Vama Wovenfab
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 4 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹341 | ₹0 |
| 12 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹341 | ₹0 |
| 11 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹341 | ₹0 |
| 10 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹341 | ₹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.
Issue details
- IPO date
- 15 Sept 2026 – 17 Sept 2026
- Listing date
- 22 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹324 – ₹341
- Lot size
- 400 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹49.54 Cr
- Fresh issue
- ₹47.06 Cr 13,80,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹177 Cr
- Promoter holding
- 100.00% → 72.00% pre-issue → post-issue
- ISIN
- INE1G7R01010
- CIN
- U18109MH2011PLC214860
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- 1104, W 92, L T Road, Borivali (West), Vazira Naka, Mumbai 400092
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | — | — |
| Anchor investor · within QIB | 0 | — | — |
| NII (HNI) | 0 | — | — |
| bNII > ₹10L · within NII | 0 | — | — |
| sNII < ₹10L · within NII | 0 | — | — |
| Retail (RII) | 0 | — | — |
| Employee | 0 | — | — |
| Market maker | 72,800 | — | — |
Application size
Minimum 400 shares per lot, in multiples, at ₹341
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,36,400 |
| S-HNI (min) | 2 | 800 | ₹2,72,800 |
| S-HNI (max) | 7 | 2,800 | ₹9,54,800 |
| B-HNI (min) | 8 | 3,200 | ₹10,91,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
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
₹341 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 30.90 | 22.25 |
| P/E (×) | 11.04 | 15.33 |
| Price to book (×) | 4.44 | — |
| Market cap | — | ₹177 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 50.37%
- ROCE
- 31.94%
- Debt / equity
- 0.89
- PAT margin
- 5.38%
- EBITDA margin
- 8.32%
- NAV per share
- ₹76.8
- Price to book
- 4.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 214.62 | 77.76 | 27.87 |
| Revenue from operations | 214.62 | 77.45 | 27.87 |
| Other income | 0 | 0.31 | 0.01 |
| Total expenses | 199.28 | 68.84 | 24.38 |
| Operating profit | 15.34 | 8.92 | 3.49 |
| Operating margin | 7.15% | 11.47% | 12.52% |
| Profit before tax | 15.33 | 8.92 | 3.49 |
| Profit after tax | 11.55 | 6.84 | 2.63 |
| PAT margin | 5.38% | 8.80% | 9.44% |
| Balance sheet | |||
| Total assets | 74.18 | 67.47 | 37.14 |
| Current assets | 66.48 | 59.38 | 32.39 |
| Current liabilities | 42.89 | 47.18 | 26.25 |
| Total liabilities | 45.48 | 50.33 | 28.09 |
| Net worth | 28.69 | 17.15 | 9.05 |
| Current ratio | 1.55× | 1.26× | 1.23× |
| Return on equity | 40.26% | 39.88% | 29.06% |
| Cash flow | |||
| Operating cash flow | -6.31 | -2.33 | 6.93 |
| Investing cash flow | -0.12 | -3.56 | -0.36 |
| Financing cash flow | 6.75 | 5.87 | -6.42 |
| Net cash flow | 0.32 | -0.02 | 0.15 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital Expenditure towards Construction of shed ₹1.36 Cr
The company proposes to construct the remaining portion of the first floor to accommodate increased space requirements for additional machinery and enhanced production capacity. This expenditure will facilitate enhanced manufacturing operations and modernization on the first floor to accommodate new machinery and operational requirements enabling higher production volumes to meet growing customer demand.
2 Capital Expenditure towards Purchase of Machinery ₹7.25 Cr
The company plans to expand production by installing circular looms, cheese winders, and cheese pipers to significantly boost fabric production and maximize utilization of installed capacity. This capacity expansion will maximize utilization, streamline manufacturing, reduce costs through automation, and enable the company to meet growing market demand.
3 To meet Working Capital Requirements ₹26.5 Cr
The company requires funds to meet its working capital requirement for its operations. The working capital needs of the company are expected to reach a significant amount in FY 2026-27, with a portion expected to be utilized from the Net Proceeds of this Offer and balance to be met from internal accruals and borrowings.
