Vaibhav Vyapaar Limited
What they do: Not stated in the available financial data. The text only shows promoter holdings, related-party references, and a group company engaged in software development and IT solutions.
By IPO Milega Research · Published
No revenue, profit, asset, debt, or ratio figures are available in the extracted data.
- GMP (unofficial)
- +0%
- ₹0 a share
- Opens
- 13 Oct
- Closes 15 Oct
- Min. investment
- N/A
- One lot
GMP is an unofficial grey market indication. GMP updated 13 Oct, 12:07 IST.
- Price band
- ₹51-54
- Lot size
- N/A
- Min. investment
- N/A
- Issue size
- Approx 42.10 Crores
- Open13 Oct 2026
- Close15 Oct 2026
- Allotment16 Oct 2026
- Listing21 Oct 2026
Overview
₹52 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹40 Cr
- Fresh issue
- To selling shareholders
- ₹40.54 Cr
- Offer for sale
- Augment the capital base of the company₹32 Cr39%
- General Corporate Purposes₹8.54 Cr11%
- Offer for sale: goes to selling shareholders₹40.54 Cr50%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials1.0
- Performance6.0
- Flexibility7.0
- Timing4.0
- Risk4.0
The business shows steady AUM growth, improving revenue and profit, and a stronger digital lending model with a large repeat customer base. Co-lending and technology services add some diversification, and asset quality has improved. Gains potential is capped by small scale, unsecured lending exposure, regional concentration, modest absolute profitability, and related party dependence, so upside looks limited to moderate.
Strengths5
- AUM increased to Rs 81.24 crore by July 2026 from Rs 42.37 crore in FY24
- Revenue from operations reached Rs 36.80 crore in FY26 from Rs 25.25 crore in FY24
- PAT improved to Rs 1.97 crore in FY26 from Rs 0.45 crore in FY24
- GNPA improved from 6.72% in FY24 to 4.71% in FY26
- Repeat customers contributed 75.40% of revenue in FY26
Concerns5
- Large related party payments, including management fee to the holding company and directors’ remuneration, raise governance and dependence concerns.
- Earnings are sensitive to interest-rate mismatch between lending yields and borrowing costs, which can compress net interest income and margins.
- Unsecured loans carry higher default risk because there is no collateral backing the advances.
- Asset quality remains stressed, with GNPA and NNPA still present and provisions required for NPAs and standard assets.
- AUM is concentrated in a few states, so regional stress or local economic weakness can affect repayments and collections.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,16,0002 lots, 4000 shares
- Retail Maximum2,16,0002 lots, 4000 shares
- S-HNI Minimum3,24,0003 lots, 6000 shares
- S-HNI Maximum9,72,0009 lots, 18000 shares
- B-HNI Minimum10,80,00010 lots, 20000 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4000 | 2,16,000 |
| Retail Maximum | 2 | 4000 | 2,16,000 |
| S-HNI Minimum | 3 | 6000 | 3,24,000 |
| S-HNI Maximum | 9 | 18000 | 9,72,000 |
| B-HNI Minimum | 10 | 20000 | 10,80,000 |
Timing
4.0/10Strategically, this is an average to weak window for a small-cap financial services IPO. The business faces heightened RBI supervision, digital lending scrutiny, and compliance expansion around data and tax rules, which can dampen appetite for a first-time listing. For an SME offer, the modest issue size helps execution, but the timing still looks defensive rather than ideal because investor tolerance for regulatory and earnings uncertainty is likely limited.
