# Vaibhav Vyapaar Limited: IPO analysis

> Vaibhav Vyapaar Limited (CIN U51909WB2009PLC133054) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 77,96,000 shares, priced at ₹51.00 to ₹54.00 per share. In FY26 it reported revenue of ₹37 Cr (+46.9% on FY25) and a net profit of ₹2.0 Cr. Promoters hold 100.0% before the IPO. Our fact-check of its claims found no medium or high concerns across 40 claims checked.

- Page: https://ipo.innerkore.com/company/U51909WB2009PLC133054/vaibhav-vyapaar-limited/
- CIN: U51909WB2009PLC133054
- Last updated: 9 Oct 2026

## Key facts

- **Company:** Vaibhav Vyapaar Limited
- **CIN:** U51909WB2009PLC133054
- **Filing stage:** RHP
- **Latest SEBI filing:** 9 Oct 2026
- **Price band:** ₹51.00 to ₹54.00 per share
- **Bidding opens:** 13 Oct 2026
- **Bidding closes:** 15 Oct 2026
- **Listing on:** NSE
- **Revenue FY26:** ₹37 Cr
- **Revenue growth:** +46.9%
- **Net profit FY26:** ₹2.0 Cr
- **Revenue CAGR FY24 to FY26:** 20.7%
- **Promoter holding (pre-IPO):** 100.0%
- **Lead managers:** Getfive Advisors Private Limited
- **Registrar:** Kfin Technologies Limited
- **Fact-check flags:** 0 high, 0 medium, 0 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (concern): 77.3x P/E. From NSE's price band, on FY26 profit; 0.9x book value.
- **Growth** (looks fine): 20.7% a year. Sales FY24 to FY26; latest year +46.9%.
- **Profitability** (look closer): 5.4% net margin. FY26.
- **Debt** (looks fine): 0.27x equity. ₹46.8 crore borrowed at the end of FY26.
- **Profit into cash** (concern): -936% of profit. Operations brought in ₹-18.4 crore against ₹2 crore of profit in FY26.
- **One-off income** (look closer): 27% of profit. Other and one-off income is 27% of pre-tax profit; management describes 4 one-off items.
- **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. (converted using NSE's price band)
- **Red flags** (looks fine): None serious. 40 claims checked: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 | 4M Jul-26 |
|---|---:|---:|---:|---:|
| Sales | 25 | 25 | 37 | 18 |
| Sales growth | – | -0.8% | 46.9% | – |
| Net profit | 0.45 | 1.5 | 2.0 | 3.0 |
| Net margin | 1.8% | 5.9% | 5.4% | 16.7% |
| Net worth | 127 | 117 | 175 | 200 |
| Borrowings | 27 | 23 | 47 | 38 |
| Return on equity | 0.4% | 1.3% | 1.1% | – |

## Non-recurring items (as described by management)

- Irrecoverable debts written off increased to ₹959.11 lakh for the year ended 31.03.2026 in comparison to ₹975.72 lakh during the year ended 31.03.2025, broadly stable, reflecting reduction in non-performing portfolio. (p.243)
- Irrecoverable debts were written off amounting to ₹975.72 lakh for the year ended 31.03.2025, which was compared to ₹658.51 lakh during the year ended 31.03.2024. (p.246)
- Irrecoverable debts written off amounted to ₹975.72 lakh for the year ended 31.03.2025 in comparison to ₹658.51 lakh during the year ended 31.03.2025. (p.246)
- Trade payables decreased to ₹20.15 lakh in FY 2025 from ₹83.31 lakh in FY 2024, primarily due to timely settlement of outstanding dues to vendors and service providers. (p.250)

## Use of proceeds (fresh issue)

- Augment the capital base of our company: ₹32 crore
- 2 General Corporate Purpose*: amount not fixed yet

