Aritas Vinyl IPO gives investors exposure to a fast‑growing synthetic leather and technical textiles manufacturer supplying automotive, fashion and interior segments, backed by strong return ratios but high leverage and a steep SME‑style minimum application.
Aritas Vinyl IPO overview
- Aritas Vinyl Limited (incorporated in 2020) manufactures technical textiles using Transfer Coating Technology to produce PU synthetic leather and PVC‑coated leather.
- The company’s product portfolio includes automotive upholstery (seat and interior coverings), fashion accessories (bags, wallets, laptop sleeves, purses) and interior applications (wall coverings, furniture).
- Aritas follows a synthetic, non‑animal leather model and supplies through distributors, wholesalers and manufacturers in India and export markets such as Greece, Oman, UAE, Sri Lanka, USA and SEZs.
Key IPO details, dates and lot size
- IPO open: 16 January 2026; close: 20 January 2026;
- Allotment: 21 January; Refunds and Demat credit: 22 January;
- Sales type :- Fresh Capital & OFS
- Issue Size :- Rs 38 Crore Fresh Issue :- Rs 31 Crore OFS :- Rs. 5 Crore
- Listing: 23 January 2026 (cut‑off 5 PM on closing day).
- Minimum market lot: 6,000 shares with application amount ₹2,82,000; retail can apply for only 1 application (2 lots = 6,000 shares), making it a high‑ticket SME IPO.
- Reservation pattern:
- QIB (ex‑anchor): 78,000 shares (0.98%).
- NII: 29,91,000 shares (37.47%).
- Retail: 45,12,000 shares (56.52%).
- Promoters and shareholding:
- Promoters: Anilkumar Prakashchandra Agrawal, Sanjaykumar Kantilal Patel, Ankit Anilbhai Agrawal, Mohit Ashokkumar Agrawal, Rohit Dineshbhai Agrawal, Rutvik Patel and Shubham Sunilbhai Agrawal.
- Promoter holding pre‑issue: 1,26,90,080 shares (47.22%).
- Promoter holding post‑issue: 1,96,88,680 shares (27.99%), indicating significant dilution but continued influence.
- Objective of the issue:
- Capex for solar power project – ₹4.26 crore.
- Working capital – ₹20.45 crore.
- General corporate purposes – balance funds.
Subscription Details
Aritas Vinyl IPO subscribed 2.03 times. The public issue subscribed 2.58 times in the individual investors category, 1.00 times in QIB (Ex Anchor), and 1.21 times in the NII category by January 20, 2026 2:04:53 PM (Day 3).
Business and financials snapshot
- Business model: Aritas Vinyl manufactures PU synthetic leather and PVC‑coated fabrics using transfer coating technology, catering to OEMs and brands in automotive, fashion and interior décor, with a sustainability‑focused non‑animal leather approach.
- Distribution: Sells via distributors, wholesalers and manufacturers domestically, with exports to Greece, Oman, UAE, Sri Lanka, USA and SEZs, diversifying geography.
- Financial performance (₹ crore):
Company Financials (Restated)
|
Period Ended |
31 Aug 2025 |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
98.25 |
95.26 |
76.12 |
57.95 |
|
|
40.58 |
98.02 |
69.25 |
51.42 |
|
|
2.42 |
4.13 |
1.67 |
0.99 |
|
|
4.55 |
8.63 |
4.65 |
3.09 |
|
|
22.77 |
20.27 |
5.99 |
4.32 |
|
|
10.21 |
7.79 |
3.49 |
1.82 |
|
|
37.78 |
36.82 |
52.79 |
33.10 |
|
|
Amount in ₹ Crore |
||||
- Key valuation metrics – FY2025:
- ROE: 31.23%.
- ROCE: 21.99%.
- Debt‑equity ratio: 1.80 (high leverage).
- EPS (basic): ₹13.14.
- RoNW: 20.36%.
- NAV per share: ₹15.97.
- P/E: N/A (price band not captured in the shared data).
Strengths
- One of the notable technical textiles and synthetic leather manufacturers using Transfer Coating Technology, enabling consistent quality PU and PVC‑coated leather.
- Diversified end‑use segments: automotive upholstery, fashion accessories and interior décor, reducing dependence on a single industry cycle.
- Export presence in Greece, Oman, UAE, Sri Lanka, USA and SEZs provides currency diversification and access to higher‑margin markets.
- Sustainability angle by focusing on synthetic, non‑animal leather products aligned with global ESG and cruelty‑free fashion trends.
- Strong revenue growth from ₹51.42 crore FY2023 to ₹98.02 crore FY2025, indicating scale‑up in sales and customer base.
Risks
- SME‑type IPO with high minimum lot size of 6,000 shares (₹2.82 lakh), making Aritas Vinyl IPO accessible only to higher‑ticket retail and HNI investors.
- Neutral review tag indicates that risk‑reward is not clearly compelling; detailed valuation and business diligence are necessary.
- High leverage with debt‑equity ratio of 1.80 increases interest burden and vulnerability during downturns or demand shocks.
- Moderate absolute PAT of ₹4.13 crore in FY2025 despite decent topline scale, leaving limited buffer against cost inflation in raw materials like PU resins, PVC, fabrics and chemicals.
- Synthetic leather and PVC‑coated fabrics face competition from established domestic and international players, potentially pressuring margins and pricing.
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
FAQs
1. What is Aritas Vinyl IPO?
Aritas Vinyl IPO is a SME public issue of Aritas Vinyl Ltd, a technical textiles and synthetic leather manufacturer serving automotive, fashion and interior design industries.
2. When does Aritas Vinyl IPO open and close?
The IPO opens on 16 January 2026 and closes on 20 January 2026; allotment is on 21 January, Demat credit and refunds on 22 January, and listing on 23 January 2026.
3. What is the Aritas Vinyl IPO lot size and minimum investment?
The minimum lot size is 6,000 shares with an application amount of ₹2,82,000, placing it in a high‑ticket SME category for retail investors.
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