- POSITIVE
Annual Revenue Vashishtha Luxury Fashion Mar-2026 Annual Revenue is Rs 15 Cr which is growth of 39.8% YoY.
- POSITIVE
Annual Net Profit Vashishtha Luxury Fashion Mar-2026 Annual Net Profit is Rs 2 Cr which is growth of 30.6% YoY.
Vashishtha Luxury Fashion was incorporated on February 17, 2010. The company exports high-fashion hand embroidery, accessories, and garments, serving top designers, fashion houses, and boutiques worldwide. As a 100% Export House, it has built long-term global relationships, offering both couture and pret-a-porter solutions
| Bidding Dates |
|---|
| 05 Sep 2025 - 10 Sep 2025 |
| Subscription |
|---|
| 2.12x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹261,600 | 2 | 2 | 1200 | 799.2 K | ₹109 - ₹111 | 66.09 % | ₹87.1 M - ₹88.7 M | RHP DOC |
Vashishtha Luxury Fashion IPO SUBSCRIPTION STATUS
10 Sep '25Total2.12x
Retail Individual Investor2.05x
HNI (NII) Investors2.49x
Qualified Institutional Buyers1.2x
Vashishtha Luxury Fashion IPO overall subscription rate was 2.12 times the total available shares
Vashishtha Luxury Fashion IPO retail subscription rate was 2.05 times in the retail segment
Vashishtha Luxury Fashion IPO non-institutional investor subscription rate was 2.49 times in the non-institutional investor category
Vashishtha Luxury Fashion IPO Qualified Institutional Bidder subscription rate was 1.2 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 55.06% | 34.97% | 9.97% |
10 Sep 2025 (Day 4) | 2.05x | 2.49x | 1.2x |
09 Sep 2025 (Day 3) | 1.1x | 1.18x | 0.95x |
08 Sep 2025 (Day 2) | 0.3x | 0.15x | 0x |
05 Sep 2025 (Day 1) | 0.13x | 0.01x | - |
Vashishtha Luxury Fashion FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 10.6 | 1.5 | -0.6 | -0.8 | 22.1% |
| FY24 | 7.1 | 0.3 | 0.4 | 0.3 | 10.2% |
| FY23 | 6.1 | 1.0 | 1.2 | 1.2 | 20.71% |
| Note: FY23 & FY24 financials are on a standalone basis | |||||
Vashishtha Luxury Fashion IPO SUBSCRIPTION STATUS DETAILS
Vashishtha Luxury Fashion had 799.2 K shares on offer
Vashishtha Luxury Fashion IPO offer price was in the range ₹109 - ₹111
Vashishtha Luxury Fashion IPO minimum Investment was ₹261600
Vashishtha Luxury Fashion IPO issue size was ₹ 87.1 M - ₹ 88.7 M
Vashishtha Luxury Fashion had a minimum lot size of 1200 Shares per application
Vashishtha Luxury Fashion NUMBER OF SHARES ON OFFER
Total799.2 K
Fresh Issue799.2 K
Offer for Sale0
Post Issue Promoter Holding %66.09 %
Vashishtha Luxury Fashion IPO IMPORTANT DATES
| Issue Open Date | 05 Sep 2025 |
| Issue close Date | 10 Sep 2025 |
| Allotment Date | 11 Sep 2025 |
| Refund Date | 12 Sep 2025 |
| Demat Account Credit Date | 12 Sep 2025 |
| Listing Date | 15 Sep 2025 |
| Listing on Exchange(s) | BSE |
| Vashishtha Luxury Fashion Allotment Status | Exchange/ Registrar |
Vashishtha Luxury Fashion IPO subscription opened on 05 Sep 2025, and closed on 10 Sep 2025
IPO allotment for Vashishtha Luxury Fashion was finalized on Thursday, 11 Sep 2025
IPO listing for Vashishtha Luxury Fashion was on BSE on Monday, 15 Sep 2025
Vashishtha Luxury Fashion IPO LISTING GAINS
| Issue Price (adjusted) | 111.0 |
| Listing Open Price | 118.0 |
| Listing Close Price | 121.8 |
| Listing Gain% | 6.3% |
| Current Gain% | -38.3% |
Vashishtha Luxury Fashion Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vashishtha Luxury Fashion Ltd. | 68.4 | 16.1 | 8 | 0.3 | 1.1 | 13.2 | 11.3 | 15.1 | 39.7 | 2 | 30.9 | 8.5 | 30.9 |
| Lenskart Solutions Ltd. | 677.6 | 117824.4 | 179.8 | 12.2 | 5.6 | 3.4 | 8988.3 | 28.2 | 493.6 | 67 | 3.8 | ||
| Page Industries Ltd. | 36875 | 41130 | 54.4 | -46.8 | 7.7 | 50.8 | 26.7 | 5310.7 | 6.3 | 763.8 | 4.8 | 677.6 | -1.2 |
| Pearl Global Industries Ltd. | 1281.1 | 11834.9 | 38.1 | 1.6 | 2.2 | 19 | 8.6 | 5061.7 | 11.5 | 277.7 | 11.8 | 33.6 | 23.7 |
| Timex Group India Ltd. | 725.4 | 7322.4 | 85.4 | 0.9 | 8.6 | 100.1 | 22.3 | 800.6 | 48.3 | 75.4 | 140.1 | 8.5 | 96.5 |
| Safari Industries (India) Ltd. | 1319.6 | 6451 | 39.1 | 3.6 | 3.1 | 15 | 11.6 | 2071.8 | 15.1 | 167.8 | 17.5 | 33.8 | 10.9 |
Annual
Balance Sheet
Ratios
Cash Flow
Vashishtha Luxury Fashion annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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Base Level
Export
| Indicator | Graph | CAGR 3 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 |
|---|---|---|---|---|---|---|
30.1% | 15.2 | 10.9 | 7.5 | 6.9 | ||
Operating Exp. Ann. | 35.5% | 12.2 | 8.6 | 6.4 | 4.9 | |
Operating Profit Ann. | 17.3% | 2.1 | 2.1 | 0.7 | 1.3 | |
