Vigor Plast IPO

Vigor Plast India Ltd

₹1,23,200 /1600 sharesMinimum Investment

Vigor Plast IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
4 Sep ‘25 - 9 Sep ‘25₹2,46,4001,600₹77 - ₹81
Issue SizeIPO Doc
25.10Cr
RHP PDF

About Vigor Plast

Vigour Plast India Limited, established in 2014, initially focused on trading polyvinyl chloride (PVC) pipes and fittings. From 2020 onwards, the company expanded its manufacturing capabilities to include PVC, unplasticized polyvinyl chloride (uPVC), and chlorinated polyvinyl chloride (cPVC) pipes, fittings, and related products. Its offerings are used in plumbing, irrigation, and waste management across residential, commercial, agricultural, and industrial sectors. The company operates from a manufacturing facility in Dared, Gujarat, which also serves as its registered office. The facility is equipped with fully automated equipment to ensure high-quality production. Vigor Plast India maintains an in-house laboratory for quality checks and operates four warehouses in Rajkot, Jamnagar, Surat, and Ahmedabad. Besides the domestic market, the company’s products are exported to Nepal. It has a network of 440 distributors across India for product distribution.;
Founded in
2014
Managing director
Mr Jayesh Premjibhai Kathiriya
Parent organisation
Vigor Plast India Ltd

Strengths & Financials of Vigor Plast

Strengths
Risks
Vigor Plast offers an extensive range of pipes and fittings designed to meet the diverse needs of residential, commercial, and industrial applications. The company claims to have a product line that provides customised solutions, allowing it to address specific client requirements efficiently.
Vigor Plast operates a manufacturing facility strategically located near raw material sources, which the company claims reduces transportation costs and enhances logistics efficiency. The facility's design incorporates advanced machinery and efficient workflows, which help improve output while maintaining product quality. Additionally, the company claims to benefit from a strong logistics infrastructure, which supports both domestic and international exports efficiently.
The company also holds various IS certifications, including IS 14735:1999 for uPVC injection-moulded fittings for soil and waste discharge systems, IS 13592:2013 for unplasticised polyvinyl chloride (PVC-U) pipes for soil and waste discharge systems in buildings, and IS 4985:2021 for unplasticized PVC pipes for potable water supplies, among others.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 37.28 crore in FY23 to Rs 42.48 crore in FY24 and Rs 45.58 crore in FY25. PAT increased from Rs 0.30 crore in FY23 to Rs 2.93 crore in FY24 and Rs 5.15 crore in FY25.
All warehouses of the company are concentrated in a single location—Gujarat. Any adverse social, political, or economic developments in this region could hurt the company’s business and financial condition.
The top 10 suppliers accounted for Rs 18.48 crore (65.97 percent) of the company’s total purchase of raw materials in FY25, Rs 19.82 crore (59.72 percent) in FY24, and Rs 16.06 crore (55.14 percent) in FY23. Furthermore, the top supplier alone accounted for Rs 7.34 crore (26.21 percent) of the company’s total purchase of raw materials in FY25, Rs 7.17 crore (21.61 percent) in FY24, and Rs 6.02 crore (20.67 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
A significant portion of the company’s revenue is derived from two sectors—industrial and residential. The industrial sector accounted for Rs 20.34 crore (44.62 percent) of the company’s revenue in FY25, Rs 15.37 crore (36.18 percent) in FY24, and Rs 15.47 crore (41.49 percent) in FY23. The residential sector accounted for Rs 10.91 crore (23.93 percent) of the company’s revenue in FY25, Rs 13.83 crore (32.55 percent) in FY24, and Rs 12.36 crore (33.14 percent) in FY23. Any slowdown in these sectors, whether due to regulatory changes, economic conditions, or other external factors, could adversely affect the financial performance of the company.
The top 10 customers accounted for Rs 12.35 crore (27.10 percent) of the company’s total sales in FY25, Rs 15.16 crore (35.69 percent) in FY24, and Rs 14.78 crore (39.65 percent) in FY23. Any failure to retain these key customers or a loss of business from these clients could adversely affect the company’s business and financial standing.
The company derives a significant portion of its revenue from Gujarat. It accounted for Rs 18.92 crore (41.52 percent) of the company’s total revenue in FY25, Rs 10.71 crore (25.21 percent) in FY24, and Rs 9.67 crore (25.95 percent) in FY23. Any disruption in this region could negatively impact the company’s revenue and results of operations.
The company reported negative cash flow from investing activities amounting to Rs 12.11 crore in FY25, Rs 11.49 crore in FY24, and Rs 2.16 crore in FY23. This was primarily due to the purchase of fixed assets. Additionally, the company recorded negative cash flow from financing activities primarily due to the net repayment of borrowings. It amounted to Rs 2.45 crore in FY25 and Rs 2.26 crore in FY23. The company also reported a net decrease in cash equivalents amounting to Rs 0.23 crore in FY24. Any continued negative cash flow over extended periods may materially impact the company’s ability to operate effectively.
The company, its directors, and its promoters are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could hurt the company’s business prospects.
As of July 31, 2025, the company had financial indebtedness of Rs 16.47 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.

Vigor Plast Financials

*All values are in Rs. Cr
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Application Details of Vigor Plast IPO

Apply asPrice bandApply upto
Individual investor77 - 81₹2 - 5 Lakh
For Vigor Plast IPO, eligible investors can apply as Individual investor.