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Aritas Vinyl IPO
Aritas Vinyl Ltd
₹2,40,000 /6000 sharesMinimum investment
IPO listing details
Listed on
23 Jan '26
Issue price
₹47.00
Listing price
₹47.00
Listing gains
₹0.00 (0.00%)
Exchange
--
IPO details
Minimum investment
₹2,40,000
Price range
₹40 - ₹47
Lot size
3,000
Issue size
37.52 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers1.00x
Non-Institutional Investor1.21x
Retail Individual Investor2.86x
Total2.14x
As of 20 Jan'26, 05:01 PM
Schedule
16 Jan 2026
IPO open date
20 Jan 2026
IPO close date
21 Jan 2026
Allotment date
21 Jan 2026
Funds unblock or debit
23 Jan 2026
Tentative listing date
About
Founded in
2020
MD/CEO
Mr Anilkumar Prakashchandra Agrawal
Parent organisation
Aritas Vinyl Ltd
Aritas Vinyl Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to run a fully integrated and automated manufacturing facility near Ahmedabad for PU synthetic leather and PVC-coated leather using transfer coating technology. It also states that the plant is designed with a “Zero Liquid Discharge” system so that industrial wastewater is not discharged into surface waters.
Aritas Vinyl reports that it began manufacturing in FY22 with an installed capacity of 42 lakh metres per year and increased this to 78 lakh metres in FY24.
The company claims to serve a diversified customer base across furniture and upholstery, footwear, automotive, hospitals, and fashion accessories, both in India and overseas. It also states that it has established long-standing relationships and repeat orders from buyers based on its ability to meet product specifications and delivery timelines.
The company is ISO 9001:2015 and IATF 16949:2016 certified for its quality management systems.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 51.18 crore in FY23 to Rs 68.78 crore in FY24 and Rs 97.67 crore in FY25. PAT increased from Rs 0.99 crore in FY23 to Rs 1.66 crore in FY24 and Rs 4.13 crore in FY25.
Aritas Vinyl is a relatively new manufacturer, incorporated in 2020 and having started manufacturing operations only in 2021. The company lacks the long operating history and depth of market experience that several competitors possess, which could make it hard to accurately assess demand-supply dynamics and customer trends; any misjudgment here may adversely affect its business, financial condition, and results of operations. Although its promoters and key personnel have prior industry experience, the company’s short history in manufacturing requires investors to closely monitor how effectively it navigates early-stage operational risks.
One of Aritas Vinyl’s promoter group companies, Elegant Vinyl Private Limited, operates in a similar line of business, which may give rise to conflicts of interest, particularly in areas such as customers, suppliers, and strategic focus. There is no non-compete or other contractual protection in place between Aritas Vinyl and this group company, increasing the risk of overlap or competition in present or future product segments.
The company reported negative cash flow from operating activities amounting to Rs 9.06 crore in FY24 and Rs 7.69 crore in FY23. This was driven by increases in inventory, trade receivables, current assets, and investments in fixed assets, which were partly funded through higher long-term and short-term borrowings. Investors should closely monitor whether the company can sustain positive operating cash flows and reduce its reliance on external borrowings over time.
The top 10 suppliers accounted for Rs 17.11 crore (53.30 percent) of the company’s total purchase for the period ended August 31, 2025; Rs 45.09 crore (53.09 percent) in FY25; Rs 44.04 crore (72.99 percent) in FY24, and Rs 39.31 crore (74.61 percent) in FY23. Any disruption in supply, inability to source comparable quality or pricing, or loss of one or more key suppliers could negatively impact the company’s production and overall financial performance.
The top 10 customers accounted for Rs 21.02 crore (51.85 percent) of the company’s total revenue for the period ended August 31, 2025; Rs 47.30 crore (48.43 percent) in FY25; Rs 36.74 crore (53.41 percent) in FY24, and Rs 29.53 crore (57.69 percent) in FY23. Furthermore, the company does not have any long-term contracts with any of its customers. Any loss of one or more of these key customers, or a reduction, delay, or interruption in orders from them, could materially affect the company’s business, financial condition, and cash flows.
Aritas Vinyl’s cost structure is highly sensitive to raw material prices, with raw material consumption consistently exceeding 70 percent of revenue from operations. The company does not have long-term supply agreements and procures key inputs on an order-by-order basis, making it vulnerable to price volatility and supply shortages. If it is unable to pass on higher raw material costs to customers, its profit margins, business performance, and overall profitability could be adversely affected.
As of August 31, 2025, the company had contingent liabilities of Rs 9.72 crore. If any of these contingent liabilities materialise, its financial condition would be adversely affected.
The company is involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
As of August 31, 2025, the company had outstanding financial indebtedness of Rs 37.36 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Application details
For Aritas Vinyl IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹40 - ₹47 | ₹2 - ₹5 Lakhs | 3000 |
About
Aritas Vinyl IPO Timetable
| IPO Open | Fri, Jan 16, 2026 |
| IPO Close | Tue, Jan 20, 2026 |
| IPO Allotment | Wed, Jan 21, 2026 |
| Refund Initates | Thu, Jan 22, 2026 |
| Credit of Shares | Thu, Jan 22, 2026 |
| Listing Date | Fri, Jan 23, 2026 |
Objective of Vinyl IPO
| Objective | Details |
|---|---|
| Capital Expenditure (Solar Power Project) | Installation of a solar power project at the manufacturing facility to reduce energy costs and improve sustainability. |
| Working Capital Requirements | Funding day-to-day operational needs such as raw material procurement, inventory, receivables, and other operating expenses. |
| General Corporate Purposes | To meet general business requirements including administrative expenses, business development, and strategic initiatives. |
Vinyl IPO Details
| Item | Details |
|---|---|
| Total IPO Size | ~₹37.52 crore |
| Fresh Issue | ~₹32.89 crore (used for above objectives) |
| Offer for Sale (OFS) | ~₹4.63 crore (goes to selling shareholders, not the company) |
Vinyl IPO Registrar
Bigshare Services Pvt.Ltd.
Phone No. +91-22-6263 8200
Contact Email: [email protected]
Vinyl IPO Lead Manager
Interactive Financial Services Ltd.
Vinyl IPO Contact Details
Address
Survey No. 1134,
Near Elegant Vinyl Private Limited,
Daskroi,
Ahmedabad, Gujarat, 382430