1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Vama Wovenfab Limited |
| IPO Type | 100% Book Built Issue; Fresh Issue |
| Fresh Issue | Up to 14,52,800 Equity Shares |
| Total Offer | Up to 14,52,800 Equity Shares |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹324–₹341 per Equity Share |
| Lot Size | 400 Equity Shares |
| Minimum Individual Application | 800 shares / 2 lots |
| Opening Date | September 15, 2026 |
| Closing Date | September 17, 2026 |
| Basis of Allotment | On or about September 18, 2026 |
| Listing | BSE SME; on or about September 22, 2026 |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Gretex Corporate Services Limited |
2. IPO Details
| Particular | At Floor Price ₹324 | At Cap Price ₹341 |
|---|
| Fresh Issue Shares | 14,52,800 | 14,52,800 |
| Fresh Issue Amount | ₹4,706.27 lakh | ₹4,955.25 lakh |
| Total Issue Shares | 14,52,800 | 14,52,800 |
| Pre-Issue Shares | 37,36,164 | 37,36,164 |
| Post-Issue Shares | 51,88,964 | 51,88,964 |
| Post-Issue Market Capitalisation | ₹16,81,22,? lakh | ₹17,69,? lakh |
3. Issue Reservation
| Category | Shares / Limit |
|---|
| QIB | Up to 14,400 shares in the detailed offer structure |
| Individual Investors | Up to 10,89,600 shares |
| Non-Institutional Investors | Up to 2,76,000 shares |
| Market Maker | Up to 72,800 shares |
| Anchor Investors | Up to 60% of QIB Portion may be allocated, subject to the stated conditions |
4. IPO Lot Size
| Application | Lots | Shares | Amount @ ₹324 | Amount @ ₹341 |
|---|
| Individual Investors (IND) – Min | 2 | 800 | ₹2,59,200 | ₹2,72,800 |
| Individual Investors (IND) – Max | 2 | 800 | ₹2,59,200 | ₹2,72,800 |
| S-HNI – Min | 3 | 1,200 | ₹3,88,800 | ₹4,09,200 |
| S-HNI – Max | 7 | 2,800 | ₹9,07,200 | ₹9,54,800 |
| B-HNI – Min | 8 | 3,200 | ₹10,36,800 | ₹10,91,200 |
5. About the Company
Vama Wovenfab Limited was initially incorporated as Vama Wovenfab Private Limited on March 16, 2011. It was converted into a public limited company following a shareholders' resolution dated July 28, 2025, and the fresh certificate of incorporation consequent to conversion was issued on August 21, 2025.
The company is an ISO 9001:2015 certified manufacturer of polypropylene (PP) and high-density polyethylene (HDPE) woven sack bags and fabric-based products. Its offerings include PP/HDPE bags, BOPP laminated bags, loop-handle bags, PP fabric, HDPE fabric, FIBC fabric, PP/HDPE rolls, HDPE tarpaulin and coloured woven fabric sheets. It also trades in plastic granules.
The business serves B2B manufacturers and traders across industries such as agriculture, food and beverages, cement, fertilizers, chemicals, sugar, construction, retail and bulk packaging/logistics. The manufacturing facility is at Bhimpore, Nani Daman, Daman, while the registered office is in Borivali (West), Mumbai.
The manufacturing process described in the RHP runs from plastic granule extrusion into tapes/yarn, circular-loom weaving, lamination and printing, through cutting, stitching, inspection and bale pressing. The RHP states that the company had 94 skilled and unskilled employees as of April 30, 2026.
