Vinod Texworld IPO
Vinod Texworld LtdSME
This IPO has listed.
- Open date
- 9 Sep 2026
- Close date
- 11 Sep 2026
- Min. Investment
- ₹2,25,600
- Lot Size
- -
- Fresh Issue
- ₹42.84 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.37x
- Retail-Individual Investors2.91x
- Total1.57x
Schedule
- Completed: IPO open date9 Sep 2026
- Completed: IPO close date11 Sep 2026
- Completed: Allotment date15 Sep 2026
- Completed: Funds unblock or debit16 Sep 2026
- Completed: Tentative listing date17 Sep 2026
About
Promoter shareholding in Vinod Texworld Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Harsh Vinod Mittal | 43,91,795 | 37.86% | 43,91,795 | 27.18% |
| Yash Vinod Mittal | 42,13,145 | 36.32% | 42,13,145 | 26.08% |
| Sweta Yash Mittal | 2,95,000 | 2.54% | 2,95,000 | 1.83% |
| Vinod Mangalchand Mittal | 5,80,060 | 5.00% | 5,80,060 | 3.59% |
| Radha Vinodkumar Mittal | 9,00,000 | 7.76% | 9,00,000 | 5.57% |
| Poonam Harsh Mittal | 3,21,200 | 2.77% | 3,21,200 | 1.99% |
| Harsh V Mittal HUF | 50,000 | 0.43% | 50,000 | 0.31% |
| Yash V Mittal HUF | 50,000 | 0.43% | 50,000 | 0.31% |
Vinod Texworld IPO Strengths & Risks
- Quality Assurance.
- Financial Performance with Improving Profitability but Negative Operating Cash Flows.
- Strong and Consistent Financial Performance
- An integrated production processes and Committed to High-Quality, Versatile Products.
- Growing customer base and Cordial relations with Customers.
- Scalable Manufacturing Model with Working Capital Sensitivity.
- Risks Relating to the Business: The company's corporate guarantee obligations and other contingent liabilities, including GST demands and bank guarantees, may materially and adversely affect its financial condition, cash flows and operations.
- Risks Relating to the Business: The Company's recent credit ratings reflect moderate credit risk and may impact its financial flexibility and ability to raise funds on favourable terms.
- Risks Relating to the Business: The company's top ten customers contribute a major portion of its revenue, and the loss of the Company from one or more of them may adversely affect its revenues and profitability.
- Risks Relating to the Business: The company requires high working capital for its smooth day to day operations of business and any discontinuance or the company's inability to acquire adequate working capital timely and on favourable terms may have an adverse effect on its operations, profitability and growth prospects.
- Risks Relating to the Business: The company derives a significant portion of its revenue from operations from domestic sales which exposes the company to risks specific to Indian market and geographies.
- Risks Relating to the Business: Its Group Companies and Promoter Group Entities operates in the broader textile and garment industry and the company has entered into related party transactions with them; however, any potential conflict of interest may still arise despite existing non-compete arrangements with Group Companies.
- Risks Relating to the Business: The peer review auditor and the statutory auditor of the company are different.
- Risks Relating to the Business: The Company, Promoters and Directors are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The Company has not entered into any long-term contracts with any of its customers and the company typically operates on the basis of purchase orders. Inability to maintain regular order flow would adversely impact its revenues and profitability.
- Risks Relating to the Business: The Company has negative cash flows from its Financing activity and investing activity, details of which are given below. Sustained negative cash flow could adversely impact the company's business, financial condition and results of operations.
- Risks Relating to the Business: The Company has extended a corporate guarantee of Rs.1,733.00 lakhs for a loan availed by a Promoter Group company, Vinod Cotfab Private Limited, as of March 31, 2026. Any default by the borrower could materially impact its financial health.