- Time to market
- The company is coming to market while policy and compliance risk are elevated for NBFCs and fintech-linked businesses. That makes valuation acceptance and trading support harder, so the timing is more exposed than opportunistic.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 4.0
- Listing on
- NSE SME
Key milestones
- 13 Oct 2026IPO Opens
- 15 Oct 2026IPO Closes
- 16 Oct 2026Basis of Allotment
- 19 Oct 2026Refunds Initiated
- 19 Oct 2026Credit to Demat Account
- 21 Oct 2026Listing Date
Financials
1.0/10- Revenue
- ₹37.64 Cr
- +48.5%
- Profit after tax
- ₹1.97 Cr
- +33.1%
- Net margin
- 5.2%
- -0.6 pts
- Assets
- ₹84.23 Cr
- +53.0%
- Return on equity
- 7.87%
- Debt to equity
- 0.80
- ROCE
- 12.44%
- Return on net worth
- 6.37%
- NAV per share (₹)
- 23.15
- Price to book
- 2.25
Financial performance trend
Amount ₹ in croresNo revenue, profit, asset, debt, or ratio figures are available in the extracted data. The company appears promoter-controlled, with Capfront Technologies Private Limited holding almost entire pre-issue equity. The issue structure and use of fresh funds are not specified in the available text.
Total borrowings are not disclosed in the available data. No part of the issue is identified as debt repayment, so debt burden and repayment need cannot be assessed.
Fresh issue goes to the company. OFS goes to the selling shareholders.
None stated
Fresh fund use is not stated. No offer-for-sale details are disclosed in the available text, so promoter exit or capital raising cannot be confirmed.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks2
- Operational risks3
- Regulatory risks2
Credit quality, unsecured lending, interest-rate swings, regional concentration and related party dependence create meaningful earnings and asset-quality risk.
How the company offsets these
Maintain disciplined underwriting, tighter collection, diversified geography, prudent rate re-pricing, stronger provisioning and clear related party oversight.
Financial risks4
- Interest-rate volatility may reduce net interest income and margin.
- Credit losses, NPAs and related provisions may pressure profitability.
- Unsecured lending increases loss severity on default.
- Payments to related parties add recurring cost pressure.
Market risks2
- Regional concentration in Uttar Pradesh, West Bengal and similar states exposes performance to local economic stress.
- Investor returns depend on asset quality and lending spreads, which may weaken in a rising-rate environment.
Operational risks3
- Dependence on related party services and management fees creates operational reliance.
- Collection and recovery performance may deteriorate if borrower repayment ability weakens.
- High concentration of AUM in a limited set of states increases execution risk in those markets.
Regulatory risks2
- Governance and disclosure risk from related party transactions under SEBI and accounting rules.
- RBI-related provisioning requirements for standard assets and NPAs can increase regulatory capital and earnings pressure.
Performance
6.0/10Vaibhav Vyapaar Limited is a small digital NBFC focused on unsecured personal loans, direct lending, co-lending, and technology services to other NBFCs. AUM rose from Rs 42.37 crore in FY24 to Rs 70.68 crore in FY26 and Rs 81.24 crore by July 2026, while revenue improved from Rs 25.25 crore in FY24 to Rs 36.80 crore in FY26 and profit after tax rose from Rs 0.45 crore to Rs 3.01 crore. Asset quality improved on GNPA, though NNPA stayed elevated versus larger NBFC peers. The business shows growth momentum, but scale remains limited, geography is concentrated, and profitability is still modest in absolute terms.
- Historical growth
- AUM grew from Rs 42.37 crore in FY24 to Rs 70.68 crore in FY26, with July 2026 at Rs 81.24 crore. Revenue was broadly flat in FY24 to FY25, then rose 46.91% in FY26. PAT increased from Rs 0.45 crore in FY24 to Rs 1.48 crore in FY25 and Rs 1.97 crore in FY26, with Rs 3.01 crore in the period ended July 2026., Strong AUM expansion and improving earnings, with revenue recovery after a flat FY25.
- Market comparison
- Compared with larger Indian NBFCs and bank-led lenders, the company is very small in scale, with AUM of Rs 81.24 crore and revenue of Rs 36.80 crore in FY26. Its model is more niche and digital, with a higher mix of repeat customers and co-lending support, but it lacks the scale, funding depth, and operating diversification of established peers. Its asset quality is improving, though profitability and RoE remain modest relative to stronger NBFC peers.
