Vaibhav Vyapaar IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Vaibhav Vyapaar

Price band

₹51 – ₹54

Lot size

2000 shares

Min investment

₹1,08,000

Issue size

₹42.1 Cr

About the company

Vaibhav Vyapaar Limited was incorporated in February 2009 and is a non-banking finance company (NBFC). It gives unsecured personal loans to salaried and self-employed borrowers under the LoanFront brand, entirely through a mobile app. The app handles the full loan journey: application, customer verification, due diligence, underwriting, documents, disbursal and repayment. The company lends directly and also through co-lending with other NBFCs. It earns extra fees by giving application and technology services to other NBFCs. Its borrowers include first-time borrowers and lower-income salaried people in urban and semi-urban India. CapFront Technologies Private Limited acquired the company in October 2019, and it has run the digital lending business for the last six years. As on 31 July 2026 it had 56 employees, of whom 17 work in technology, 11 in operations and 11 in risk.

Vaibhav Vyapaar Limited is a non-banking finance company, incorporated in February 2009, that gives unsecured personal loans to salaried and self-employed people through its digital LoanFront mobile app. It lends on its own and with other NBFCs, and also earns fees by giving application and technology services to them.

IPO details

Issue price: ₹54
Price band: ₹51 – ₹54
Face value: ₹5
Lot size: 2000
Min investment: ₹1,08,000
Issue size: ₹42.1 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: LOANFRONT
NSE symbol: LOANFRONT-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,08,000
Retail (Max)	1	2,000	₹1,08,000
HNI (Min)	2	4,000	₹2,16,000

Investor reservation

CATEGORY	RESERVED
QIB	36,94,000 shares (49.88% of the Offer)
NII	11,16,000 shares (15.07% of the Offer)
Retail	25,96,000 shares (35.05% of the Offer)

Objects of the issue

1Augment the capital base of the company32.00

2General Corporate Purpose

Financials

Rs. Crore • restated

METRIC	31 Jul 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	96.16	84.23	55.04	61.18
Total Income	18.15	37.64	25.34	25.46
Profit After Tax	3.01	1.97	1.48	0.45
EBITDA	7.51	10.84	7.07	5.38
NET Worth	47.20	29.19	27.22	25.74
Reserves and Surplus	37.00	21.14	23.19	21.71
Total Borrowing	37.90	46.80	22.66	26.76

Key performance indicators

P/E Ratio

16.25

EPS (₹)

3.20

RoE

7.87%

RoCE

12.44%

RoNW

6.37%

PAT Margin

16.70%

EBITDA Margin

41.72%

Debt / Equity

0.80

NAV (₹)

23.15

✓ Strengths

• Total income rose from Rs 25.34 crore in FY2025 to Rs 37.64 crore in FY2026, a rise of 48%.

• Profit after tax rose from Rs 0.45 crore in FY2024 to Rs 1.48 crore in FY2025 and Rs 1.97 crore in FY2026. For the four months to 31 July 2026 it was Rs 3.01 crore.

• EBITDA was Rs 10.84 crore in FY2026 on income of Rs 37.64 crore, and the PAT margin for the four months to 31 July 2026 was 16.70%.

• Net worth grew from Rs 25.74 crore at 31 March 2024 to Rs 47.20 crore at 31 July 2026, and debt to equity fell from 1.60 to 0.80 over the last four months.

• The issue is priced at 16.25 times post issue earnings on an EPS of Rs 3.20 at the upper band of Rs 52, against 53.61 times on a pre issue EPS of Rs 0.97.

• The whole Rs 40.54 crore issue is fresh capital, with no offer for sale. Rs 32.00 crore of the net proceeds is to add to the capital base for lending.

• The company lends directly and through co-lending, and also earns technology service fees from other NBFCs, so its income has more than one source.

⚠ Risks

• The latest figures cover only four months to 31 July 2026. The post issue EPS of Rs 3.20 is based on annualised earnings for that short period, so it may not hold for a full year.

• The source page quotes a net worth of Rs 471.96 crore and assets under management of Rs 812.41 crore in its text. These do not match the restated table, which shows net worth of Rs 47.20 crore and total assets of Rs 96.16 crore, so those two figures should not be relied on.

• Net worth rose from Rs 29.19 crore at 31 March 2026 to Rs 47.20 crore at 31 July 2026, while profit for the period was only Rs 3.01 crore. Most of the rise came from new capital, not earnings.

• Total borrowing more than doubled from Rs 22.66 crore at 31 March 2025 to Rs 46.80 crore at 31 March 2026. It was Rs 37.90 crore at 31 July 2026.

• Return on net worth is low at 6.37% and return on equity is 7.87% for the period to 31 July 2026. Profit after tax of Rs 1.97 crore in FY2026 is small against assets of Rs 84.23 crore.

• Unsecured personal loans to first-time and lower-income borrowers carry a higher chance of non-payment, and the data available to us does not state bad loan levels.

• Total income was flat at Rs 25.46 crore in FY2024 and Rs 25.34 crore in FY2025 before it rose in FY2026, so the growth is recent.

• Promoters hold 99.99% before the issue and 72.34% after it. The promoter group includes a company, CapFront Technologies Pvt.Ltd, and the company has only 56 employees.

• The object of the issue is only to add to the capital base, with a general corporate purpose share that has no amount stated, so there is no specific use of funds to track.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.04 lakh at the upper band of Rs 52, and SME shares usually trade in low volume after listing.

Promoters & holding

Itha Venkata Raghava Gowrinath and CapFront Technologies Pvt.Ltd

Pre-issue promoter holding

99.99%

Post-issue promoter holding

72.34%

Promoters hold 99.99% before the issue and will hold 72.34% after it.

Data refreshed 09 Nov 2026, 05:00 am IST. GMP is unofficial market sentiment, not investment advice.