Vinit Mobile Limited is a multi-brand mobile retail company offering a broad range of mobile phones, tablets, and related accessories. The company procures its inventory from authorized stock dealers and distributors, offering prominent global and Indian electronics brands such as Apple, Samsung, OnePlus, Motorola, Realme, Xiaomi, OPPO, and Vivo. Alongside mobile devices, the company also retails various accessories including adapters, AirPods, car chargers, power banks, and neckbands. The company primarily operates on a Company-Owned, Company-Operated (COCO) model, ensuring direct management of store-level operations, staffing, and inventory across its retail network. Vinit Mobile conducts its business through two main channels: B2C (Business-to-Consumer) and B2B (Business-to-Business). B2C consists of direct walk-in retail sales, accounting for 62.45% of the revenue in the 9-month period ending December 2025, while the B2B segment involves bulk supplies to small/mid-sized retailers and corporate clients, contributing 37.55% of the revenue during the same period. For its B2C segment, the company targets individual walk-in consumers by offering an engaging in-store experience equipped with POS (Point of Sale) financing solutions through partnerships with major NBFCs like Bajaj Finance, HDB Financial Services, and Home Credit. In the B2B segment, the company caters to corporate clients and bulk retailers requiring extended credit facilities (typically around 30 days). The top 10 customers (predominantly B2B) accounted for 29.25% of the company's total revenue in the 9-month period ending December 31, 2025. As a retail distribution company, Vinit Mobile Limited does not engage in the manufacturing of mobile devices or accessories and does not own any manufacturing plant or machinery. Consequently, traditional manufacturing capacity utilization metrics do not apply. Instead, the company operates an extensive retail footprint comprising 35 operational stores and a warehouse located across the Surat district of Gujarat and Jaipur district of Rajasthan. The total retail area managed by the company currently spans 12,091.80 sq. ft., with revenue generation optimized through strategic store placements and robust supply-chain networks. As per financial performance, Vinit Mobile Limited has posted total income / net profits of Rs 28.59 / Rs 0.72 Cr (FY24), Rs 60.63 Cr / 3.90 Cr (FY25) and Rs 56.01 Cr / 5.11 Cr (Q3 FY26). So as per previous financials data, company has shown good growth, also trade receivables and debt are under control. Company has an average EPS of Rs 5.47 and average RoNW of 76.65% for last three fiscals. Issue is priced at a P/BV of 6.52 as per NAV of Rs 24.22/- as on 31.12.25 If we attribute latest earnings of FY24, FY25 and FY26 on equity post issue, then asking price is at a P/E of around 135.42, 24.98 and 14.31 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Comfort Securities Limited is associated with this IPOs, and has handled 1 IPOs in last three fiscal years. From last 1 IPOs, that opened above issue price or at par, on the day of listing. As of now, from last 1 IPO, it is trading below price or at par. (as on 25.06.26) As per financials, Jivial Industries Limited shown good growth, RoNW is 41.09% and P/E is 37.93, 30.80 and 23.29 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. Trade receivables and debt are under control. The company specializes in the production and fabrication of hardware structures and accessories, which is highly competitive business segment. Performance of BRLM is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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