- Risks Relating to the Business: The company has significant levels of indebtedness, both secured and unsecured, and servicing this debt requires substantial cash flows. Any failures to meet its repayment and other obligations may adversely affect the company's business, financial condition, and results of operations. The company is significantly dependent on short-term borrowings, including working capital financing, and any inability to obtain or renew such financing on favorable terms could adversely affect its business, operations, and financial condition.
- Risks Relating to the Business: The company's business is dependent on timely execution and delivery of orders, and any failures to adhere to delivery schedules may adversely affect its customer relationships and business prospects.
- Risks Relating to the Business: The company's top ten suppliers contribute a significant portion of its purchases. Any loss of business with one or more of them may adversely affect the company's business operations and profitability.
- Risks Relating to the Business: The company's Promoters have provided personal guarantees to certain loan facilities availed by it, which if revoked may requires alternative guarantees, repayment of amounts due or termination of the facilities.
- Risks Relating to the Business: The Company's trading operations expose it to certain risks which may impact its profitability and financial performance.
- Risks Relating to the Business: Any change in customer preferences or perception of the company's product quality, or its failures to meet customer-specified quality standards and technical specifications, may adversely affect the company's reputation, business relationships, and financial performance.
- Risks Relating to the Business: The depository account(s) of certain Promoter Group member(s) have been frozen in the past. Any continuation or recurrence of such actions may adversely affect investor perception and the market price of the company's Equity Shares.
- Risks Relating to the Business: Supply Chain Disruptions or dependence on dealers and agents without formal agreements may adversely affect the company's sales, operations, and profitability.
- Risks Relating to the Business: The company has not identified any alternate source of raising the working capital mentioned as its `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect the company's growth plans, operations and financial performance.
- Risks Relating to the Business: The company is exposed to competition from both domestic and international manufacturers and new entrants and consequent pricing pressures could have a material adverse effect on its business growth and prospects, financial condition and results of operations.
- Risks Relating to the Business: The company has only one production unit that is located in Ahmedabad, Gujarat and any localized social unrest, natural disaster breakdown of services, or any other natural disaster in and around Ahmedabad, Gujarat or any disruption in production at, or shutdown of, its production unit could have material adverse effect on the company's business and financial condition.
- Risks Relating to the Business: The company's working capital cycle has deteriorated in recent periods, which has resulted in negative operating cash flows and increased reliance on short-term borrowings. Any further deterioration may adversely affect its liquidity and financial condition.
- Risks Relating to the Business: The company's registered office and manufacturing facility, located at 185/2, Saijpur, Gopalpur, Piplaj Pirana Road, Ahmedabad, Gujarat, India - 382405, which was transferred to the Company through a nonconsideration assignment.
- Risks Relating to the Business: Majority of revenue contribution comes from the Gujarat which contributed 58.83%, 64.60%, and 61.41% of the company's revenue from operations for the Fiscal 2026, 2025 and 2024, respectively.
- Risks Relating to the Business: The company has made an application seeking registration of trademark which has been objected under Section 11(1) of the Trade Marks Act, 1999. There is no assurance that this application shall result in the company being granted registration in a timely manner or at all.
- Risks Relating to the Business: The company's inability to manage inventory in an effective manner could affect its business.
- Risks Relating to the Business: The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- Risks Relating to the Business: Certain statutory filings made with the Registrar of Companies in the past may contain defects, and its may be required to re-file such forms, which could result in additional costs, penalties, or delays.
- Risks Relating to the Business: The loss, shutdown or slowdown of operations of the company's facility or the under-utilization of any such facility may have a material effect on its results of operations and financial condition.
- Risks Relating to the Business: Supply Chain Disruptions or dependence on dealers and agents without formal agreements may adversely affect the company's sales, operations, and profitability.
- Risks Relating to the Business: The company will continue to be controlled by its Promoter and Promoter Group after the completion of the Issue, which will allow the company's Promoters to influence the outcome of matters submitted for approval of its shareholders.
- Risks Relating to the Business: The company operations are subject to environmental laws and regulations, and any failures to comply with applicable environmental standards, including requirements relating to effluent treatment and hazardous waste management, may result in penalties, operational disruptions, or closure of its manufacturing facilities.
