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VMSTMT IPO

VMS TMT LIMITED

IPO Doc

Start Date17-09-2025

Application Timing10am-5pm

Price Range₹94 - ₹99

Min Qty150

Min. Investment₹14100

Listing Date24-09-2025

Close Date19-09-2025

About VMS TMT LIMITED

Incorporated in 2013, VMS TMT Limited is engaged in the manufacturing of Thermo Mechanically Treated (TMT) Bars, along with trading in scrap and binding wires. The company operates from its strategically located manufacturing facility at Bhayla Village, near Bavla in Ahmedabad district, Gujarat, which ensures efficient distribution across the region.

As of July 31, 2025, the company has built a strong distribution network consisting of 3 distributors and 227 dealers. It has also entered into a retail license agreement with Kamdhenu Limited in November 2022, allowing it to market TMT Bars under the brand name Kamdhenu NXT within Gujarat.

VMS TMT primarily caters to Tier II and Tier III cities, generating over 98% of its revenue from Gujarat in recent years. The company is supported by a professional management team and a workforce of 230 permanent employees.

Why To Invest in VMS TMT LIMITED

Established Market Presence: The company has a strong distribution network with a proven track record in Gujarat.

Brand Leverage: Strategic tie-up with Kamdhenu Limited enhances brand recognition and customer trust.

Strong Financial Growth: Despite a dip in revenue in FY25, profit after tax increased by 14% year-on-year, showing operational efficiency.

Focus on Expansion: Fresh issue proceeds will be used primarily for debt repayment (Rs. 115 crore), which will strengthen the balance sheet and reduce interest burden.

Attractive Valuation: Post-issue P/E ratio improves to 14.32x, making it competitive compared to peers.

Financial Table

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	449.35	412.06	284.23	227.28
Total Income	213.39	771.41	873.17	882.06
Profit After Tax	8.58	15.42	13.47	4.20
EBITDA	19.48	45.53	41.20	21.91
NET Worth	81.77	73.19	46.51	30.84
Reserves and Surplus	47.14	38.56	33.18	18.23
Total Borrowing	309.18	275.72	197.86	162.70

Strengths And Risks

Strong Industry Presence: VMS TMT has an established position in the TMT bar manufacturing industry, backed by years of operational expertise and market understanding.

Strategic Brand Partnership: The company has a retail license agreement with Kamdhenu Limited, allowing it to market products under the brand name Kamdhenu NXT, which enhances visibility and customer trust.

Wide Distribution Network: With 3 distributors and 227 dealers, the company ensures efficient supply across Gujarat and other states, strengthening its reach in Tier II and Tier III cities.

Profitability Growth: Despite a dip in revenue in FY25, the company recorded a 14% increase in Profit After Tax (PAT) compared to FY24, reflecting operational efficiency.

Experienced Management: The business is managed by experienced promoters and a professional team, supported by a workforce of 230 permanent employees.

Geographic Concentration Risk: Over 98% of revenue comes from Gujarat, which makes the company highly dependent on a single state for business growth.

High Debt Levels: As of March 2025, borrowings stood at Rs. 309.18 crore, resulting in a Debt-to-Equity ratio of 6.06, which is considered risky for financial stability.

Low Profit Margins: The company operates on thin margins with an EBITDA margin of 5.91% and a PAT margin of 1.91%, limiting profitability expansion.

Industry Cyclicality: Being part of the steel sector, the company’s growth is tied to real estate and infrastructure demand, making it vulnerable to economic slowdowns and cyclical market conditions.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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SEBI RA Registration:

INH000013332

AMFI Registration:

ARN-35911

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We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

*Investors are requested to note that Stock broker Astha Credit and Securities Private Limited is permitted to receive/pay money from/to investor through designated bank accounts only named as client bank accounts. Stock broker Astha Credit and Securities Private Limited is also required to disclose these client bank accounts to Stock Exchange. Hence, you are requested to use following client bank accounts only for the purpose of dealings in your trading account with us. The details of these client bank accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker.

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VMSTMT IPO

About VMS TMT LIMITED

Why To Invest in VMS TMT LIMITED