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Aritas Vinyl IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Aritas Vinyl Limited is engaged in manufacturing technical textiles, primarily PU synthetic leather and PVC-coated leather, using advanced Transfer Coating Technology. The company earns revenue through domestic sales and exports of synthetic leather used across automotive, footwear, furnishings, fashion accessories, healthcare, and upholstery industries. Its products replace natural leather due to durability, cost efficiency, customization, and eco-friendly advantages.
Aritas Vinyl, an Book Built Issue, amounting to ₹
37.52 Crore,consisting an fresh issue of
0.70 crore shares aggregating to ₹32.89 crores and offer for sale of
0.10 crore shares aggregating to ₹4.63 crores. The subscription period for the Aritas Vinyl IPO opens on January 16, 2026, and closes on January 20, 2026. The allotment is expected to be finalized on or about Wednesday, January 21, 2026, and the shares will be listed on the BSE SME with a tentative listing date set on or about Friday, January 23, 2026.
The Share Price Band of Aritas Vinyl IPO is set at ₹40 to ₹47 per share per equity share. The Market Capitalisation of the Aritas Vinyl at IPO price of ₹47 per equity share will be ₹92.54 Crores. The lot size of the IPO is 3000 shares. Retail investors are required to invest a minimum of ₹
282,000, 2 lots (6000 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
9000 shares), amounting to ₹
423,000.
INTERACTIVE FINANCIAL SERVICES LIMITED, are the book running lead manager of the Amagi Media Labs Ltd. while Bigshare Services Private Limited is the registrar for the issue,The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd.
Aritas Vinyl Limited IPO GMP Today
The Grey Market Premium of Aritas Vinyl IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Aritas Vinyl Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on 20 January 2026, the Aritas Vinyl IPO live subscription status shows that the IPO subscribed 2.21 times on its Final Day of subscription period. Check the Aritas Vinyl IPO Live Subscription Status Today at BSE.
Aritas Vinyl Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Aritas Vinyl IPO allotment date is Wednesday, January 21, 2026, Aritas Vinyl IPO Allotment will be out on Wednesday, January 21, 2026, and will be live on Registrar Website from the allotment date.
Bigshare Services Private Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Aritas Vinyl IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Aritas Vinyl Limited IPO
Aritas Vinyl to utilise the Net Proceeds towards the following objects:
1. ₹425.61 Lakh is required for Capital Expenditure for Solar Power Project
2. ₹2045.00 Lakh is required for Working Capital
3. General Corporate Purposes
Refer to Aritas Vinyl Limited RHP for more details about the Company.
Aritas Vinyl Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| January 13, 2026 | ₹ 47 | ₹ 47 | ₹0(0.0%) | 13 January 2026; 01:37 PM |
| January 13, 2026 | ₹ 47 | ₹ 47 | ₹0(0.0%) | 14 January 2026; 12:13 PM |
Aritas Vinyl IPO Details
| Market Capitalization | ₹92.54 Cr |
| IPO Date | January 16, 2026 to January 20, 2026 |
| Listing Date | January 23, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹40 to ₹47 per share |
| Issue Price | ₹47 per share |
| Employee Discount | NA |
| Lot Size | 3000 Equity Shares |
| Total Issue Size | 79,83,000 Equity Shares (aggregating to ₹37.52 Cr) |
| Fresh Issue | 69,98,600 Equity Shares (aggregating to ₹32.89 Cr) |
| Offer for Sale | 9,84,400 Equity Shares (aggregating to ₹4.63 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 1,26,90,080 |
| Share holding post issue | 1,96,88,680 |
| Rating | Avoid |
Aritas Vinyl IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Aritas Vinyl IPO Timeline (Tentative Schedule)
| IPO Open Date | Fri, Jan 16, 2026 |
| IPO Close Date | Tue, Jan 20, 2026 |
| Basis of Allotment | Wed, Jan 21, 2026 |
| Initiation of Refunds | Thu, Jan 22, 2026 |
| Credit of Shares to Demat | Thu, Jan 22, 2026 |
| Listing Date | Fri, Jan 23, 2026 |
| Cut-off time for UPI mandate confirmation | Wed, Jan 21, 2026 |
Aritas Vinyl IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 758,100 | Not more than 10% of the Net Offer |
| Non-Institutional Investor Portion | 2,653,350 | Not more than 35% of the Net Offer |
| Retail Shares Offered | 3,790,500 | Not less than 50% of the Net Offer |
| Market Maker Portion | 402,000 | - |
Aritas Vinyl IPO Promoter Holding
| Share Holding Pre Issue | 47.22% |
| Share Holding Post Issue | 30.44% |
Aritas Vinyl IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6,000 | ₹282,000 |
| Retail (Max) | 2 | 6,000 | ₹282,000 |
| S-HNI (Min) | 3 | 9,000 | ₹423,000 |
| S-HNI (Max) | 7 | 21,000 | ₹987,000 |
| B-HNI (Min) | 8 | 24,000 | ₹1,128,000 |
Aritas Vinyl IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 78,000 | 78,000 | 1.00x | 21 January 2026; 10:22 AM |
| Non Institutional Investors(NIIS) | 33,93,000 | 37,02,000 | 1.09x | 21 January 2026; 10:22 AM |
| Retail Individual Investors (RIIs) | 45,12,000 | 1,29,90,000 | 2.88x | 21 January 2026; 10:22 AM |
| Total | 75,81,000 | 1,67,70,000 | 2.21x | 21 January 2026; 10:22 AM |
About Aritas Vinyl Limited
Aritas Vinyl Limited is engaged in manufacturing technical textiles, primarily PU synthetic leather and PVC-coated leather, using advanced Transfer Coating Technology. The company earns revenue through domestic sales and exports of synthetic leather used across automotive, footwear, furnishings, fashion accessories, healthcare, and upholstery industries. Its products replace natural leather due to durability, cost efficiency, customization, and eco-friendly advantages.
