Vinod Texworld
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.38×
- Retail individualRII · up to ₹2 lakh
- 2.91×
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 | 21,64,800 | 6,49,200 | ₹6.10 Cr | 0.30× |
| Retail individual | 21,63,600 | 62,95,200 | ₹59.17 Cr | 2.91× |
| Total | 43,28,400 | 69,44,400 | ₹65.28 Cr | 1.60× |
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 11 Sep, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 09 Sep 2026 – 11 Sep 2026
- Listing date
- 17 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹94
- Issue price
- ₹94 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹42.83 Cr
- Fresh issue
- ₹40.70 Cr 43,29,600 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹152 Cr
- Promoter holding
- 93.10% → 66.84% pre-issue → post-issue
- ISIN
- INE1A5U01014
- CIN
- U17200GJ2012PLC071210
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Novus Capital Advisors Pvt.Ltd.
- Registered office
- 185/2, Saijpur, Gopalpur, Opp. Shanti Process, Piplaj Pirana Road, Ahmedabad, Gujarat, India, 382405
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 | 0 | 0.00% | 0.00% |
| NII (HNI) | 21,63,600 | 49.99% | 47.48% |
| bNII > ₹10L · within NII | 21,63,600 | — | 47.48% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 21,64,800 | 50.01% | 47.51% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,28,000 | — | 5.00% |
| Total issue | 45,56,400 | — | 100.00% |
Net offer to the public of 43,28,400 shares, out of a total issue of 45,56,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹94
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,12,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,25,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,02,400 |
| B-HNI (min) | 9 | 10,800 | ₹10,15,200 |
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 (₹) | 8.97 | 6.44 |
| P/E (×) | 10.48 | 14.60 |
| Price to book (×) | 3.37 | — |
| Market cap | — | ₹152 Cr |
Key performance indicators
- Return on net worth
- 28.50%
- ROCE
- 19.00%
- Debt / equity
- 2.05
- PAT margin
- 2.75%
- EBITDA margin
- 6.25%
- NAV per share
- ₹27.93
- Price to book
- 3.37
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 | 34,295.76 | 33,573.61 | 27,165.39 |
| Revenue from operations | 34,263.62 | 33,536.93 | 27,148.8 |
| Other income | 32.14 | 36.68 | 16.59 |
| Total expenses | 32,882.64 | 32,309.97 | 26,449.68 |
| Operating profit | 1,413.12 | 1,263.64 | 715.71 |
| Operating margin | 4.12% | 3.76% | 2.63% |
| Profit before tax | 1,413.12 | 1,263.64 | 715.72 |
| Profit after tax | 1,040.74 | 923.36 | 548.64 |
| PAT margin | 3.03% | 2.75% | 2.02% |
| Balance sheet | |||
| Total assets | 18,150.06 | 17,768.13 | 15,427.68 |
| Current assets | 15,471.18 | 15,347.19 | 12,823.07 |
| Current liabilities | 11,844.49 | 12,689.82 | 11,104.84 |
| Total liabilities | 13,869.49 | 14,528.3 | 13,111.22 |
| Net worth | 4,280.57 | 3,239.83 | 2,316.47 |
| Current ratio | 1.31× | 1.21× | 1.15× |
| Return on equity | 24.31% | 28.50% | 23.68% |
| Cash flow | |||
| Operating cash flow | 787.26 | -1,196.93 | -674.69 |
| Investing cash flow | -605 | -208.18 | -585.79 |
| Financing cash flow | -160.86 | 1,412.2 | 1,057.13 |
| Net cash flow | 21.38 | 7.09 | -203.35 |
Objects of the issue
1 Expansion of Existing Plant ₹6.39 Cr
The company is undertaking expansion of its existing fabric processing and dyeing plant through installation of new machinery to increase production capacity, improve product quality, and meet growing demand for services.
2 Repayment of Loan ₹7.15 Cr
The company intends to prepay a portion of its cash credit facility from State Bank of India to reduce debt service coverage ratio and enhance eligibility for bidding on larger projects.
3 To meet Working Capital Requirement ₹20.35 Cr
The company requires additional working capital to fund incremental business requirements including inventory, trade receivables, and operational expenses to support expanded production capacity.
