Vardhman Appliances IPO (DRHP filed)
Vardhman Appliances Limited filed its draft red herring prospectus with SEBI on 30 Sep 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- DRHP Filed
- DRHP filed
- 30 Sep 2026
- Days since
- 31
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
Vardhman Appliances IPO status
Vardhman Appliances Limited filed its draft red herring prospectus (DRHP) with SEBI on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 30 Sep 2026 |
|---|---|
| Days since filing | 31 |
| SEBI observation | Awaited |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Vardhman Appliances Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹839.99 Cr to ₹873.97 Cr, and profit after tax rose from ₹18.52 Cr to ₹22.49 Cr. The PAT margin for 31 Mar 2026 was 2.57%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 472.52 | 395.62 | 316.46 |
| Total Income | 873.97 | 839.99 | 762.43 |
| Profit After Tax | 22.49 | 18.52 | 21.82 |
| EBITDA | 51.96 | 44.84 | 46.29 |
| Net Worth | 100.47 | 77.46 | 45.27 |
| Reserve & Surplus | 71.82 | 49.33 | 18.52 |
| Total Borrowings | 122.23 | 99.49 | 80.04 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 25.27 | 30.18 | 54.98 |
| ROCE % | 24.01 | 28.09 | 34.12 |
| Debt / Equity | 1.22 | 1.28 | 1.77 |
| RoNW % | 22.38 | 23.91 | 48.19 |
| Pat Margin % | 2.57 | 2.20 | 2.86 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Vardhman Appliances Ltd | 2 | — | 1.60 | 0.00 | 22.38% | 7.17 |
| Elin Electronics Ltd | 5 | 19.08 | 4.64 | 0.00 | 4.22% | 109.79 |
| EPACK Durable Ltd | 10 | 526.00 | 0.34 | 0.00 | 0.34% | 99.80 |
| Wonder Electricals Ltd | 1 | 107.26 | 0.68 | 0.00 | 10.26% | 6.63 |
| IKIO Technologies Ltd | 10 | 43.17 | 4.87 | 0.00 | 7.08% | 75.99 |
| PG Electroplast Ltd | 1 | 77.59 | 6.82 | 0.00 | 6.45% | 106.83 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure requirements for setting up a new project at Baghpat, Uttar Pradesh | 120.00 |
| 2 | Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by our Company | 55.00 |
| 3 | Investment in our wholly owned Subsidiary, Lazer India Private Limited, for prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings | 15.00 |
| 4 | General Corporate Purposes | 0.00 |
| Total | 190 |
About Vardhman Appliances Limited
Vardhman Appliances Limited was incorporated on November 4, 2009. The company is a vertically integrated Electronics Manufacturing Services (EMS) company engaged in providing Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) solutions primarily for consumer electrical and domestic appliance brands in India.
The company manufactures a diversified portfolio of fast-moving electrical goods across four major categories: fans, kitchen appliances, home comfort appliances and electrical components. Its product portfolio includes ceiling, table, pedestal and exhaust fans; mixer grinders, induction cooktops, electric kettles and other kitchen appliances; coolers, heaters and other home comfort products; and various electrical components. As of March 31, 2026, the company manufactured 1,285 SKUs.
Vardhman Appliances operates five manufacturing facilities, comprising three facilities at Kundli, Sonipat, Haryana and two facilities at Baddi, Solan, Himachal Pradesh. These facilities have an aggregate manufacturing area of approximately 405,790 sq. ft. The company had an aggregate installed manufacturing capacity of approximately 28.66 million units per annum as of March 31, 2026.
The company provides manufacturing solutions to more than 40 consumer appliance brands. Its customer base includes established brands such as Usha International, RR Kabel, Voltas Beko, Singer India, GM Elektra and Cello World. It provides end-to-end services covering product conceptualisation, designing, engineering, sourcing, manufacturing, assembly, testing and quality control.
Through its subsidiary Lazer India Private Limited, the company also operates the "Lazer" consumer appliances brand. Lazer has a portfolio of more than 600 SKUs and an extensive distribution network comprising over 700 distributors, covering more than 13,000 PIN codes across India. The network is supported by 14 company-owned branches and more than 300 service franchisees.
The company is further expanding its manufacturing operations by establishing a new facility at Baghpat, Uttar Pradesh. The proposed facility is intended to enhance manufacturing capabilities and support future business growth.
As of July 31, 2026, Vardhman Appliances had 1,408 permanent employees. In addition, it engaged 542 contract labour personnel at its manufacturing facilities. For comparison, the company had 1,422 permanent employees as of March 31, 2026.
The company is led by experienced promoters and management and has developed vertically integrated manufacturing capabilities, a diversified product portfolio and long-standing relationships with several established consumer appliance brands.
Promoters
Parmod Kumar Jain
Subodh Kumar Jain
Vinod Kumar Jain
Piyush JainAkhil Jain
Siddharth Jain
Sambhav Jain
Vineet Jain
Contact details
Vardhman Appliances Ltd
Plot No. 43, First Floor
Rajasthani Udyog Nagar
Adrash Nagar
North West Delhi, New Delhi, 110033
Telephone: +91 114 290 3377
Email: cs@vardhmanappliances.com
Website: Ahttps://www.vardhmanappliances.com/
Vardhman Appliances IPO FAQs
- Has Vardhman Appliances IPO filed for an IPO?
- Vardhman Appliances Limited filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026.
- When will the Vardhman Appliances IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Vardhman Appliances IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.