Minerva Capital Research Solutions

Vinod Texworld

ListedListed 17 Sep 2026NSE SMENSE: VINOD-SMCheck allotment
Current price₹ 23.55−74.95% since issue
Listing day0%
Issue price
₹ 94
Issue size
₹ 42.83 Cr.
Min. investment
₹ 1,12,800
Listing price
₹ 94
Lot size
1,200 shares
RoNW
28.79%
RoCE
34.99%
PAT margin
2.75%
EPS
₹ 6.44
Promoter stake
66.85%

About

Vinod Texworld Limited was started in 2012. It is an integrated textile company that makes, processes and supplies fabric to customers in India and abroad. Its main work is dyeing and printing greige fabric. Greige fabric is cloth that has been woven but not yet dyed or finished. The company buys this raw cloth, dyes and prints it, and then sells the finished fabric. Because it handles the whole chain from buying the greige cloth to producing the finished dyed and printed fabric, it can control quality and respond quickly when demand or designs change. Its range covers cotton fabrics, polyester fabrics and blended fabrics. It runs its own manufacturing facility on owned land of about 5,949 square metres, with an installed capacity of around 2.25 crore metres a year. It sells across several states including Gujarat, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh and West Bengal. As on 31 August 2025 it had 103 employees.

Timeline

  1. Opens
    9 Sep
    done
  2. Closes
    11 Sep
    done
  3. Allotment
    15 Sep
    done
  4. Refunds
    16 Sep
    done
  5. Demat credit
    16 Sep
    done
  6. Listing
    17 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
₹ 20 on 9 Sep 2026
Lowest
₹ 1 on 11 Sep 2026
First quoted
₹ 4 on 5 Sep 2026

Subscription

How many times each investor group bid for its share, as of 17 Sep 2026, 06:31 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)11,200₹ 1,12,800
Retail (Max)11,200₹ 1,12,800
HNI (Min)22,400₹ 2,25,600

Company overview

Financials

Financials by year
Assets177.21154.21117.08
Total Income335.56271.65200.73
Profit After Tax9.215.30.68
EBITDA20.9912.294.8
NET Worth31.9822.7716.48
Reserves and Surplus20.3811.175
Total Borrowing66.2847.0134.88

Strengths

  • Profit has grown sharply, from Rs 0.68 crore in FY2023 to Rs 5.30 crore in FY2024 and Rs 9.21 crore in FY2025.
  • Sales have grown strongly, from Rs 200.73 crore in FY2023 to Rs 271.65 crore in FY2024 and Rs 335.56 crore in FY2025.
  • EBITDA more than quadrupled over the same period, from Rs 4.80 crore to Rs 20.99 crore.
  • Return ratios are high, with RoCE of 34.99% and RoNW of 28.79%.
  • The company owns its manufacturing facility and land, with an installed capacity of about 2.25 crore metres a year.
  • It handles the full chain from buying greige fabric to the finished dyed and printed cloth, which helps control quality and delivery.
  • The product range covers cotton, polyester and blended fabrics, so it can serve different customer needs.
  • It already sells across seven states including Gujarat, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh and West Bengal.

Risks

  • The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.
  • The objects of the issue are listed without any amounts in the data available to us, so how the Rs 42.83 crore will be split between plant expansion, loan repayment and working capital is not visible from here and must be read in the RHP.
  • The profit margin is very thin at 2.75%. On sales of Rs 335.56 crore the company earned only Rs 9.21 crore.
  • Debt is high and rising. Total borrowing was Rs 66.28 crore as on 31 March 2025 against a net worth of only Rs 31.98 crore, which is more than twice, and it has gone up every year from Rs 34.88 crore in FY2023.
  • Dyeing and printing uses a lot of water and produces effluent, so the company carries pollution control and environmental compliance risk.
  • Fabric processing is a very competitive trade with many players and low switching cost, so customers can move on price.
  • The whole business runs from one facility with 103 employees, so there is single location and key person risk.
  • This is a fixed price issue at Rs 94 per share, so there is no price discovery through bidding.
  • Promoter holding will come down from 93.1% to 66.85% after the issue.
  • This is an SME issue. One lot is 1,200 shares, which is Rs 1.13 lakh at the issue price, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Expansion of Existing Plant—
Repayment of Loan—
To meet Working Capital Requirement—
General Corporate Purposes—

Promoters

  • Harsh Vinod Mittal
  • Yash Vinod Mittal
  • Sweta Yash Mittal
Promoter holding93.1%→66.85%before → after the issue · down 26.25 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
NOVUS CAPITAL ADVISORS PRIVATE LIMITED (Formerly known as Fast Track Finsec 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.