Valuation
Market Cap
₹146.55 Cr
P/E Ratio
42.62x
P/B Ratio
2.87x
Vaibhav Vyapaar IPO Dates
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Vaibhav Vyapaar Limited (VVL), incorporated in 2009 and based in Kolkata with a corporate office in Bengaluru, is an RBI-registered NBFC that offers unsecured personal loans (Rs 1,500 to Rs 2,00,000) to salaried and self-employed borrowers through its proprietary LoanFront mobile app, on direct-lending and co-lending bases. It also earns fees from providing application and technology services to other NBFCs. Acquired by promoter Capfront Technologies in 2019, VVL had AUM of Rs 81.24 Cr (84% on-book) at 31 July 2026, spread across 30 states/UTs with five southern and western states contributing about 77% of AUM and 75% of loans from repeat customers. In FY26 it reported revenue from operations of Rs 36.80 Cr (+46.9% YoY), PAT of Rs 1.97 Cr and GNPA of 4.71%.
Lots & IPO Size
Vaibhav Vyapaar IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 4,000 | ₹2,08,000 |
| Ind (Max) | 2 | 4,000 | ₹2,08,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,12,000 |
| S-HNI (Max) | 9 | 18,000 | ₹9,36,000 |
| B-HNI (Min) | 10 | 20,000 | ₹10,40,000 |
Vaibhav Vyapaar IPO Size
Objects of the Issue
Augment the capital base of the Company
General Corporate Purposes
Total
Key Risk Factors
The company's lending and treasury income is exposed to interest rate volatility, which can squeeze net interest income and margins; finance cost was Rs 6.64 Cr in FY26.
Key Risk Factors
The company's lending and treasury income is exposed to interest rate volatility, which can squeeze net interest income and margins; finance cost was Rs 6.64 Cr in FY26.
The company's growth depends on attracting and retaining customers; repeat customers gave about 75% of FY26 revenue, so losing them would hurt results and cash flows.
A large share of AUM is concentrated in a few states; Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and Maharashtra hold about 77%, so regional disruptions could hurt results.
The company lends mostly unsecured loans to higher-risk borrowers; GNPA was 4.71% and NNPA 2.94% in FY26, so rising defaults or weak recoveries could hurt results.
The business depends on the availability, scalability and security of its mobile app and IT systems; outages, data breaches or cyber-attacks could disrupt lending and revenue.
The digital lending model relies on third-party vendors for KYC, credit bureau checks, payments, disbursals and collections; their failure or non-compliance could disrupt operations.
Customer onboarding and lending depend on the 'LoanFront' brand; loss, infringement or adverse publicity could erode customer trust and hurt the company's business and finances.
The restated financial statements were furnished by a peer-reviewed chartered accountant who is not the company's statutory auditor, which could limit the assurance on them.
The company has reported negative operating cash flows in the past, including about Rs 18.44 Cr in FY26, which may constrain its ability to fund operations and growth.
The company must maintain the RBI-mandated capital adequacy ratio (minimum 15%); failing to do so could harm its business, cash flows, growth and prospects.
Vaibhav Vyapaar IPO Details Live GMP
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 08 Oct | ₹0 (0%) | ₹52 |
Vaibhav Vyapaar IPO Peer Comparison
(Rs. in crores)
| Particulars | Vaibhav Vyapaar | Paisalo Digital | Apollo Finvest (India) | Moneyview |
|---|---|---|---|---|
| Revenue | 36.80 | 917.41 | 20.70 | 1,881.57 |
| PAT | 1.97 | 234.69 | 6.95 | 117.95 |
| EPS (₹) | 1.22 | 2.59 | 18.63 | 0.75 |
| NAV (₹) | 18.13 | 19.49 | 199.03 | 52.78 |
| RONW | 6.75% | 13.24% | 9.36% | 5.85% |
| EBITDA | 29.47% | 75.48% | 54.56% | 43.80% |
| PAT Mrgn | 5.36% | 25.58% | 33.59% | 6.27% |
| PE Ratio | 42.62 | 30.53 | 22.00 | |
| Debt to Equity | 1.60 | 2.41 | 0.20 | 0.14 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 7, 2026 for Peers
Vaibhav Vyapaar IPO Financial Performance
(Rs. in crores)
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 18.00 | 36.80 | 25.05 | 25.25 |
| Profit | 3.01 | 1.97 | 1.48 | 0.45 |
| Net Worth | 47.20 | 29.19 | 27.22 | 25.74 |
| Borrowings | 37.90 | 46.80 | 22.66 | 26.76 |
| Assets | 96.16 | 84.23 | 55.04 | 61.18 |
| NAV (₹) | 23.15 | 18.13 | 16.90 | 15.99 |
| EPS (₹) | 1.66 | 1.22 | 0.92 | 0.28 |
Key Performance Indicators (KPIs)
Debt to Equity
1.60
