6 days leftSMEPesticides & AgrochemicalsVAMAWOVEN

Vama Wovenfab Limited

Vama Wovenfab Limited is an SME IPO raising ₹50 Cr at ₹324 – ₹341 a share. The smallest application you can make is 400 shares, costing ₹1,36,400 at the top of the band. Bidding closes on 17 Sept 2026 and the shares list on 22 Sept 2026. So far it has been subscribed 0.00× in total.

324 – 341
Price band
1,36,400
Minimum to apply (400 shares)
50 Cr
Issue size
17 Sept 2026
Bidding closes
0.00×Subscribed · all exchanges

No bids yet

populated partly populated we hold nothing here — the tab says why

What the prospectus says could go wrong

Read from the 341-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 494 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.

Severeconcentrationpage 26

Extreme customer concentration - top buyer 63.68%

Our Company derives a substantial portion of its revenues from limited buyers who procure woven sacks and fabrics in bulk quantities. This model inherently exposes us to customer concentration risk...Customer 1 13,667.19 63.68%
Severefinancialpage 29

Negative operating cash flows in FY26 and FY25

Net cash flow from operating activities (631.47) (232.51) 692.94
Severeregulatorypage 32

Issue price below valuation report creates ROC filing mismatch

the fair value of our Equity Shares has been determined at ₹72.00 per share. However, the Issue Price for the Equity Shares has been fixed at ₹71.86 per share and accordingly the subscription amount have been received...the filings made with the Registrar of Companies ("RoC") for the allotment of Equity Shares were based on the valuation price of ₹72.00 per share
Severeregulatorypage 36

Multiple historical corporate filing non-compliances

Form PAS-3 was erroneously filed for further allotment of 20,02,533 equity shares... Form DPT-3 not filed for FY 2021-22, FY 2020-21, 2022-23... Company has not maintained cost records for FY 17-18, 18-19 and 19-20
Highoperationalpage 30

Manufacturing and revenue concentration in Daman

Our manufacturing facility is located in Daman, which exposes us to risks of concentration...Daman and Diu, and Dadra & Nagar Haveli 10,286.97 47.93%
Highregulatorypage 32

Operated without valid pollution consent for over a decade

The Company had previously obtained a Consent to Operate ("CTO") dated December 2, 2013, which was valid up to October 31, 2014. Following the expiry of the said consent, the Company submitted an application...fresh CTE under Application No. 2279827 dated August 25, 2025
Highoperationalpage 27

PP and HDPE raw material price volatility tied to crude oil

the prices of PP and HDPE are inherently linked to global crude oil benchmarks and feedstock costs...price fluctuations of 20–40% often observed within short durations due to volatility in international crude oil markets
Highmarketpage 27

Commoditised market with no long-term customer agreements

our transactions are governed by purchase orders, which do not provide assurance of minimum offtake or fixed pricing...customers may conveniently shift their sourcing to other manufacturers offering more favourable terms
Highregulatorypage 31

Persistent GST/TDS/PF statutory payment delays

We have delayed in depositing the GST, TDS, EPF/ESIC with the offices concerned of the departments on a few instances...2025-26 11 9 - 4 / 2024-25 12 12 - 6 / 2023-24 12 10 - 7
Highregulatorypage 38

Plastic product regulatory and sustainability risk

Our Company is engaged in the manufacture of woven packaging products primarily using PP and HDPE granules, both of which are petroleum-derived plastics... The Government has already introduced restrictions and phased bans on certain categories of single-use plastics, while actively promoting biodegradable and compostable alternatives.
Highoperationalpage 31

Capex from IPO proceeds - no firm orders placed

As on the date of this RHP, we have not placed order for construction and machinery to be procured. While we have procured quotations from various vendors...we have not placed any firm orders for any of them
Highoperationalpage 40

Sharp rise in employee attrition

The attrition rate of employees for FY 2026, FY 2025 and 2024 is 26.04 %, 28.43%, and 8.24% respectively.
Highpromoterpage 36

Restrictive loan covenants backed by promoter personal guarantees

For the financial year ended on March 31, 2026, 2025 and 2024 were Rs. 2,299.93 lakhs, Rs. 1,362.67 lakhs and Rs. 946.86 lakhs as secured short term loans... The credit facilities availed by our Company are secured by way of mortgage of fixed assets, hypothecation of current assets (both present and future), and personal guarantees given by our Promoter.

Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.

What’s in court

The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.3 Cr.

AgainstCriminalTaxOther materialAmount at stake
The company31200.3 Cr
Promoters3200.0 Cr
Directors0000.0 Cr
case₹0.2 Crpage 260

GST Summary Order (CGST/SGST/IGST) demand for FY 2020-21 against Vama Woven Fab Limited under Section 74 of GST Act (tax liability determined at ₹23,46,672); demand pending

case₹0.0 Crpage 259

Income Tax demand u/s 143(1)(a) for AY 2023-24 against Vama Woven Fab Limited for ₹2.05 lakhs (including accrued interest); pending/un-replied

casepage 257

Trans Express Logistic India Pvt Ltd vs Vama Wovenfab Pvt Ltd & Suresh Gupta – Complaint Case 45814/2019, Section 138 NI Act (cheque dishonour) before Metropolitan Magistrate Court, Calcutta; pending at E/R of Warrant stage

Amounts converted from lakhs to crore (1 crore = 100 lakhs). All 3 criminal Section 138 NI Act cases name both Vama Wovenfab Pvt Ltd and promoter Suresh Gupta, hence counted against both company and promoters. Vaibhav Suresh Gupta and Saurabh Suresh Gupta appear in both 'Promoters and Directors' and 'KMP' tax lists with identical cases (same demand notices). Company tax amount = ₹3.42L (IT outstanding) + ₹23.47L (GST) + ₹2.15L (TDS) = ₹29.04L = ₹0.2904 cr. Promoters/Directors tax amount = ₹0.90L + ₹0.03L = ₹0.93L = ₹0.0093 cr. Grand total = ₹29.97L = ₹0.2997 cr. No subsidiaries, associate or group companies exist. No other material civil/regulatory/SEBI disciplinary proceedings.. Outstanding means unresolved — a listed case is an exposure, not a verdict.

Source documents

What the issuer and the exchanges published. Everything else on this tab is read out of these.