Key Clients & Manufacturing Facilities
The company supplies products to distributors, wholesalers, and manufacturers in India and exports to Greece, UAE, Oman, Sri Lanka, USA, and SEZs. Aritas Vinyl operates a manufacturing facility at Daskroi, Ahmedabad, spread over approximately 6,067 sq. meters, equipped with an in-house testing laboratory. The facility enables strict quality control and customized production for varied client specifications.
Product Portfolio & Order Book Execution
Aritas Vinyl’s product portfolio includes PVC-coated leather and PU synthetic leather with thickness ranging from 0.35 mm to 6 mm, customized by color, embossing, and texture. These products support client product life cycles in automotive interiors, footwear, upholstery, and fashion goods. The company executes orders efficiently using a 78 lakh meters per annum installed capacity, ensuring timely delivery and scalability.
Mergers, Capex & Expansion Plans
The company has not undertaken mergers but focuses on capacity expansion and operational strengthening. It has increased installed capacity from 42 lakh meters to 78 lakh meters per annum, supporting future growth. IPO proceeds are proposed to be utilized for working capital needs, strengthening manufacturing capabilities, and improving operational efficiency to cater to rising domestic and export demand.
Employees & Banker to the Company
As on December 26, 2025, the company had 89 employees. The Banker to the Company is Standard Chartered Bank.
MANAGEMENT & GROWTH VISION
The management team is led by promoters with over 30 years of combined experience in vinyl, technical textiles, manufacturing, and sales. Their vision focuses on scaling capacity utilization, expanding export markets, and strengthening client relationships. Near-term goals include operational efficiency and working capital optimization, while long-term plans target sustainable growth through internal accruals, IPO proceeds, and prudent debt for capex expansion.
INDUSTRY OVERVIEW
Aritas Vinyl operates in the technical textiles and synthetic leather industry, a fast-growing segment driven by demand from automotive, footwear, furniture, and fashion sectors. Synthetic leather is replacing natural leather due to cost, durability, and environmental concerns. The Indian technical textile market is growing at 8–10% CAGR, while global synthetic leather demand continues expanding steadily, led by Asia-Pacific manufacturing hubs. Market leaders operate at scale, but demand remains fragmented, offering growth opportunities.
KEY RISK FACTORS
- Customer Concentration Risk
A significant portion of revenue comes from the top 10 customers. Loss of any major customer may adversely impact revenue, cash flows, and profitability. - Raw Material Price Volatility
The company depends on third-party suppliers for chemicals, resins, and textiles. Fluctuations in raw material prices can impact margins if cost increases cannot be passed on. - Leased Manufacturing Facility Risk
The manufacturing facility is on lease. Non-renewal or termination of the lease may disrupt production and lead to relocation costs. - Logistics & Transportation Risk
The company relies on third-party logistics providers. Disruptions, delays, or cost increases may affect timely deliveries and operating margins. - Debt & Financial Covenants Risk
As of August 31, 2025, secured borrowings stood at ₹3,089.86 lakh. Restrictive covenants may limit financial flexibility. - Competition Risk
The synthetic leather industry is competitive with domestic and global players. Intense competition may impact pricing power and market share.
KEY STRENGTHS, MOAT & OPPORTUNITIES
- Advanced Manufacturing Technology
Use of Transfer Coating Technology ensures consistent quality, durability, and customization, providing a competitive edge in technical textiles. - Wide Product Applications
Products cater to multiple industries including automotive, footwear, furniture, fashion, and healthcare, reducing dependence on a single sector. - Strong Capacity Base
Installed capacity of 78 lakh meters per annum supports scalability and execution of large orders efficiently. - Export Market Presence
Exports to multiple countries diversify revenue streams and reduce domestic market dependence. - Experienced Promoter Group
Promoters with decades of industry experience drive strategic decision-making, operational discipline, and customer relationships. - Growing Synthetic Leather Demand
Shift from natural to synthetic leather due to cost and sustainability creates long-term growth opportunities for the company.