4 General Corporate Purposes ₹5.97 Cr
The company intends to deploy funds for general corporate purposes including funding growth opportunities, strategic initiatives, meeting ordinary business expenses, and addressing business exigencies.
5 Issue Expenses ₹2.97 Cr
The company will utilize funds to cover various expenses related to the IPO including lead manager fees, underwriting commission, regulatory fees, and other professional charges.
About Vinod Texworld
Vinod Texworld Limited (formerly Shree Shiv Shakti Cot-Fab Private Limited) was incorporated on July 19, 2012 in Ahmedabad, Gujarat. The company was acquired in FY 2016-17 by Vinod Mangalchand Mittal, Harsh Vinod Mittal and Yash Vinod Mittal, who brought it under the Vinod group of textile companies. The company operates a single manufacturing facility in Ahmedabad engaged in fabric processing—converting greige (unfinished) fabric into finished fabrics through processes including dyeing, washing, printing and finishing. It generates revenue through three main channels: manufacturing of processed fabrics, trading of textile products, and job work operations. With installed capacity of 2,25,00,000 meters per annum and capacity utilization of 90% in FY 2026, the company serves customers primarily in the domestic Indian market (99.02% of revenue) with a small export presence to Nepal.
Management
Mr. Yash Vinod Mittal
MD
Mr. Harsh Vinod Mittal
CEO
Mrs. Sweta Yash Mittal
Director
Mr. Saket Jagdishchandra Agarwal
Director
Ms. Nikita Sinha
Director
Mr. Anchal Tulsyan
CFO
Ms. Aditi Mittal
COO
Mr. Manish Om Prakash Sharma
Director of Operations
Mr. Manoj Sharma
Director of Operations
Strengths
As stated in the offer document
Established Client Relationships and Customer Retention
The company has maintained long-standing relationships with key customers ranging from 1.5 to 9 years, contributing to repeat business and stable revenue base with 235 repeated customers generating Rs. 31,042.09 lakhs in FY 2025-26.
Customer-Centric Operations
The company maintains average delivery duration of 15-20 days with organized sales structure allowing direct customer communication and well-defined complaint redressal mechanism ensuring customer satisfaction.
Experienced Management and Operational Team
The company is managed by a team with relevant industry experience of over a decade with promoter and managing director supported by competent team having in-depth operational knowledge.
Timely Order Fulfilment and Operational Efficiency
The company has implemented business processes ensuring adherence to delivery schedules with no late delivery charges or material delays incurred during the preceding three financial years.
Quality Control Mechanisms
The company applies multiple quality tests including colour fastness, residual shrinkage, stretchability, and skewness to ensure product standards are maintained and assess product performance under various conditions.
Resource Optimization
The company continuously monitors and evaluates processes with respect to utilization of human, power, energy and other resources through internal review mechanisms to ensure optimal resource use.
Cost Management and Process Improvement
The company focuses on cost optimization through improved production methods, supply chain efficiencies, and environmentally responsible practices using Time and Motion studies and alternative sourcing methods.
Supplier and Stakeholder Relationships
The company maintains long-standing relationships with key suppliers ranging from 2.5 to 9.5 years ensuring consistent supply and operational stability with 16 suppliers having established partnerships.
Capacity Expansion
The company plans to enhance production capacity by acquiring and installing new machinery, particularly in the Dye House segment to meet increasing demand and support future business growth.
Renewable Energy Initiatives
The company has implemented a 100-kW solar power plant at its manufacturing unit and proposed an additional 1500-kW solar module installation to reduce energy costs and reliance on conventional power sources.
Risk factors
As stated in the offer document
Corporate Guarantee Obligations and Contingent Liabilities
The company has provided corporate guarantees of ₹1,733.00 lakhs to State Bank of India for credit facilities availed by promoter group company Vinod Cotfab Private Limited, representing approximately 0.40 times of the company's net worth. Any default by the borrower could require the company to discharge such liabilities, materially affecting financial condition and cash flows.
Customer Concentration Risk
The company's top ten customers contribute 51.99% of revenue from operations in FY 2026, with significant exposure to related party Vinod Denim Limited (15.12% of revenue). Loss of one or more major customers could materially impact revenues and profitability due to pricing pressures and reduced bargaining power.
