Minerva Capital Research Solutions

Vama Wovenfab

ListedListed 22 Sep 2026BSE SMENSE: VAMAWOVENCheck allotment
Current price₹ 77.55−77.26% since issue
Listing day0%
Issue price
₹ 341
Issue size
₹ 49.54 Cr.
Min. investment
₹ 1,36,400
Listing price
₹ 341
Subscribed
2.58x
Lot size
400 shares
P/E
15.33
RoNW
50.37%
RoCE
31.94%
Debt / Equity
0.89
PAT margin
5.38%
EBITDA margin
8.32%
RoE
50.37%
EPS
₹ 22.25
NAV
₹ 76.80
Promoter stake
72%

About

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.

Timeline

  1. Opens
    15 Sep
    done
  2. Closes
    17 Sep
    done
  3. Allotment
    18 Sep
    done
  4. Refunds
    21 Sep
    done
  5. Demat credit
    21 Sep
    done
  6. Listing
    22 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 70 on 16 Sep 2026
Lowest
₹ 3 on 17 Sep 2026
First quoted
₹ 10 on 14 Sep 2026

Subscription

How many times each investor group bid for its share, as of 23 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1400₹ 1,36,400
Retail (Max)1400₹ 1,36,400
HNI (Min)2800₹ 2,72,800

Company overview

Financials

Financials by year
Assets74.1867.4737.14
Total Income214.6277.7627.87
Profit After Tax11.556.842.63
EBITDA17.8610.375.1
NET Worth28.6917.159.05
Reserves and Surplus24.9613.415.44
Total Borrowing25.4416.9411.17

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.

What the money is for

Objects of the issue
Capital Expenditure towards Construction of shed1.36
Capital Expenditure towards Purchase of Machinery7.25
To meet working capital requirements26.5
General Corporate Purposes—

Promoters

  • Suresh Mohanlal Gupta
  • Vaibhav Suresh Gupta
  • Saurabh Suresh Gupta
  • Nisha Vaibhav Gupta
Promoter holding100%→72%before → after the issue · down 28 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.