4 General Corporate Purposes —
The company intends to deploy the balance Net Proceeds for general corporate purposes including strategic initiatives, brand building and strengthening of marketing activities, and on-going general corporate exigencies or any other purposes as approved by the Board subject to compliance with necessary regulatory provisions.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Vama Wovenfab
Vama Wovenfab Limited is an ISO 9001:2015 certified company primarily engaged in manufacturing and selling Polypropylene (PP)/ High Density Polyethylene (HDPE) Woven Sack Bags & Fabric based products of different weight, sizes and colours as per customer specifications. The company offers customised bulk packaging solutions to business-to-business (B2B) manufacturers catering to different industries including agriculture, chemicals, food processing, and more. The company was incorporated in March 2011 and commenced production in 2013 at its manufacturing unit in Daman.
Management
Mr. Suresh Mohanlal Gupta
CEO
Mr. Saurabh Suresh Gupta
MD
Strengths
As stated in the offer document
Strong Long-Term Customer Relationship
The company has established enduring, trust-based relationships with both customers and suppliers, ensuring consistent raw material supply, stable production, and reliable product delivery.
Deep Customer Understanding and Prioritization
The company centers on truly understanding customer needs through close collaboration before production begins, with all departments aligning their efforts around customer priorities to minimize errors and reduce waste.
On-Time and Planned Delivery
The company strictly adheres to planned schedules for production and dispatch, ensuring timely delivery of orders through proactive monitoring and prompt scheduling.
Continuous Product and Process Improvement
The company invests in ongoing development at every stage, exploring superior materials, adopting innovative technologies, and integrating customer feedback to keep products and processes competitive.
Skilled and Experienced Workforce
The company's team comprises trained and skilled personnel who efficiently handle advanced machinery and production techniques, contributing to superior product quality and operational efficiency.
Risk factors
As stated in the offer document
Substantial Revenue Dependence on Limited Buyers in Commoditized Market
The company derives a substantial portion of its revenues from limited buyers, with the top customer contributing 63.68% of revenue in FY 2026. This concentration in a commoditized, price-sensitive market exposes the company to significant cyclicality, demand volatility, and customer attrition risks that could materially impact revenues and profitability.
Absence of Long-term Customer Agreements
The company operates without long-term agreements with customers, relying solely on purchase orders that provide no assurance of minimum offtake or fixed pricing. In the commoditized woven packaging industry, this exposes the company to potential revenue losses from customers shifting to competitors offering more favorable terms.
Raw Material Price Volatility Risk
The company's manufacturing operations depend heavily on polypropylene (PP) and high-density polyethylene (HDPE) granules, which are petroleum-derived products with prices directly linked to crude oil fluctuations. Industry reports indicate price swings of 20-40% within short durations, which could compress margins and adversely affect profitability.
High Geographical Revenue Concentration
The company derives major revenue from three states, with 47.93% from Daman and Diu in FY 2026, 39.60% from Maharashtra, and 12.46% from Gujarat. This geographical concentration heightens exposure to adverse regional developments and limits diversification benefits.
Significant Working Capital Requirements
The company requires substantial working capital, with working capital requirements representing 31.80% of total assets and 10.99% of revenue from operations in FY 2026. A significant portion is consumed in trade receivables (₹1,841.65 lakhs) and inventories (₹4,477.85 lakhs), creating potential cash flow constraints.
Negative Operating Cash Flows
The company reported negative cash flows from operating activities of ₹631.47 lakhs in FY 2026 and ₹232.51 lakhs in FY 2025. Sustained negative cash flows could significantly impact growth prospects and business sustainability.
Dependency on Continuous Power Supply
The company's energy-intensive manufacturing processes are highly dependent on uninterrupted power supply from limited providers (Adani Electricity Mumbai Limited and Torrent Power). Any power disruptions or significant tariff increases could materially affect production capabilities and operating costs.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Vama Wovenfab Ltd. THIS ISSUE | 30.90 | 76.80 | 15.33, computed at the offer price | 4.44, computed at the offer price | 50.37% |
| 0.45 | 39.08 | 183.18 | 2.10 | 1.27% | |
| 4.30 | 40.54 | 4.53 | 0.47 | 11.20% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.