Table of Contents
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VMS TMT IPO – Company Analysis
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VMS TMT IPO Details
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Hidden Facts about the IPO
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Industry Outlook
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Company Financials
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The Objective of the Issue
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Listed Peers of VMS TMT Ltd.
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Evaluation of P/E Ratio
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IPO’s Strengths
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IPO’s Weaknesses
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VMS TMT IPO GMP
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IPO Summary
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IPO Lot Size
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IPO Reservation
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IPO Allotment Status
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Promoters and Management
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Lead Managers
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Dividend Policy
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Conclusion
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FAQs
VMS TMT IPO – Company Analysis
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Company: VMS TMT Ltd. was incorporated in 2007.
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Business: Manufacturer of TMT bars and structural steel products used in construction and infrastructure.
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Clients: Real estate developers, government contractors, and retail distributors.
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Operations: Strong presence in Gujarat and surrounding states.
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Manufacturing Capacity: Over 1.5 lakh tonnes annually with modern rolling mills.
VMS TMT IPO Details
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IPO Opening Date: Sep 23, 2025
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IPO Closing Date: Sep 25, 2025
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IPO Allotment Date: Sep 26, 2025
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Refund Initiation: Sep 29, 2025
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Tentative Listing Date: Sep 30, 2025 (BSE SME)
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Issue Size: Rs. 48.50 Cr
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Fresh Issue: 51 lakh shares worth Rs. 48.50 Cr
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Price Band: Rs. 92 – Rs. 95 per share
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Lot Size: 1200 shares per lot
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Registrar: Skyline Financial Services Pvt. Ltd.
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Issue Type: Book Built Issue SME IPO
Company Financials (as of March 31)
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Total Assets: FY25 – Rs. 120.45 Cr | FY24 – Rs. 95.26 Cr | FY23 – Rs. 81.12 Cr
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Total Revenue: FY25 – Rs. 225.18 Cr | FY24 – Rs. 198.60 Cr | FY23 – Rs. 176.44 Cr
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PAT (Profit After Tax): FY25 – Rs. 12.40 Cr | FY24 – Rs. 9.25 Cr | FY23 – Rs. 6.83 Cr
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Net Worth: FY25 – Rs. 68.12 Cr | FY24 – Rs. 54.10 Cr | FY23 – Rs. 42.35 Cr
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Borrowings: FY25 – Rs. 22.35 Cr | FY24 – Rs. 18.42 Cr | FY23 – Rs. 15.90 Cr
The Objective of the Issue
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To fund the new rolling mill project.
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Repayment/prepayment of existing borrowings.
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Working capital requirements.
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General corporate purposes.
Listed Peers of VMS TMT Ltd.
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Kamdhenu Ltd. – EPS: Rs. 15.28 | P/E: 24.10x
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Shyam Steel Industries – EPS: Rs. 18.42 | P/E: 21.45x
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Electrosteel Steels Ltd. – EPS: Rs. 3.76 | P/E: 31.80x
Evaluation of P/E Ratio
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EPS (FY25): Rs. 2.45
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P/E Ratio: 38.77x
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Industry Average P/E: 26.40x
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Interpretation: The IPO appears to be slightly overpriced compared to peers.
VMS TMT IPO GMP
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As of 18 Sep 2025, grey market premium (GMP) is around Rs. 12–15 per share.
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This implies a listing gain expectation of 12–15%.
The VMS TMT IPO presents an opportunity to invest in India’s growing steel demand story. The company’s strong presence in Gujarat, healthy financial growth, and expansion plans make it attractive. However, risks like geographic dependency, competitive pressures, and relatively high valuation should not be ignored. Investors with a moderate to high risk appetite can consider subscribing for potential long-term gains.
