Vidya Wires Limited is manufacturer of winding and conductivity products for a range of critical industries and applications. The product portfolio includes precision-engineered Enameled Wires, Enameled Copper Rectangular Strips, Paper Insulated Copper Conductors, Copper Busbar and Bare Copper Conductors, Specialised Winding Wires, PV Ribbon and Aluminum Paper Covered Strips, among others. The products are used in applications such as energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways. Company is the 4th largest manufacturers in the industry with a 5.7% market share of installed capacity in FY25 in India. With plans to expand manufacturing capabilities and further diversify the product range, the Company seeks to enhance its market position. From time to time, they have made investment, in the manufacturing facilities to expand the installed capacity up to the current level of 19,680 MT per annum. Further, they propose to increase installed capacity to 37,680 MT per annum by installing additional 18,000 MTPA in the new manufacturing unit at Narsanda, Taluka Nadiad– 387 345, Gujarat, India under the wholly owned subsidiary company, ALCU Industries Private Limited, which is 15 kms from the existing operating facilities. Their capacity utilisation has improved from 70.31% in Fiscal 2023 to 94.51% during the three months period ended June 30, 2025. The production volumes have grown by 29.23% in the last 3 fiscals, from 13,415 MT in Fiscal 2023 to 17,338 MT in Fiscal 2025. They are pre-approved suppliers with Power Grid Corporation of India Limited. They are a UL approved company which enables them to export enameled copper/aluminium wire (also known as magnet wire) to the United States of America. With the customer base of 318, 458, 472, and 453, respectively, in the three months period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, none of the customers individually contributing over 9% of the annual revenues, this has effectively de-risked the business model from dependence on a limited number of customers and insulated the revenue potential due to the broad-based customer base. Company manufactures over 8,000 SKUs of winding and conductivity products, with sizes ranging from as thin as 0.07 mm to as thick as 25 mm. Through the Proposed Project, they intend to add new products like Copper Foils, Copper Components, Continuously Transposed Copper Conductors, PV Round Ribbon, Solar Cables, Multi Paper Covered CopperConductors, Enameled Aluminium Winding Wires, and Enameled Aluminium Rectangular Strips to the current product portfolio. Over the years of the operations, they have developed relationships with the customers including Adani Wilmar Limited, Atlanta Electricals Limited, Schneider Electric Infrastructure Limited, Transformers & Rectifiers (India)Limited, Electrotherm India Limited, Hammond Power Solution Private Limited, Lubi Industries LLP, Suzlon Energy Limited, TMEIC Industrial Systems India Private Limited and Transfix India Private Limited, out of which many have been associated with them for over decades. As per financial performance, Vidya Wires Limited has posted total income / net profits of Rs 1,015.71 Cr / Rs 21.50 Cr (FY23), Rs 1,188.48 Cr / Rs 25.69 Cr (FY24), Rs 1,491.44 Cr / 40.87 Cr (FY25) and Rs 413.09 Cr / 12.05 Cr (Q1 FY26). So as per previous financials data, company has shown steady growth. Company has an average EPS of Rs 2.04 and average RoNW of 22.69% for last three fiscals. Issue is priced at a P/BV of 4.66 as per NAV of Rs 11.15/- as on 30.06.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 43.05, 27.06 and 22.94 respectively. As per RHP, comparison between listed peers is shown in below table. On BRLM's front, Pantomath Capital Advisors Private Limited, IDBI Capital Markets & Securities Limited IPO are associated with this IPO, and has handled 19 IPOs in last three fiscal years. ( As on 28.11.25 ) As per financials, Vidya Wires Limited has shown steady growth, RoNW is 24.57% and P/E is 43.05, 27.06 and 22.94 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is manufacturer of winding and conductivity products for a range of critical industries and applications, which is highly competitive business segment. Looking at the future growth opportunities and capex by company, we give SUBSCRIBE rating for this IPO. One may hold it for long term also. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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