Updated on 23.01.2026|11:47 AM
Aritas Vinyl Limited (AVL) has announced its Initial Public Offering (IPO). It is an Ahmedabad-based manufacturer of synthetic leather (PVC and PU-coated fabrics).
The subscription will open on the BSE SME platform on January 16, 2026 and close on January 20, 2026, with a price band of ₹40 to ₹47 per share. You can check the details of all the coming and live and even closed IPOs at our upcoming IPO calendar which is updated regularly.
The issue aims to raise approximately ₹37.52 Crores through a combination of a Fresh Issue and an Offer for Sale (OFS).
Incorporated in 2020, the company has rapidly scaled its operations, leveraging advanced transfer coating technology to serve both domestic and international markets, including the USA and the UAE.
In this article, you will find Aritas Vinyl IPO GMP today, allotment date, price band, and a detailed review. For Subscription status of this and other IPOs, you can visit our IPO subscription platform which publishes categorywise subscription data of all the mainboard and SME IPOs.
And for allotment status and guides you can visit our allotment status platform which has details of registrars and all the necessary details.
Briefs of Aritas Vinyl IPO Details:
- Price Band: ₹40 – ₹47 per equity share
- IPO Open / Close Dates: January 16, 2026 – January 20, 2026
- Lot Size: 3,000 Shares (Note: Retail Minimum Application is 2 Lots / 6,000 Shares)
- Issue Size: 79,83,000 Equity Shares / ~₹37.52 Crores
- Fresh Issue: 69,98,600 Shares
- Offer for Sale (OFS): 9,84,400 Shares
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE SME
What Is The Aritas Vinyl IPO GMP Today?
You can check the GMP of this and other issues at our GMP Today hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 47.00 | 47.00 | 0.00 |
What Are The Important Aritas Vinyl IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Friday, January 16, 2026
- IPO Close Date: Tuesday, January 20, 2026
- Basis of Allotment Date: Wednesday, January 21, 2026
- Refund Initiation Date: Thursday, January 22, 2026
- Credit of Shares: Thursday, January 22, 2026
- Listing Date: Friday, January 23, 2026
What Are The Objectives of Aritas Vinyl IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic objectives:
- Working Capital: A significant portion of ₹20.45 Crores is earmarked for meeting incremental working capital requirements, essential for managing inventory and receivables in a high-volume manufacturing business.
- Solar Power Project: Approximately ₹4.26 Crores will be invested in setting up a solar power plant to reduce energy costs and improve operational sustainability.
- General Corporate Purposes: To meet ongoing operational contingencies.
How is The Financial Performance of Aritas Vinyl?
The following table summarises the company's financial performance based on restated financial statements.
(Figures in ₹ Crores)
Particulars (₹ in Crores) | Period Ended Aug 31, 2025 | FY ended Mar 31, 2025 | FY ended Mar 31, 2024 | FY ended Mar 31, 2023 |
Total Income | 40.58 | 98.02 | 69.25 | 51.42 |
Profit After Tax | 2.42 | 4.13 | 1.67 | 0.99 |
EBITDA | 4.55 | 8.63 | 4.65 | 3.09 |
Total Borrowing | 37.78 | 36.82 | 52.79 | 33.10 |
Assets | 98.25 | 95.26 | 76.12 | 57.95 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹98.02 Crores in FY25, reflecting a strong growth of 41.55% over FY24. This upward trajectory is supported by capacity expansion and increasing demand for synthetic leather as a sustainable alternative.
Profit After Tax (PAT):
Profitability has surged significantly, with PAT rising to ₹4.13 Crores in FY25 from ₹0.99 Crores in FY23. The PAT margin expansion to 4.22% demonstrates the benefits of economies of scale and better capacity utilization.
EBITDA:
Operational efficiency is improving, with EBITDA nearly doubling to ₹8.63 Crores in FY25 compared to ₹4.65 Crores in FY24. The EBITDA margin improvement to 8.81% indicates successful cost management despite raw material price fluctuations.
