Incorporation in 2013, VMS TMT Limited is primarily engaged in the manufacturing of Thermo Mechanically Treated Bars (TMT Bars). The company also deals in scrap and binding wires, which are sold within Gujarat and other states.
The company's manufacturing facility is strategically located in Bhayla Village, near Bavla in Ahmedabad district, Gujarat, allowing easy distribution of products.
Distribution Network:VMS TMT Limited operates through a distribution network on a non-exclusive basis. As of July 31, 2025, the company has:
- 3 distributors
- 227 dealers
This network enables the company to efficiently supply its products to customers across Gujarat and other states.
Retail License Agreement:On November 7, 2022, VMS TMT Limited entered into a retail license agreement with Kamdhenu Limited. This agreement allows the company to market its TMT Bars under the brand name ‘Kamdhenu NXT’ on mutually agreed terms within the State of Gujarat.
Workforce:The company is supported by an experienced and professional management team along with a workforce of 230 permanent employees as of July 31, 2025.
Revenue Focus:The company has primarily focused its sales efforts on Tier II and Tier III cities. Over the last three fiscal years, the company has generated a significant portion of its revenue from Gujarat:
- Fiscal 2024: 98.78% of revenue from Gujarat
- Fiscal 2023: 98.43% of revenue from Gujarat
- Fiscal 2022: 99.19% of revenue from Gujarat
| Purpose | Amount (₹ Cr) |
|---|---|
| 1 Repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company | ₹115 |
| 2 General corporate purposes | ₹21 |
| Metric | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 449 | 412 | 284 |
| Revenue | 213 | 771 | 873 |
| PAT | 9 | 15 | 13 |
| EBITDA | 19 | 46 | 41 |
| Net Worth | 82 | 73 | 47 |
| Reserves | 47 | 39 | 33 |
| Total Borrowing | 309 | 276 | 198 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 4,500,000 (30%) | — |
| NII / HNI | — | 3,000,000 (20%) | — |
| Retail (RII) | — | 7,500,000 (50%) | — |
| Total | — | 15,000,000 (100%) | — |
* Amount calculated at upper price band (₹99) · ** Total includes all investor categories
- 1 Initiation of Refund 23 Sep 2025
- 2 Credit of Shares to Demat 23 Sep 2025
- 3 Lock-in Period (30%) October 22, 2025
- 4 Lock-in Period (50%) December 21, 2025
- Retail allocation is strong at 50% of the total offering.
- HNI/NII demand is strong at 20%.
- Institutional (QIB) interest is strong at 30%.
- The IPO P/E of 14x reflects a strong valuation relative to typical market ranges.
- Pre-issue EPS of ₹4 compares to post-issue EPS of ₹7 after dilution.
This IPO shows strong fundamentals and healthy investor demand. Research the business model and compare with sector peers before applying.
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