OPM Ann. % | -9.4% | 13.74% | 19.03% | 9.76% | 18.46% | |
32.3% | 12.5 | 9 | 6.9 | 5.4 | ||
EBITDA Ann. | 14.5% | 3 | 2.3 | 1 | 2 | |
EBITDA Ann. margin % | -12.3% | 19.80% | 21.32% | 13.97% | 29.32% | |
Interest Ann. | -30.7% | 0.1 | 0.2 | 0.3 | 0.3 | |
Depr. | 0% | 0.2 | 0.2 | 0.2 | 0.2 | |
PBT Ann. | 21.6% | 2.7 | 1.9 | 0.5 | 1.5 | |
Tax Ann. | 31% | 0.9 | 0.5 | 0.2 | 0.4 | |
23.9% | 1.9 | 1.4 | 0.3 | 1 | ||
Net Profit Ann. | 23.9% | 1.9 | 1.4 | 0.3 | 1 | |
NPM Ann. % | -8.7% | 13.00% | 13.39% | 4.47% | 17.07% | |
EPS Adj. latest Ann. | 21.5% | 7.9 | 6 | 1.4 | 4.4 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
39.4%
2Y CAGR
42.4%
3Y CAGR
30.1%
Net Profit Ann.
1Y CHG
35.7%
2Y CAGR
151.7%
3Y CAGR
23.9%
Operating Exp. Ann.
1Y CHG
41.9%
2Y CAGR
38.1%
3Y CAGR
35.5%
Vashishtha Luxury Fashion INFORMATION ON IPO ISSUE
About Vashishtha Luxury Fashion
Vashishtha Luxury Fashion was incorporated on February 17, 2010. The company exports high-fashion hand embroidery, accessories, and garments, serving top designers, fashion houses, and boutiques worldwide. As a 100% Export House, it has built long-term global relationships, offering both couture and pret-a-porter solutions
Object of the Issue
- Funding the capital expenditure requirement of the company towards the purchase of embroidery machines for expansion
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Vashishtha Luxury Fashion - PROMOTERS
| Name |
|---|
| Mustak Odiya |
| Ravindra Dhareshivkar |
| Archana Odiya |
Vashishtha Luxury Fashion - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Mustak Odiya | Executive Director |
| Ravindra Dhareshivkar | Managing Director |
| Archana Odiya | Non-Executive Director |
| Jaydeep Sodha | Independent Director |
| Pratik Jain | Independent Director |
Vashishtha Luxury Fashion Book Running Lead Manager
Expert Global Consultants Private Limited
ipo@expertglobal.in
Vashishtha Luxury Fashion Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Vashishtha Luxury Fashion Strengths
Quality
The company follows strict quality standards in its manufacturing to ensure products meet customer requirements, supported by trained staff and advanced facilities. Its in-house design team collaborates with clients and develops seasonal embroidery collections with innovative embellishment techniques
Strength
Customer centric
The company prioritises customer satisfaction by understanding consumer needs and adapting to changing preferences. It maintains a vast design library and regularly introduces new trends to meet client requirements in the export business
Strength
Scalable business model
The company follows an order-driven model that optimises in-house facilities and achieves economies of scale. Its growth is driven by new market opportunities, aggressive marketing, product innovation, and consistent quality that builds client trust.
Strength
Vashishtha Luxury Fashion Risks
Approvals & licenses
The company requires approvals and licenses to operate its business. Failure to obtain, renew, or comply with these on time may adversely impact operations
Risk
Seasonal business
The company’s business is seasonal, with revenues peaking during festivals, winters, and events. This seasonality causes revenue fluctuations, inventory challenges, labour instability, and competitive pricing pressures, impacting financial performance and operations
Risk
Foreign exchange risks
The company is exposed to significant foreign exchange risks, mainly from exports and imports. Currency fluctuations, especially between the Indian Rupee and other currencies, can substantially impact its financial performance and results of operations
Risk
IPO FAQs
The promoters of the company are Mustak Odiya, Ravindra Dhareshivkar and Archana Odiya.
The category allocation of qualified institutional buyers is 10.0%, the category allocation of non individual investors or high networth individuals is 35.0% and for retail investors it is 55.1%.
The price band of the IPO is Rs 109.0 - 111.0.
The IPO application opens on Sep 05, 2025 and closes on Sep 10, 2025.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 261,600.0, the maximum value for this IPO is Rs 266,400.0.
This IPO will be allotted on Sep 11, 2025.
The refund will be credited to your account on Sep 12, 2025.
The allotted shares will be credited to your demat on Sep 12, 2025.
Vashishtha Luxury Fashion Ltd.’s shares listed on the stock exchanges on Sep 15, 2025.