Vinod Texworld IPO

ListedSMEConsumer DiscretionaryNSE Emerge

Price band: ₹94
Issue size: ₹42.83 Cr
Lot size: 1200 sh
Bidding: 9 – 11 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

Vinod Texworld dyes and prints greige fabric at a plant in Ahmedabad, Gujarat, with installed capacity of 2.25 crore metres a year, 90.00% of it used in FY2026; the record describes the business as selling processed cloth on its own account, reselling bought-in goods and taking in job-work orders. Revenue was Rs 271.49 Cr in FY24, Rs 335.37 Cr in FY25 and Rs 342.64 Cr in FY26, on EBITDA of Rs 12.30 Cr, Rs 20.96 Cr and Rs 22.83 Cr — margins of 4.53%, 6.25% and 6.66%. The Rs 42.83 Cr issue was wholly fresh at a fixed Rs 94 (band low and high both Rs 94), and was subscribed 1.59 times in total on its closing day, 11 September 2026. It listed on NSE Emerge at Rs 94 on 17 September 2026, closed its first day at Rs 89.30, and last traded at Rs 22.50 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.

51Mixed

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Vinod Texworld, 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

Leveraged balance sheet
Debt-to-equity of 1.6× leaves limited headroom if demand softens or rates rise.
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 2012 · Ahmedabad, Gujarat · 92 employees

Vinod Texworld dyes and prints greige (undyed, unfinished) fabric at a plant on Piplaj Pirana Road in Ahmedabad, Gujarat, and sells the finished cloth to buyers in the garment trade. Its range covers cotton, polyester and blended fabrics. The company buys greige fabric, processes it, and sells it on its own account; it also buys finished textile goods from third-party suppliers and resells them, and takes in job-work orders dyeing and printing cloth that customers supply. Installed capacity was 2.25 crore metres a year in FY2026, of which it used 90.00%. Selling is almost entirely domestic, with 99.02% of FY2026 revenue from Indian customers and a small export line to Nepal. It had 92 employees on 31 July 2026.

Revenue is the price of processed cloth, not a processing fee. Of ₹342.64 crore of FY2026 revenue from operations, ₹290.29 crore was manufactured goods, ₹52.33 crore (15.27%) was bought-in goods resold, and job work had shrunk to ₹0.02 crore from ₹5.10 crore in FY2024. Buying the fabric dominates cost: materials consumed were ₹240.61 crore and stock-in-trade purchases ₹52.32 crore in FY2026, leaving a 6.66% EBITDA margin. The constraint is working capital and leverage — inventory holding stretched to 99 days, borrowings stood at ₹70.48 crore against ₹42.81 crore of net worth, and finance costs of ₹5.82 crore absorbed a large share of ₹10.41 crore of profit after tax.

The company on paper

Legal name: Vinod Texworld Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 19 Jul 2012
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U17200GJ2012PLC071210
Sector: Consumer Discretionary · Dyeing and printing of greige fabric in cotton, polyester and blends
Employees: 92
Registered office: Ahmedabad, Gujarat
Promoters: Harsh Vinod Mittal, Yash Vinod Mittal, Sweta Yash Mittal
Promoter holding, pre-issue: 93.1%
Promoter holding, post-issue: 66.8%
Website: vinodtexworld.com

The numbers

Financial performance

Revenue has compounded at 12.3% 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: ₹42.83 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹42.83 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: 2,28,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.3% 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 subscription1.59×

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: ₹94.00
Listed at: ₹94.00
Listing gain: unchanged 0.0%
Since listing: down 72.4%
Against the issue price: down 72.5%

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: 2,400
At cut-off price: ₹94.00
Amount blocked: ₹2,25,600

One lot is 1200 shares at ₹1,12,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,25,600. 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.

~34%

chance of one lot, per application

Retail subscription: 2.90×
Applicants per share available: 2.9× 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.