- Risks Relating to the Business: The company has significant power requirements for continuous running of its factories. Any disruption to the company operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company is dependent on third party logistic and support service providers for the delivery of raw materials and finished products and any disruptions in their services including transportation services or a decrease in the quality of their services may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The Company is yet to place orders for the machineries for the expansion of the existing plant. Any delay in placing orders of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- Risks Relating to the Business: The Company had filed certain ROC forms with delayed fees and the Company cannot assure that no proceedings or regulatory actions will be initiated against it in relation to the non-filing and delayed filing.
- Risks Relating to the Business: The Company has duly filed all returns and made statutory payments such as Tax Deducted at Source, Income Tax, Goods and Services Tax, Employee Provident Fund, Employees State Insurance, and other applicable statutory dues within the prescribed timelines. However, there can be no assurance that there will be no delay in filing or payment of such statutory dues in the future. Any delay in making statutory payments or filing returns, if it occurs, may attract penalties or demands raised by the concerned statutory authorities and could have an adverse impact on the financial position of the Company.
- Risks Relating to the Business: The company's business is manpower intensive and any unavailability of its employees or shortage of labour or any strikes, work stoppages, increased wage demands by workmen or changes in regulations governing hiring of labour may have an adverse impact on its cash flows and results of operations.
- Risks Relating to the Business: The company's Promoter-cum-Director has professional experience limited to Group Companies, which may restrict exposure to diverse business practices.
- Risks Relating to the Business: Inability to Substantiate the Prior Professional Experience of Certain Senior Management Personnel, Which Has Accordingly Been Recorded as Nil for the Purpose of this Prospectus.
- Risks Relating to the Business: Its warehouse is not owned by the company and taken on the lease. Any termination of the relevant lease agreement in connection with such property or its failures to renew the same could adversely affect the company operations.
- Risks Relating to the Business: The company has not commissioned an industry report for the disclosures made in the section titled "Industry Overview" and made disclosures on the basis of the data available on the internet and such data has not been independently verified by the company.
- Risks Relating to the Business: The company requires various licenses and approvals for undertaking its businesses and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect the company operations.
- Risks Relating to the Business: Information relating to the company installed capacities and the historical capacity utilization of its manufacturing facility included in this Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Risks Relating to the Business: The Company enters into related party transactions, which are conducted on an arm's length basis, and there can be no assurance that such transactions will not give rise to conflicts of interest or that its could not have achieved more favorable terms if such transactions had been entered into with unrelated parties.
- Risks Relating to the Business: The company has significant levels of indebtedness, both secured and unsecured, and servicing this debt requires substantial cash flows. Any failures to meet its repayment and other obligations may adversely affect the company's business, financial condition, and results of operations.
- Risks Relating to the Business: The company is significantly dependent on short-term borrowings, including working capital financing, and any inability to obtain or renew such financing on favorable terms could adversely affect its business, operations, and financial condition.
- Risks Relating to the Business: The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategy could have an effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company's export sales are negligible and concentrated in a single country, Nepal. Its export revenues are negligible and the company has a limited international market presence, which may restrict its growth opportunities.
- Risks Relating to the Business: Any deficiency in its products could make the Company liable for client claims, which in turn could affect the Company's results of operations.
- Risks Relating to the Business: The Company may not be able to obtain sufficient quantities or required quality of raw materials in a timely manner for manufacturing operations, which could have an impact on the timelines for supplying products to customers.
- Risks Relating to the Business: Compliance with and changes in, safety, health and environmental laws and related laws and regulations impose additional costs and may adversely affect results of operations and financial condition.
- Risks Relating to the Business: Some of the financing agreements requires prior consent of lenders for undertaking a number of corporate actions.
- Risks Relating to the Business: The business and prospects may be adversely affected if the Company is unable to maintain and grow the image of its brand.
