Aritas Vinyl
January 16, 2026 – January 20, 2026
| Price | ₹40 - ₹47 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 3000 |
| Issue size | ₹37.52 cr |
| Allotment | Jan 21, 2026 |
| Listing | Jan 23, 2026 |
Aritas Vinyl Subscription
Last updated on 19-Jan-2026 17:03:03
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 78000 | 0 | 0 |
| HNIs | 2991000 | 3069000 | 1.03 |
| bHNI | 1995000 | 2358000 | 1.18 |
| sHNI | 996000 | 711000 | 0.71 |
| Individual | 4512000 | 8022000 | 1.78 |
| Total | 7581000 | 11091000 | 1.46 |
Application-Wise Breakup  | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 222 | 11 | 0.05 |
| HNIs (3-10L) | 111 | 68 | 0.61 |
| Individual | 752 | 1337 | 1.78 |
Aritas Vinyl Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 6000 | 282000 | 752 |
| sHNI | 3 | 9000 | 423000 | 111 |
| bHNI | 8 | 24000 | 1128000 | 222 |
Aritas Vinyl Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 78000 | 0.98% |
| HNI | 2991000 | 37.47% |
| INDIVIDUAL | 4512000 | 56.52% |
| Market Maker | 402000 | 5.04% |
| Total | 7983000 | 100% |
Aritas Vinyl About
IPO Details
| Total Issue Size | 79,83,000 shares (aggregating up to ₹37.52 Cr) |
| Fresh Issue | 69,98,600 shares (aggregating up to ₹32.89 Cr) |
| Offer For Sale | 9,84,400 shares (aggregating up to ₹4.63 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,26,90,080 shares |
| Share Holding Post Issue | 1,96,88,680 shares |
| Reserved for Market Maker | 4,02,000 shares (aggregating up to ₹1.88 Cr) |
| Market Maker | Giriraj Stock Broking |
Key Performance Indicators (KPI)
| KPI | Aug-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 11.16% | 31.23% | 32.31% |
| ROCE | 11.14% | 21.99% | 6.60% |
| EPS (BASIC) | 4.58 | 3.77 | 1.62 |
| P/E Pre IPO | 14.43 | ||
| P/E Post IPO | 15.93 |
Company Financial (In ₹Crore)
| Period Ended | Aug-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 98.25 | 95.26 | 76.12 | 57.95 |
| Total Income | 40.58 | 98.02 | 69.25 | 51.42 |
| Profit After Tax | 2.42 | 4.13 | 1.67 | 0.99 |
| EBITDA | 4.55 | 8.63 | 4.65 | 3.09 |
| NET Worth | 22.77 | 20.27 | 5.99 | 4.32 |
| Reserves and Surplus | 10.21 | 7.79 | 3.49 | 1.82 |
| Total Borrowing | 37.78 | 36.82 | 52.79 | 33.1 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Aritas Vinyl Limited | 14.43 | - | 10.00 |
| Mirza International Ltd. | 39.71 | 36.93 | 2.00 |
| Amin Tannery Ltd | 58.67 | 1.76 | 1.00 |
Source:RHP,we have shown the P/E ratio of the IPO issuer company based on the pre-IPO valuation.*CMP as on January 02, 2026.
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Aritas Vinyl Limited | 15.97 | 20.39 | 13.14 |
| Mirza International Ltd. | 33.56 | -0.86 | 0.93 |
| Amin Tannery Ltd | 1.19 | 2.27 | 0.03 |
About Company
Incorporated in 2020, Aritas Vinyl Limited is engaged in the manufacturing and trading of technical textiles, primarily PU synthetic leather and PVC-coated artificial leather, using Transfer Coating Technology.
Products cater to automotive, fashion accessories, and interior design industries, promoting synthetic leather as an alternative to animal leather.
Supplies to distributors, wholesalers, manufacturers, and exports to Greece, Oman, UAE, Sri Lanka, USA, and SEZs.
Manufacturing facility located at Kubadthal, Ahmedabad, spread over 6,067 sq. meters, with an annual capacity of 7.8 million sq. meters.
Product applications include:
• Automotive upholstery (seats, trims, steering covers)
• Fashion accessories (bags, wallets, laptop sleeves)
• Interior solutions (wall coverings, upholstery)
IPO proceeds will be used for solar power project capex (₹4.26 cr), working capital (₹20.45 cr), and general corporate purposes.
Products cater to automotive, fashion accessories, and interior design industries, promoting synthetic leather as an alternative to animal leather.
Supplies to distributors, wholesalers, manufacturers, and exports to Greece, Oman, UAE, Sri Lanka, USA, and SEZs.
Manufacturing facility located at Kubadthal, Ahmedabad, spread over 6,067 sq. meters, with an annual capacity of 7.8 million sq. meters.
Product applications include:
• Automotive upholstery (seats, trims, steering covers)
• Fashion accessories (bags, wallets, laptop sleeves)
• Interior solutions (wall coverings, upholstery)
IPO proceeds will be used for solar power project capex (₹4.26 cr), working capital (₹20.45 cr), and general corporate purposes.
Strength
High quality & customization capability – Offers a wide range of textures, colours, and specifications across industries.
Experienced promoters with market knowledge – Industry understanding supports customer acquisition and product positioning.
Fully integrated manufacturing facility – Strategic location and in-house production improve efficiency and cost control.
Weakness
Limited manufacturing operating history – Short track record may make future performance assessment difficult.
Regulatory & compliance risk – Preferential allotment in FY21 without valuation report may lead to regulatory scrutiny.
Promoter group conflict risk – Group company operating in the same business without non-compete protection may impact competitiveness.
Aritas Vinyl Lead Manager(s)
Aritas Vinyl Address
Aritas Vinyl Ltd.
Address
Survey No. 1134,
Near Elegant Vinyl Private Limited,
Daskroi,
Ahmedabad, Gujarat, 382430
9998852850
E-mail: info@aritasvinyl.com
Website: https://www.aritasvinyl.com/
Address
Survey No. 1134,
Near Elegant Vinyl Private Limited,
Daskroi,
Ahmedabad, Gujarat, 382430
9998852850
E-mail: info@aritasvinyl.com
Website: https://www.aritasvinyl.com/
Aritas Vinyl Registrar
Bigshare Services Pvt Ltd
Phone:
+912262638200
Email:
investor@bigshareonline.com
Address: Bigshare Services Pvt Ltd 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis,Makwana Road, Marol, Andheri(E), Mumbai - 400 059