Aritas Vinyl Limited IPO

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Business Overview

Aritas Vinyl Limited is engaged in the manufacturing of technical textiles, primarily artificial leather, including PU synthetic leather and PVC-coated leather, using advanced Transfer Coating Technology. The company offers high-quality synthetic leather solutions designed to replicate the look and feel of genuine leather while delivering superior durability, affordability, and ease of maintenance.

Product Portfolio & Applications

The company’s PVC-coated and PU synthetic leather products are available in a wide range of colors, textures, embossing patterns, and finishes, catering to diverse end-use industries. Key application areas include:

1. Automotive interiors (seat covers, dashboards, door panels)
2. Footwear (uppers, linings, insoles, sandals)
3. Furniture & upholstery
4. Fashion accessories (bags, wallets, belts, purses)
5. Furnishings, garments, stationery, and lifestyle products

Product thickness ranges from 0.35 mm to 6 mm, with customization offered as per client specifications.

Market Presence & Exports

Aritas Vinyl Limited supplies its products to distributors, wholesalers, and manufacturers across India and exports to multiple international markets including Greece, Oman, UAE, Sri Lanka, USA, and SEZ units, reflecting strong acceptance of its products globally.

Competitive Strengths

i)Environmental Focus: Zero Liquid Discharge manufacturing facility and eco-conscious operations
ii) Experienced Promoters: Strong industry knowledge and hands-on management
iii) Integrated Manufacturing: Automated, scalable, and cost-efficient production setup
iv) Capacity Expansion: Rapid scale-up from 4.2 million to 7.8 million meters within three years
v) Diverse Customer Base: Long-standing relationships across multiple end-use industries

Objects of the Aritas Vinyl Limited IPO:

Company proposes to utilize the Net Proceeds towards the following objects: 1. Capital Expenditure for solar power project (₹4.25 cr) 2. Working Capital (₹20.45 cr) 3. General Corporate Purpose
DRHP of Aritas Vinyl Limited IPO
RHP of Aritas Vinyl Limited IPO

Aritas Vinyl Limited IPO Details:

Open Date: Jan 16 2026
Close Date: Jan 20 2026
Total Shares: 79,83,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 38 Cr.
Lot Size: 3000 Shares
Issue Price: ₹ 40-47 Per Equity Share
Listing At: BSE SME
Listing Date: Jan 23 2026

Promoters And Management:

1. Mr. Anilkumar Prakashchandra Agrawal (53 years) is the Promoter and Managing Director of the Company and has led its growth since inception. He completed his higher secondary education from the Gujarat Secondary Education Board in 1990 and has over 33 years of experience in sales and manufacturing. His background includes leadership roles at Ambika Marble & Granite, partnership in Maximo Ceramic (2013–April 2025), and directorship at Elegant Vinyl Private Limited since 2015. As Managing Director, he oversees day-to-day operations, business strategy, and financial planning. 2. Mr. Sanjaykumar Kantilal Patel (57 years) is a Non-Executive Director with over 25 years of experience across construction, technical textiles, vinyl, and ceramics. He holds a Sanitary Inspectors’ Diploma and has held key roles at Dhanlaxmi Construction, Elegant Vinyl Private Limited, and Maximo Ceramic. He currently oversees safety compliance and material management functions. 3. Mr. Ankit Anilbhai Agrawal (32 years) is a Non-Executive Director with nearly 10 years of experience in marketing and sales. He holds a Bachelor of Science degree from Bharath University and has been a Director at Elegant Vinyl Private Limited since 2015, contributing to business development initiatives.

Financials of Aritas Vinyl Limited IPO:

Particulars 5M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 41 98 69 51
EBITDA (Cr) 4 9 5 3
EBITDA Margins 11.2% 9% 7% 6%
PAT (Cr) 2.4 4.1 1.7 1
PAT Margins 6.0% 4% 2% 2%
ROCE 11.14% 22% 7% 6.46%
D/E Ratio 1.65 1.80 8.82 7.66
OPerating Cash Flow 0.4 9 -9 -8

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Aritas Vinly Limited 98 9% 4% 22% 1.8 92.5 22.6
Mirza International Limited 581 6% -0.52% 1% 0.04 476 In Loss
Amin Tannery Limited 41.59 6% 0.70% 4.26% 2.18 17.3 55.7
Note: Forward P/E is 16.06 According to FY 2026

Lead Manager of Aritas Vinyl Limited IPO:

  1. Interactive Financial Services

Registrar of Aritas Vinyl Limited IPO:

  1. Bigshare Services Private Limited

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