6. Restated Financial Information
Financial Performance
| Particular | FY2025-26 | FY2024-25 | FY2023-24 |
|---|
| Revenue from Operations | 21,461.71 | 7,744.81 | 2,786.57 |
| Other Income | — | 30.69 | 0.62 |
| Total Income | 21,461.71 | 7,775.51 | 2,787.19 |
| Total Expenses | 19,928.49 | 6,883.86 | 2,438.27 |
| Profit Before Tax | 1,533.22 | 891.65 | 348.92 |
| Current Tax | 389.41 | 217.08 | 87.41 |
| Deferred Tax | (10.70) | (9.19) | (1.48) |
| PAT | 1,154.51 | 683.76 | 262.99 |
| Basic EPS | 30.90 | 18.66 | 7.27 |
| Diluted EPS | 30.90 | 18.66 | 7.27 |
| Finance Costs | 192.89 | 122.54 | 107.85 |
| Depreciation & Amortisation | 60.30 | 53.07 | 54.31 |
** Balance Sheet**
| Balance Sheet Item | 31-Mar-2026 | 31-Mar-2025 | 31-Mar-2024 |
|---|
| Share Capital | 373.62 | 373.62 | 361.62 |
| Reserves & Surplus | 2,495.78 | 1,341.27 | 543.50 |
| Long-Term Borrowings | 244.02 | 305.57 | 169.84 |
| Short-Term Borrowings | 2,299.93 | 1,388.77 | 946.86 |
| Trade Payables | 1,575.38 | 3,103.45 | 1,440.50 |
| Other Current Liabilities | 119.22 | 61.21 | 177.82 |
| Short-Term Provisions | 294.45 | 164.91 | 59.73 |
| Total Equity & Liabilities | 7,417.73 | 6,747.40 | 3,714.02 |
| Property, Plant & Equipment | 443.18 | 482.14 | 451.88 |
| Long-Term Loans & Advances | 302.31 | 311.59 | 10.67 |
| Inventories | 4,477.85 | 3,678.46 | 2,753.09 |
| Trade Receivables | 1,841.65 | 1,991.53 | 154.08 |
| Cash & Cash Equivalents | 79.48 | 47.70 | 49.68 |
| Short-Term Loans & Advances | 177.76 | 207.37 | 282.03 |
| Other Current Assets | 71.17 | 13.12 | — |
| Total Assets | 7,417.73 | 6,747.40 | 3,714.02 |
Cash Flow
| Cash Flow Item | FY2025-26 | FY2024-25 | FY2023-24 |
|---|
| Net Cash from/(used in) Operating Activities | (631.47) | (232.51) | 692.94 |
| Net Cash from/(used in) Investing Activities | (12.07) | (356.46) | (35.93) |
| Net Cash from/(used in) Financing Activities | 675.32 | 586.98 | (642.38) |
| Purchase of Property, Plant & Equipment | (21.35) | (94.64) | (36.65) |
| Cash & Cash Equivalents – Closing | 79.48 | 47.70 | 49.68 |
8. Key Performance Indicators
| KPI | FY2025-26 | FY2024-25 | FY2023-24 |
|---|
| Revenue from Operations | 21,461.71 | 7,744.81 | 2,786.57 |
| EBITDA | 1,786.41 | 1,036.57 | 510.46 |
| EBITDA Margin | 8.32% | 13.38% | 18.32% |
| PAT | 1,154.51 | 683.76 | 262.99 |
| PAT Margin | 5.38% | 8.83% | 9.44% |
| Net Worth | 2,869.40 | 1,714.88 | 905.12 |
| RoE | 50.37% | 52.20% | 34.00% |
| RoCE | 31.94% | 28.83% | 22.44% |
| Number of Customers | 64 | 77 | 67 |
| Average Revenue per Customer | 335.34 | 100.58 | 41.59 |
| Employee Benefit Cost | 375.45 | 309.26 | 189.02 |
| Total Annual Manpower | 45 | 21 | 18 |
| Average Annual Manpower Cost | 8.34 | 14.73 | 10.50 |
9. IPO Valuation
| Particular | Details |
|---|
| Price Band | ₹324–₹341 |
| FY2025-26 Basic & Diluted EPS | ₹30.90 |
| P/E at Floor Price | 10.49x |
| P/E at Cap Price | 11.04x |
| Weighted Average P/E – Floor / Cap | 14.16x / 14.90x |
| RONW – Weighted Average | 48.25% |
| NAV per Share – FY2023-24 / FY2024-25 / FY2025-26 | ₹25.03 / ₹45.90 / ₹76.80 |
| WACA from Last Five Relevant Transactions | ₹102.86 per share |
| Floor Price vs WACA | 3.15x |
| Cap Price vs WACA | 3.32x |
| Market Capitalisation | ₹176.94 crore at upper price |
10. Peer Comparison
| Particular | Vama Wovenfab | Kahan Packaging | Sah Polymers |
|---|
| CMP (₹) | [●] | 19.50 | 82.43 |
| EPS (₹) | 30.90 | 4.30 | 0.45 Basic / 0.38 Diluted |
