Vivekanand Cotspin
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.26×
- Big non-institutionalbNII · above ₹10 lakh
- 3.20×
- Retail individualRII · up to ₹2 lakh
- 11.26×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 24 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 23 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 22 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 21 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 20 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 19 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 18 Sep 2026 | ₹0 | — | ₹0 | ₹37 | ₹0 |
| 17 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹37 | ₹0 |
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.
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 |
|---|---|---|---|---|
| Qualified institutional | 11,43,000 | 14,40,000 | ₹5.33 Cr | 1.26× |
| Non-institutional | 8,55,000 | 20,64,000 | ₹7.64 Cr | 2.41× |
| Big non-institutionalwithin NII | 5,70,000 | 17,04,000 | ₹6.30 Cr | 2.99× |
| Small non-institutionalwithin NII | 2,85,000 | 3,60,000 | ₹1.33 Cr | 1.26× |
| Retail individual | 20,01,000 | 36,36,000 | ₹13.45 Cr | 1.82× |
| Total | 39,99,000 | 71,40,000 | ₹26.42 Cr | 1.79× |
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 23 Sept, 04:50 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 21 Sep 2026 – 23 Sep 2026
- Listing date
- 28 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹35 – ₹37
- Lot size
- 3,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹22.20 Cr
- Fresh issue
- ₹21.09 Cr 57,00,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹84.17 Cr
- Promoter holding
- 100.00% → 73.03% pre-issue → post-issue
- ISIN
- INE1JJP01018
- CIN
- U13111GJ2024PLC154066
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Swastika Investmart Ltd.
- Registered office
- S/No 181/1, 182/1, At Rangpurda, Kadi, Mahesana-382715, Gujarat, India
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 | 11,43,000 | 57.21% | 26.59% |
| Anchor investor · within QIB | 17,01,000 | — | 39.57% |
| NII (HNI) | 5,70,000 | 28.53% | 13.26% |
| bNII > ₹10L · within NII | 5,70,000 | — | 13.26% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 2,85,000 | 14.26% | 6.63% |
| Employee | 20,01,000 | — | 46.55% |
| Market maker | 3,00,000 | — | 6.98% |
| Total issue | 42,99,000 | — | 100.00% |
Net offer to the public of 19,98,000 shares, out of a total issue of 42,99,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 3,000 shares per lot, in multiples, at ₹37
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,11,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,22,000 |
| S-HNI (max) | 9 | 27,000 | ₹9,99,000 |
| B-HNI (min) | 10 | 30,000 | ₹11,10,000 |
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
₹37 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.27 | 1.62 |
| P/E (×) | 16.30 | 22.84 |
| Price to book (×) | 2.08 | — |
| Market cap | — | ₹84.17 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 15.96%
- ROCE
- 13.14%
- Debt / equity
- 1.56
- PAT margin
- 0.90%
- EBITDA margin
- 3.70%
- NAV per share
- ₹17.81
- Price to book
- 2.08
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY25 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 409.32 | 290.94 | 75.57 |
| Revenue from operations | 408.01 | 290.47 | 75.47 |
| Other income | 1.31 | 0.47 | 0.11 |
| Total expenses | 404.19 | 287.55 | 74.23 |
| Operating profit | 5.13 | 3.39 | 1.34 |
| Operating margin | 1.25% | 1.17% | 1.77% |
| Profit before tax | 5.13 | 3.23 | 1.35 |
| Profit after tax | 3.69 | 4.07 | 0.87 |
| PAT margin | 0.90% | 1.40% | 1.15% |
| Balance sheet | |||
| Total assets | 84.85 | 87.53 | 76.23 |
| Current assets | 41.45 | 39.93 | 25.31 |
| Current liabilities | 38.14 | 35.73 | 28.13 |
| Total liabilities | 55.91 | 70.27 | 52.78 |
| Net worth | 28.94 | 17.26 | 23.45 |
| Current ratio | 1.09× | 1.12× | 0.90× |
| Return on equity | 12.75% | 23.58% | 3.71% |
| Cash flow | |||
| Operating cash flow | 8.67 | -10.79 | 7.07 |
| Investing cash flow | -1.27 | -0.24 | 0.27 |
| Financing cash flow | -7.33 | 11.14 | -7.33 |
| Net cash flow | 0.07 | 0.11 | 0.02 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Capital Expenditure requirements towards Plant & Machinery ₹5.27 Cr
The company proposes to utilize a portion of the Net Proceeds towards procurement, installation, and commissioning of technologically upgraded spinning machinery (Comber Machine, Compact Spinning System, and Link Corner/Autoconer Winding System) at its existing manufacturing facilities to improve operational efficiencies, enhance process integration, and support manufacture of value-added yarn products.
