Vigor Plast India IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 4 Sept 2025 |
| IPO Closes on | 9 Sept 2025 |
| Allotment on | 10 Sept 2025 |
| Credit of shares on | 11 Sept 2025 |
| Tentative Listing on | 12 Sept 2025 |
Vigor Plast India IPO Condense Verdict
Vigor Plast India Ltd. (est. 2012) manufactures CPVC & UPVC pipes, fittings and ancillaries for plumbing, sewage, agriculture and industry. It operates a modern facility in Dared, Gujarat with warehouses across the state.
Financials show sharp profit growth: FY23 PAT Rs.0.30 cr ➝ FY24 Rs.2.93 cr ➝ FY25 Rs.5.15 cr, on income of Rs.46.02 cr. EBITDA margins expanded to 26% as raw material cost dropped from ~81% (FY22) to ~63% (FY25). Net worth rose to Rs.12.78 cr, while borrowings reduced to Rs.17.72 cr.
However, inventory as on Mar-25 is at 2.31× monthly sales. This trend, along with sudden cost moderation, warrant careful investor evaluation.
Verdict: Strong profit surge ahead of IPO, but sustainability and working capital build-up raise caution.
Final Subscription Tally
| Size Rs.23.85 Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| 3.94 | 7.03 | 2.49 | 3.88 | 1051 |
| Subscription Review: Some improvement observed on the last day |
||||
About Vigor Plast India
Vigor Plast India Limited, incorporated in 2012, is engaged in the manufacturing and supply of CPVC and UPVC pipes and fittings. Its product portfolio caters to plumbing, sewage, agriculture, and industrial applications, covering a wide range of CPVC & UPVC plumbing systems, SWR pipes, and PVC agricultural pipes.
The company operates from its manufacturing facility and registered office at Dared, Gujarat, equipped with fully automated machinery, ensuring high-quality and efficient production. To strengthen distribution, it has set up five warehouses across Gujarat—Rajkot, Jamnagar, Surat, Ahmedabad, and Dholka (operations at Dholka warehouse are yet to commence).
Product Range includes:
-
Pipes: CPVC Pipes, UPVC Pipes, Agriculture Pipes (Sel Fit), SWR Ring Fit & SWR Sel Fit Pipes
-
Fittings & Ancillaries: CPVC & UPVC Fittings, Agriculture Fittings (Sel Fit), SWR Ring Fit & SWR Sel Fit Fittings, P.T.M.T. Taps, Garden Pipes, etc.
As of 31 December 2024, the company employed 83 permanent staff, supporting its expanding operations.
Vigor Plast India IPO Details
|
Sector: |
|
| IPO opens on | 4 September 2025 |
| IPO closes on | 9 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 30,99200 Shares / Rs 25.10 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 1,55,200 Shares |
| Net offer to Public | 29,44,000 Shares Rs. 23.85 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 77-81 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | NSE SME |
How shares are being offered
|
Category |
Shares Offered |
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Net Issue |
| Application | Lots | Shares | Amount Rs |
| Retail (Min) | 2 | 3,200 | 2,59,200 |
| Retail)(Max) | 2 | 3,200 | 2,59,200 |
| S-HNI (Min) | 3 | 4,800 | 3,88,800 |
| S-HNI (Max) | 7 | 11,200 | 9,07,200 |
| B-HNI (Min) | 8 | 12,800 | 10,36,800 |
Who are the Promoters of Vigor Plast India IPO?
The promoters hold 99.99% of the pre-IPO capital
What are the Objects of Vigor Plast India IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Repayment of certain secured borrowings availed by the Company Rs. 11.39 Crore
+ Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat Rs. 3.86 Crore
+General Corporate purposes
Vigor Plast India IPO Lead Managers
Unistone Capital Pvt ltd
| Registered Office of the Company |
| Vigor Plast India Ltd. Survey No. 640/3, Behind Gujarat Gas CNG Pump Godown Zone, Lalpur Road, Dared, Village: Chela, Jamnagar, Gujarat, 361006 Email: info@vigorplastindia.com |
| Who is the Registrar to the IPO? Kfin Technologies ltd |
Vigor Plast India Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 40.51 | 35.89 | 20.09 |
| Total Income | 46.02 | 42.52 | 37.39 |
| Profit After Tax | 5.15 | 2.93 | 0.3 |
| EBITDA | 12.08 | 7.55 | 3.08 |
| Net Worth | 12.78 | 4.57 | 1.64 |
| Reserves and Surplus | 4.93 | 4.07 | 1.14 |
| Total Borrowing | 17.72 | 21.57 | 11.29 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 59.39% |
| ROCE | 28.24% |
| Debt/Equity | 1.39 |
| RoNW | 59.39% |
| PAT Margin | 11.30% |
| EBITDA Margin | 26.51% |
| Price to Book Value | 4.97 |
| EPS | 6.56 |
| PER | 12.35 |
How Vigor Plast India IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Vigor Plast India Limited | 59.39 | |
| Captain Pipes Ltd | 27.27 | 25.18 |
| Dutron Polymers Ltd. | 30.25 | 9.8 |
| Rex Pipes And Cables | 24.49 | 15.09 |
#
Vigor Plast India IPO Review
by Paresh Gordhandas, CA & Research Analyst
-
Profit margins improved sharply in the last two years.
-
Raw material cost dropped steeply from 80.76% of sales in FY22 to 62.74% in FY25.
-
Inventory as on 31-3-25 = 2.31× monthly sales, tying up funds.
Strengths
-
Diverse product basket with steady demand.
-
Efficiency gains & margin expansion visible.
-
Statewide distribution via warehouses.
Concerns (Indirectly Flagged)
-
Sudden margin expansion coinciding with IPO timing — needs sustainability check.
-
Inventory build-up & receivables higher than comfortable levels; such patterns can make profits appear stronger.
-
Debt levels though reduced, still high.
-
Operations largely Gujarat-focused.
Outlook
On paper, the company has delivered strong numbers and profitability improvement. Yet, the combination of reduced raw material cost, enlarged inventory just before IPO means investors should approach with caution. These aspects must be weighed carefully against IPO pricing and market sentiment.
Pipes, fittings and ancillaries — CPVC, UPVC, SWR and agriculture pipes — catering to plumbing, sewage, agriculture and industry.
Revenue grew from ₹37.39 cr in FY23 to ₹46.02 cr in FY25. PAT rose sharply from ₹0.30 cr to ₹5.15 cr.
Raw material cost fell from ~81% of sales (FY22) to ~63% (FY25), one of the reason for boosting EBITDA margins to 26% and also higher profits.
The IPO showcases profit growth, but sustainability is uncertain. High inventory/receivables and sharp margin change ahead of IPO suggest cautious approach.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
