Vinyas Innovative Technologies Limited IPO

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Vinyas Innovative Technologies Limited is centered around providing design, engineering, and electronics manufacturing services to global Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) in the electronic industry. Here is a breakdown of their business model:

1. Service Offerings: Vinyas offers a wide range of products and services that cater to various industry segments within the electronic industry. Their services span from conceptualizing designs to engineering, manufacturing, and turnkey solutions for mission-critical applications.

2. Integrated Electronic Manufacturing Services: Vinyas positions itself as an integrated electronic manufacturing services provider. This means that they offer a comprehensive suite of services that cover the entire product development and manufacturing lifecycle.

3. Design and Engineering Expertise: The company leverages its extensive design capabilities and over three decades of domain expertise to provide engineering and design solutions to clients worldwide. They focus on multiple industries and offer both Build to Print (B2P) and Build to Specification (B2S) services.

4. B2P Services: Vinyas offers B2P solutions where clients provide their own product designs, and Vinyas handles the manufacturing process with agility and flexibility.

5. B2S Services: In the B2S model, Vinyas utilizes its design capabilities to create product designs based on client specifications and then manufactures the products accordingly.

6. Primary Solutions: Their primary solutions revolve around printed circuit board assembly (PCBA) and box builds. These products are used in safety-critical systems, including applications in cockpits, inflight systems, landing systems, and medical diagnostic equipment.

7. Innovation and Investment: Vinyas emphasizes continuous investment in strengthening its design and manufacturing expertise. They are recognized as a game changer in the electronic manufacturing services (EMS) industry due to their innovative and in-house solutions for complex manufacturing processes.

8. Quality and Integrity: The company places a strong emphasis on quality, integrity, and hard work in all its operations. This commitment has allowed them to establish a global network of suppliers and customers and build long-lasting partnerships.

9. Preferred Partner: Vinyas positions itself as the preferred partner for global OEMs and ODMs by offering end-to-end solutions, including Design for Manufacturability and supply chain management.

10. One-Stop-Shop Solution: They offer a one-stop-shop solution to customers worldwide, streamlining the product development and manufacturing process, making it convenient for clients to access a full range of services from design to production.

Competitive Strengths

i. Among the preferred Indian Partners for the defence and aerospace industry with global accreditations
ii. Technology enabled and scalable end-to-end capabilities
iii. Business model with visibility of cash flows and ability to mitigate operational and technology risk

Objects of the Vinyas Innovative Technologies Limited IPO:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects: i. Working Capital requirements of the company. ii. General Corporate Purposes. iii. To meet Issue Expenses.

Vinyas Innovative Technologies Limited IPO Details:

Open Date: Sep 27 2023
Close Date: Oct 03 2023
Total Shares: 3,312,800
Face Value: ₹ 10 Per Equity Share
Issue Size: ₹54.66 Cr.
Lot Size: 800 Shares
Issue Price: ₹ 162 to ₹165 Per Equity Share
Listing At: NSE Emerge
Listing Date: Oct 05 2023

Promoters And Management:

Mr. Narendra Narayan serves as the Managing Director of the Company. In 2000, he established Vinyas Innovative Technologies Limited with the objective of establishing a global footprint for India within the Electronics Manufacturing Industry. Through his exemplary leadership and strategic guidance, the Company has evolved into a prominent Integrated Electronics System Design and Manufacturing entity in India. It provides cutting-edge engineering and manufacturing solutions to international markets. Mr. Sumukh Narendra presently holds the position of Whole-Time Director within the organization, a role he has fulfilled since 2018. He obtained his Bachelor's degree in Electronics & Communication Engineering from Sri Jayachamarajendra College of Engineering in Mysore and pursued further education, achieving a Master of Science in Engineering with a specialization in Embedded Systems from the University of Pennsylvania in Philadelphia, USA.

Financials of Vinyas Innovative Technologies Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 20,503 20,774 23,452
Other Income 278 443 433
Total Revenue 20,781 21,216 23,885
Cost of Materials Consumed 16,805 15,054 17,947
Changes in Inventories 691 2,165 1,162
Employee benefits expenses 1,342 1,514 1,641
Other Expenses 609 852 645
EBITDA 1,333 1,631 2,490
Depreciation & Amortisation 300 259 221
Finance Cost 862 1120 1260
EBIT 1,034 1,371 2,269
OPM (%) 6.42% 7.69% 10.43%
PBT 172 252 1009
Tax 49 151 275
PAT 123 101 734
NPM (%) 0.59% 0.48% 3.07%
No.of Shares 125.84 125.84 125.84
EPS 0.97 0.80 5.83

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Vinyas Innovative Technologies Limited 235 7 5.83 28.3 165 208
Cyient DLM Limited 832 32 6.00 167.0 676 5,371
Centum Electronics Limited 923 7 7.62 169.0 1,405 1,811
* All the data is as per FY23.

Recommendation on Vinyas Innovative Technologies Limited IPO:

Review and Recommendation of Vinyas Innovative SME IPO by IZ team is 4/10

1. Establishment and Service Range Vinyas Innovative Technologies Limited, established in 2001, has nearly two decades of experience in design, engineering, and electronics manufacturing services. This extensive experience provides a solid foundation for its operations.

2. Business Model

The company specializes in Build to Print (B2P) and Build to Specification (B2S) services. These offerings are particularly pertinent in high-stakes sectors such as aerospace and defense, where precision and quality are paramount.

3. Business Strengths


The AS 9100D and ISO 9001:2015 certifications signify a strong commitment to quality, which is vital in the aerospace and defense sectors.

Technology and Leadership

The company is technology-driven with in-house solutions and also has experienced leadership, another indicator of potential long-term success.


The company's focus on system integration and diversification indicates a forward-looking approach. Plans to collaborate with OEMs in multiple countries point to an ambitious global strategy.

4. Financial Performance

1. Revenue and Profitability

The Revenue and EBITDA have shown a positive trend from FY21 to FY23. Profit After Tax (PAT) has also increased, indicating an improving bottom line.

2. Financial Ratios

a) CFO/EBITDA: A ratio of 0.99 suggests the company is generating enough cash to cover its operating activities. b) Debtors Days: At 33 days, this suggests efficient collection and credit terms. c) EPS & P/E: An EPS of 5.83 and a P/E of 28.3X suggest moderate valuation.

5. Key Considerations for Investment

a) Growth Prospects: The company has strong growth prospects, particularly in aerospace and defense. b) Financial Health: The financials indicate a stable and growing operation. c) Market Position: It holds a strong market position, but competition from other Indian EMS providers should be noted. d) Leadership and Technology: Strong senior management and technology capabilities indicate good organizational health.

Lead Manager of Vinyas Innovative Technologies Limited IPO:

  1. Sarthi Capital Advisors Private Limited

Registrar of Vinyas Innovative Technologies Limited IPO:

  1. Skyline Financial Services Private Ltd

Company Address:

Vinyas Innovative Technologies Limited Plot No. 19, Survey No. 26 & 273-P, 3 rd Phase, Koorgalli Industrial Area, Ilawala Hobali, Mysore - 570018 Phone: +91 821 2404444 Email: Website

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