Aritas Vinyl Ipo
Aritas Vinyl IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Interactive Financial Services Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | January 16, 2026 |
| IPO Close Date | January 20, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹40 to ₹47 Per Share |
| Issue Size | Approx ₹38 Crores |
| Fresh Issue | Approx ₹33 Crores |
| Offer for Sale: | Approx 9,84,400 Equity Shares |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 6,000 | ₹2,82,000 |
| Retail Maximum | 2 | 6,000 | ₹2,82,000 |
| S-HNI Minimum | 3 | 9,000 | ₹4,23,000 |
| S-HNI Maximum | 7 | 21,000 | ₹9,87,000 |
| B-HNI Minimum | 8 | 24,000 | ₹11,28,000 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 78,000 Shares | 0.98% |
| NII Shares Offered | 29,91,000 Shares | 37.47% |
| Retail Shares Offered | 45,12,000 Shares | 56.52% |
| IPO Open Date: | January 16, 2026 |
| IPO Close Date: | January 20, 2026 |
| Basis of Allotment: | January 21, 2026 |
| Refunds: | January 22, 2026 |
| Credit to Demat Account: | January 22, 2026 |
| IPO Listing Date: | January 23, 2026 |
| IPO Bidding Cut-off Time: | January 20, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,26,90,080 | 47.22% |
| Promoter Holding Post Issue | 1,96,88,680 | 27.99% |
| Purpose | Crores |
| Capital Expenditure for Solar Power Project | ₹4.26 |
| Working Capital | ₹20.45 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹51.42 | ₹50.20 | ₹0.99 | ₹57.95 |
| 2024 | ₹69.25 | ₹67.22 | ₹1.67 | ₹76.12 |
| 2025 | ₹98.02 | ₹92.96 | ₹4.13 | ₹95.26 |
| August 2025 | ₹40.58 | ₹37.60 | ₹2.42 | ₹98.25 |
| KPI | Values |
| ROE: | 31.23% |
| ROCE: | 21.99% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | 1.80 |
| Earning Per Share (EPS): | ₹13.14 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 20.36% |
| Net Asset Value (NAV): | ₹15.97 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Mirza International Limited | 0.93 | 39.71 | (0.86)% | 33.56 | 570.25 Cr. |
| Amin Tannery Limited | 0.03 | 58.67 | 2.27% | 1.19 | 41.64 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |