Vama Wovenfab IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Vama Wovenfab

Price band

₹324 – ₹341

Lot size

400 shares

Min investment

₹1,36,400

Issue size

₹49.54 Cr

About the company

Vama Wovenfab Ltd was started in 2011. It makes woven sack bags and fabric products from polypropylene and high density polyethylene. Woven sacks are the strong plastic bags used to pack and move bulk material such as grain, cement and fertiliser. Its range covers woven sack bags, coloured woven fabric sheets, loop handle bags, HDPE trampolines and other woven packaging made to a customer's own specification. It also trades in plastic granules, which are the raw material for this kind of manufacturing. The company supplies customised bulk packaging to business customers across many industries, including agriculture, food and beverages, cement, fertilisers, chemicals, sugar, construction, retail and bulk packaging and logistics. Its manufacturing unit is at Daman and its facility also processes recycled material to make better use of resources. As of FY2024-25 its sales network covered four states and two union territories, with distribution across Maharashtra, Gujarat and Daman.

Vama Wovenfab Ltd manufactures PP and HDPE woven sack bags and fabric products, including HDPE trampolines, coloured woven sheets and loop handle bags, and also trades plastic granules. It operates from a unit at Daman and supplies bulk packaging to agriculture, food, cement, fertiliser, chemical and construction customers.

IPO details

Issue price: ₹341
Price band: ₹324 – ₹341
Face value: ₹10
Lot size: 400
Min investment: ₹1,36,400
Issue size: ₹49.54 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7969
NSE symbol: VAMAWOVEN.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	400	₹1,36,400
Retail (Max)	1	400	₹1,36,400
HNI (Min)	2	800	₹2,72,800

Investor reservation

CATEGORY	RESERVED
QIB	14,400 shares (1.04% of the Offer)
NII	2,76,000 shares (20.00% of the Offer)
Retail	10,89,600 shares (78.96% of the Offer)

Objects of the issue

1Capital Expenditure towards Construction of shed1.36

2Capital Expenditure towards Purchase of Machinery7.25

3To meet working capital requirements26.50

4General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	74.18	67.47	37.14
Total Income	214.62	77.76	27.87
Profit After Tax	11.55	6.84	2.63
EBITDA	17.86	10.37	5.10
NET Worth	28.69	17.15	9.05
Reserves and Surplus	24.96	13.41	5.44
Total Borrowing	25.44	16.94	11.17

Key performance indicators

P/E Ratio

15.33

EPS (₹)

22.25

RoE

50.37%

RoCE

31.94%

RoNW

50.37%

PAT Margin

5.38%

EBITDA Margin

8.32%

Debt / Equity

0.89

NAV (₹)

76.80

✓ Strengths

• Sales have grown extraordinarily fast, from Rs 27.87 crore in FY2024 to Rs 77.76 crore in FY2025 and Rs 214.62 crore in FY2026.

• Profit has grown from Rs 2.63 crore in FY2024 to Rs 6.84 crore in FY2025 and Rs 11.55 crore in FY2026.

• EBITDA has more than tripled over the same period, from Rs 5.10 crore to Rs 17.86 crore.

• Return ratios are very high, with RoNW of 50.37% and RoCE of 31.94%.

• The issue is priced at about 15.33 times earnings on an EPS of Rs 22.25.

• Its bags go into many different industries, from agriculture and food to cement, fertilisers, chemicals and construction, so demand is not tied to one sector.

• The facility processes recycled material alongside fresh polymer, which helps on both cost and sustainability.

• The whole issue is fresh capital, with Rs 8.61 crore going into a new shed and machinery and Rs 26.50 crore into working capital.

⚠ Risks

• The growth is extremely fast and from a very small base. Sales went up nearly eight times in two years, from Rs 27.87 crore to Rs 214.62 crore, which is difficult to sustain and should be understood from the RHP.

• The profit margin is thin at 5.38%. Sales of Rs 214.62 crore produced only Rs 11.55 crore of profit.

• Borrowing was Rs 25.44 crore against a net worth of Rs 28.69 crore, a debt to equity ratio of 0.89, and it has more than doubled in two years.

• A part of the revenue comes from trading plastic granules rather than manufacturing, which earns a lower margin.

• Woven sacks are close to a commodity product where buyers switch on price, and there are many manufacturers in this trade.

• The sales network is narrow, covering four states and two union territories as of FY2024-25.

• The whole business runs from a single unit at Daman, so there is single location risk.

• The raw material is polymer, whose price follows crude oil.

• Promoter holding will come down from 100% to 72% after the issue.

• This is an SME issue. One lot is 400 shares, which is about Rs 1.36 lakh at the upper band of Rs 341, and SME shares usually trade in low volume after listing.

Promoters & holding

Suresh Mohanlal Gupta, Vaibhav Suresh Gupta, Saurabh Suresh Gupta and Nisha Vaibhav Gupta

Pre-issue promoter holding

100%

Post-issue promoter holding

72%

Data refreshed 07 Nov 2026, 04:56 pm IST. GMP is unofficial market sentiment, not investment advice.