| PE Ratio | [●] | 4.53 | 183.18 Basic / 226.92 Diluted |
| RONW (%) | 50.37 | 11.20 | 1.27 |
| NAV (₹) | 76.80 | 40.54 | 39.08 |
| Face Value (₹) | 10.00 | 10.00 | 10.00 |
| Revenue from Operations (₹ lakh) | 21,461.71 | 3,037.67 | 10,125.09 |
| KPI | Vama Wovenfab FY26 / FY25 / FY24 | Kahan Packaging FY26 / FY25 / FY24 | Sah Polymers FY26 / FY25 / FY24 |
|---|
| Revenue from Operations | 21,461.71 / 7,744.81 / 2,786.57 | 3,037.67 / 2,838.89 / 2,470.18 | 10,125.09 / 11,366.74 / 10,076.10 |
| EBITDA | 1,786.41 / 1,036.57 / 510.46 | 299.60 / 261.89 / 228.49 | 243.90 / 345.99 / 377.04 |
| EBITDA Margin | 8.32% / 13.38% / 18.32% | 9.86% / 9.23% / 9.25% | 2.41% / 3.04% / 3.74% |
| PAT | 1,154.51 / 683.76 / 262.99 | 116.97 / 112.10 / 100.21 | 117.04 / 17.32 / 66.35 |
| PAT Margin | 5.38% / 8.83% / 9.44% | 3.85% / 3.95% / 4.06% | 1.16% / 0.15% / 0.66% |
| Net Worth | 2,869.40 / 1,714.88 / 905.12 | 1,102.56 / 985.60 / 873.47 | 10,081.00 / 8,343.97 / 8,332.02 |
| RoE | 50.37% / 52.20% / 34.00% | 11.20% / 12.06% / 18.34% | 1.27% / 0.21% / 0.79% |
| RoCE | 31.94% / 28.83% / 22.44% | 13.50% / 11.72% / 12.63% | (0.04)% / 0.92% / 1.42% |
11. Shareholding & Capital Structure
| Particular | Details |
|---|
| Authorised Share Capital | 60,00,000 Equity Shares of ₹10 each; ₹600.00 lakh |
| Pre-Issue Paid-up Capital | 37,36,164 Equity Shares; ₹373.62 lakh |
| Fresh Offer | Up to 14,52,800 Equity Shares; nominal value ₹145.28 lakh |
| Market Maker Reservation | Up to 72,800 shares; nominal value ₹7.28 lakh |
| Net Offer | Up to 13,80,000 shares; nominal value ₹138.00 lakh |
| Post-Issue Paid-up Capital | Up to 51,88,964 Equity Shares; ₹518.90 lakh |
| Securities Premium – Before Offer | ₹675.98 lakh |
| Promoters – Pre-Offer | 34,03,594 shares; 91.10% |
| Promoter Group – Pre-Offer | 3,32,570 shares; 8.90% |
12. Objects of the Issue
| Object | Total Estimated Expenditure / Allocation (₹ lakh) | FY2026-27 Deployment (₹ lakh) |
|---|
| Construction of Shed | 136.30 | 136.30 |
| Purchase of Machinery | 724.52 | 724.52 |
| Working Capital Requirements | 2,650.00 | 2,650.00 |
| General Corporate Purposes | [●] | [●] |
13. Key Risks Highlighted in the RHP
| Editorial Category | RHP Disclosure / Potential Impact |
|---|
| Business / Customer | Revenue is concentrated among limited bulk buyers and the company does not have long-term customer agreements. Pricing pressure, customer attrition and demand volatility may affect revenue and margins. |
| Raw Materials / Industry | PP and HDPE granule prices are subject to volatility. Substitute packaging materials, fragmented competition and continued acceptance of PP/HDPE may affect the business. |
| Working Capital / Cash Flow | The business requires significant working capital and had negative operating cash flow in FY2025-26. Inventory and receivables can absorb funds. |
| Geographic / Facility | Major sales and the existing manufacturing facility are concentrated in particular regions, including the single manufacturing location at Daman. Disruption could affect operations. |
| Operations / Machinery | Manufacturing depends on continuous power, fuel and machinery. The company also has planned shed and machinery expenditure for which orders had not yet been placed at the RHP date. |
| Legal / Litigation | The company, promoters and directors have disclosed pending legal and tax matters. The RHP also discloses regulatory filing inaccuracies/non-compliances. |