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Vaibhav Vyapaar IPO Financial Statements
(Rs. in crores)
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 18.00 | 36.80 | 25.05 | 25.25 |
| Other Income | 0.15 | 0.84 | 0.30 | 0.21 |
| Total Income | 18.15 | 37.64 | 25.34 | 25.46 |
| Employee Expense | 1.63 | 3.94 | 3.31 | 3.54 |
| Finance Costs | 2.67 | 6.64 | 5.09 | 4.02 |
| Depreciation | 0.75 | 1.89 | 1.25 | 0.96 |
| Other Expenses | 8.87 | 22.02 | 14.66 | 16.33 |
| Total Expenses | 13.91 | 34.48 | 24.32 | 24.86 |
| Profit Before Tax | 4.24 | 3.15 | 1.03 | 0.61 |
| Tax Expense | 1.23 | 1.18 | -0.45 | 0.15 |
| Profit After Tax | 3.01 | 1.97 | 1.48 | 0.45 |
| EPS — Basic (₹) | 1.66 | 1.22 | 0.92 | 0.28 |
| EPS — Diluted (₹) | 1.66 | 1.22 | 0.92 | 0.28 |
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 10.19 | 8.05 | 4.03 | 4.03 |
| Reserves & Surplus | 37.00 | 21.14 | 23.19 | 21.71 |
| Total Equity | 47.20 | 29.19 | 27.22 | 25.74 |
| Total Borrowings | 37.90 | 46.80 | 22.66 | 26.76 |
| Trade Payables | 1.71 | 0.79 | 0.20 | 0.83 |
| Short-term Provisions | 8.12 | 6.36 | 4.35 | 7.13 |
| Other Liabilities | 1.23 | 1.09 | 0.62 | 0.72 |
| Total Equity & Liab | 96.16 | 84.23 | 55.04 | 61.18 |
| Fixed Assets | 7.55 | 6.93 | 6.23 | 4.38 |
| Other Current Assets | 7.56 | 9.32 | 10.62 | 10.47 |
| Loans | 69.47 | 63.15 | 34.33 | 36.65 |
| Cash & Bank Balances | 5.27 | 2.45 | 0.59 | 1.26 |
| Other Assets | 6.31 | 2.37 | 3.26 | 8.40 |
| Total Assets | 96.16 | 84.23 | 55.04 | 61.18 |
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | 2.09 | -18.44 | 0.31 | -0.43 |
| CF from Investing Activities | -5.27 | -3.30 | 3.70 | -8.04 |
| CF from Financing Activities | 6.00 | 23.60 | -4.68 | 12.01 |
| Net Change in Cash & Equivalents | 2.81 | 1.86 | -0.67 | 3.53 |
| Cash & Equivalents at End of Period | 5.27 | 2.45 | 0.59 | 1.26 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Management
Itha Venkata Raghava Gowrinath
Age: 47
CMD
Remuneration
₹Nil paid in FY26 (no contractual figure disclosed)
Education
B.Sc; M.Sc (Computer Science)
Prior Experience
17+ yrs in tech-led operations; ex-COO Finnovation Tech, PMO Director at Le Ecosystem, Huawei engineer; founded Capfront Technologies.
Ganeshprasad R Pavaskar
Age: 38
WTD
Remuneration
₹Rs 41.10 Lakhs (FY26 actual; no contractual cap disclosed)
Education
MBA Finance (IIM Calcutta); B.E. Chemical (Univ. of Mumbai); FRM (GARP)
Prior Experience
13+ yrs in consulting, tech support and analytics; ex-Optum Global Solutions, CSTEP and IISc.
Bhawesh Jhabak
Age: 31
CFO
Remuneration
₹Rs 10.53 Lakhs (FY26 actual)
Education
Chartered Accountant; B.Com
Prior Experience
5+ yrs in finance, accounting and audit; ex-Manager Finance at Capfront; earlier Sane Retails, AKGVG & Associates.
Satyanarayana Reddy Veera Venkata Mallidi
Age: 55
Addl. ED
Remuneration
₹Rs 12.56 Lakhs (FY26 actual)
Education
M.Tech (Industrial Engg & Mgmt, JNTU); B.E. Industrial Engg (IIIE); Diploma in Mech. Engg
Prior Experience
23+ yrs in fintech and IT; ex-Cyient (DGM), Wipro, Birlasoft, HP GlobalSoft; VP Operations at Capfront.
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: Vaibhav Vyapaar Limited
Address: Arch Square-X2, Unit-1406, 14th Floor, EP-GP Block, Sector V, Bidhannagar, Kolkata, North 24 Parganas, West Bengal - 700091
Number: +91 40 6716 2222 / 1800 309 4001
Email: investors@vaibhav-vyapaar.com
Website: https://www.vaibhav-vyapaar.com
Explore More IPOs
Discover other active and upcoming IPOs.
Opening Soon
View All
Recently Closed
View All
Frequently Asked Questions (FAQs)
What is Vaibhav Vyapaar IPO?
When will Vaibhav Vyapaar IPO open?
What is the GMP of Vaibhav Vyapaar IPO?
What is the lot size of Vaibhav Vyapaar IPO?
When is the allotment of Vaibhav Vyapaar IPO?
What is the listing date of Vaibhav Vyapaar IPO?
What is the subscription of Vaibhav Vyapaar IPO?
What is the price band of Vaibhav Vyapaar IPO?
How to check allotment status of Vaibhav Vyapaar IPO?
How to apply Vaibhav Vyapaar IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Vaibhav Vyapaar IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Vaibhav Vyapaar IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Vaibhav Vyapaar IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
Delete Comment?
Are you sure you want to delete this comment? This action cannot be undone.
Discussion
Join the discussion!
Log In to CommentNo comments yet. Be the first to share your thoughts!