Vigor Plast India Limited Companies based at Jamnagar, Gujarat. The Company is in the Plumbing Pipes & Fitting Sector Since 2014 and is growing exponentially in this field. The company is one of the fastest growing organization in the region. Vigor Plast India Limited Is overwhelmed in the market for offering qualitative products at best competitive prices. 

Vigor Plast India, an Book Built Issue, amounting to ₹ 25.10 Crores, consisting an Fresh Issue of 24.99 Lakh Shares worth ₹ 20.24 Crores and an Offer for Sale of 6.00 Lakh Shares totaling to ₹ 4.86 Crores. The subscription period for the Vigor Plast India IPO opens on September 04, 2025, and closes on September 09, 2025. The allotment is expected to be finalized on or about Wednesday, September 10, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, September 12, 2025.

The Share Price Band of Vigor Plast India IPO is set at ₹ 77 to ₹ 81 per equity share. The Market Capitalisation of the Vigor Plast India at IPO price of ₹ 81 per equity share will be ₹ 83.85 Crores. The lot size of the IPO is 1,600 shares. Individual investors are required to invest a minimum of 2 lots (3,200 shares), amounting to ₹ 2,59,200.

UNISTONE CAPITAL PRIVATE LIMITED is the book running lead manager of the Vigor Plast India, while KFIN TECHNOLOGIES LIMITED is the registrar for the issue. Alacrity Securities Limited is the sole Market Maker for Vigor Plast India IPO.

Vigor Plast India Limited IPO GMP Today
The Grey Market Premium of Vigor Plast India IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Vigor Plast India Limited IPO Live Subscription Status Today: Real-Time Update
Vigor Plast India IPO will be open for its subscription on 04 September, 2025.

Vigor Plast India Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
29 August 2025	₹ 81	₹ 81	₹ 0 (0.00%)	10:30 PM; 29 August 2025

Vigor Plast India Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Vigor Plast India IPO allotment date is 10 September, 2025, Wednesday. Vigor Plast India IPO Allotment will be out on 10th September, 2025 and will be live on Registrar Website from the allotment date. Check Vigor Plast India IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Vigor Plast India Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Vigor Plast India Limited IPO
Vigor Plast India to utilise the Net Proceeds towards the following objects: 
1. ₹ 1,139.30 Lakh is required for Repayment of certain secured borrowings availed by the Company;
2. ₹ 379.96 Lakh is required for Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat;
3. General corporate purposes.

Refer to Vigor Plast India Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Vigor Plast India Limited

BUSINESS OVERVIEW

Vigor Plast India, incorporated in 2014, began operations with a focus on trading PVC pipes and fittings. From 2020 onwards, the company expanded into manufacturing, establishing a facility to produce a comprehensive range of Polyvinyl Chloride (PVC), Unplasticized Polyvinyl Chloride (uPVC), and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products. These products are designed for diverse applications in plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management, serving both rural and urban markets. Known for their durability and resistance to corrosion, the products find use across residential, commercial, agricultural, and industrial sectors, offering long-lasting solutions for water distribution, wastewater management, and drainage systems.

Quality Standards and Certifications

The company’s manufacturing facility complies with ISO 9001:2005 Quality Management Standards, ensuring consistent production and supply of PVC, uPVC, and cPVC products. Several Bureau of Indian Standards (BIS) certifications have been awarded, including:

• IS 14735:1999 – uPVC Injection Moulded Fittings for soil and waste discharge systems.

• IS 13592:2013 – uPVC Pipes for soil and waste discharge in buildings.

• IS 7834:1987 (Part I) – Injection Moulded PVC Socket Fittings with solvent cement joints for water supply.

• IS 4985:2021 – uPVC Pipes for potable water supplies.

• IS 17546:2021 – CPVC fittings for potable hot and cold water distribution.

• IS 15778:2007 – CPVC pipes for potable hot and cold water distribution.

These certifications highlight the quality, safety, and reliability of products across multiple applications.

Manufacturing Facility

The manufacturing facility, strategically located in Dared, Gujarat, also serves as the registered office. Equipped with fully automated machinery, the plant ensures precision, efficiency, and minimized human error in production. An in-house laboratory, fitted with advanced testing tools, performs regular quality checks throughout the production cycle. A skilled workforce—including operators, QC officers, packing supervisors, and production managers—oversees every stage, from raw material handling to packaging, ensuring consistent quality standards.

The facility, leased and situated at Survey No. 640/3, Behind Gujarat Gas CNG Pump Godown Zone, Lalpur Road, Dared, Village Chela, Jamnagar – 361006, Gujarat, commenced operations in 2014. It sources power from Paschim Gujarat Vij Company Limited and water from borewells.