2 To Meet Working Capital Requirements ₹11 Cr
The company proposes to utilize a portion of the Net Proceeds towards funding incremental working capital requirements to support business growth, as the business is working capital intensive and relies on internal accruals and borrowings from banks and financial institutions.
3 General Corporate Purpose —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes, including strategic initiatives, strengthening of marketing activities, and ongoing general corporate exigencies, subject to a maximum of 15% of the Gross Proceeds or Rs. lakhs (whichever is lower) as per SEBI ICDR Regulations.
4 Issue Related Expenses —
The company estimates total Issue expenses including underwriting and management fees, printing and distribution expenses, advertisement expenses, legal fees, and listing fees, to be borne from the gross proceeds of the Issue.
2 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 Vivekanand Cotspin
Vivekanand Cotspin Limited, formerly Vivekanand Cotspin LLP, is a cotton ginning and yarn manufacturing company incorporated in India. The company was originally formed as an LLP on July 21, 2015, converted to a private limited company on August 5, 2024, and became a public limited company on December 16, 2024. The company operates manufacturing facilities at Kadi, Mahesana, Gujarat, with 25,536 spindles installed. It manufactures cotton yarn and processes cotton bales, generating revenue from sales of cotton yarn, cotton bales, cotton yarn waste, and cotton seed. The company sells products domestically and exports to international markets, leveraging relationships with related party entities like Ambica Cotseeds Limited for export distribution and Vivekanand Industries for cotton seed processing.
Management
Nirav Bharatbhai Patel
MD
Jasmin Visnubhai Patel
COO
Bharatbhai Prahaladbhai Patel
Director
Vishnubhai Prahladdas Patel
Director
Rohit Khandelwal
Director
Bhavika Sanghani
Director
Irfan Abdulbhai Mansuri
CFO
Ankit Sanchiher
Director of HR
Anish Koundanya
VP of Sales
Strengths
As stated in the offer document
Forward Integration
The company is engaged in both ginning and spinning, with ginned cotton from its own unit serving as raw material for spinning, enabling supply chain control and increased profitability by moving further down the cotton textile value chain.
Cost Effective Production and Timely Fulfillment of Orders
The company ensures cost efficiency through quality raw material identification, smooth labour relations, and an efficient production system, supported by strong supplier relationships that enable timely order fulfillment.
Scalable Business Model
The company operates a scalable model focused on optimizing production capacity and achieving economies of scale, with an annual capacity of approximately 4,551 MT of Cotton Yarn and 8,000 MT of Cotton Bales, allowing upward scaling to meet growing market demands.
Quality Focus
The company produces yarn in a variety of counts and grades for both domestic and international markets, maintaining consistent quality control throughout production to build customer trust and remain competitive in the textile industry.
Experienced Promoters
The company is led by promoters with 6 to 15 years of experience in the cotton textile industry, bringing expertise in manufacturing, marketing, and finance, which has been instrumental in maintaining customer relationships and driving growth.
Risk factors
As stated in the offer document
Concentration of Sales and Purchases with Related Parties
A significant portion of the company's revenue is derived from related party transactions, with sales to Ambica Cotseeds Limited and Vivekanand Industries representing up to 47.23% and 23.13% of revenue respectively in certain periods. Any disruption, modification, or termination of these arrangements could adversely affect business operations and financial condition.
Fluctuations in Cotton Prices and Raw Material Availability
The company's business is heavily dependent on raw cotton, which is subject to seasonal variations, global demand-supply dynamics, weather conditions, and government policies. Any sharp increase in raw cotton prices or supply constraints could significantly raise production costs and reduce profit margins without a corresponding increase in product prices.
Heavy Dependence on a Few Key Customers
The top 10 customers contributed 51.18%, 83.08%, and 88.73% of revenues for FY2026, FY2025, and FY2024 respectively, with no long-term contracts in place. The loss of any major customer or reduction in orders could materially and adversely impact revenues, cash flows, and profitability.
High Working Capital Requirements and Negative Cash Flows
The company reported negative cash flows from operating activities of ₹371.96 Lakhs in FY2025 and has sanctioned working capital borrowings of ₹4,800 Lakhs. Inability to maintain sufficient cash flow or credit facilities to meet working capital requirements could adversely affect financial condition and operations.