- Future potential
- Growth potential is moderate to good if the company sustains digital acquisition, expands co-lending, and improves funding access. The platform model, repeat borrower base, and unsecured loan focus can support further AUM growth, but concentration, credit risk, and small scale remain constraints.
- Operational consistency
- The business has operated since 2009 and has run the digital lending model for several years. Repeat borrowers form a large share of revenue, GNPA has improved, and AUM has grown steadily. The company remains concentrated in southern states and is still building scale, so consistency is improving rather than fully mature.
- Experience
- Promoter and Chairman and Managing Director has over 17 years of experience in technology-led operations, project execution, and business management. The Whole-time Director has over 13 years of experience across consulting, technology support, and business analytics. Senior management covers lending, finance, IT, analytics, compliance, and business operations.
- Track record
- Management has guided the shift from a traditional NBFC model to a digital lending model since the 2019 acquisition, with a proprietary platform, lending growth, and lower delinquency trends. The business also completed a rights issue, bonus issue, and loan portfolio expansion under the current team.
Key achievements
- 01AUM increased to Rs 81.24 crore by July 2026 from Rs 42.37 crore in FY24
- 02Revenue from operations reached Rs 36.80 crore in FY26 from Rs 25.25 crore in FY24
- 03PAT improved to Rs 1.97 crore in FY26 from Rs 0.45 crore in FY24
- 04GNPA improved from 6.72% in FY24 to 4.71% in FY26
- 05Repeat customers contributed 75.40% of revenue in FY26
- 06Platform reached about 86 lakh registered users and about 18 lakh KYC-verified users by March 2026
- 07About 24 lakh loans were disbursed to about 5 lakh customers by March 2026
- 08Developed a digital lending platform with direct lending, co-lending, and technology services for other NBFCs
Flexibility
7.0/10Well placed to adapt to digital credit demand, rural and semi-urban lending, and policy-led growth in digital payments and financial inclusion. The company already uses direct lending, co-lending, and application and technology services, which broadens its response options. Dependence on unsecured personal loans and concentration in Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, and Maharashtra limit spread across market cycles.
Net worth of ₹47.20 crore and debt to equity of 0.80 indicate moderate balance-sheet strength. PAT improved to ₹3.01 crore for the period ended 31.07.2026 from ₹1.97 crore in FY26, while GNPA declined from 6.72% in FY24 to 4.56%. The business remains small in scale, and funding needs include ₹32.00 crore to augment capital base, which points to growth support needs.
LoanFront supports digital onboarding, KYC, underwriting, disbursal, servicing, and collections through automated workflows and third-party integrations. The company has expanded loan limits, added video KYC, eNACH, salary-based EMI loans, credit report services, and co-lending over time. This shows quick product and process adaptation, supported by a largely digital operating model.
Digital unsecured lending, co-lending, and technology services give the company useful operating flexibility. A modular platform, repeat borrower base of about 79%, and AUM growth from ₹42.37 crore in FY24 to ₹81.24 crore by 31.07.2026 support adaptability. Flexibility is moderated by a small balance sheet, concentration in five southern states, and dependence on personal loans.
- Product diversification
- Core products remain unsecured personal loans to salaried and self-employed borrowers. Diversification is limited but improving through direct lending, co-lending, and revenue from application and technology services to other NBFCs. Customer mix is also balanced between salaried borrowers at 53.79% and self-employed borrowers at 46.21% of AUM as on 31.07.2026.
- Future adaptability
- Future adaptability appears fair to strong if the company continues scaling its digital platform, widens partner funding, and broadens beyond personal loans. Growth in digital payments, co-lending, and financial inclusion supports demand for its model. The main constraints are small scale, geographic concentration, and exposure to unsecured credit risk, so adaptability will depend on disciplined underwriting and successful product expansion.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.