Warehousing and Distribution

To support operations, the company has established four warehouses across Rajkot, Jamnagar, Surat, and Ahmedabad (Gujarat), enabling efficient stock management and timely order fulfillment. Distribution is primarily road-based, ensuring cost-effective and timely deliveries. The company has also expanded its footprint internationally, exporting products to Nepal, thereby strengthening its global presence.

Product Portfolio

The product portfolio is categorized into:

• Pipes – cPVC Pipes, uPVC Pipes, Agriculture Pipes (Sel Fit), SWR Ring Fit Pipes, and SWR Sel Fit Pipes.

• Fittings & Ancillary Products – cPVC Fittings, uPVC Fittings, Agriculture Fittings (Sel Fit), SWR Ring Fit Fittings, SWR Sel Fit Fittings, P.T.M.T. Taps, garden pipes, and other ancillary items.

Sales and Distribution Network

Products are marketed under the registered brand name “VIGOR”. To strengthen brand recognition, targeted campaigns are run on social media platforms, supported by a renowned TV actor as Brand Ambassador, which has significantly enhanced market visibility.

The company operates through a robust network of 440 distributors and dealers across 25 states and union territories (as of March 31, 2025). Distributors and dealers place orders based on demand, which are supplied from strategically located warehouses. Inventory is maintained as per regional demand, and products are sold primarily on advance payment terms, with selected partners receiving 21–30 days of credit based on their track record.

For ease of transactions, the company has launched an Android application – “Vigor India Plast”, enabling distributors and dealers to place orders digitally.

Financial Performance

Domestic sales for the last three fiscal years highlight steady growth:

• FY 2025 – ₹4,452.27 lakh

• FY 2024 – ₹4,124.83 lakh

• FY 2023 – ₹3,603.39 lakh

This growth underscores the strong demand for VIGOR-branded piping systems in India’s plumbing, irrigation, and infrastructure markets.

As of March 31, 2025, the Company employs 81 personnel (excluding the Board of Directors), spanning across departments such as Management, Purchase and Procurement, Marketing, Production, Quality Control, Packing, Dispatch, Sales, and Human Resources & Administration. The Banker to the company is ICICI Bank Limited.

INDUSTRY ANALYSIS

Manufacturing Sector Overview

The manufacturing sector has emerged as a key pillar of India’s economic growth, driven by industries such as automotive, engineering, chemicals, pharmaceuticals, and consumer durables. Before the pandemic, it contributed around 16–17% of India’s GDP, and is now projected to be among the fastest-growing sectors in the coming years.

The sector is undergoing a transformation, with the machine tool industry evolving from being the traditional backbone to adopting cutting-edge technologies. Today, digital transformation, automation, and process-driven manufacturing are redefining competitiveness, enhancing efficiency, and boosting productivity.

The momentum is reflected in recent performance indicators. The HSBC India Manufacturing PMI rose to 58.2 in April 2025, marking the strongest improvement in ten months. Additionally, India is steadily positioning itself as a global hub for electronics and wind power component manufacturing. Electronics, in particular, has seen value addition climb from 30% to 70%, and is expected to reach 90% by FY27.

The World Bank has highlighted India’s potential to manufacture technology at lower costs than China, supported by its large skilled workforce and competitive manufacturing ecosystem. The government is also pushing initiatives such as the National Manufacturing Policy, the PLI Scheme, and the newly announced National Manufacturing Mission under Union Budget 2025–26, aimed at raising the manufacturing share in GDP to 25% by 2025.

Currently, the sector contributes 17% of GDP and employs over 27.3 million workers. To further strengthen global integration, India has attracted FDI worth ₹14,34,224 crore (US$ 165.1 billion) in the manufacturing sector, marking a 69% rise in a decade.

Exports remain another growth engine. In FY25, India’s exports touched ₹70,08,279 crore (US$ 820.93 billion), with engineering goods, electronics, chemicals, pharmaceuticals, and petroleum products being major contributors. By 2030, India’s e-commerce exports alone are expected to grow to US$ 400 billion annually, playing a critical role in achieving the ambitious US$ 2 trillion total export target.

Looking ahead, India is expected to achieve a US$ 1 trillion manufacturing economy by FY26. With the rollout of GST, development of industrial corridors, SAMARTH Udyog Bharat 4.0, and policy-driven incentives across sectors, India is creating an integrated and competitive ecosystem that is set to make it a global manufacturing hub.

