Vigor Plast India Limited IPO

Apply 0
Avoid 0

Closing in

Days
Hours
Mins
Secs

Don't Miss It! Mark Your Calender Now:


Vigor Plast India Limited, incorporated in 2014, began as a trader of PVC pipes and fittings and later diversified into manufacturing in 2020. The Company produces a wide range of PVC, uPVC, and cPVC pipes and fittings, catering to plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management applications. Its products are known for durability, corrosion resistance, and suitability across residential, commercial, agricultural, and industrial sectors.

Product Portfolio

The Company markets products under its registered brand name “VIGOR”. Its portfolio includes:

1. Pipes – cPVC Pipes, uPVC Pipes, Agriculture Pipes (Self Fit), SWR Ring Fit Pipes, and SWR Self Fit Pipes.

2. Fittings & Ancillary Products – cPVC and uPVC Fittings, Agriculture Fittings, SWR Ring Fit Fittings, SWR Self Fit Fittings, P.T.M.T. Taps, Garden Pipes, and others.

Manufacturing Facility

The Company’s leased facility at Dared, Jamnagar, Gujarat, is equipped with fully automated machinery for precision manufacturing, supported by an in-house laboratory that conducts stringent quality checks at every stage. A skilled team of operators, QC officers, supervisors, and managers ensures operational efficiency and consistent product quality.

Distribution Network

Vigor Plast operates four strategically located warehouses in Rajkot, Jamnagar, Surat, and Ahmedabad, supported by a strong dealer network of 440 distributors across 25 states and union territories as of March 31, 2025. Orders are facilitated through its Android app “Vigor India Plast”, while exports are expanding to Nepal. The Company relies on India’s road network to ensure cost-effective and timely deliveries.

Marketing & Branding

Products are marketed under the “VIGOR” brand, with promotional efforts driven through targeted social media campaigns and endorsement by a celebrity brand ambassador. These initiatives are aimed at expanding brand awareness, enhancing visibility, and accelerating sales growth through aggressive marketing strategies.

Objects of the Vigor Plast India Limited IPO:

Company proposes to utilize the Net Proceeds from the Offer towards the following objects: 1. Repayment of certain secured borrowings (₹11.39 cr) 2. Funding capital expenditure towards the construction of new warehouse (₹3.79 cr) 3. General corporate purposes.

Vigor Plast India Limited IPO Details:

Open Date: Sep 04 2025
Close Date: Sep 09 2025
Total Shares: 30,99,200
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 25.10 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 77-81 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Jayesh Premjibhai Kathiriya (44) – Promoter, Chairman & Managing Director. With 8 years’ experience in brass and 11 years in plastics, he oversees production, quality, packing, and dispatch. Previously with Dhananjay Brass Products, he has been associated with the Company since its incorporation in 2014 and was appointed CMD in December 2024. 2. Rajeshbhai Kathiriya (43) – Promoter & Whole Time Director. Brings 8 years’ experience in brass and 11 years in plastics, handling business development and marketing. Earlier with Dhananjay Brass Products, he joined the Company in 2014 and became Whole Time Director in December 2024. 3. Premjibhai Dayabhai Kathiriya (65) – Promoter & Non-Executive Director. Holds 19 years’ experience, including 8 years in brass as proprietor of Dhananjay Brass Products and 11 years in cPVC/uPVC pipes as Director of Vigor Plast India Ltd. He has served as Non-Executive Director of the Company since 2014.

Financials of Vigor Plast India Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 45.57 42.48 37.28
EBITDA 12.08 7.55 3.07
EBITDA Margins 26.51% 17.78% 8.26%
PAT 5.15 2.92 0.29
PAT Margins 11.30% 6.90% 0.80%
ROCE 28.24% 19.58% 9.49%
Debt to Equity Ratio(In Times) 1.39 4.72 6.9
Operating Cash Flows 14.57 1.96 4.64

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Vigor Plast India Ltd 45.57 26.51% 11.30% 28.24% 1.39 83.84 16.28
Captain Pipes Ltd 76.75 10.46% 11.41% - 0.36 225 25.6
Dutron Polymers Ltd 104.03 4% 2.60% 12.40% 0.16 71 34
Rex Pipes & cables Industries Ltd 138 8% 3.60% 16.10% 0.81 152 23,3

Lead Manager of Vigor Plast India Limited IPO:

  1. Unicon Capital Services Private Ltd

Registrar of Vigor Plast India Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Vigor Plast India Limited IPO:

Leave a Reply