Vinit Mobile files DRHP for ₹24.37 crore SME IPO
Vinit Mobile Limited filed its DRHP for a ₹24.37 crore SME IPO to fund new stores and working capital. The retailer reported revenue growth from ₹28.56 crore in FY2024 to ₹59.99 crore in FY2025, with net profit reaching ₹5.11 crore in 9M FY2026.
*this image is generated using AI for illustrative purposes only.
Vinit Mobile Limited has filed its Draft Red Herring Prospectus (DRHP) with the exchange to raise ₹24.37 crore through a fresh issue SME IPO. The Gujarat-based multi-brand mobile retailer operates 35 Company-Owned and Company-Operated (COCO) stores across Surat district in Gujarat and Jaipur district in Rajasthan. The company aims to utilize the net proceeds to open six new stores and meet working capital requirements, supporting its expansion strategy in the organized retail segment.
Issue Structure and Timeline
The IPO comprises a fresh issue of equity shares with no Offer for Sale component. The issue is scheduled to open on 30-Jun-2026 and close on 02-Jul-2026. Basis of allotment will be finalized on 03-Jul-2026, with the shares proposed to be listed on 07-Jul-2026. The company plans to allocate ₹0.62 crore for setting up new stores and ₹23.75 crore for working capital requirements, while the remainder is earmarked for general corporate purposes.
Financial Performance
Vinit Mobile has reported a significant surge in revenue since commencing meaningful operations. Revenue from operations grew from ₹28.56 crore in FY2024 to ₹59.99 crore in FY2025. For the nine months ended 31-Dec-2025 (9M FY2026), the company recorded revenue of ₹55.36 crore. Profitability has also improved, with net profit rising from ₹0.72 crore in FY2024 to ₹3.90 crore in FY2025, and further to ₹5.11 crore in 9M FY2026.
| Period | Revenue from Operations (₹ Cr) | Net Profit (₹ Cr) | PAT Margin (%) |
|---|---|---|---|
| FY2024 | 28.56 | 0.72 | 2.52% |
| FY2025 | 59.99 | 3.90 | 6.43% |
| 9M FY2026 | 55.36 | 5.11 | 9.13% |
The company’s equity base expanded from ₹0.70 crore in FY2024 to ₹9.71 crore in 9M FY2026. Consequently, the Debt-to-Equity ratio improved from 4.43x in FY2024 to 0.66x in FY2025. However, the company reported negative operating cash flows of ₹2.83 crore in FY2024 and ₹2.76 crore in 9M FY2026, indicating working capital absorption due to rapid expansion.
Business Operations and Risks
The company retails mobile phones and accessories from brands such as Apple, Samsung, Vivo, Oppo, Realme, and Xiaomi under three brand identities: Vinit Mobile Limited, VR Mobile, and RJ Mobile. Its operations are geographically concentrated, with revenues entirely derived from Surat and Jaipur districts. The DRHP highlights several material risks, including a heavy dependence on a limited number of suppliers, with the top 10 suppliers accounting for 83.21% to 93.24% of total purchases. Additionally, the company faces regulatory compliance challenges, noting that four stores contributing 9.82% of revenue lack required registration under the Gujarat Shops and Establishments Act.
How will the company address the regulatory compliance gaps in its existing stores before the IPO listing?
What is the long-term strategy to reduce geographical concentration beyond Surat and Jaipur districts?
Will the reliance on working capital funds persist post-IPO, or does the company expect to turn cash flow positive?
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