Concentration of Operations in Gujarat and Geographic Risk
All manufacturing facilities are located at Kadi, Gujarat, making the company vulnerable to any regional disruptions including power outages, industrial accidents, or adverse local developments. Any suspension of production at this single facility could significantly impact the ability to service customers and generate revenue.
Significant Secured Borrowings and Restrictive Financial Covenants
As of March 31, 2026, total secured borrowings amounted to ₹3,837.81 Lakhs, with financing agreements containing restrictive covenants requiring lender consent for certain corporate actions. Failure to comply with these covenants could trigger events of default, accelerate repayment, or restrict operational flexibility.
Regulatory Compliance Risks and Delays in Statutory Filings
The company has experienced delays in filing GST returns, EPF payments (with delays of up to 106 days), and inaccuracies in ROC filings, exposing it to potential penalties and regulatory action. Additionally, as a recently converted company, it must now comply with the full requirements of the Companies Act, 2013, which were previously not applicable.
Intense Competition and Threat from Synthetic Fiber Substitutes
The cotton processing and yarn manufacturing industry faces intense competition from large-scale domestic and international players, as well as growing substitution risk from synthetic fibers such as polyester and viscose, which offer cost advantages. Inability to maintain competitive pricing, product quality, or adapt to shifting customer preferences could result in loss of market share and declining profitability.
Outstanding Export Obligations Under Advance Authorization Scheme
The company has outstanding export obligations with a potential duty liability of ₹303.97 Lakhs (plus interest and penalties) if unfulfilled under the Advance Authorization Scheme, with export validity until September 30, 2027. Failure to meet these obligations could result in recovery of exempted customs duties along with additional costs and penalties.
Promoter Concentration and Potential Conflicts of Interest
Promoters and Promoter Group hold 100% of pre-IPO share capital and will retain controlling interest post-issue, with group entities (Ambica Cotseeds Limited, Vivekanand Industries, Avadh Cotton Industries) operating in similar lines of business. This concentration creates potential conflicts of interest and the risk that promoter decisions may not align with minority shareholder interests, despite non-compete agreements signed in March–April 2026.
Company Analysis
from RHPVivekanand Cotspin Limited manufactures and trades cotton yarn and cotton bales through integrated ginning and spinning operations.
Vivekanand Cotspin Limited, formerly Vivekanand Cotspin LLP, is a cotton ginning and yarn manufacturing company incorporated in India. The company was originally formed as an LLP on July 21, 2015, converted to a private limited company on August 5, 2024, and became a public limited company on December 16, 2024. The company operates manufacturing facilities at Kadi, Mahesana, Gujarat, with 25,536 spindles installed. It manufactures cotton yarn and processes cotton bales, generating revenue from sales of cotton yarn, cotton bales, cotton yarn waste, and cotton seed. The company sells products domestically and exports to international markets, leveraging relationships with related party entities like Ambica Cotseeds Limited for export distribution and Vivekanand Industries for cotton seed processing.
Objects of the Issue
- Funding capex for technological upgradation through installation of Comber Machines, Compact Spinning Systems and Automatic Cone Winding (Link Coner) Systems ₹ 526.89 Lakhs p.30
- General corporate purposes p.97
- Capital expenditure for installation of additional plant and machinery p.56
- Working capital requirement p.56
- General corporate purposes p.53
- Funding Capital Expenditure requirements towards Plant & Machinery ₹526.89 Lakhs p.100
- To meet Working Capital requirements ₹1,100.00 Lakhs p.100
- General Corporate Purpose [●] (maximum 15% of total issue size or ₹1,000 Lakhs whichever is less) p.100
- Not stated in this document extract
- General corporate purposes p.291
Issue Structure
- Total Issue
- Upto ₹ [●] Lakhs
- Fresh Issue
- Upto 60,00,000 Equity Shares of Face Value of ₹10/- each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ [●]/- per Equity Share (Floor Price) to ₹ [●]/- per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue from manufacturing and trading cotton yarn and cotton bales. Revenue sources include: cotton yarn sales (52.18% of revenue in FY2026), cotton bales (38.74%), cotton yarn waste (2.30%), cotton seed (6.71%), and other items (0.07%). The company procures raw cotton through suppliers including related parties, processes it through ginning and spinning operations, and sells finished products to domestic and export customers on an order-by-order basis without long-term fixed contracts.