Total Borrowing:
Total borrowings reduced to ₹36.82 Crores in FY25 from ₹52.79 Crores in the previous year. The company is actively deleveraging, improving its debt-to-equity ratio to 1.80, which enhances financial stability.
Assets:
The asset base expanded to ₹95.26 Crores in FY25, largely driven by investments in plant and machinery to double production capacity. A significant portion also comprises working capital assets like inventory, typical for a manufacturing entity.
What Are P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹13.14, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 3.58x at the upper end of the price band (₹47).
P/E Ratio = ₹47 (Price) / ₹13.14(Earnings Per Share)
P/E Ratio ≈ 3.58x
Peer Comparison Table (FY 2024-25 Data)
Company | Revenue (₹ Cr) | P/E Ratio | RoNW (%) |
Aritas Vinyl (AVL) | 97.67 | 3.58 | 20.39 |
Mirza International | 569.59 | 39.71 | -0.86 |
Amin Tannery | 41.58 | 58.67 | 2.27 |
Analysis:
Aritas Vinyl is entering the market at a P/E multiple significantly lower than the industry average of ~52.52x. When compared to listed peers like Mirza International (39.71x) and Amin Tannery (58.67x), the issue appears to be priced attractively. Additionally, AVL boasts a Return on Net Worth (RoNW) of over 20%, highlighting efficient capital utilization compared to its peers.
What is The Industry Outlook Aritas Vinyl Limited (AVL) ?
Growth Potential:
The Indian technical textiles market is projected to grow at a CAGR of 10-12%. The shift towards vegan leather in fashion and automotive interiors is a major demand driver.
Market Trends:
There is a growing preference for PU/PVC leather due to its cost-effectiveness and versatility. AVL's recent capacity expansion positions it well to capture this demand both domestically and in export markets.
What Are The Strengths and Risks of Aritas Vinyl IPO?
Strengths:
- Capacity Expansion: The company has nearly doubled its installed capacity to 78 lakh meters per annum, ensuring it can meet future demand without immediate heavy capex.
- Diversified Portfolio: Serving varied sectors like automotive, footwear, and upholstery reduces sector-specific risks.
- Export Presence: A growing footprint in international markets (USA, UAE) provides a hedge against domestic market fluctuations.
Risks:
- Working Capital Intensity: The business requires high levels of inventory and receivables financing. Total working capital borrowings are substantial.
- Negative Cash Flows: The company has reported negative operating cash flows in the past due to rapid growth consuming cash.
- Raw Material Sensitivity: The primary raw materials (PVC/PU resins) are crude derivatives, making margins sensitive to global oil price volatility.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 3,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (6,000 Shares), amounting to ₹2,82,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, essentially treating retail applicants as Small-HNI.
- Valuation: The low P/E ratio suggests a valuation comfort, leaving room for listing gains.
- Financial Health: While profitability is improving, the working capital cycle and cash flow management are key areas to monitor.
Standard Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹47 per share (Upper Band).
- Min Investment: ₹2,82,000 (6,000 Shares).
- Allotment Date: January 21, 2026
- Listing: BSE SME platform on January 23, 2026.
FAQs on Aritas Vinyl IPO
What is Aritas Vinyl IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check the GMP of Aritas Vinyl and other IPOs at our gmp today page which is updated regularly.
What is Aritas Vinyl IPO price band?
The price band is fixed at ₹40 to ₹47 per equity share.
What is Aritas Vinyl IPO allotment date?
The allotment status is expected to be finalized on Wednesday, January 21, 2026.
How to check Aritas Vinyl IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Aritas Vinyl IPO listing date?
The shares are tentatively scheduled to list on Friday, January 23, 2026.
Investment Perspective on Aritas Vinyl IPO
An investment in Aritas Vinyl involves exposure to the specialized textile sector. The company's valuation can be compared to industry peers, and it has recently undertaken capacity expansion. Additional considerations include the structure of the retail offering, which involves a significant minimum investment, and the working capital requirements characteristic of the business.
