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VMS TMT IPO
Price Band
₹94.0–99.0
Issue Size
₹148.5 Cr
Lot Size
150 shares
Min Investment
₹14,850
GMP
+₹11.0 (11.11%)
Issue Price
₹99.0
Subject to Sauda
₹1300
Paid only if allotted
VMS TMT IPO AI Summary
- VMS TMT IPO is listed on BSE, NSE in the Iron & Steel Products sector.
- Price band: ₹94.0–₹99.0 per share, lot size 150 shares (min. investment ₹14,850).
- Subscription window: 17 Sep–19 Sep 2025, listing on 24 Sep 2025.
- Current GMP is +₹11.0 (11.11%), an estimated listing price of ₹110 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
VMS TMT IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 19 Sep 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
VMS TMT IPO Grey Market Premium (GMP) Today
GMP
+₹11.0
GMP %
+11.11%
Est. Listing
₹110.0
Updated: 25 Jul 2026 14:12
About the Company
Incorporation in 2013, VMS TMT Limited is primarily engaged in the manufacturing of Thermo Mechanically Treated Bars (TMT Bars). The company also deals in scrap and binding wires, which are sold within Gujarat and other states. The company's manufacturing facility is strategically located in Bhayla Village, near Bavla in Ahmedabad district, Gujarat, allowing easy distribution of products. Distribution Network: VMS TMT Limited operates through a distribution network on a non-exclusive basis. As of July 31, 2025, the company has: 3 distributors 227 dealers This network enables the company to efficiently supply its products to customers across Gujarat and other states. Retail License Agreement: On November 7, 2022, VMS TMT Limited entered into a retail license agreement with Kamdhenu Limited. This agreement allows the company to market its TMT Bars under the brand name ‘Kamdhenu NXT’ on mutually agreed terms within the State of Gujarat. Workforce: The company is supported by an experienced and professional management team along with a workforce of 230 permanent employees as of July 31, 2025. Revenue Focus: The company has primarily focused its sales efforts on Tier II and Tier III cities. Over the last three fiscal years, the company has generated a significant portion of its revenue from Gujarat: Fiscal 2024: 98.78% of revenue from Gujarat Fiscal 2023: 98.43% of revenue from Gujarat Fiscal 2022: 99.19% of revenue from Gujarat
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 449.35 | 412.06 | 284.23 | 227.28 |
| Total Income | 213.39 | 771.41 | 873.17 | 882.06 |
| Profit After Tax | 8.58 | 15.42 | 13.47 | 4.20 |
| EBITDA | 19.48 | 45.53 | 41.20 | 21.91 |
| NET Worth | 81.77 | 73.19 | 46.51 | 30.84 |
| Reserves and Surplus | 47.14 | 38.56 | 33.18 | 18.23 |
| Total Borrowing | 309.18 | 275.72 | 197.86 | 162.70 |
Key Ratios
EPS
₹4.45
NAV
₹13.32
ROCE
12.79%
RoNW
20.14%
P/B Value
7.43
P/E Ratio
22.24
Market Cap
₹491.35 Cr
PAT Margin
1.91%
Debt/Equity
3.77
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Electrotherm (India) | -89.01 | -377.85% | 2.37 | 336.42 | 336.42 |
| BMW Industries | 30.84 | 9.16% | 16.57 | 2.83 | 2.83 |
| Vraj Iron and steel | 116.53 | 10.88% | 11.77 | 13.55 | 13.55 |
| Kamdhenu | 11.66 | 18.82% | 13.5 | 2.18 | 2.18 |
| VMS TMT This IPO | 13.32 | 20.14% | — | 4.29 | 4.29 |
Promoters
Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain and Sangeeta Jain
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/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company 115.00 2 General Corporate Purposes 20.65 3 Issue Expenses 12.85 Total 148.50
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Revenue was ₹882.06 Cr in the year ending 31 Mar 2023, slightly decreasing to ₹873.17 Cr by 31 Mar 2024, and then further declining to ₹771.41 Cr by 31 Mar 2025. The most recent figure as of 30 Jun 2025 shows total income at ₹213.39 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹4.20 Cr for the year ending 31 Mar 2023, rising to ₹13.47 Cr by 31 Mar 2024, and then increasing to ₹15.42 Cr by 31 Mar 2025. The latest figure as of 30 Jun 2025 shows a profit after tax of ₹8.58 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
At the issue price of ₹99.0, VMS TMT has an implied P/E ratio of 22.24 based on its EPS of ₹4.45. This is compared to peer group P/E ratios ranging from 2.37 to 16.57.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading in the grey market. A positive GMP suggests that the IPO may list at a premium to its issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment strategy and risk appetite. It's important to consider the company's fundamentals and market conditions before making any decisions.
Who May Want to Wait
Investors with a low risk tolerance or those seeking stable, established companies may want to avoid this IPO. It's advisable to consider the financial health and market position of the company before investing.
IPO Timeline, Explained
The IPO opens on September 17, 2025, and closes on September 19, 2025. Allotment of shares is expected on September 22, 2025, with the listing date set for September 24, 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange at a price higher than the issue price. However, there are risks involved, as market conditions can change rapidly, and the actual listing price may not reflect the expected gains.
This evaluation is generated from VMS TMT'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 VMS TMT IPO GMP today?
VMS TMT IPO GMP today is +₹11.0 (11.11%), indicating an estimated listing price of ₹110. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of VMS TMT IPO?
The price band of VMS TMT IPO is ₹94.0–₹99.0 per share.
When does VMS TMT IPO open and close?
VMS TMT IPO opens on 17 September 2025 and closes on 19 September 2025.
When does VMS TMT IPO list on the stock exchange?
VMS TMT IPO listed on 24 September 2025 at ₹110.0.
What is the lot size for VMS TMT IPO?
The lot size for VMS TMT IPO is 150 shares, requiring a minimum investment of ₹14,850.
What is the lot size for this IPO?
The lot size for VMS TMT's IPO is 150 shares.
What is the minimum investment required?
The minimum investment required is ₹14,850.
What is the price band for the IPO?
The price band for the IPO is ₹94.0 to ₹99.0.
When is the listing date for the IPO?
The listing date for the IPO is September 24, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
17 Sep 2025
Close
19 Sep 2025
Allotment
22 Sep 2025
Listing
24 Sep 2025
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