product innovation and technological upgrading(p.49)
- • Strategic warehouse expansion in Ahmedabad to improve delivery efficiency and market reach(p.138)
- • Significant growth in Gujarat market with revenue contribution increasing from 25.95% to 41.52%(p.101)
- • Planned production capacity expansion to meet anticipated rising demand(p.138)
- • Expanding market penetration across all states and union territories of India(p.139)
- • Product line expansion opportunities including column pipes, water tanks and garden pipes(p.139)
- • Export growth potential to new countries including Bangladesh, Bhutan and Africa(p.139)
- • Growing residential and urban construction driving demand for plumbing solutions(p.120)
- • Geographic expansion across multiple Indian states(p.198)
- • Export market development(p.156)
- • Expansion of distribution network(p.156)
- • Establishment of warehouses beyond manufacturing base(p.156)
- • Renewable energy integration reducing operating costs(p.194)
- • Growing market for water management and infrastructure(p.212)
- • Expansion into new geographies and market segments(p.214)
- • Further capacity utilization improvement(p.223)
- • Domestic market penetration growth potential(p.217)
- • Product portfolio expansion and innovation(p.218)
- • Export market development(p.217)
Threats
- • Potential ban or prohibition on plastic commodity use(p.33)
- • Volatility in raw material prices and supply constraints(p.33)
- • Slowdown in industrial and residential sectors affecting revenues(p.34)
- • Revenue concentration in three states (41.52% Gujarat, 13.51% UP, 6.98% MP)(p.39)
- • Natural disasters and disruptions impacting single manufacturing facility(p.38)
- • Competition from established national and local players(p.39)
- • Intense competition in pipes and fittings industry(p.49)
- • Competition from substitute materials and eco-friendly alternatives(p.49)
- • Macroeconomic and Indian economic slowdown risks(p.59)
- • Global financial instability spillovers(p.60)
- • Rupee exchange rate fluctuations(p.63)
- • Environmental and safety compliance risks(p.51)
- • Power supply interruption risks(p.55)
- • Natural disasters and geopolitical risks(p.64)
- • Regulatory and policy changes in India(p.63)
- • Technology obsolescence requiring capital investment(p.50)
- • Counterfeit product market competition(p.56)
- • Highly competitive market with low barriers to entry for new players(p.139)
- • Significant exposure to raw material price fluctuations affecting margins(p.139)
- • Rising transportation costs impacting operational efficiency and profitability(p.139)
- • Vulnerability to changes in government policy and taxation affecting operations(p.139)
- • Seasonal demand variations and monsoon-dependent agricultural sector exposure(p.142)
- • Limited export presence with only Nepal as current export market(p.128)
- • Raw material price volatility and supply chain dependencies(p.189)
- • Regulatory compliance requirements across multiple sectors(p.147)
- • Stringent environmental waste management regulations(p.148)
- • Complex labor law compliance obligations(p.153)
- • Interest rate exposure on borrowings(p.189)
- • Product concentration risk in PVC/uPVC/cPVC pipes market(p.198)
- • General economic volatility and regulatory changes(p.214)
- • Competitive market intensification(p.214)
- • Interest rate and technology infrastructure risks(p.214)
- • Interest expense vulnerability(p.219)
- • Rising operational expenses and input costs(p.221)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jayesh Premjibhai Kathiriya | Promoter/Promoter Selling Shareholder | 23,45,525 equity shares (29.87%) | — |
| Rajeshbhai Kathiriya | Promoter/Promoter Selling Shareholder | 23,03,825 equity shares (29.34%) | — |
| Premjibhai Dayabhai Kathiriya | Promoter/Promoter Selling Shareholder | 22,89,375 equity shares (29.15%) | — |
| Jashvantiben Rajeshbhai Kathiriya | Promoter | 4,66,050 equity shares (5.94%) | — |
| Nitaben Jayeshbhai Kathiriya | Promoter | 4,45,725 equity shares (5.68%) | — |
| Jayesh Premjibhai Kathiriya | Promoter | 23,45,525 Equity Shares (29.87%) | [●]% |
| Rajeshbhai Kathiriya | Promoter | 23,03,825 Equity Shares (29.34%) | [●]% |
| Premjibhai Dayabhai Kathiriya | Promoter | 22,89,375 Equity Shares (29.15%) | [●]% |
| Jashvantiben Rajeshbhai Kathiriya | Promoter | 4,66,050 Equity Shares (5.94%) | [●]% |
| Nitaben Jayeshbhai Kathiriya | Promoter | 4,45,725 Equity Shares (5.68%) | [●]% |
| Premjibhai Dayabhai Kathiriya | Promoter/Promoter Group | — | — |
| Jayesh Premjibhai Kathiriya | Promoter/Promoter Group | — | — |
| Rajeshbhai Kathiriya | Promoter/Promoter Group | — | — |
| Jayesh Premjibhai Kathiriya | Promoter | 29.87% | — |
| Rajeshbhai Kathiriya | Promoter | 29.34% | — |
| Premjibhai Dayabhai Kathiriya | Promoter | 29.15% | — |
| Jashvantiben Rajeshbhai Kathiriya | Promoter | 5.94% | — |
| Nitaben Jayeshbhai Kathiriya | Promoter | 5.68% | — |
| Jayesh Premjibhai Kathiriya | Promoter | — | — |
| Rajeshbhai Kathiriya | Promoter | — | — |
| Premjibhai Dayabhai Kathiriya | Promoter | 22,89,375 | — |
Leadership
Jayesh Premjibhai Kathiriya · Chairman and Managing Director
Rajeshbhai Kathiriya · Whole-Time Director
Ajay Kumar Agrawal · Company Secretary and Compliance Officer
Pintu Tulsibhai Jadav · Chief Financial 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.
Vigor Plast India IPO FAQs
What is the lot size of Vigor Plast India IPO?
The minimum lot size of Vigor Plast India IPO is 1,600 shares. One lot costs ₹1,29,600 at the cut-off price.
When does Vigor Plast India IPO open and close?
Vigor Plast India IPO opened for subscription on 04 Sep 2025 and closed on 09 Sep 2025.
What is the listing date of Vigor Plast India IPO?
Vigor Plast India IPO listed on 12 Sep 2025.