| Annual Financials | Mar 2025 | Mar 2026 |
| Revenue | 25.05 | 36.80 |
| Expenses | 24.32 | 34.48 |
| Other Income | 0.30 | 0.84 |
| Total Revenue | 25.34 | 37.64 |
| Profit Before Tax | 1.03 | 3.15 |
| Net Profit | 1.48 | 1.97 |
Vaibhav Vyapaar Limited
Vaibhav Vyapaar Limited IPO
₹2,04,000
0.06 xOver-subscribedBidding Dates 13 Oct, 26 -15 Oct, 26
Min Investment ₹2,04,000
Lot Size2,000
Price Range ₹51 – ₹54
Issue Size ₹42.10 Cr.
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IPO Subscription Details
Retail Subscription Details
0.1 x
Non-Institutional Buyers (sHNI)
0.08 x
Non-Institutional Buyers (bHNI)
0 x
Qualified Institutional Buyers (QIB)
0 x
Total0.06 x
0.06 x IPO Timeline
IPO Offer Start
13 Oct,26
IPO Offer Ends
15 Oct,26
Allotment Finalisation
16 Oct,26
Refund Initiation
19 Oct,26
Listing of Shares
21 Oct,26
IPO Analysis
Strengths
The company has gained knowledge of market conditions and economic patterns through its 'LoanFront' platform, with approximately 86 lakh registered users, ~18 lakh KYC-verified users, and ~24 lakh loans disbursed to ~5 lakh customers as of March 31, 2026; approximately 75% of the outstanding loan portfolio comprised repeat borrowers.
The company operates a proprietary digital lending platform, 'LoanFront,' built on a modular technology architecture integrating payment gateways, credit bureaus, banking partners, and identity verification providers, supporting end-to-end loan lifecycle management in compliance with RBI digital lending guidelines.
The company is led by a promoter and Managing Director with over 17 years of experience in technology-led operations, and a Whole-time Director with over 13 years across consulting and analytics, with the combined senior management team covering digital lending, credit underwriting, risk management, and regulatory compliance.
Risks
The company's entire loan portfolio consists of unsecured personal loans to salaried and self-employed individuals, exposing it to elevated credit risk and lower recovery rates. GNPA stood at 4.56% (July 2026), 4.71% (March 2026), 5.25% (March 2025), and 6.72% (March 2024), with Closing Gross NPA at ₹311.34 lakhs as of July 31, 2026.
The company's financial performance is substantially dependent on net interest income, which is highly sensitive to RBI monetary policy, macroeconomic conditions, and market liquidity. Finance costs rose from ₹402.21 lakhs (FY2024) to ₹664.44 lakhs (FY2026), and any increase in borrowing costs without corresponding lending rate adjustments could materially compress margins.
The company's end-to-end lending operations — including customer onboarding, credit assessment, loan disbursement, and collections — are entirely dependent on its proprietary 'LoanFront' digital platform and third-party technology vendors. Any system failure, cyber-attack, data breach, or third-party service disruption could halt operations, result in regulatory penalties, and cause significant reputational and financial damage.
Objectives
The company, being an RBI-registered NBFC, intends to utilize a portion of the Net Proceeds to strengthen its capital base and support future business growth, particularly for onward lending activities arising from the continued expansion of its operations and assets.
The remaining Fresh Issue proceeds are intended to be used for general corporate purposes, including covering operating expenses, strategic initiatives, and addressing unforeseen contingencies, subject to a cap of 15% of gross proceeds or Rs crores, whichever is less.
A portion of the Issue proceeds is allocated to cover issue-related expenses, including underwriting and management fees, printing and distribution expenses, advertisement expenses, legal fees, and listing fees.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2025 | Mar 2026 | Q1 2026 |
| Total Assets | 55.04 | 84.23 | 96.16 |
| Fixed Assets | 8.30 | 7.53 | 8.36 |
| Total Equity & Liabilities | 55.04 | 84.23 | 96.16 |
| Total Liabilities | 27.82 | 55.04 | 48.96 |
| Current Liabilities | 16.12 | 47.93 | 40.64 |
| Non Current Liabilities | 11.70 | 7.11 | 8.32 |
| Total Equity | 27.22 | 29.19 | 47.20 |
Cash Flow
| Cash Flow | Mar 2025 | Mar 2026 | Q1 2026 |
| Net Cash Flow | -0.67 | 1.86 | 2.81 |
| Investing Activities | 3.70 | -3.30 | -5.27 |
| Operating Activities | 0.31 | -18.44 | 2.09 |
| Financing Activities | -4.68 | 23.60 | 6.00 |
About Vaibhav Vyapaar Limited
Vaibhav Vyapaar Limited (VVL) is a Reserve Bank of India (RBI)-registered Non-Banking Financial Company (NBFC), incorporated in 2009 and acquired by CapFront Technologies Private Limited in October 2019. The company provides unsecured personal loans to salaried and self-employed individuals through its fully digital lending platform, 'LoanFront,' operating on both direct...more
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Managing DirectorItha Venkata Raghava Gowrinath
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