## Fact-checked claims

- **NONE** (PromoterBackground): Itha Venkata Raghava Gowrinath is listed as the Chairman and Managing Director.. The provided search results do not contain any information that directly corroborates or contradicts the claim that Itha Venkata Raghava Gowrinath is the Chairman and Managing Director of Vaibhav Vyapaar Limited. The results point to various regulatory actions and lists of account holders, but none mention this specific individual in relation to the company's directorship.
- **NONE** (PromoterBackground): Itha Venkata Raghava Gowrinath holds 3,996 equity shares, representing 0.02% of the pre-issue capital.. The provided search results do not contain any information that directly corroborates or contradicts the claim regarding Itha Venkata Raghava Gowrinath holding 3,996 equity shares in Vaibhav Vyapaar Limited. The search results point to various SEBI and legal proceedings but do not mention this specific individual or shareholding detail.
- **NONE** (PromoterBackground): Satyanarayana Reddy Veera Venkata Mallidi is the Additional Executive Director.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding Satyanarayana Reddy Veera Venkata Mallidi being the Additional Executive Director of Vaibhav Vyapaar Limited.
- **NONE** (PromoterBackground): Ganeshprasad R Pavaskar is the Whole-Time Director.. The provided search results do not contain information that directly corroborates or contradicts the claim that Ganeshprasad R Pavaskar is the Whole-Time Director of Vaibhav Vyapaar Limited. The search results point to various SEBI and legal proceedings and lists of account holders, but none specifically mention this individual in relation to the directorship of the company.
- **NONE** (PromoterBackground): Itha Venkata Raghava Gowrinath is the Chairman and Managing Director.. The provided search results do not contain information that directly corroborates or contradicts the claim that Itha Venkata Raghava Gowrinath is the Chairman and Managing Director of Vaibhav Vyapaar Limited. The search results point to various regulatory actions and judgments related to different entities and matters.
- **NONE** (SubsidiaryPerformance): The Company has not entered into any joint venture agreement as on the date of this Red Herring Prospectus.. The provided search results do not contain information that directly corroborates or contradicts the claim that the company has not entered into any joint venture agreement. The search results focus on financial advances, business type, and IPO details.
- **NONE** (SubsidiaryPerformance): Our Existing shareholders are not participating in the Offer for Sale.. The search results do not contain any information regarding whether existing shareholders of Vaibhav Vyapar Limited are participating in the Offer for Sale. Therefore, the claim cannot be corroborated, contradicted, or updated by the provided search snippets.
- **NONE** (SubsidiaryPerformance): There have been no lock outs or strikes at any of the location of the Company as on the date of this Red Herring Prospectus.. The provided search results do not contain information that directly corroborates or contradicts the claim regarding lockouts or strikes at the company's locations as of the Red Herring Prospectus date. The search results focus on financial performance, loan advances, and company details.
- **NONE** (LitigationStatus): The total trade payables of the Company as on 31.07.2026 were 171.41 lakhs.. The provided search results do not contain information regarding the total trade payables of Vaibhav Vyapaar Limited as on 31.07.2026. The search results primarily relate to a business acquisition, investor relations, and IPO details.
- **NONE** (PromoterBackground): The Stakeholders’ Relationship Committee was constituted pursuant to a Board Meeting resolution dated 12.06.2026 and comprises the Chairperson, a Member, and a Whole-time Director.. The provided search results do not contain any information regarding the constitution of a Stakeholders’ Relationship Committee for Vaibhav Vyapaar Limited or any related board meeting resolutions. Therefore, the search results do not corroborate, contradict, or update the claim.
- **NONE** (PromoterBackground): The Audit Committee was re-constituted pursuant to a resolution of the Board Meeting dated June 12, 2026.. The provided search results do not contain any information regarding a Board Meeting of Vaibhav Vyapaar Limited on June 12, 2026, or any subsequent re-constitution of an Audit Committee. Therefore, the search results do not corroborate, contradict, or provide new information about this specific claim.
- **NONE** (PromoterBackground): The Board of Directors is authorized for borrowing sums that may exceed the aggregate of the paid-up capital and free reserves, up to a limit of Rs. 2000 Crores/- (Rupees Two Thousand Crores Only), whichever is higher.. The provided search results do not contain information that directly corroborates, contradicts, or updates the specific claim regarding the borrowing limit authorized by the Board of Directors for Vaibhav Vyapaar Limited. The results point to various SEBI consent orders, settlement orders, and lists of account holders, none of which directly address the stated borrowing authorization limit.

## Common questions

### How big is the Vaibhav Vyapaar Limited IPO?

Vaibhav Vyapaar Limited's IPO comprises a fresh issue of 77,96,000 shares, according to its Red Herring Prospectus. The price band is ₹51.00 to ₹54.00 per share.

### What are Vaibhav Vyapaar Limited's revenue and profit?

Vaibhav Vyapaar Limited reported revenue from operations of ₹37 Cr in FY26, +46.9% versus FY25. Net profit was ₹2.0 Cr (FY25: ₹1.5 Cr). Revenue grew at a compound rate of 20.7% a year from FY24 to FY26. Figures are read from the RHP, as printed there.

### How much do promoters own in Vaibhav Vyapaar Limited?

Promoters hold 100.0% of Vaibhav Vyapaar Limited before the IPO. Largest holders listed: Capfront Technologies Private Limited (100.0%); Itha Venkata Raghava Gowrinath (0.0%).

### How will Vaibhav Vyapaar Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Augment the capital base of our company (₹32 Cr); 2 General Corporate Purpose (amount not fixed yet).

### What are the red flags in Vaibhav Vyapaar Limited's RHP?

We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does Vaibhav Vyapaar Limited do?

Here’s the thing about Vaibhav Vyapaar Limited’s IPO: while the hype was building, almost no one noticed that the group company itself had zero securities listed on any stock exchange.

### Who manages the Vaibhav Vyapaar Limited IPO?

Book running lead managers: Getfive Advisors Private Limited. Registrar to the offer: Kfin Technologies Limited. Shares are proposed to list on NSE.

### Where can I read the original Vaibhav Vyapaar Limited IPO documents?

All 1 filing for Vaibhav Vyapaar Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Vaibhav Vyapaar Limited](https://nsearchives.nseindia.com/content/ipo/RHP_LOANFRONT.zip) (Red Herring Prospectus, filed 9 Oct 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.