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VIGOR IPO

Vigor Plast India Limited
IPO Doc
Start Date04-09-2025
Application Timing10am-5pm
Price Range₹77 - ₹81
Min Qty1600
Min. Investment₹123200
Listing Date12-09-2025
Close Date09-09-2025

About Vigor Plast India Limited

Incorporated in 2012, Vigor Plast India Limited is engaged in the manufacturing and supply of CPVC and UPVC pipes and fittings. The company offers a wide range of products including CPVC and UPVC plumbing pipes and fittings, SWR pipes, and PVC agricultural pipes catering to plumbing, sewage, agriculture, and industrial applications.

Vigor Plast operates a fully automated manufacturing facility and registered office located in Dared, Gujarat. The company has five strategically placed warehouses in Gujarat (Rajkot, Jamnagar, Surat, Ahmedabad, and Dholka) to streamline distribution.

With a strong dealer and distributor network of over 440 partners across 25 Indian states and territories, Vigor Plast leverages technology through its Android-based “Vigor India Plast” app for seamless order placement. As of June 2025, the company employs 81 personnel across multiple departments including Production, Quality Control, Sales, and Human Resources.

Why To Invest in Vigor Plast India Limited

Robust Financial Growth: Revenue increased by 8% and Profit After Tax rose by 76% between FY24 and FY25. EBITDA margins also improved significantly to 26.51%.

Strong Profitability Ratios: Return on Equity (ROE) stands at 59.39% and Return on Capital Employed (ROCE) at 28.24%, showcasing efficient capital utilization.

Expanding Market Presence: A strong distribution network of 440+ dealers across India and five warehouses enhances reach and operational efficiency.

Diverse Product Portfolio: Comprehensive range of pipes and fittings for residential, agricultural, and industrial applications.

Quality Assurance: ISO and BIS-certified products strengthen credibility and trust among customers.

Debt Reduction Plan: Proceeds from the IPO will partly be used to repay secured borrowings, strengthening the balance sheet.

Financial Table
Period Ended 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets40.5135.8920.09
Total Income 46.0242.5237.39
Profit After Tax 5.152.930.30
EBITDA12.087.553.08
Net Worth 12.78 4.571.64
Reserves and Surplus 4.934.071.14
Total Borrowing 17.72 21.5711.29
Strengths And Risks
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Diversified Product Portfolio: Vigor Plast offers a wide range of products across plumbing, agriculture, sewage, and industrial segments. This diversification reduces dependence on a single category and broadens the company’s market base.
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Modern Manufacturing Facility: The company operates a fully automated manufacturing facility in Gujarat, ensuring high-quality standards, efficient production, and cost optimization.
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Strong Distribution Network: With more than 440 distributors and dealers across 25 states, supported by a mobile-based ordering app, Vigor Plast enjoys a strong reach and technology-driven sales process.
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Consistent Financial Growth: The company has demonstrated a proven track record of revenue and profit growth. Profit margins and return ratios have shown strong improvements in the last two years, supported by efficient cost management.
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Promoter Commitment: The promoters will continue to hold a majority stake of 70.05% post-issue, reflecting strong confidence and long-term commitment to the business.
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Raw Material Price Volatility: The business is highly dependent on PVC resins, whose prices fluctuate with crude oil. This can affect cost structures and profitability.
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Working Capital Intensive Operations: The distribution-led business model requires significant working capital. Any strain in cash flow may impact operational efficiency.
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Earnings Dilution Post-Issue: The post-issue earnings per share (EPS) are expected to decline from Rs. 6.56 to Rs. 4.98, resulting in a higher price-to-earnings (P/E) valuation for investors.
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Leverage Concerns: The company’s debt-to-equity ratio currently stands at 1.39. Although IPO proceeds will reduce borrowings, leverage still remains a factor to monitor.
FAQs
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