Aritas Vinyl Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Aug 31, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 1,020.62 | 778.52 | 348.62 | 182.12 |
| Total Assets | 9,824.88 | 9,526.30 | 7,611.85 | 5,794.59 |
| Total Borrowings | 3,777.96 | 3,682.41 | 5,278.58 | 3,309.74 |
| Fixed Assets | 1,717.63 | 1,752.49 | 1,790.78 | 1,038.80 |
| Cash | 63.44 | 54.89 | 88.16 | 53.14 |
| Cash flow from operating activities | 40.62 | 866.24 | -905.62 | -768.65 |
| Cash flows from investing activities | -18.48 | -86.20 | -829.76 | -71.04 |
| Cash flow from financing activities | -13.58 | -813.31 | 1,770.39 | 877.20 |
| Net Borrowing | 3,714.52 | 3,627.52 | 5,190.42 | 3,256.60 |
| Revenue | 4,058.21 | 9,801.85 | 6,924.63 | 5,142.00 |
| EBITDA | 454.68 | 863.20 | 465.19 | 309.26 |
| PAT | 242.11 | 413.26 | 166.50 | 99.49 |
| PAT Margin | 5.97% | 4.22% | 2.40% | 1.93% |
| EPS | 1.91 | 13.14 | 6.66 | 3.98 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 13.14 |
| EPS Post IPO (Rs.) | 2.10 |
| Adjusted 12M EPS Post IPO (Rs.) | 2.95 |
| P/E Pre IPO | 3.58 |
| P/E Post IPO | 22.39 |
| Adjusted 12M P/E Post IPO | 15.93 |
| ROE | 31.23% |
| ROCE | 21.99% |
| P/BV | 2.94 |
| Debt/Equity | 1.80 |
| RoNW | 20.36% |
| EBITDA Margin | 8.81% |
| PAT Margin | 4.22% |
Aritas Vinyl Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Aritas Vinyl | 2.10 | 22.39 | 31.23% | 21.99% | 2.94 | 1.80 | 20.36% |
| Mirza International | 0.93 | 39.71 | -0.78 % | 1.00 % | 1.09 | - | -0.86% |
| Amin Tannery | 0.03 | 39.71 | - | - | 58.67 | 1.00 | 2.27 % |
Aritas Vinyl Limited Contact Details
Aritas Vinyl Limited
Phone: 9998852850
Email: info@aritasvinyl.com
Website: http://www.aritasvinyl.com
Aritas Vinyl IPO Registrar and Lead Manager(s)
Bigshare Services Private Limited
Phone: +91 22-62638200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com
INTERACTIVE FINANCIAL SERVICES LIMITED
Phone: 079 49088019
Email: mbd@ifinservices.in
Website: http://www.ifinservices.in
Aritas Vinyl IPO Review
Aritas Vinyl Limited is engaged in manufacturing technical textiles, primarily PU synthetic leather and PVC-coated leather, using advanced Transfer Coating Technology. The company earns revenue through domestic sales and exports of synthetic leather used across automotive, footwear, furnishings, fashion accessories, healthcare, and upholstery industries. Its products replace natural leather due to durability, cost efficiency, customization, and eco-friendly advantages.
The Company is led by Promoter, i.e.,MR. ANILKUMAR PRAKASHCHANDRA AGRAWAL, MR. SANJAYKUMAR KANTILAL PATEL, MR. ANKIT ANILBHAI AGRAWAL, MR. MOHIT ASHOKKUMAR AGRAWAL, MR. ROHIT DINESHBHAI AGRAWAL, MR. RUTVIK PATEL AND MR. SHUBHAM SUNILBHAI AGRAWAL
The Revenues from operations for the Period ended on Aug 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,058.21 Lakh, ₹ 9,801.85 Lakh, ₹ 6,924.63 Lakh, and ₹ 5,142.00 Lakh, The EBITDA for the Period ended on Aug 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 454.68 Lakh, ₹ 863.20Lakh, ₹ 465.19 Lakh, and ₹ 309.26 Lakh, The Profit after Tax for the Period ended on Aug 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 242.11 Lakh, ₹ 413.26 Lakh, ₹ 166.50 Lakh, and ₹ 99.49 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 13.14 and post-issue EPS of ₹ 2.10 for FY25. The pre-issue P/E ratio is 3.58x,while the post-issue P/E ratio is 22.39x against the Industry P/E ratio is NA The company's ROE for FY25 is 31.23% and RoNW is 20.36% The Annualised EPS is ₹ 2.95x and P/E is 15.93x. These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Aritas Vinyl showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Aritas Vinyl Limited.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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