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Vigor Plast IPO
Price Band
₹77.0–81.0
Issue Size
₹25.1 Cr
Lot Size
1,600 shares
Min Investment
₹259,200
2 LOTS MIN
GMP
—
Issue Price
₹81.0
Vigor Plast IPO AI Summary
- Vigor Plast IPO is listed on NSE SME in the Plastic Products - Industrial sector.
- Price band: ₹77.0–₹81.0 per share, lot size 1,600 shares (min. investment ₹259,200, 2 lots minimum).
- Subscription window: 04 Sep–09 Sep 2025, listing on 12 Sep 2025.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Vigor Plast IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 09 Sep 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Vigor Plast IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in 2012, Vigor Plast India Limited is engaged in the manufacturing and supplying of CPVC and UPVC pipes and fittings. The company offers a comprehensive range of products, including CPVC and UPVC plumbing pipes and fittings, SWR pipes, and PVC agricultural pipes. These products are designed for use in various applications, including plumbing, sewage, agriculture, and industrial sectors. The company’s manufacturing facility and registered office in Dared, Gujarat, utilise fully automated equipment to ensure consistent, high-quality production while streamlining operations and maintaining close oversight. The company has established five warehouses in Gujarat, located in Rajkot, Jamnagar, Surat, Ahmedabad, and Dholka. Product Range Vigor offers a comprehensive selection of piping solutions for various applications: Pipes: CPVC, uPVC plumbing pipes, SWR Ring Fit & SWR Self Fit pipes, and PVC agricultural pipes. Fittings and Accessories: A full spectrum of CPVC and uPVC fittings, agricultural fittings (Sel Fit), SWR Ring Fit and Self Fit fittings, plus ancillary products such as PTMT taps and garden pipes. Vigor maintains a network of 440 distributors and dealers across 25 Indian states and territories (as of March 31, 2025), offering flexible credit terms and leveraging an Android-based “Vigor India Plast” app for seamless order placement. As of June 30, 2025, the company has 81 personnel, excluding Board members, engaged in Management, Purchase, Procurement, Marketing, Production, Quality Control, Packing, Dispatch, Sales, and Human Resources. Competitive Strengths A broad, versatile product lineup tailored to diverse applications Strong brand identity focused on quality and reliability A modern, strategically located manufacturing setup enabling efficiency in cost, production, and logistics Certification-backed quality (ISO and multiple IS/BIS standards).
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 40.51 | 35.89 | 20.09 |
| Total Income | 46.02 | 42.52 | 37.39 |
| Profit After Tax | 5.15 | 2.93 | 0.30 |
| 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 |
Key Ratios
EPS
₹6.56
NAV
₹16.30
ROE
59.39%
ROCE
28.24%
RoNW
59.39%
P/B Value
4.97
P/E Ratio
12.35
Market Cap
₹83.85 Cr
PAT Margin
11.30%
Debt/Equity
1.39
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Rex Pipes And Cables Industries Limited | 38.64 | 15.09% | 24.49 | 5.42 | 5.42 |
| Dutron Polymers Ltd. | 48.58 | 9.8% | 30.25 | 4.54 | 4.54 |
| Captain Pipes Ltd | 2.97 | 25.18% | 27.27 | 0.59 | 0.59 |
| Vigor Plast India Limited This IPO | 16.3 | 59.39% | — | 6.57 | 6.57 |
Promoters
Jayesh Premjibhai Kathiriya, Rajesh Premjibhai Kathiriya, Premjibhai Dayabhai Kathiria, Jashvantiben Rajeshbhai Kathiriya and Nitaben Jayeshbhai Kathiriya
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment of Certain Secured Borrowings availed by the Company 11.39 2 Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat 3.80 3 General Corporate Purposes 3.03 4 Issue Expenses 2.50 Total 20.73
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹37.39 Cr in the year ending 31 Mar 2023, rising to ₹42.52 Cr by 31 Mar 2024, and further increasing to ₹46.02 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹0.30 Cr for the year ending 31 Mar 2023, increasing to ₹2.93 Cr by 31 Mar 2024, and further rising to ₹5.15 Cr by 31 Mar 2025. This indicates a significant improvement in profitability over the periods.
Valuation
Vigor Plast is priced at a P/E ratio of 12.35 at the issue price, compared to peers trading at P/E ratios ranging from 24.49 to 30.25.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on demand in this unofficial market. A high GMP suggests strong demand, while a low or negative GMP can indicate weak demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals, risk tolerance, and market conditions.
Who May Want to Wait
Investors with a low-risk appetite or those seeking guaranteed returns may want to avoid IPOs, as they can be volatile and subject to market fluctuations.
IPO Timeline, Explained
The IPO opens for subscription on 4th September 2025 and closes on 9th September 2025. Allotment of shares will be done on 10th September 2025, with the shares expected to list on the stock exchange on 12th September 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make if they sell their shares on the listing day at a price higher than the issue price. However, there are risks involved, as market conditions can change rapidly, and there is no guarantee of positive listing gains.
This evaluation is generated from Vigor Plast's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Vigor Plast IPO?
The price band of Vigor Plast IPO is ₹77.0–₹81.0 per share.
When does Vigor Plast IPO open and close?
Vigor Plast IPO opens on 04 September 2025 and closes on 09 September 2025.
When does Vigor Plast IPO list on the stock exchange?
Vigor Plast IPO listed on 12 September 2025 at ₹81.0.
What is the lot size for Vigor Plast IPO?
The lot size for Vigor Plast IPO is 1600 shares, requiring a minimum investment of ₹259,200 (2 lots).
What is the price band for the IPO?
The price band for the IPO is ₹77 to ₹81.
What is the lot size for the IPO?
The lot size for the IPO is 1600 shares.
What is the minimum investment required?
The minimum investment required is ₹259,200.
When does the IPO open and close?
The IPO opens on 4th September 2025 and closes on 9th September 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on demand in the unofficial market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
04 Sep 2025
Close
09 Sep 2025
Allotment
10 Sep 2025
Listing
12 Sep 2025
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