Vardhman Appliances IPO
Vardhman Appliances Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹250 crore and an offer for sale of up to 2,50,04,200 shares by its eight promoters and investor India Inflection Opportunity Fund. In FY26 the company made a profit of ₹22.49 crore on revenue of ₹869.62 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 30 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- IDBI Capital Markets & Securities Limited
- Last SEBI contact
- 30 Oct 2026
- Price band and dates
- Not announced
Where it stands
Vardhman Appliances IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 Sep 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 30 September 2026, 37 days ago, and its last communication on the draft was on 30 October 2026 (day count is our calculation).
DRHP at a glance
Vardhman Appliances DRHP at a glance
Draft red herring prospectus, 30 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 211 to 212) and Risk Factors (p. 29)Vardhman Appliances makes fans, kitchen appliances, home comfort appliances and components such as motors, heating elements and thermostats for consumer appliance brands, under both OEM and ODM models. It had more than 1,200 products on 31 March 2026. Its subsidiary Lazer India sells appliances under the Lazer brand through over 700 distributors.
It has five plants: three at Kundli, Sonipat in Haryana and two at Baddi, Solan in Himachal Pradesh. Sales to appliance brands gave 77.19% of FY26 revenue, and most revenue comes from Punjab, Haryana and Uttar Pradesh. It began as a partnership firm and is based in Delhi.
Revenue by channel, FY26
- Consumer appliance brands: 77.19%
- Other channels (ours, the remainder): 22.81%
The offer
DRHP cover page and The Offer (p. 74)| Fresh issue | Up to ₹250 croreMoney goes to the company |
| Offer for sale | Up to 2,50,04,200 sharesEight promoters sell up to 1,84,88,700 (average cost ₹2.82 a share); India Inflection Opportunity Fund sells up to 65,15,500 (average cost ₹32.23) |
| Shares before the IPO | 14,01,25,605Face value ₹2. The offer for sale is about 17.8% of them (ours) |
| Pre-IPO placement | Up to ₹50 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | IDBI Capital Markets & Securities Limited and Pantomath Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Parmod Kumar Jain, Subodh Kumar Jain, Vinod Kumar Jain, Piyush Jain, Akhil Jain, Siddharth Jain, Sambhav Jain and Vineet Jain |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 116 to 117)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| New plant at Baghpat, Uttar Pradesh | 120.00 | 48.0% |
| Repaying or prepaying certain borrowings | 55.00 | 22.0% |
| Investing in subsidiary Lazer India to repay its borrowings | 15.00 | 6.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹250 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 77 to 79) and Basis for Offer Price, KPIs (p. 135 to 138), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 758.54 | 835.93 | 869.62 |
| EBITDA | 46.29 | 44.84 | 51.96 |
| EBITDA margin | 6.10% | 5.36% | 5.98% |
| Profit after tax | 21.82 | 18.52 | 22.49 |
| Diluted EPS (₹) | 1.63 | 1.33 | 1.60 |
| Net worth | 45.27 | 77.46 | 100.47 |
| Cash from operations | 42.63 | 15.59 | 1.53 |
| Return on equity | 54.98% | 30.18% | 25.27% |
| Return on capital employed | 34.12% | 28.09% | 24.01% |
Restated consolidated figures. FY25 includes a ₹1.11 crore exceptional charge (p. 78). Net worth is total equity. Revenue grew about 7.1% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 136 to 137). Peer prices as of 18 Sep 2026 on NSE.The P/E for Vardhman is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Vardhman Appliances (FY26) | 1.60 | Set with the price band | 22.38% |
| Elin Electronics | 4.64 | 19.08x | 4.22% |
| EPACK Durable | 0.34 | 526.00x | 0.34% |
| Wonder Electricals | 0.68 | 107.26x | 10.26% |
| IKIO Technologies | 4.87 | 43.17x | 7.08% |
| PG Electroplast | 6.82 | 77.59x | 6.45% |
Risks the draft lists first
DRHP, Risk Factors (p. 28 to 34)- Customer concentrationThe top 10 customers gave 65.62% of FY26 revenue. (Risk factor 1, p. 28)
- Appliance brandsSales to consumer appliance brands gave 77.19% of FY26 revenue. (Risk factor 2, p. 29)
- Seasonal demandDemand for heating and cooling products changes with the seasons. (Risk factor 3, p. 30)
- No supply contractsIt has no long-term supply agreements with its key suppliers. (Risk factor 5, p. 32)
- Regional salesMost revenue comes from Punjab, Haryana and Uttar Pradesh. (Risk factor 7, p. 33)
- Plant disruptionAny shutdown at its manufacturing units would hurt the business. (Risk factor 9, p. 34)
Documents
Vardhman Appliances DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Vardhman Appliances IPO FAQs
When will the Vardhman Appliances IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 37 days ago (our calculation).
Has SEBI approved the Vardhman Appliances IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Vardhman Appliances IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Vardhman Appliances IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Vardhman Appliances IPO?
IDBI Capital Markets & Securities Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Vardhman Appliances do with the IPO money?
According to the DRHP, the fresh issue money goes to new plant at Baghpat, Uttar Pradesh (₹120.00 crore), repaying or prepaying certain borrowings (₹55.00 crore), investing in subsidiary Lazer India to repay its borrowings (₹15.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Vardhman Appliances do?
Vardhman Appliances makes fans, kitchen appliances, home comfort appliances and components such as motors, heating elements and thermostats for consumer appliance brands, under both OEM and ODM models. It had more than 1,200 products on 31 March 2026. Its subsidiary Lazer India sells appliances under the Lazer brand through over 700 distributors.
Where can I read the Vardhman Appliances DRHP?
On SEBI's website, where the draft red herring prospectus was published on 30 September 2026. The draft is dated 30 September 2026 and runs to 528 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.