Vidya Wires IPO Review 2025:
The Vidya Wires IPO opens for subscription on December 3, 2025, offering investors an opportunity to participate in India’s booming electrical infrastructure and clean energy supply chain. With a price band of ₹48–52 per share and an issue size of ₹300.01 crore, this mainboard IPO has garnered attention from retail investors, HNIs, and institutional buyers alike. The grey market premium (GMP) currently hovers around ₹10, suggesting a potential listing gain of approximately 19% at the upper price band.
This comprehensive Vidya Wires IPO analysis covers everything you need to make an informed investment decision—from the company’s business model, financial performance, and valuation metrics to risk factors, subscription strategy, and step-by-step application instructions.
Vidya Wires IPO Review 2025: What Is Vidya Wires Limited?
Vidya Wires Limited is a Gujarat-based manufacturer of copper and aluminum winding wires and conductivity products established in 1981. With over 43 years of industry experience, the company has emerged as one of the top five manufacturers in India’s winding and conductivity products segment, commanding approximately 5.9% market share that is expected to rise above 11% post-expansion.
The company’s product portfolio includes precision-engineered enamelled wires, copper strips, paper-insulated copper conductors, busbars, bare copper conductors, specialised winding wires, PV ribbons, and aluminium paper-covered strips. These products are essential for important areas like power generation and transmission, electrical systems, electric motors, clean energy, electric vehicles, and railways—industries that are growing because of India’s focus on improving infrastructure.
Vidya Wires produces over 8,000 SKUs ranging from 0.07 mm to 25 mm, demonstrating its capability to supply diverse and highly customized products. The company operates manufacturing facilities in Anand, Gujarat, strategically located near major ports like Hazira and Mundra, which facilitate cost-effective imports and exports.
Vidya Wires IPO Review 2025: Key Details at a Glance
| Parameter | Details |
|---|---|
| IPO Open Date | December 3, 2025 |
| IPO Close Date | December 5, 2025 |
| Price Band | ₹48–52 per share |
| Lot Size | 288 shares |
| Minimum Investment (Retail) | ₹14,976 at upper band |
| Issue Size | ₹300.01 crore |
| Fresh Issue | ₹274 crore (5.27 crore shares) |
| Offer for Sale (OFS) | ₹26.01 crore (50.01 lakh shares) |
| Face Value | ₹1 per share |
| Allotment Date | December 8, 2025 |
| Listing Date | December 10, 2025 |
| Stock Exchanges | NSE, BSE |
| Registrar | MUFG Intime India Pvt Ltd |
| Lead Managers | Pantomath Capital Advisors, IDBI Capital |
The reservation structure allocates 50% to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs/HNIs), and 35% to Retail Individual Investors.
Vidya Wires IPO Review 2025: GMP Today and Expected Listing Price
The Vidya Wires IPO grey market premium (GMP) is currently trading at approximately ₹10 per share as of December 1, 2025. This translates to an expected listing price of around ₹62 per share against the upper price band of ₹52, implying a potential listing gain of approximately 19.23%.
For a standard retail application of one lot (288 shares at ₹52), investors could potentially see a notional profit of approximately ₹2,880 if the GMP holds through to listing. However, it is essential to understand that GMP is an unofficial, unregulated indicator derived from grey market trading and can fluctuate significantly based on market sentiment, subscription data, and broader equity market conditions.
Investors tracking “Vidya Wires IPO GMP today” should monitor premium trends closely during the subscription period (December 3–5) and after allotment finalization on December 8 to gauge sentiment shifts before listing on December 10.
Vidya Wires IPO Review 2025: Objects and Use of Proceeds
The company plans to utilize the net proceeds from the fresh issue for three primary objectives:
Capital Expenditure via Subsidiary ALCU – ₹140 Crore
The largest portion of proceeds will fund the setup of a new manufacturing facility through the subsidiary ALCU. This expansion will add 18,000 MTPA to the existing 19,680 MTPA, bringing the total installed capacity to 37,680 MTPA. The new facility will support diversification into higher-value products such as copper foils, solar cables, and aluminum winding wires.