Business Segments
SWOT Analysis
- • 100% book-built IPO on BSE SME platform with in-principle approval(p.2)
- • Established manufacturing footprint with 25,536 spindles and integrated ginning operations(p.29)
- • Diversified supplier base reducing single-supplier dependency(p.48)
- • Elimination of related-party raw material purchases(p.49)
- • Export obligation compliance and infrastructure(p.49)
- • Established relationships with major international partners(p.74)
- • Value-chain integration through related-party transactions(p.74)
- • Integrated cotton processing value chain from ginning to spinning(p.157)
- • Modern ring spinning facility with diverse product capabilities(p.158)
- • Strategic capacity expansion through machinery upgradation(p.101)
- • Established track record with existing vendor relationships(p.103)
- • Strong profitability metrics relative to peers(p.115)
- • Forward integration from ginning to spinning reduces supply chain dependence(p.172)
- • Access to established export markets through related entity Ambica Cotseeds Limited(p.169)
- • Experienced promoter team with 15+ years in cotton textile industry(p.160)
- • Strategic location near cotton-growing regions for cost-effective raw material sourcing(p.160)
- • Quality focus and modern spinning technology ensuring competitive yarn production(p.160)
- • Scalable business model with capacity to expand production and customer base(p.173)
- • Timely order fulfillment supported by good supplier relationships and efficient operations(p.173)
- • Value addition through by-product monetization via group company infrastructure(p.170)
- • Promoter experience in cotton textile industry(p.217)
- • Established production capacity for cotton processing(p.263)
- • Modern spinning technology and equipment(p.263)
- • Strategic location near cotton growing regions(p.263)
- • Diversified customer and supplier base reducing concentration(p.271)
- • Capital base strengthening through promoter support(p.261)
- • Established track record with positive net worth across multiple years(p.293)
- • Consistent operating profitability (EBITDA) above ₹1,400 lakhs across three years(p.294)
- • Multiple quality certifications including organic and global standards(p.289)
- • International credentials and trade association membership(p.289)
- • Leverage ratio well within acceptable limits(p.294)
- • High customer concentration: top 10 customers represent 51.18% of FY2026 revenue(p.45)
- • Significant under-utilization of cotton yarn spinning capacity at 67.05% in FY2026(p.29)
- • Related party transactions represent material portion of revenue; sales to Ambica Cotseeds Limited and Vivekanand Industries were 3.21% and 3.28% respectively in FY2026(p.22)
- • Thin margins: PAT margin declined to 0.90% in FY2026 from 1.35% in FY2025(p.44)
- • High employee attrition rate of 40% in FY2026(p.44)
- • Outstanding tax litigation of ₹55.63 Lakhs against the Company(p.39)
- • Manufacturing facility and office premises are leased from promoter group, not owned(p.44)
- • Outstanding unsecured loans from promoters and directors totaling ₹661.71 Lakhs subject to recall(p.46)
- • Significant supplier concentration despite improvement(p.48)
- • No hedging arrangements for commodity price risk(p.49)
- • Reliance on third-party logistics without in-house capacity(p.51)
- • Quality control process vulnerabilities(p.51)
- • Recent conversion to public company requiring new compliance(p.50)
- • High customer credit exposure with inconsistent payment terms(p.51)
- • Weak internal control systems with automation gaps(p.53)
- • Raw material and finished goods vulnerability to deterioration(p.50)
- • High debt-to-equity ratio indicating significant leverage(p.115)
- • Declining yarn production capacity utilization(p.105)
- • Working capital intensive business model requiring substantial bank facilities(p.106)
- • Low current ratio indicating liquidity constraints(p.115)
- • Modest profit margins compared to larger peers(p.115)
- • High customer concentration with top 10 customers representing 51.18% of FY2026 revenue(p.177)
- • Declining PAT margin from 1.35% (FY2025) to 0.90% (FY2026) indicating profitability pressure(p.171)
- • Cotton yarn production capacity utilization declining to 67.05% in FY2026 from 81.38% in FY2024(p.179)
- • High employee attrition rate at 40% in FY2026, indicating workforce retention challenges(p.175)
- • Limited presence in downstream textile industries with heavy reliance on external trading partners(p.169)
- • High debt-to-equity ratio of 1.56 in FY2026, indicating significant financial leverage(p.171)
