MS TMT Limited is a Gujarat-based steel company, primarily engaged in the manufacturing of Thermo Mechanically Treated (TMT) Bars, a critical component in construction. Alongside TMT Bars, the company also deals in scrap and binding wires, which are sold across Gujarat and select other states.
The company’s manufacturing plant is located in Bhayla Village, near Bavla in Ahmedabad district, Gujarat. This strategic location ensures efficient supply and distribution of its products across the state and beyond.
VMS TMT Limited follows a non-exclusive distribution model. As of July 31, 2025, its network includes:
- 3 distributors
- 227 dealers
This robust network allows the company to cater to a wide range of retail and institutional customers across Gujarat and other states.
In November 2022, VMS TMT Limited entered into a retail license agreement with Kamdhenu Limited. Under this agreement, the company markets its TMT bars under the popular brand ‘Kamdhenu NXT’ within Gujarat, giving it strong brand recall and market acceptance.
VMS TMT Limited has focused its sales efforts on Tier II and Tier III cities, where demand for housing and infrastructure is expanding rapidly. The company derives a majority of its revenue from Gujarat, highlighting its strong regional dominance:
- Fiscal 2024 – 98.78% from Gujarat
- Fiscal 2023 – 98.43% from Gujarat
- Fiscal 2022 – 99.19% from Gujarat
VMS TMT ensures quality and safety with BIS standards and certifications like ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015, highlighting its focus on reliable products, workplace safety, and eco-friendly practices.
As of July 31, 2025, the company employs a workforce of 230 permanent employees. The team is supported by an experienced and professional management structure, ensuring operational efficiency and sustained business growth.
VMS TMT IPO – Details
| IPO Opening Date | 17 September 2025 |
| IPO Closing Date | 19 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,50,00,000 Shares Worth ₹148.50 Crore Offer For Sale: 1,50,00,000 Shares Worth ₹148.50 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹94 – ₹99 per share |
| Market Lot | 150 Shares |
| Min Order | 150 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 30% |
| NII (HNI) Shares Offered | 20% |
| Retail Shares Offered | 50% |
VMS TMT IPO – Date Schedule
| IPO Open Date | 17 September 2025 |
| IPO Close Date | 19 September 2025 |
| Basis of Allotment | 22 September 2025 |
| Initiation of Refund | 23 September 2025 |
| Credit of Shares to Demat Account | 23 September 2025 |
| IPO Listing Date | 24 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 19, 2025 |
VMS TMT IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹14,850 |
| Retail (Max) | 13 | 1,950 | ₹1,93,050 |
| S-HNI (Min) | 14 | 2,100 | ₹2,07,900 |
| S-HNI (Max) | 67 | 10,050 | ₹9,94,950 |
| B-HNI (Min) | 68 | 10,200 | ₹10,09,800 |
Competitive Strength
- Positioned to take advantage of the steady growth in the steel bar and rods industry.
- Long-term customer relationships are augmented by a large distribution network.
- Established infrastructure with backward integration with strong logistics support.
- Track record of growth in financial performance.
- Experienced Promoters and committed senior management team.
Company Promoters
- Varun Manojkumar Jain
- Rishabh Sunil Singhi
- Manojkumar Jain
- Sangeeta Jain
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹882.06 Cr | ₹876.51 Cr | ₹4.20 Cr | ₹162.70 Cr |
| 31 March 2024 | ₹873.17 Cr | ₹853.88 Cr | ₹13.47 Cr | ₹197.86 Cr |
| 31 March 2025 | ₹771.41 Cr | ₹751.32 Cr | ₹14.74 Cr | ₹275.72 Cr |
| 30 June 2025 | ₹213.39 Cr | ₹201.91 Cr | ₹8.58 Cr | ₹309.18 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 12.79% |
| Debt/Equity | 6.06 |
| RoNW | 20.14% |
| PAT Margin | 1.91% |
| EBITDA Margin | 5.91% |
| Price to Book Value | 7.43 |
| Pre IPO | Post IPO | |
| EPS (₹) | 4.45 | 6.91 |
| P/E (x) | 22.24 | 14.32 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company. | ₹115.00 |
| General corporate purposes. |
VMS TMT IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Kamdhenu Limited | 13.50 |
| 2 | 10 | Vraj Iron and steel limited | 11.77 |
| 3 | 1 | BMW Industries Limited | 16.57 |
| 4 | 10 | Electrotherm (India) Limited | 2.37 |
✅Strengths
- Backward integration improving efficiency.
- Strong dealer network in Gujarat.
- Consistent financial growth and cash flows.
- Experienced promoters and management.
⚠️Risks
- Heavy dependence on Gujarat market.
- Reliance on Kamdhenu NXT brand license.
- High competition from larger steel players.
- Raw material price volatility and regulatory risks.
VMS TMT IPO Promoter Holding
| Pre Issue Share Holding | 96.28% |
| Post Issue Share Holding | 67.18% |
VMS TMT IPO Prospectus
Company Contact Information
| VMS TMT Ltd. Survey No 214 Bhayla Village, Near Water Tank Bavla, Ahmedabad, Gujarat, 382220 Phone: +91 63575 85711 Email: compliance@vmstmt.com Website: http://www.vmstmt.com/ |
VMS TMT IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: vtl.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
VMS TMT IPO Lead Manager(s)
| 1. Arihant Capital Markets Ltd. |
VMS TMT IPO FAQs
| What is VMS TMT IPO? VMS TMT IPO is a main-board IPO. The issue is priced at ₹94 to ₹99 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will VMS TMT IPO open? The IPO is to open on 17 September 2025 for QIB, NII, and Retail Investors. |
| What is VMS TMT IPO Investors Portion? The investors’ portion for QIB – 30%, NII – 20%, and Retail – 50%. |
| What is VMS TMT IPO Size? VMS TMT IPO size is ₹148.50 Crore. |
| What is the VMS TMT IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 150 Shares with ₹14,850, while the maximum bid is 1950 Shares with ₹1,93,050. |
| What is the VMS TMT IPO Allotment Date? VMS TMT IPO allotment date is 22 September 2025. |
| What is the VMS TMT IPO Listing Date? VMS TMT IPO listing date is 24 September 2025. The IPO is to be listed on BSE and NSE. |