Plastics Industry and Exports Overview

The Indian plastics industry is one of the fastest-growing segments of the economy, with roots dating back to 1957 when the country began polystyrene production. Today, it has expanded into a ₹3,00,000 crore (US$ 37.8 billion) industry, employing over 4 million people and consisting of nearly 30,000 processing units, of which 85–90% are SMEs. The sector produces a wide range of goods including films, pipes, raw materials, medical items, packaging products, fishnets, and houseware.

The government aims to scale the industry to ₹10,00,000 crore (US$ 126 billion) within the next five years, supported by dedicated plastic parks, with 10 approved projects across states such as Madhya Pradesh, Tamil Nadu, Assam, Odisha, and Jharkhand. These parks are expected to boost employment and ensure sustainable growth.

On the trade front, plastic exports stood at US$ 10.34 billion during FY25 (April–January), reflecting a 9.6% YoY growth. Categories like plastic films & sheets, woven sacks, tarpaulin, and packaging items recorded strong demand, with growth ranging from 10% to nearly 20%. The USA remains the largest importer, accounting for 19.37% of India’s plastic exports, followed by China, the UAE, the UK, and Germany. Notably, exports to France were valued at US$ 195.93 million in FY24, supported by trade collaborations.

The government has set an ambitious target of US$ 25 billion plastic exports by 2027, supported by initiatives such as Plastic Park Schemes, where up to 50% of project costs (capped at ₹40 crore) are funded. Further, flagship programmes like Make in India, Digital India, and Skill India, along with the establishment of 23 Centres of Excellence (CoEs) and CIPET institutes, are fostering R&D, skill development, and import substitution.

The sector is represented by The Plastic Export Promotion Council (PLEXCONCIL), established in 1955 by the Ministry of Commerce & Industry. PLEXCONCIL promotes India as a global supplier of high-quality plastic products, representing over 2,500 exporters and driving international trade expansion.

BUSINESS STRENGTHS

1. Wide Range of Products Catering to Diverse Customer Needs
Vigor Plast India offers an extensive portfolio of pipes and fittings designed to address the requirements of residential, commercial, and industrial sectors. The comprehensive product range enables the company to provide customized solutions tailored to specific client needs while also allowing distributors and dealers to source most plumbing and allied building materials from a single supplier. This diversity in offerings mitigates risks associated with demand fluctuations in any single category, thereby enhancing market resilience and supporting sustained growth.

2. Strong Brand Presence and Market Recognition
Products are marketed under the brand name “Vigor”, supported by a distinctive logo and the endorsement of a brand ambassador. This collaboration has significantly strengthened brand visibility, increased awareness, and reinforced market positioning. A consistent focus on delivering reliable and quality products has established a loyal customer base and a respected reputation within the industry. The credibility and equity of the Vigor brand provide a competitive advantage, driving customer retention, attracting new clients, and supporting expansion into emerging markets.

3. Strategically Located Manufacturing Facility with Operational Efficiencies
The manufacturing facility is strategically located in close proximity to key raw material sources, resulting in lower transportation costs, improved logistics management, and enhanced operating margins. Primary raw materials are sourced from local vendors, and advanced production methods ensure efficient resource utilization and streamlined operations. State-of-the-art machinery and optimized workflows maximize productivity while maintaining product integrity. This operational efficiency enables the company to deliver competitively priced products, strengthen customer relationships, and reinforce its market position.

4. Commitment to Quality and Standards
Vigor Plast India is certified under ISO 9001:2015 Quality Management Standard as a manufacturer, exporter, and supplier of PVC, cPVC, and uPVC pipes and fittings. This certification underscores the company’s commitment to maintaining global standards of quality and consistency across its product range.

5. Experienced Promoters and Strong Management Team
The company is promoted and led by Jayesh Premjibhai Kathiriya, Rajeshbhai Kathiriya, and Premjibhai Dayabhai Kathiriya, each with more than a decade of experience in the industry. Their expertise in market dynamics, strategic planning, and client satisfaction has been instrumental in driving growth and shaping long-term business direction. Supported by a senior management team with significant industry experience, the leadership ensures operational efficiency and continuous innovation. Additionally, the location of the manufacturing facility provides access to skilled yet cost-effective labor, contributing to competitive operating costs and sustainable growth.

BUSINESS STRATEGIES

1. Strategic Warehouse Expansion to Enhance Delivery Efficiency and Product Availability
Vigor Plast India plans to expand its warehouse network across key locations to improve delivery efficiency and ensure greater product availability. Establishing warehouses closer to major markets and distribution centers will significantly reduce lead times, enabling quicker responses to customer demands. The enhanced network will also allow the company to maintain higher inventory levels, minimize stockouts, and effectively address fluctuating market needs. This initiative supports improved service delivery while reinforcing the company’s focus on operational excellence and customer satisfaction.