- • All manufacturing concentrated in single facility at Rangpurda, creating operational risk(p.160)
- • High leverage and debt-to-equity ratio(p.264)
- • Dependence on promoter financing and guarantees(p.260)
- • Promoters have given personal guarantees on bank borrowings(p.217)
- • High proportion of working capital borrowings payable on demand(p.261)
- • Pending income tax assessments against promoter(p.275)
- • No formal dividend policy and no dividend history(p.223)
- • GST compliance issues with multiple demand orders for ITC claims(p.278)
- • Outstanding tax liabilities on group entities and promoter partnerships(p.277)
- • Litigation against promoter group entities involving significant financial exposure(p.282)
- • Disputed cheque cases against group company with high amounts involved(p.282)
- • Trademark registration objection(p.290)
- • Planned technological upgradation with Comber Machines, Compact Spinning Systems, and Automatic Cone Winding systems to improve product quality and operational efficiency(p.30)
- • Strategy to optimize product mix toward value-added, customer-specific yarn products for higher margins(p.30)
- • Access to established export channels through related party Ambica Cotseeds Limited with international customer network and trade finance facilities(p.28)
- • Expansion of domestic and export customer base to improve capacity utilization and revenue growth(p.30)
- • Export market expansion through established channels(p.74)
- • Value addition through cotton seed processing(p.74)
- • Capacity utilization through access to additional customer relationships(p.74)
- • Value-added yarn segment expansion into combed and compact yarn(p.104)
- • Growing domestic textile demand driven by urbanization and rising middle class(p.140)
- • Strong export market opportunity with China+1 strategy benefiting Indian suppliers(p.149)
- • Government support through PLI scheme and PM MITRA parks(p.152)
- • Projected strong growth in Indian textile and apparel sector through 2030(p.155)
- • Geographic expansion into new domestic and international markets to reduce dependency(p.174)
- • Growth through operational efficiency improvements and technology adoption(p.174)
- • Expanding export markets with increasing international yarn demand(p.174)
- • Increasing cotton yarn revenue mix from 52.18% in FY2026, indicating higher-margin product growth potential(p.172)
- • Potential to capture growing textile demand through direct sales to hosiery units and mills(p.180)
- • Government support through Technology Up-gradation Fund Scheme for textile sector modernization(p.185)
- • Production-Linked Incentive Scheme for textile products supporting industry growth and competitiveness(p.185)
- • Growing export market participation and international expansion(p.267)
- • Government textile policy benefits and incentives(p.234)
- • Solar power installation reducing operating costs(p.268)
- • Capacity to increase production and market share(p.263)
- • Diversification into trading of cotton and yarn(p.263)
- • Expansion potential via migration to BSE Main Board(p.310)
- • Market maker arrangement ensuring liquidity post-listing(p.312)
- • Access to capital markets through IPO proceeds for business expansion(p.313)
- • Growing organic and sustainable textile certification portfolio(p.289)
- • Volatility in raw cotton prices and availability subject to seasonal variations, global demand-supply dynamics, and government agricultural policies(p.31)
- • Seasonality in cotton production and procurement limits raw material availability during off-seasons(p.31)
- • Intense competition in cotton processing and yarn manufacturing from domestic and international players(p.34)
- • Foreign exchange volatility affecting export revenues; rupee appreciation reduces export competitiveness(p.34)
- • Regulatory and compliance risks including delays in obtaining renewed licenses and approvals following conversion to public company(p.34)
- • Concentration of manufacturing operations in Gujarat poses geographic concentration risk(p.44)
- • Negative cash flows experienced in past; FY2025 showed negative operating cash flow of ₹371.96 Lakhs(p.35)
- • Dependence on third-party suppliers without long-term contracts; top 10 suppliers represent 52.06% of purchases in FY2026(p.48)
- • No long-term contracts with customers; customers can terminate without notice affecting revenue predictability(p.42)
- • Potential for labor disputes, strikes, and wage demand increases regulated under stringent labor laws(p.44)
- • Cotton price volatility affecting profitability(p.49)