High Working Capital Requirements
The company requires substantial working capital with debtor days of 88 days in FY 2026 (above industry norm of 30-45 days) and projected working capital requirement of ₹5,688.83 lakhs for FY 2027. Any inability to arrange adequate working capital timely may adversely affect operations and growth prospects.
Significant Debt Burden and Short-term Borrowing Dependence
The company has total borrowings of ₹7,048.47 lakhs as of March 31, 2026, with heavy reliance on short-term facilities including ₹3,858.40 lakhs in cash credit. This exposes the company to refinancing risks and potential acceleration of repayment obligations if covenants are breached.
Supplier Concentration Risk
The company's top ten suppliers contribute 93.28% of purchases in FY 2026, with the largest supplier (related party Vinod Cotfab Private Limited) accounting for 44.64%. This concentration creates vulnerability to supply disruptions, price fluctuations, and dependency on key relationships without long-term binding agreements.
Geographic Revenue Concentration
The company derives 58.83% of revenue from Gujarat and 15.01% from Punjab in FY 2026, creating significant geographic concentration risk. Any adverse economic, political, or regulatory developments in these states could materially impact business performance and financial results.
Single Manufacturing Facility Risk
The company operates only one production unit in Ahmedabad, Gujarat, making it vulnerable to localized disruptions including natural disasters, workforce issues, regulatory actions, or infrastructure failures. Any shutdown or significant disruption could materially affect production capacity and business continuity.
Negative Cash Flow from Operations
The company reported negative operating cash flows of ₹1,196.93 lakhs and ₹674.69 lakhs in FY 2025 and FY 2024 respectively, though positive ₹787.26 lakhs in FY 2026. Sustained negative cash flows could adversely impact ability to meet working capital requirements and service debt obligations.
Company Analysis
from PROSPECTUSVinod Texworld Limited is a textile processing company that converts greige fabric into finished fabrics through dyeing, washing, printing and finishing operations, serving the domestic garment and apparel industry.
Vinod Texworld Limited (formerly Shree Shiv Shakti Cot-Fab Private Limited) was incorporated on July 19, 2012 in Ahmedabad, Gujarat. The company was acquired in FY 2016-17 by Vinod Mangalchand Mittal, Harsh Vinod Mittal and Yash Vinod Mittal, who brought it under the Vinod group of textile companies. The company operates a single manufacturing facility in Ahmedabad engaged in fabric processing—converting greige (unfinished) fabric into finished fabrics through processes including dyeing, washing, printing and finishing. It generates revenue through three main channels: manufacturing of processed fabrics, trading of textile products, and job work operations. With installed capacity of 2,25,00,000 meters per annum and capacity utilization of 90% in FY 2026, the company serves customers primarily in the domestic Indian market (99.02% of revenue) with a small export presence to Nepal.
Objects of the Issue
- Incremental working capital requirement p.35
- Expansion of Existing Plant p.68
- Repayment of Loan p.68
- Working Capital Requirements p.68
- General Corporate Purposes ₹597.27 Lakhs p.74
- Expansion of Existing Plant ₹638.77 lakhs p.135
- Repayment of Loan ₹715.00 lakhs p.135
- To meet Working Capital Requirement ₹2,035.00 lakhs p.135
- General Corporate Purposes ₹597.27 lakhs p.135
- Issue Expenses ₹296.98 lakhs p.135
- Repayment of short-term borrowings p.338
- General corporate purposes
- Repayment of short-term borrowings ₹650.00 lakhs p.370
- General corporate purposes p.338
Issue Structure
- Total Issue
- ₹4,283.02 lakhs (45,56,400 equity shares at ₹94.00 per share)
- Fresh Issue
- 45,56,400 equity shares of face value ₹10 each at ₹94.00 per share aggregating ₹4,283.02 lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹94.00 per equity share (Fixed Price)
- Lot Size
- 1,200 equity shares; minimum 2 lots per application
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue through: (1) Manufacturing and processing of fabrics—converting greige fabric purchased from suppliers into finished fabrics using dyeing, washing, printing and finishing processes, then selling to customers; (2) Trading of textile products—purchasing and reselling textile products; (3) Job work operations—processing fabric on behalf of customers for a fee. Revenue from manufacturing represented 84.73% of total revenue in FY 2026, trading accounted for 15.27%, and job work for 0.01%. The company operates through a network of dealers and agents for distribution but has not entered into long-term contracts with customers, instead operating on the basis of purchase orders.
