Vama Wovenfab IPO

Vama Wovenfab Limitedvamawoven.com

ListedSMEMaterialsBSE SME

Price band: ₹324 – ₹341
Issue size: ₹49.54 Cr
Lot size: 400 sh
Bidding: 15 – 17 Sep
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

Vama Wovenfab manufactures polypropylene and HDPE woven sacks and fabric at a single plant at Bhimpore, Nani Daman, and also trades plastic granules. Revenue was Rs 27.87 Cr in FY24, Rs 77.45 Cr in FY25 and Rs 214.62 Cr in FY26, while the EBITDA margin recorded for those three years fell from 18.32% to 13.38% to 8.32%, and the trading share of revenue moved from 29.09% in FY25 to 61.39% in FY26. The Rs 49.54 Cr issue was entirely fresh, with an offer-for-sale component of zero, and the day-three book shows 2.53 times overall. It listed on BSE SME at Rs 341, the top of the Rs 324-341 band, for a listing gain of 0%, closed its first day at Rs 323.95 and last traded at Rs 86.20 on 23 October 2026, 74.72% below the listing price.

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.

76Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Vama Wovenfab, 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 2011 · Mumbai, Maharashtra (manufacturing plant at Nani Daman, Daman) · 94 employees

Vama Wovenfab manufactures polypropylene (PP) and high-density polyethylene (HDPE) woven sack bags and woven fabric at a single plant at Bhimpore, Nani Daman, which commenced production in 2013. It extrudes plastic granules into tape, weaves the tape into fabric on circular looms, and converts that fabric into bags on automated and manual machines. Output is sold business-to-business in bulk to buyers in cement, fertilisers, agrochemicals, sugar and food processing, alongside HDPE trampoline sheets, coloured woven fabric sheets and loop-handle bags made to customer specification. The company also trades plastic granules. It is ISO 9001:2015 certified, had 94 employees on payroll as of 30 April 2026, and in FY26 had a sales presence across three states and one union territory. The registered office is in Borivali West, Mumbai.

Two streams with very different economics. In FY26 manufactured fabric and bags produced Rs 82.78 crore of revenue (38.57%) and traded plastic granules Rs 131.75 crore (61.39%); a year earlier the split was 70.91% manufacturing to 29.09% trading. Purchases of stock-in-trade were Rs 114.56 crore in FY26. As the lower-margin trading share grew, EBITDA margin fell from 18.32% in FY24 to 13.38% in FY25 to 8.32% in FY26, even as revenue reached Rs 214.62 crore. Concentration is the binding constraint: one customer was 63.68% of FY26 revenue and the top ten 96.84%, while one supplier was 68.49% of gross purchases. FY26 tape-plant utilisation was about 42%, with one extrusion line non-operational.

The company on paper

Legal name: Vama Wovenfab Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 16 Mar 2011
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U18109MH2011PLC214860
Sector: Materials · Polypropylene and HDPE woven sack and fabric packaging
Employees: 94
Registered office: Mumbai, Maharashtra (manufacturing plant at Nani Daman, Daman)
Promoters: Suresh Mohanlal Gupta, Vaibhav Suresh Gupta, Saurabh Suresh Gupta, Nisha Vaibhav Gupta
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 72.0%
Website: vamawoven.com

The numbers

Financial performance

Revenue has compounded at 177.5% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. 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: ₹49.54 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹49.54 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: 72,800

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 28.0% 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 subscription2.53×

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: ₹341.00
Listed at: ₹341.00
Listing gain: unchanged 0.0%
Since listing: down 77.7%
Against the issue price: down 77.7%

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: 800
At cut-off price: ₹341.00
Amount blocked: ₹2,72,800

One lot is 400 shares at ₹1,36,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,72,800. 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.

~36%

chance of one lot, per application

Retail subscription: 2.80×
Applicants per share available: 2.8× 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.

₹341.00

listed at, 0.0% against the issue price

Issue price: ₹341.00
Premium said: —
If allotted 400 shares: ₹0

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 grew in each of the two years the record can measure: 177.90% from Rs 27.87 Cr in FY24 to Rs 77.45 Cr in FY25, then 177.11% to Rs 214.62 Cr in FY26.
EBITDA and profit after tax rose in both of those years as well - EBITDA from Rs 5.10 Cr in FY24 to Rs 10.37 Cr in FY25 and Rs 17.86 Cr in FY26, profit after tax from Rs 2.63 Cr to Rs 6.84 Cr to Rs 11.55 Cr.
Net worth was Rs 9.05 Cr in FY24 and rose to Rs 17.15 Cr in FY25 and Rs 28.69 Cr in FY26. Borrowings rose too, from Rs 11.17 Cr to Rs 16.94 Cr to Rs 25.44 Cr, but borrowings as a multiple of net worth were 1.23x in FY24 and lower in each of the two following years, at 0.99x in FY25 and 0.89x in FY26.
The whole Rs 49.54 Cr issue was fresh capital, with the offer-for-sale component recorded at zero. Promoter holding is recorded at 100% before the issue and 72% after it.

What to weigh against it

Margins narrowed in both of the years the record can measure. The EBITDA margin recorded is 18.32% in FY24, 13.38% in FY25 and 8.32% in FY26; profit after tax as a share of revenue works out at 9.44% (Rs 2.63 Cr on Rs 27.87 Cr), 8.83% (Rs 6.84 Cr on Rs 77.45 Cr) and 5.38% (Rs 11.55 Cr on Rs 214.62 Cr).
The revenue mix changed sharply between the two years it is recorded for: 70.91% manufacturing and 29.09% trading in FY25, against 38.57% manufacturing (Rs 82.78 Cr) and 61.39% trading (Rs 131.75 Cr) in FY26. Purchases of stock-in-trade were Rs 114.56 Cr in FY26.
One customer accounted for 63.68% of FY26 revenue and the top ten for 96.84%; on the buying side, one supplier accounted for 68.49% of gross purchases.
FY26 tape-plant utilisation was about 42%, with one extrusion line non-operational, and output comes from a single plant at Bhimpore, Nani Daman.

Easy to miss in the prospectus

The record carries no valuation block and no post-issue share count, so no earnings multiple can be computed from it against either the Rs 341 listing price or the Rs 86.20 price of 23 October 2026.
No offer objects are listed, so the record does not say what the Rs 49.54 Cr of fresh proceeds was earmarked for.
Subscription is recorded for day three only - QIB 1.00 times, NII 1.56 times, retail 2.80 times, 2.53 times overall - with no earlier days and no anchor book recorded.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Vama Wovenfab — Red Herring Prospectus dated 2026-09-088 Sep 2026The document the issue was bid on. Carries the price band and the dates.Opens on rhp.mrmoneyfrugal.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Gretex Corporate Services Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Built from 6 independently published accounts of this issue, agreeing with each other. The filing is linked above, so every figure here can be checked against the primary document — but these figures were taken from those published accounts, not reconciled line by line against it.

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

At a glance

Board: SME platform
Opens: 15 Sep 2026
Closes: 17 Sep 2026
Allotment: 18 Sep 2026
Lists: 22 Sep 2026
Revenue (FY26): ₹215 Cr
Profit (FY26): ₹11.55 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.