- • Export obligation non-compliance financial penalties(p.49)
- • Competition from synthetic and alternative fibers(p.49)
- • Supply chain disruptions impacting production(p.51)
- • Changes in government regulations and trade policies(p.50)
- • Fire and flammability hazards in cotton operations(p.57)
- • Electrical power supply adequacy and cost risks(p.57)
- • Indian economic slowdown and macroeconomic headwinds(p.54)
- • Plant and machinery obsolescence or breakdown risks(p.57)
- • Raw material cost volatility impacting profitability(p.156)
- • Increasing competition from synthetic textiles(p.156)
- • Global supply chain disruptions and shipping delays affecting exports(p.129)
- • Geopolitical risks affecting Middle East trade corridors(p.138)
- • Sustainability and environmental regulatory pressures(p.156)
- • Cotton supply seasonality and weather dependency affecting raw material availability and costs(p.179)
- • Intense competition from fragmented cotton yarn market with larger established players(p.181)
- • Regulatory compliance burden including Cotton Bales Quality Control Order implementation requirements(p.186)
- • Exposure to input price volatility and foreign exchange fluctuations in export markets(p.179)
- • Low EBITDA margin of 3.70% in FY2026 indicating thin operational profitability(p.171)
- • Dependence on related party trading arrangements creating operational and regulatory risk(p.169)
- • GST demand under dispute with tax authorities(p.247)
- • Pending income tax investigation of promoter(p.276)
- • Cotton price volatility and commodity market risk(p.265)
- • Industry cyclicality and market competition(p.265)
- • Natural calamities and external economic conditions(p.265)
- • Dependence on imported raw materials subject to currency risk(p.251)
- • Ongoing regulatory scrutiny with multiple GST adjudication proceedings pending(p.278)
- • Dependence on cotton sector with exposure to input price volatility and monsoon risk(p.288)
- • Export-oriented business model exposed to FX volatility and trade regulation changes(p.288)
- • Environmental compliance renewal pending with pollution control authority(p.290)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nirav Bharatbhai Patel | Promoter | — | — |
| Jasmin Vishnubhai Patel | Promoter | — | — |
| Bharatbhai Prahaladbhai Patel | Promoter | — | — |
| Vishnubhai Prahaladdas Patel | Promoter | — | — |
| Gautam Bharatkumar Patel | Promoter | — | — |
| B P Patel Family Trust | Promoter Group | — | — |
| V P Patel Family Trust | Promoter Group | — | — |
| Ranjanben Bharatbhai Patel | Promoter Group | — | — |
| Kapilaben Vishnubhai Patel | Promoter Group | — | — |
| Nirav Bharatbhai Patel | Promoter | 20.00% | — |
| Jasmin Vishnubhai Patel | Promoter | 20.00% | — |
| Bharatbhai Prahaladbhai Patel | Promoter | 20.00% | — |
| Vishnubhai Prahaladdas Patel | Promoter | 20.00% | — |
| Gautam Bharatkumar Patel | Promoter | 20.00% | — |
| B P Patel Family Trust | Promoter Group | Negligible | — |
| V P Patel Family Trust | Promoter Group | Negligible | — |
| Ranjanben Bharatbhai Patel | Promoter | Negligible | — |
| Preet Vishnubhai Patel | Promoter Group | Negligible | — |
| Vishnubhai | Promoter/Promoter Group | — | — |
| Bharatbhai | Promoter/Promoter Group | — | — |
| Nirav Bharatbhai Patel | Promoter/Chairman and Managing Director | 20% | — |
| Jasmin Visnubhai Patel | Promoter/Whole Time Director | 20% | — |
| Bharatbhai Prahaladbhai Patel | Promoter/Non-Executive Director | 20% | — |
| Vishnubhai Prahaladdas Patel | Promoter/Non-Executive Director | 20% | — |
| Gautam Bharatkumar Patel | Promoter | 20% | — |
| B P Patel Family Trust | Promoter Group | — | — |
| V P Patel Family Trust | Promoter Group | — | — |
| Ranjanben Bharatbhai Patel | Promoter | 0.00% | — |
| Kapilaben Vishnubhai Patel | Promoter | — | — |
| Nirav Bharatbhai Patel | Promoter/Chairman and Managing Director | 20.00% | — |
| Jasmin Vishnubhai Patel | Promoter | 20.00% | — |
| Bharatbhai Prahaladbhai Patel | Promoter | 19.99% | — |
| Vishnubhai Prahaladdas Patel | Promoter | 19.99% | — |
| Gautam Bharatkumar Patel | Promoter | 20.00% | — |
| Vivekanand Industries | Partnership firm of Promoters | — | — |
| Balaji Oil Mill Ginning & Pressing Factory | Partnership firm of promoters | — | — |
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
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vivekanand Cotspin Ltd THIS ISSUE | 2.45 | 17.81 | 22.84, computed at the offer price | 2.08, computed at the offer price | 15.96% |
| 5.06 | 319.10 | 22.11 | — | 1.60% | |
| 8.14 | 76.60 | 9.52 | — | 11.23% |
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.