Business Segments
SWOT Analysis
- • Established integrated manufacturing with quality assurance capabilities(p.197)
- • Strong financial growth with improving profitability and margins(p.198)
- • Diversified product portfolio and customer base across multiple states(p.197)
- • Capacity expansion planned to increase production by 39 lakh meters per annum(p.144)
- • Adoption of renewable energy to reduce operational costs(p.144)
- • Established customer relationships with repeat business(p.199)
- • High proportion of revenue from repeat customers(p.199)
- • Experienced management with over a decade of expertise(p.200)
- • Consistent timely delivery with no material delays(p.200)
- • Comprehensive quality control mechanisms(p.200)
- • Long-standing supplier relationships (2.5 to 10 years)(p.201)
- • Renewable energy investment reducing energy costs(p.202)
- • Scalable manufacturing capacity utilization(p.221)
- • Experienced promoter management in textile manufacturing(p.275)
- • Clean regulatory and legal compliance history of promoters(p.274)
- • No willful defaults or fraudulent borrowing history(p.274)
- • Complete manufacturing capability across textile processing stages(p.348)
- • Diversified domestic market presence(p.348)
- • Improved profitability trend(p.349)
- • Established manufacturing capacity and production growth(p.359)
- • Growing revenue from operations with shift to higher-margin direct sales(p.358)
- • Improved profitability and margin expansion(p.356)
- • Reduced reliance on job work, enabling focus on own manufacturing(p.358)
- • Cost efficiency improvements through renewable energy investment(p.360)
- • Improved working capital management and collection efficiency(p.362)
- • Expanded customer base through direct sales channel(p.358)
- • Positive operating cash flow generation(p.363)
- • High contingent liabilities from corporate guarantees(p.32)
- • Moderate credit rating reflecting credit risk(p.33)
- • High customer concentration risk(p.34)
- • Significant working capital requirements(p.35)
- • High supplier concentration(p.41)
- • Significant debt burden(p.40)
- • Negative operating cash flows(p.48)
- • Deteriorated working capital cycle(p.48)
- • High debt-to-equity ratio compared to peers(p.158)
- • Lower PAT margins relative to peer companies(p.158)
- • Negative operating cash flows in prior years(p.155)
- • Significant dependence on domestic market with limited export presence(p.198)
- • Heavy dependence on suppliers(p.202)
- • High working capital requirement(p.202)
- • Insufficient market reach(p.202)
- • Seasonal labour problems(p.202)
- • Top two customers represent significant concentration risk(p.211)
- • High supplier concentration (44.64% from single supplier)(p.212)
- • High employee attrition rate(p.227)
- • High reliance on related party (Vinod Denim Limited) for significant revenue(p.351)
- • Material dependence on group companies for purchases(p.289)
- • Significant short-term borrowing obligations(p.297)
- • Low cash position relative to operations(p.297)
- • Lower profitability margins compared to growth in scale(p.351)
- • Promoters' personal guarantees on bank loans(p.275)
- • High financial leverage with significant debt burden(p.361)
- • Increasing finance costs impacting profitability(p.356)
- • Dependence on key material supplier(p.361)
- • Modest profit margins despite revenue growth(p.357)
- • Pending labor disputes and litigation(p.372)
- • Strong domestic textile and apparel market growth projected at 10% CAGR to 2030(p.180)
- • Government support through PLI scheme for MMF fabric manufacturers(p.186)
- • Expansion of PM MITRA Parks to create integrated textile manufacturing ecosystems(p.179)
- • Rising demand for fast-fashion fabrics driven by domestic apparel retail growth(p.181)
- • Export market opportunities through bilateral trade agreements(p.193)
- • Expansion into new geographical areas(p.202)
- • Opportunities in Indian domestic market(p.202)
- • Government development thrust boosting demand(p.202)
