Vama Wovenfab Limited
Vama Wovenfab Limited is an SME IPO raising ₹50 Cr at ₹324 – ₹341 a share. It listed on 22 Sept 2026 at ₹341, 0.0% against its issue price of ₹341, and trades at ₹86 today (−74.7% since issue). It was subscribed 2.58× in total.
2.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Vama Wovenfab Limited is an ISO 9001:2015 certified manufacturer of Polypropylene (PP) and High Density Polyethylene (HDPE) woven sack bags and woven fabric products, made in customised weights, sizes, and colours for B2B customers. The company operates a single manufacturing unit at Bhimpore, Nani Daman (Union Territory of Daman and Diu), which started production in 2013, and also trades in plastic granules. End-use industries include agriculture, chemicals, food processing, sugar, fertilizers, cement, and bulk packaging/logistics, with sales presence in 3 states and 1 union territory.
How it earns
Revenue comes from two streams: (1) in-house manufacture and sale of woven bags and woven fabrics (customised bulk packaging for B2B customers), and (2) trading of plastic granules. In FY26, traded goods (mostly plastic granules) made up 61.43% of revenue and manufactured goods (woven bags + fabric) made up 38.57%.
Who buys
Customer names are not disclosed (no consent letters obtained). FY26 had 64 customers (FY25: 77, FY24: 67). Extreme concentration: Top 1 customer = 63.68% of revenue (₹13,667.19 lakhs ≈ ₹136.67 crore; 1 crore = 100 lakh); Top 3 customers ≈ 89.29% of revenue; Top 10 customers = 96.84% of revenue. Geographic split of revenue FY26: Daman and Diu & Dadra & Nagar Haveli 47.93%, Maharashtra 39.60%, Gujarat 12.46%. Sectors served include food grains, sugar, fertilizers, chemicals, and cement. Note: Top-1 supplier concentration is also high at 68.49% of gross purchases in FY26 (₹12,788.67 lakhs ≈ ₹127.89 crore).
Scale
1 manufacturing unit at Bhimpore, Nani Daman, Daman (UT) — commenced production 2013; registered office in Mumbai; 94 employees as of April 30, 2026; FY26 revenue from operations ₹21,461.72 lakhs ≈ ₹214.62 crore (conversion: 1 crore = 100 lakh); sales footprint in 3 states and 1 union territory; crossed ₹200 crore revenue milestone in FY26; produced nearly 1 crore BOPP bags in 2024 and supplied over 2 crore PP fertilizer bags in FY2017-18.
What it says sets it apart
- 10+ years of operating history with established long-term customer and supplier relationships, supporting consistent raw material supply and stable production
- Customer-aligned workflow where all departments (production, quality control, dispatch) align around client specifications before manufacturing starts, to minimise errors and waste
- Disciplined on-time and planned delivery using proactive scheduling and monitoring
- Continuous product and process improvement via exploration of superior materials, adoption of innovative techniques, and integration of customer feedback
- Workforce of 94 employees (as of April 30, 2026) trained to operate advanced production machinery, supported by in-house quality inspection at every stage (raw material, extrusion, weaving, lamination, printing, stitching, final packing)
Revenue mix
The numbers at a glance
The price they’re asking →Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹215 Cr+177% | ₹12 Cr+69% | 5.4% | ₹29 Cr | ₹25 Cr |
| FY2025 | ₹77 Cr+178% | ₹7 Cr+160% | 8.8% | ₹17 Cr | ₹17 Cr |
| FY2024 | ₹28 Cr | ₹3 Cr | 9.4% | ₹9 Cr | ₹11 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Retail: 2.80× their allocation. QIB: 1.00×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 29 Oct 2026.
What to watch
- The register's top risk: Extreme customer concentration - top buyer 63.68% (prospectus page 26).
- Its cohort's record: median −2.3% since issue price, 52.4% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track VAMA WOVENFAB LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.