- Risks Relating to the Business: In the event the Company is unable to procure adequate amounts of raw materials, at competitive prices the business, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: Any failures of information technology systems could adversely affect business and operations.
- Risks Relating to the Business: Fluctuation in raw material prices may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The directors of the company does not have the experience of the listed company and the requirements of being a listed company may strain its resources.
- Risks Relating to the Business: The company faces competition in its business from organized and unorganized players, which may adversely affect the company's business operation and financial condition.
- Risks Relating to the Business: The company's inability to secure or renew working capital borrowings in the future may lead to liquidity constraints and adversely affect its operations, financial condition, and growth prospects.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoter could be lower than the Issue Price.
- Risks Relating to the Business: The company has issued equity shares only through Right Issues since incorporation and not through any bonus issue, and its ability to raise equity capital in the future may depends on shareholders' continued participation.
- Risks Relating to the Business: The Company enters into related party transactions, which are conducted on an arm's length basis, and there can be no assurance that such transactions will not give rise to conflicts of interest or that its could not have achieved more favorable terms if such transactions had been entered into with unrelated parties.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
- Risks Relating to the Business: Within the parameters as mentioned in the chapter titled `Objects of the Issue' beginning on page 129, the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution. Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- Risks Relating to the Business: The company's success is dependent on its Promoter, management team and skilled manpower. The company's inability to attract and retain key personnel or the loss of services of its Promoter or Managing Director and Whole Time Director may have an adverse effect on the company's business prospects.
- Risks Relating to the Business: The company failures to adapt to technological developments or industry trends could affect the performance and features of its products, and reduce the company's attractiveness to its customers.
- Risks Relating to the Business: If there is a change in policies related to tax, duties or other such levies applicable to the company, it may affect its results of operations.
- Risks Relating to the Business: The company's ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.
- Risks Relating to the Business: The company is subject to the risk of failures of or a material weakness in its internal control systems.
- Risks Relating to the Business: The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- Risks Relating to the Business: The company relies on effective marketing strategies to drives brand visibility and customer engagement, and any failures to adapt to digital marketing trends or continued reliance on traditional channels may adversely affect its ability to reach new customers, resulting in reduced profitability and growth prospects.
- Risks Relating to the Business: Any penalty, demand, or adverse order raised by statutory or regulatory authorities in the future could adversely affect the company's financial condition, results of operations, and cash flows.
- Risks Relating to the Business: The company's workers are exposed to occupational health and safety hazards, and any failures to maintain adequate safety standards may adversely impact its operations.
- Risks Relating to the Business: The company's business operations are highly dependent on its manufacturing machinery, and any breakdown, malfunction, or technological obsolescence may adversely affect the company's production and financial results.
- Risks Relating to the Business: Certain insurance policies, agreements or deeds may continue to remain in the erstwhile name of the Company, and any delay or failures in updating them could adversely impact its operations.
- Risks Relating to the Business: The requirements of being a listed company may strain its resources and distract management.
- Risks Relating to the Business: Although the company has consistently received payments from its customers on or before the due date, the company cannot assure that such timely payments will continue in the future, and any delay or default in collection of trade receivables may adversely affect its cash flows and financial condition.
- Risks Relating to the Business: The Company's board of directors will be utilizing the Net Proceeds from the Issue in the objects of the issue. The deployment of Net Proceeds from the Issue is not subject to any monitoring by any independent agency as in terms of Regulation 262 of the ICDR Regulations, the Company is not required to appoint a monitoring agency since the Issue size is not in excess of Rs. 5,000.00 lakhs.
- Risks Relating to the Business: Portion of the company's Issue Proceeds are proposed to be utilized for general corporate purposes (i.e. 597.27 Lakhs) which constitute 14.98% of the Issue Proceed (i.e. 4,283.02 Lakhs). As on date the company has not identified the use of such funds.
- Risks Relating to the Business: The company's Promoter, Directors and Key Managerial Personnel hold Equity Shares in its and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