Debt Repayment – ₹100 Crore
A significant allocation is earmarked for partial or full repayment of outstanding borrowings. As of FY2025, total borrowings stood at approximately ₹145.63 crore. Reducing this debt burden will lower interest costs, improve net margins, and strengthen the balance sheet ahead of the expansion phase.
General Corporate Purposes
The remaining proceeds will address working capital requirements and other operational needs, which is particularly relevant given the working-capital-intensive nature of the wires and conductors business.
This utilization mix signals a growth-oriented capital raise rather than a pure promoter exit, as the majority of the issue comprises fresh shares rather than a large offer for sale.
Vidya Wires IPO Review 2025: Financial Performance Analysis
Vidya Wires has demonstrated consistent revenue and profitability growth over recent fiscal years, reflecting operational efficiency and improving capacity utilization.
Revenue and Profitability Trends
| Financial Metric | FY2023 | FY2024 | FY2025 | Q1 FY2026 |
|---|---|---|---|---|
| Total Revenue (₹ Cr) | 1,015.72 | 1,188.49 | 1,491.45 | 413.09 |
| EBITDA (₹ Cr) | 35.84 | 45.52 | 64.22 | 18.67 |
| Profit After Tax (₹ Cr) | 21.53 | 25.68 | 40.87 | 12.06 |
| Net Worth (₹ Cr) | 100.11 | 125.54 | 166.36 | 178.37 |
| PAT Margin | 2.12% | 2.16% | 2.74% | 2.92% |
Revenue grew approximately 25% year-on-year from FY2024 to FY2025, while profit after tax surged by 59% during the same period. This outperformance in PAT growth relative to revenue growth indicates improving operating leverage and better cost management.
Vidya Wires IPO Review 2025: Key Financial Ratios
| Ratio | FY2024 | FY2025 |
|---|---|---|
| Return on Equity (ROE) | 23.09% | 28.01% |
| Return on Capital Employed (ROCE) | 20.85% | 24.49% |
| Debt-to-Equity Ratio | 0.87 | 0.85 |
| Interest Coverage Ratio | 4.13 | 5.87 |
| Current Ratio | 2.00 | 2.00 |
| Asset Turnover Ratio | 5.18 | 5.14 |
The improving ROE and ROCE figures suggest efficient capital allocation and strong operational performance. The debt-to-equity ratio of 0.85 is manageable for a manufacturing firm, and the improving interest coverage ratio indicates comfortable debt servicing capacity.
Vidya Wires IPO Valuation: Is It Fairly Priced?
At the upper price band of ₹52, the Vidya Wires IPO is valued at a price-to-earnings (P/E) ratio of approximately 20.36x based on annualized FY2025 earnings per share of ₹2.55. The post-issue market capitalization works out to approximately ₹1,106 crore, placing the company in the small-cap category.
Vidya Wires IPO Review 2025: Peer Comparison
| Company | Face Value (₹) | P/E Ratio | EPS (₹) |
|---|---|---|---|
| Vidya Wires (IPO) | 1.00 | 20.36x | 2.55 |
| Precision Wires India | 1.00 | 53.45x | 5.04 |
| Ram Ratna Wires | 5.00 | 42.19x | 15.04 |
| Apar Industries | 10.00 | 44.36x | 204.47 |
Compared to its listed peers, Vidya Wires appears reasonably valued with a P/E ratio of approximately 20x, while the average for its peers ranges from 40 to 50x. However, listed peers trade at higher multiples partly due to established track records, larger scale, and broader product portfolios. The valuation discount may reflect Vidya Wires’ smaller size, lower margins, and the execution risk associated with its expansion plans.