₹94.00

listed at, 0.0% against the issue price

Issue price: ₹94.00
Premium said: —
If allotted 1200 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 and profit after tax are higher at every step the record carries: revenue Rs 271.49 Cr in FY24, Rs 335.37 Cr in FY25 and Rs 342.64 Cr in FY26; profit after tax Rs 5.49 Cr, Rs 9.23 Cr and Rs 10.41 Cr, so FY26 profit is 89.62% above the FY24 figure.
EBITDA margin is wider at each of the two transitions on record: Rs 12.30 Cr on Rs 271.49 Cr of revenue in FY24 is 4.53%, Rs 20.96 Cr on Rs 335.37 Cr in FY25 is 6.25%, and Rs 22.83 Cr on Rs 342.64 Cr in FY26 is 6.66%. Net margin runs the same three steps: Rs 5.49 Cr on Rs 271.49 Cr is 2.02%, Rs 9.23 Cr on Rs 335.37 Cr is 2.75%, and Rs 10.41 Cr on Rs 342.64 Cr is 3.04%.
Net worth stands at Rs 23.16 Cr in FY24, Rs 32.40 Cr in FY25 and Rs 42.81 Cr in FY26, the FY26 figure being 84.84% above the FY24 one.
The offer carried no secondary component: of the Rs 42.83 Cr total size, Rs 42.83 Cr was fresh issue and the offer-for-sale line is Rs 0 Cr. Promoter holding is recorded at 93.10% before the issue and 66.85% after.

What to weigh against it

The price history in the record runs Rs 94 at listing on 17 September 2026, equal to the Rs 94 issue price for a listing gain of 0%, then Rs 89.30 at the first day's close — 5.00% below Rs 94 — and Rs 22.50 last traded on 23 October 2026, 76.06% below the issue price.
Borrowings are higher at both steps on record — Rs 47.01 Cr in FY24, Rs 66.28 Cr in FY25 and Rs 70.48 Cr in FY26 — set against net worth of Rs 23.16 Cr, Rs 32.40 Cr and Rs 42.81 Cr, which works out at 2.03 times, 2.05 times and 1.65 times. FY2026 finance costs of Rs 5.82 Cr are 0.56 times the Rs 10.41 Cr of profit after tax that year.
Revenue growth was 23.53% from FY24's Rs 271.49 Cr to FY25's Rs 335.37 Cr, and 2.17% from there to FY26's Rs 342.64 Cr. Within FY2026 revenue from operations of Rs 342.64 Cr, job work accounted for Rs 0.02 Cr, against Rs 5.10 Cr of job work in FY2024.
FY2026 materials consumed were Rs 240.61 Cr and stock-in-trade purchases Rs 52.32 Cr — Rs 292.93 Cr together, or 85.49% of the Rs 342.64 Cr of revenue from operations. The EBITDA margin that year was 6.66%, and inventory holding is stated at 99 days.

Easy to miss in the prospectus

The record carries a single subscription snapshot, day 3 on 11 September 2026: retail 2.90 times, NII 0.30 times, total 1.59 times, with no QIB figure recorded. Days 1 and 2 are absent.
No valuation, peer or offer-objects data is present in the record, so no earnings multiple and no use-of-proceeds reading can be taken from it.
No cash flow from operations is recorded for FY24, FY25 or FY26, while inventory holding is stated at 99 days and FY26 borrowings at Rs 70.48 Cr against net worth of Rs 42.81 Cr.

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: Novus Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 10 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.

NSE Emerge SME securities master (SME_EQUITY_L.csv) — symbol VINOD, series SM, ISIN INE1A5U01014, listed 17-Sep-26 · read 16 Oct 2026
NSE cash-market bhavcopy 17-Sep-2026 — VINOD listing-day OHLC · 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: 9 Sep 2026
Closes: 11 Sep 2026
Allotment: 15 Sep 2026
Lists: 17 Sep 2026
Revenue (FY26): ₹343 Cr
Profit (FY26): ₹10.41 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.