Vahh Chemicals IPO

ListedSMEMaterialsBSE SME

Price band: ₹60
Issue size: ₹13.45 Cr
Lot size: 2000 sh
Bidding: 4 – 8 Jun
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Vahh Chemicals blends and trades specialty chemicals for textile wet processing out of Surat, and through its subsidiary HSHS Nutraceuticals sells supplements under the Divine Nutrition brand; the business description splits Fiscal 2026 revenue from operations of Rs 4,315.25 lakhs into blending 66.59%, nutrition 25.27% and trading 8.13%. Revenue was Rs 10.16 Cr in FY24, Rs 23.75 Cr in FY25 and Rs 43.15 Cr in FY26, with profit after tax of Rs 0.34 Cr, Rs 2.58 Cr and Rs 5.09 Cr across the same three years. The issue was a wholly fresh Rs 13.45 Cr at a fixed price of Rs 60, with no offer for sale, and was subscribed 87.22 times on its closing day of 8 June 2026. It listed on BSE SME at Rs 70 on 11 June 2026, closed that day at Rs 66.50, and last traded at Rs 41.10 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

85Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Vahh Chemicals, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2019 · Plot 2/5198 ETC, 5th Floor, 5003, World Trade Centre, Near Udhna Darawaja, Ring Road, Surat 395002, Gujarat, India · 30 employees

Vahh Chemicals blends and trades the specialty chemicals used in the wet-processing stages of textile manufacture: pre-treatment, dyeing, printing and finishing. As of 31 March 2026 its catalogue ran to 114 SKUs covering cotton, polyester, silk and synthetic blends, including water repellents, flame retardants, anti-microbial finishes, UV absorbers and wrinkle-free resins. It sells business-to-business to dyeing and printing houses, with a distribution network built around Surat, Gujarat, and names Bhatia Colour Chem as a regional competitor. The chemical operation runs from one facility of about 301.25 square metres. A subsidiary, HSHS Nutraceuticals, sells supplements under the Divine Nutrition brand through online platforms, supplement stores and gym distributors, and contributed 25.27% of consolidated revenue in Fiscal 2026.

Revenue splits three ways. Of ₹4,315.25 lakhs of revenue from operations in Fiscal 2026, blending was 66.59%, nutrition 25.27% and trading 8.13%. This is a formulator's economics, not a manufacturer's: raw-material expenditure was ₹4,248.29 lakhs in Fiscal 2026 — 98.45% of revenue from operations — while property, plant and equipment stood at ₹2.62 lakhs, and EBITDA margin was 19.06%. Both ends are unsecured by contract: raw materials came from 29 Gujarat suppliers with no supplier agreements, the largest at 39.36% of purchases, and the top ten customers were 68.06% of revenue. Working capital is the binding constraint — inventories ₹1,951.25 lakhs and receivables ₹1,681.71 lakhs at 31 March 2026, with ₹583.78 lakhs of net proceeds earmarked for it.

The company on paper

Legal name: Vahh Chemicals Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 11 Dec 2019
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U24110GJ2019PLC111346
Sector: Materials · Textile auxiliary chemicals — blending and trading for dyeing and printing houses
Employees: 30
Registered office: Plot 2/5198 ETC, 5th Floor, 5003, World Trade Centre, Near Udhna Darawaja, Ring Road, Surat 395002, Gujarat, India
Promoters: Hiren Indravadan Desai, Hetal Hirenbhai Desai, Aayush Hiren Desai
Promoter holding, pre-issue: 88.5%
Promoter holding, post-issue: 64.6%
Website: vahhchemicals.com

The numbers

Financial performance

Revenue has compounded at 106.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹13.45 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹13.45 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,14,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.9% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription87.22×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹60.00
Listed at: ₹70.00
Listing gain: up 16.7%
Since listing: down 33.7%
Against the issue price: down 22.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹60.00
Amount blocked: ₹2,40,000

One lot is 2000 shares at ₹1,20,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,40,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~1.0%

chance of one lot, per application

Retail subscription: 100.18×
Applicants per share available: 100.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹70.00

listed at, 16.7% against the issue price

Issue price: ₹60.00
Premium said: —
If allotted 2000 shares: ₹20,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose in both year-on-year steps the record carries: from Rs 10.16 Cr in FY24 to Rs 23.75 Cr in FY25, a rise of 133.76%, and on to Rs 43.15 Cr in FY26, a further 81.68%. Profit after tax moved the same way, from Rs 0.34 Cr to Rs 2.58 Cr to Rs 5.09 Cr, the FY26 step being 97.29%.
Net profit margin was 3.35% in FY24 (Rs 0.34 Cr on Rs 10.16 Cr) and was higher in each of the two following years: 10.86% in FY25 (Rs 2.58 Cr on Rs 23.75 Cr) and 11.80% in FY26 (Rs 5.09 Cr on Rs 43.15 Cr).
Borrowings relative to net worth were lower in each successive year on record: Rs 6.09 Cr against Rs 1.03 Cr in FY24, or 5.91x; Rs 11.25 Cr against Rs 6.87 Cr in FY25, or 1.64x; and Rs 11.31 Cr against Rs 14.92 Cr in FY26, or 0.76x. Net worth itself went from Rs 1.03 Cr to Rs 6.87 Cr to Rs 14.92 Cr.
The Rs 13.45 Cr fixed-price issue was subscribed 87.22 times in total on its closing day, with retail at 100.18 times and the non-institutional category at 74.26 times. No QIB figure is recorded.

What to weigh against it

The business description puts the top ten customers at 68.06% of revenue and sources raw materials from 29 Gujarat suppliers with no supplier agreements, the largest accounting for 39.36% of purchases.
At 31 March 2026 inventories were Rs 1,951.25 lakhs and receivables Rs 1,681.71 lakhs, together Rs 3,632.96 lakhs, or 84.19% of the Rs 4,315.25 lakhs of Fiscal 2026 revenue from operations. Rs 583.78 lakhs of the net proceeds is earmarked for working capital.
Total borrowings were Rs 6.09 Cr in FY24 and were higher in each following year, at Rs 11.25 Cr in FY25 and Rs 11.31 Cr in FY26, the last step being Rs 0.06 Cr. The record carries no cash flow from operations for any of the three years.
The shares listed at Rs 70 against the Rs 60 issue price, closed the first day at Rs 66.50, and last traded at Rs 41.10 on 23 October 2026, 31.5% below the issue price.

Easy to miss in the prospectus

The record carries no valuation block, no pre- or post-issue share count and no peer set, so no earnings multiple at the Rs 60 issue price can be derived from it.
Subscription is recorded for the closing day alone (day 3, 8 June 2026); no day-wise build-up, anchor book or category allocation is present.
Expenses, total assets and operating cash flow are blank for FY24, FY25 and FY26, so the gap between EBITDA of Rs 8.23 Cr and profit after tax of Rs 5.09 Cr in FY26 cannot be broken down from this record.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Marwadi Chandarana Intermediaries Brokers Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 7 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

BSE equity bhavcopy, 11 June 2026 (listing day; scrip 544778, ISIN INE0H3U01013, series MT) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 4 Jun 2026
Closes: 8 Jun 2026
Allotment: 9 Jun 2026
Lists: 11 Jun 2026
Revenue (FY26): ₹43.15 Cr
Profit (FY26): ₹5.09 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.