| Environmental / Regulatory | The RHP describes a delay in renewal of CTO/CTE and states that a fresh CTE and CTO were subsequently obtained. The business also requires various regulatory approvals. |
| Management / Labour | The company relies on promoters, directors and KMPs; the industry is labour intensive and employee attrition may disrupt operations. The directors have no prior listed-company experience as disclosed. |
| Debt / Liquidity | Lenders have security over assets, loan agreements contain restrictive covenants, some unsecured loans are repayable on demand, and higher interest rates may affect results. |
| Related Parties / Governance | The company has entered into related-party transactions and directors have interests through shareholding and related-party relationships. |
| Offer / Listing | The shares have no prior public trading history; listing may be delayed or not occur, future issues may dilute holders, and trading price/volume may fluctuate. |
| External / Regulatory | Changes in regulation, government policy, economic conditions, political or social conditions, natural calamities and other external events may affect the business. |
14. Litigation & Contingent Liabilities
| Particular | Details |
|---|
| Criminal Proceedings – Company & Promoters | 3 disclosed matters involving Trans Express Logistic India Pvt Ltd; cheque dishonour complaints under Sections 138/141 of the Negotiable Instruments Act |
| Company – Income Tax | 2 outstanding demands; ₹3.42 lakh |
| Company – GST | 1 demand; ₹23.47 lakh |
| Company – TDS | 9 cases; ₹2.15 lakh |
| Promoters / Directors – Income Tax | Vaibhav Suresh Gupta: ₹0.90 lakh; Saurabh Suresh Gupta: ₹0.03 lakh |
| Material Creditors | 15 material creditors; ₹1,488.51 lakh |
| Other Creditors | 85 creditors; ₹1,575.38 lakh disclosed as outstanding |
| Contingent Liabilities – FY2025-26 | Income Tax: ₹3.37 lakh; TDS/Traces: ₹2.16 lakh; GST: ₹23.47 lakh; Total: ₹28.99 lakh |
15. Registrar
| Particular | Details |
|---|
| Name | Maashitla Securities Private Limited |
| Address | 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, North West, New Delhi – 110034, Delhi, India |
| Contact Person | Mr. Mukul Agrawal |
| Telephone | +91 11 4758 1432 |
| Email | ipo@maashitla.com |
| Investor Grievance Email | Investor.ipo@maashitla.com |
| Website | www.maashitla.com |
| SEBI Registration No. | INR000004370 |
| CIN | U67100DL2010PTC208725 |
16. Lead Manager(s)
| Particular | Details |
|---|
| Name | Gretex Corporate Services Limited |
| Address | A-401, Floor 4th, Plot FP-616 (PT), Naman Midtown, Senapati Bapat Marg, Near Indiabulls, Dadar (W), Delisle Road, Mumbai – 400013, Maharashtra, India |
| Contact Person | Mr. Pradip Agarwal |
| Telephone | +91 93319 26937 |
| Email | info@gretexgroup.com |
| Website | www.gretexcorporate.com |
| SEBI Registration No. | INM000012177 |
| CIN | L74999MH2008PLC288128 |
17. Company Contact Details
| Particular | Details |
|---|
| Registered Office | 1104, W 92, L T Road, Borivali (West), Vazira Naka, Mumbai 400092 |
| Factory | Sr. No. 162/4,6,7,9, Coastal Highway, Bhimpore, Nani Daman, Daman – 396210 (U.T.) |
| Company Contact | +91 89768 50365; info@vamawoven.com |
| Website | www.vamawoven.com |
| Company Secretary & Compliance Officer | Ms. Sakshi Mishra; +91 89768 50364; cs@vamawoven.com |
| Chief Financial Officer | Mr. Vaibhav Suresh Gupta; +91 85111 29780; cfo@vamawoven.com |
| Investor Grievance | Company Secretary/Compliance Officer, Registrar and/or BRLM |
