Vama Wovenfab Limited

Vama Wovenfab Limited (originally incorporated in March 2011 as Vama Wovenfab Private Limited and converted into a public limited company in August 2025) is an ISO 9001:2015 certified manufacturer and seller of Polypropylene (PP) and High-Density Polyethylene (HDPE) woven sack bags, fabrics, and specialized packaging products. Its product offerings include HDPE trampoline sheets, colored woven fabric sheets, loop handle bags, and laminated/unlaminated woven sacks, alongside trading in plastic granules. The company's core value proposition centers on delivering customized, high-durability B2B packaging solutions tailored to client specifications across various weight, size, and color parameters. The underlying business model combines integrated in-house fabric manufacturing with plastic granule trading, catering to B2B industrial clients and traders.

The company's target clientele spans multiple key industries, including agriculture (food grains, seeds, pulses), fertilizers, chemicals, agro-pesticides, construction chemicals, paper, FMCG, and sugar. Geographically, Vama Wovenfab Limited has established an active sales distribution presence across three states—Maharashtra and Gujarat—and one Union Territory (Daman). Domestically, products are distributed via direct B2B sales channels and long-standing client relationships. In Fiscal 2026, the company generated Rs 214.62 Cr in total revenue, serving 64 corporate customers with an average revenue per customer of Rs 335.34 Lakhs.

Manufacturing operations are centralized at an owned facility situated at Sr. No. 162/4, 6, 7, 9, Coastal Highway, Bhimpore, Nani Daman, Daman – 396210 (U.T.). The facility spans a constructed ground floor, mezzanine office, and storage area across 6,415 square meters of land. Based on the Chartered Engineer certificate in the RHP, installed capacities and actual capacity utilization for Fiscal 2026 were as follows:

Tape Extrusion Plant (3 machines, 2 shifts): Installed capacity of 8,640,000 KG; Actual production of 3,645,508 KG; Capacity Utilization of 42%.

Circular Looms (69 machines, 2 shifts): Installed capacity of 4,471,200 KG; Actual production of 3,645,508 KG; Capacity Utilization of 82%.

Automated Bag Making (4 machines, 2 shifts): Installed capacity of 4,200,000 KG; Actual production of 1,102,000 KG; Capacity Utilization of 26%.

Manual Bag Making (19 machines, 2 shifts): Installed capacity of 3,420,000 KG; Actual production of 897,343 KG; Capacity Utilization of 26%.

The manufacturing facility is equipped with specialized plant and machinery, including three tape extrusion dual stretch lines (650 kg/hr and 250 kg/hr operational, 350 kg/hr idle), 69 circular weaving looms (GCL 1000 and GCL 6 1S models), a JP 80 lamination plant, a 6-color printing plant, corona treaters, automatic cutting units, and chilling plants. While formal industrial R&D is not conducted, the company maintains robust in-house quality control systems supported by a testing laboratory equipped with tensile testing units, ash content testers, and GSM balance equipment to enforce ISO 9001:2015 quality standards. Operations are managed by an experienced workforce of 94 employees as of April 30, 2026.

In terms of revenue mix, manufactured goods (woven fabrics and bags) contributed 38.57% (Rs 82.78 Cr) of total operational revenue in Fiscal 2026, comprising Woven Fabric at Rs 44.27 Cr (20.63%) and Woven Bags at Rs 38.51 Cr (17.94%). Traded goods (primarily plastic granules) accounted for 61.39% (Rs 131.75 Cr) of revenue. To address growing market demand and balance yarn-to-loom weaving capacity, the company is utilizing IPO fresh issue proceeds to fund capital expenditure for 62 new circular looms, 240 cheese winders, 90,000 cheese pipes, and the civil construction of a first-floor factory shed.

As per financial performance, Vama Wovenfab Limited has posted total income / net profits of Rs 27.87 Cr / Rs 2.63 Cr (FY24), Rs 77.76 Cr / Rs 6.84 Cr (FY25) and Rs 214.62 Cr / Rs 11.55 Cr (FY26). So as per previous financials data, the company has shown substantial top-line and bottom-line growth with a 3-year revenue CAGR of 177.53% and PAT CAGR of 109.34%, while total debt increased from Rs 11.85 Cr in FY24 to Rs 25.44 Cr in FY26. Company has an average EPS of Rs 22.88 and average RoNW of 48.25% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.44 as per NAV of Rs 76.80 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.26. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 67.28, 25.88, and 15.33 respectively. As per RHP, a comparison between listed peers is shown in above table.

On the BRLM front, Gretex Corporate Services Limited is the Book Running Lead Manager, having managed 17 public issues to date. Of the last 10 IPOs, all opened above the issue price or at par on listing day. As of September 10, 2026, six issues are trading below the issue price, while four are trading above or at par. (As on 11.09.26)

• 1 Mr. Suresh Mohanlal Gupta
• 2 Mr. Vaibhav Suresh Gupta
• 3 Mr. Saurabh Suresh Gupta
• 4 Mrs. Nisha Vaibhav Gupta