Vidya Wires IPO Review 2025: Strengths of the Vidya Wires IPO
Structural Demand Tailwinds
The company is well-positioned to benefit from India’s multi-year infrastructure upcycle. The Indian copper wire and cable market is projected to grow from USD 15.13 billion in 2024 to USD 24.4 billion by 2033 at a CAGR of approximately 4.9%. Key demand drivers include grid modernization, renewable energy buildout, EV charging infrastructure, and increased housing and commercial construction.
Top-Five Industry Position
Vidya Wires ranks among the top five manufacturers in India’s winding and conductivity products industry in terms of installed capacity. This scale provides competitive advantages in procurement, production efficiency, and customer relationships.
Diversified Customer Base
The company served over 370 customers across more than 20 countries on five continents in recent years, with no single customer contributing more than 9% of annual revenue. This diversification reduces concentration risk and ensures revenue resilience.
Pre-Approved Supplier Status
Vidya Wires is a pre-approved supplier to Power Grid Corporation of India Limited and holds UL certification, enabling exports of magnet wires to the United States. These credentials validate product quality and open export growth opportunities.
Strategic Location
The manufacturing facilities in Gujarat offer proximity to major industrial hubs and ports (Hazira, Mundra), enabling faster delivery, cost savings on logistics, and efficient import-export operations.
Experienced Management
Managing Director Shailesh Rathi holds a Bachelor of Engineering in Electrical and Electronics from Birla Vishvakarma Mahavidyalaya and has been with the company since 1995, bringing over 30 years of industry experience.
Vidya Wires IPO Review 2025: Risk Factors to Consider Before Investing
Low Profit Margins
The company operates with a PAT margin of approximately 2.74%, leaving a limited buffer to absorb raw material cost fluctuations or pricing pressure from competitors. Thin margins are characteristic of the wires and conductors industry but increase earnings volatility.
Commodity Price Volatility
Copper and aluminum prices are subject to global market fluctuations. Since raw materials constitute 80–90% of production costs, significant price spikes can compress margins and impact profitability. While some cost pass-through mechanisms exist, they may not fully offset sudden price movements.
Working Capital Intensity
The business requires substantial working capital tied up in inventory and receivables. The cash conversion cycle is around 46–47 days, and negative operating cash flows in certain periods highlight the capital-intensive nature of operations.
Execution Risk in Expansion
The planned ₹140 crore capex for the ALCU subsidiary is critical to growth projections. Any delays, cost overruns, or demand shortfalls could impact expected returns and strain the balance sheet.
Competitive Pressure
The wires and cables market includes both organized players (Polycab, KEI, Havells, and Apar) and unorganized low-cost competitors. Margin pressure from overcapacity in some segments and limited pricing power remain ongoing challenges.
Supplier Concentration
Dependence on a limited number of raw material suppliers could expose the company to supply disruptions or unfavorable pricing terms.
Who Should Consider Investing in Vidya Wires’s IPO?
Medium- to Long-Term Investors
Investors may find Vidya Wires appealing if they seek exposure to India’s power infrastructure, EV ecosystem, and renewable energy growth through a component manufacturer. The reasonable valuation at ~20x P/E, capacity expansion plans, and debt reduction strategy support a medium-term investment thesis.
Risk-Tolerant Small-Cap Investors
Given the small-cap nature (post-issue market cap ~₹1,106 crore), investors comfortable with volatility and sector cyclicality may participate for potential upside as the company executes its growth strategy.
Short-Term Traders
Those targeting listing gains should closely monitor final GMP trends, subscription data across QIB/HNI/Retail categories, and secondary market sentiment leading up to listing on December 10.
How to Apply for Vidya Wires IPO: Step-by-Step Guide
Retail investors can apply for the Vidya Wires IPO through two methods—UPI or ASBA (Application Supported by Blocked Amount).
Through UPI (via Broker Apps)
- Log in to your broker’s platform (Zerodha, Groww, Upstox, Angel One, etc.).
- Navigate to the IPO section and select “Vidya Wires IPO.”