- • Growing demand for sustainable textiles(p.202)
- • Capacity expansion planned in Dye House segment(p.201)
- • Shift from job work to higher-margin direct sales(p.206)
- • Expansion of customer base beyond related parties(p.351)
- • Growth in fast-fashion segment and product portfolio enhancement(p.348)
- • Transition to renewable energy and sustainability(p.348)
- • Export market expansion(p.348)
- • Capacity expansion through new machinery installation(p.351)
- • Enhancement of dyed and printed fabric offerings(p.351)
- • Capacity expansion to capture growing market demand(p.358)
- • Growth through capital deployment and asset additions(p.356)
- • Migration to main board of NSE for enhanced valuation and capital raising(p.407)
- • Access to capital through IPO for debt reduction and growth(p.370)
- • Dependence on domestic market creates geographic concentration risk(p.35)
- • Intense competition from domestic and international manufacturers(p.47)
- • Geographic concentration in Gujarat(p.50)
- • Single production facility in Ahmedabad exposes to localized risks(p.47)
- • Environmental regulations increasingly stringent for textile processing(p.54)
- • Power supply disruptions could impact operations(p.55)
- • Dependence on third-party logistics without long-term contracts(p.55)
- • Intense competition from both organized and unorganized fabric processors(p.181)
- • Volatility in raw material prices affecting margins(p.182)
- • Global competition from countries with cost advantages(p.185)
- • Stringent environmental regulations and compliance requirements(p.183)
- • Cyclical demand linked to domestic consumption and global economic conditions(p.185)
- • Increased competition from large players(p.202)
- • Risk of changes in government policies(p.202)
- • Rising labour wages(p.202)
- • Low entry barriers attracting new competitors(p.202)
- • Fluctuation in raw material prices(p.202)
- • Fragmented and unorganized market structure(p.228)
- • Income tax search proceedings impact(p.344)
- • Concentration risk with single large customer(p.351)
- • Fluctuations in raw material and operational costs(p.349)
- • Vulnerability to natural calamities(p.350)
- • Economic and market volatility(p.349)
- • Regulatory and policy changes(p.349)
- • Tax liabilities and GST compliance proceedings(p.373)
- • Income tax search proceedings with uncertain outcome(p.374)
- • Exposure to textile industry cyclicality and competition(p.366)
- • Interest rate and currency fluctuation risks(p.365)
- • Contingent liabilities from guarantees issued(p.364)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Harsh Vinod Mittal | Promoter | — | — |
| Yash Vinod Mittal | Promoter | — | — |
| Sweta Yash Mittal | Promoter | — | — |
| Yash Vinod Mittal | Promoter | 37.86% | 27.18% |
| Harsh Vinod Mittal | Promoter | 36.32% | 26.08% |
| Sweta Yash Mittal | Promoter | 2.54% | 1.83% |
| Vinod Mangalchand Mittal | Promoter Group | 5.00% | 3.59% |
| Radha Vinodkumar Mittal | Promoter Group | 7.76% | 5.57% |
| Mr. Harsh Vinod Mittal | Promoter | 26.08% | — |
| Mr. Yash Vinod Mittal | Promoter | 27.18% | — |
| Mrs. Sweta Yash Mittal | Promoter | 1.83% | — |
| Yash Vinod Mittal | Promoter | 37.86% | — |
| Harsh Vinod Mittal | Promoter | 36.32% | — |
| Sweta Yash Mittal | Promoter | 2.54% | — |
| Yash Vinod Mittal | Promoter | 37.86% | — |
| Harsh Vinodbhai Mittal | Promoter | 36.32% | — |
| Sweta Yash Mittal | Promoter | — | — |
| Vinod M. Mittal | Promoter | — | — |
| Harsh Vinodbhai Mittal | Promoter | — | — |
| Yash Vinod Mittal | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS 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 PROSPECTUS before relying on it.
Offer documents
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vinod Texworld Ltd. THIS ISSUE | 8.97 | 36.90 | 14.60, computed at the offer price | 3.37, computed at the offer price | 24.31% |
| 2.74 | 20.91 | 22.08 | 3.00 | 13.10% | |
| 24.35 | 105.67 | 12.61 | 2.91 | 22.95% |
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.