2. Scaling Production Capacity to Meet Growing Demand
To address the expected rise in demand driven by stronger brand presence and improved delivery efficiency, Vigor Plast India is set to expand production capacity through investments in advanced machinery. Enhancing manufacturing capabilities will allow the company to process higher volumes of orders with greater agility while maintaining consistent product quality. This forward-looking approach ensures reliable supply, strengthens market positioning, and supports long-term sustainable growth.

3. Optimizing Distribution Channels to Enhance Profit Margins and Dealer Engagement
Strengthening relationships with dealers and distributors forms a key component of Vigor Plast India’s strategy to enhance profitability and operational efficiency. By fostering closer engagement with channel partners, the company aims to reduce intermediary costs, improve communication, and align more effectively with dealer requirements. Optimized distribution channels are expected to enhance inventory management and contribute to higher profit margins.

Steps undertaken for optimizing distribution channels include:

• Strengthening relationships with distributors and dealers, leading to reductions in commissions charged.

• Increasing product volumes sold through existing distributors/dealers while negotiating lower commission rates.

• Expanding the distributor/dealer network selectively, based on favorable commission structures.

BUSINESS RISK FACTORS & CONCERNS

1. Geographical Concentration of Warehouses
All warehouses of the company are currently located in the state of Gujarat, despite having a distribution network that spans 25 states and union territories. This geographical concentration increases dependency on the efficient functioning of Gujarat-based warehouses. Potential risks include higher transportation costs, delivery delays, and logistical challenges in serving other regions, which may negatively affect operational performance and financial results.

2. Regulatory and Environmental Risks Associated with Plastic Use
The company’s operations involve the use of plastic and other materials classified as hazardous. Handling, storage, and transportation of such materials carry inherent risks, including leakage, spillage, accidents, and environmental damage. In addition, state and central governments periodically impose restrictions, prohibitions, or bans on hazardous plastic products due to health and environmental concerns. Any regulatory restrictions on the use of plastic in PVC manufacturing could disrupt operations, adversely impacting product demand, profitability, financial condition, and growth prospects.

3. High Dependence on Debt Financing
During FY 2024 and FY 2025, business expansion and working capital requirements were primarily supported by promoter-backed debt, leading to a high debt-to-equity ratio. As of July 31, 2025, the company’s total fund-based indebtedness stood at ₹1,646.86 lakhs. Future growth may necessitate additional borrowings, but there is no assurance of securing financing at favorable terms. Increased debt may strain cash flows, affect credit ratings, and raise repayment risks. Any inability to service debt obligations could trigger penalties, cross-defaults, or accelerated repayment terms, adversely affecting financial stability and operations.

4. Dependence on Sister Concern for Revenue in Previous Years
A significant portion of revenue in FY 2023 and FY 2024 was generated through Vigor Polytech, a sister concern owned by a member of the promoter group. Vigor Polytech operated retail stores in Lucknow and Jamnagar, serving as a channel to reach retail customers during the initial phase of distribution network development. Although all transactions were conducted at arm’s length, such dependence exposed the company to concentration risks. From FY 2025 onwards, Vigor Plast India began serving retail customers directly, and Vigor Polytech was discontinued.

5. Sectoral Dependence on Industrial and Residential Segments
Revenue generation is heavily reliant on the industrial and residential sectors. A slowdown in these segments, driven by regulatory shifts, macroeconomic factors, or demand fluctuations, may adversely impact overall financial performance. While the product portfolio caters to residential, commercial, agricultural, and industrial sectors, the bulk of revenue is concentrated in the industrial and residential categories, heightening exposure to risks associated with sector-specific downturns.

6. Geographic Concentration of Revenue
More than 60% of revenue is derived from customers in Gujarat (41.52%), Uttar Pradesh (13.51%), and Madhya Pradesh (6.98%). This geographical concentration exposes the company to adverse developments such as regional competition, demographic shifts, and economic volatility in these states. Intensified competition or unfavorable market dynamics in these concentrated geographies could negatively affect business growth, profitability, and long-term sustainability.

Summary of Key Risks :
Vigor Plast India faces risks arising from geographical concentration of warehouses and revenues, regulatory restrictions on plastic usage, and heavy dependence on debt financing. Additional risks stem from past reliance on a sister concern for revenue and overdependence on industrial and residential sectors. These factors collectively increase exposure to operational, financial, and market uncertainties, which may adversely impact the company’s growth, profitability, and sustainability.