- Choose investor type (Retail) and enter bid quantity (minimum 288 shares, maximum 3,744 shares for retail).
- Select price—”Cut-off” is recommended for retail investors.
- Enter your UPI ID linked to your bank account.
- Submit the application and approve the UPI mandate request on your UPI app within the stipulated timeframe.
Through ASBA (via Net Banking)
- Log in to your bank’s net banking portal.
- Navigate to the IPO/ASBA section.
- Select “Vidya Wires IPO” from the list of available issues.
- Enter bid details (quantity, price, demat account number).
- Authorize the application—funds equivalent to the application amount will be blocked (not debited) in your account.
Important Timelines:
- Bidding Period: December 3–5, 2025
- UPI Mandate Cut-off: 5 PM on December 5, 2025
- Allotment Finalization: December 8, 2025
- Credit to Demat: December 9, 2025
- Listing Date: December 10, 2025
Frequently Asked Questions
What is the Vidya Wires IPO price band?
The price band is set at ₹48–52 per equity share with a face value of ₹1.
What is the lot size and minimum investment?
The minimum lot size is 288 shares, requiring an investment of approximately ₹14,976 at the upper price band.
What is the Vidya Wires IPO GMP today?
As of December 1, 2025, the GMP is approximately ₹10, suggesting an expected listing price of ~₹62 and a potential gain of ~19%.
When is the Vidya Wires IPO allotment date?
Allotment is expected to be finalized on December 8, 2025.
When will Vidya Wires list on the stock exchange?
The tentative listing date on NSE and BSE is December 10, 2025.
Is the Vidya Wires IPO good for long-term investment?
The company operates in a structurally growing sector with strong demand visibility from power, EV, and renewable energy segments. However, investors must weigh thin margins, commodity price exposure, and execution risks before taking a long-term position.
Industry Outlook: Why Copper Wire Demand Is Rising
The India wires and cables market was valued at approximately ₹1.08 trillion in 2024 and is projected to grow at a CAGR of 14.5% between 2025 and 2030. Multiple structural factors are driving this growth:
- Power Infrastructure Expansion:
India’s combined public and private investment in power, railways, metros, and real estate is expected to rise 25% in FY26 to approximately ₹9 lakh crore. - Renewable Energy Push:
Solar and wind capacity additions require significant copper wiring for generation, transmission, and distribution equipment. - Electric Vehicle Adoption:
EV motors and charging infrastructure are copper-intensive applications with limited substitution risk. - Grid Modernization:
Smart grid initiatives and upgrading of transmission and distribution systems are boosting demand for high-performance copper wires.
India is the second-fastest-growing individual market for copper, with a historical growth rate of 5.3% over the last decade, trailing only China. This positions companies like Vidya Wires favorably for sustained demand growth.
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Verdict: Should You Subscribe to Vidya Wires IPO?
Vidya Wires IPO presents a moderately attractive opportunity for investors seeking exposure to India’s electrical infrastructure theme at a reasonable valuation. The company’s established market position, diversified customer base, capacity expansion plans, and improving financial metrics support a constructive medium-term outlook.
However, prospective investors should remain cognisant of the thin margin profile, commodity price sensitivity, working capital intensity, and execution risks associated with the expansion project. The P/E of ~20x offers a discount to listed peers but also reflects these inherent risks.
For medium- to long-term investors: The IPO merits consideration given structural demand tailwinds and growth visibility, provided you can tolerate small-cap volatility and sector cyclicality.
For short-term traders: The current GMP of ~₹10 (19% premium) suggests decent listing momentum, but final subscription trends and market conditions closer to listing should guide your decision.
Also Read: How to Analyze Small-Cap Manufacturing IPOs Before Investing (internal link placeholder)
Also Read: Upcoming IPOs December 2025: Complete Calendar and GMP Tracker (internal link placeholder)
External Reference: For official offer documents and regulatory filings, visit the NSE IPO Section or the SEBI website.
