Vinod Texworld IPO
Vinod Texworld IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹94 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹42.83 Cr |
| Sale Type | Fresh capital only |
| Listing On | NSE SME |
| NSE Symbol | VINOD-SM.NS |
| BSE Scrip Code | VINOD |
| Min Investment | ₹112,800 |
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹112,800 |
| Retail (Max) | 1 | 1,200 | ₹112,800 |
| HNI (Min) | 2 | 2,400 | ₹225,600 |
Strengths & Risks
Strengths
- Profit has grown sharply, from Rs 0.68 crore in FY2023 to Rs 5.30 crore in FY2024 and Rs 9.21 crore in FY2025.
- Sales have grown strongly, from Rs 200.73 crore in FY2023 to Rs 271.65 crore in FY2024 and Rs 335.56 crore in FY2025.
- EBITDA more than quadrupled over the same period, from Rs 4.80 crore to Rs 20.99 crore.
- Return ratios are high, with RoCE of 34.99% and RoNW of 28.79%.
- The company owns its manufacturing facility and land, with an installed capacity of about 2.25 crore metres a year.
- It handles the full chain from buying greige fabric to the finished dyed and printed cloth, which helps control quality and delivery.
- The product range covers cotton, polyester and blended fabrics, so it can serve different customer needs.
- It already sells across seven states including Gujarat, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh and West Bengal.
Risks
- The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.
- The objects of the issue are listed without any amounts in the data available to us, so how the Rs 42.83 crore will be split between plant expansion, loan repayment and working capital is not visible from here and must be read in the RHP.
- The profit margin is very thin at 2.75%. On sales of Rs 335.56 crore the company earned only Rs 9.21 crore.
- Debt is high and rising. Total borrowing was Rs 66.28 crore as on 31 March 2025 against a net worth of only Rs 31.98 crore, which is more than twice, and it has gone up every year from Rs 34.88 crore in FY2023.
- Dyeing and printing uses a lot of water and produces effluent, so the company carries pollution control and environmental compliance risk.
- Fabric processing is a very competitive trade with many players and low switching cost, so customers can move on price.
- The whole business runs from one facility with 103 employees, so there is single location and key person risk.
- This is a fixed price issue at Rs 94 per share, so there is no price discovery through bidding.
- Promoter holding will come down from 93.1% to 66.85% after the issue.
- This is an SME issue. One lot is 1,200 shares, which is Rs 1.13 lakh at the issue price, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 177.21 | 154.21 | 117.08 |
| Total Income | 335.56 | 271.65 | 200.73 |
| Profit After Tax | 9.21 | 5.30 | 0.68 |
| EBITDA | 20.99 | 12.29 | 4.80 |
| NET Worth | 31.98 | 22.77 | 16.48 |
| Reserves and Surplus | 20.38 | 11.17 | 5.00 |
| Total Borrowing | 66.28 | 47.01 | 34.88 |
About The Company
Vinod Texworld Limited was started in 2012. It is an integrated textile company that makes, processes and supplies fabric to customers in India and abroad.
Its main work is dyeing and printing greige fabric. Greige fabric is cloth that has been woven but not yet dyed or finished. The company buys this raw cloth, dyes and prints it, and then sells the finished fabric. Because it handles the whole chain from buying the greige cloth to producing the finished dyed and printed fabric, it can control quality and respond quickly when demand or designs change.
Its range covers cotton fabrics, polyester fabrics and blended fabrics. It runs its own manufacturing facility on owned land of about 5,949 square metres, with an installed capacity of around 2.25 crore metres a year. It sells across several states including Gujarat, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh and West Bengal. As on 31 August 2025 it had 103 employees.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 0× | — | — |
| Non-Institutional Investors (NII) | 0× | — | — |
| Retail Individual Investors (RII) | 0× | — | — |
| Employee | 0× | — | — |
| Total | 0× | — | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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