Vidya Wires IPO: Detailed review of price band, GMP, dates, financials and valuation to help investors decide whether to subscribe.
Vidya Wires IPO Details
IPO Open
03 Dec 2025
IPO Close
05 Dec 2025
Price Band
₹48 – ₹52
Issue Size
₹300.01 Cr
Listing on
BSE, NSE
Min. Lot Size
288
Face value
₹1
GMP
₹6
Key Performance Indicators
Market Cap
₹1,106 Cr
P/E
20.36
EPS
₹2.55
ROE
24.57
ROCE
19.72
Sector
Winding Wires
Vidya Wires IPO Timeline
The Vidya Wires IPO listing date is expected to be December 10 2025, with allotment finalized on December 08 2025.
Introduction
Vidya Wires Limited is a long-established manufacturer of winding wires, electrical conductors, and specialized metallic products used across transformers, motors, generators, and a wide range of industrial electrical equipment. With over four decades of operating history, the company has built a stable presence in the power and industrial supply chain.
The company operates three manufacturing units in Gujarat—all clustered within the Vithal Udyognagar GIDC belt—which gives it lower logistics costs, faster production cycles, and access to a dense industrial ecosystem. Over time, Vidya Wires has become a preferred supplier to OEMs in the electrical, HVAC, energy, industrial automation, and appliance sectors.
The company is now coming to the public markets with a ₹300-crore (approx.) IPO, combining a fresh issue and an offer for sale. The proceeds will primarily be used to set up a new manufacturing facility in ALCU Industries (its subsidiary), expand capacity, and strengthen the balance sheet.
About Vidya Wires Limited
Founding and History
Vidya Wires was founded in 1981 by Shyamsundar Rathi, who initially established it as Vidya Wires Private Limited. In the early years, the business focused on producing winding wires for India’s growing electrical and industrial sectors. Over time, it expanded its manufacturing capabilities and customer base while maintaining strong operational fundamentals. In 2024, after more than four decades as a private company, it transitioned into a public limited entity and adopted its current name, Vidya Wires Limited. The long operating history and continued involvement of the founder have played a significant role in shaping the company’s stability and reputation.
Business Model
Vidya Wires operates as a B2B manufacturer supplying copper and aluminium winding wires and conductivity products to OEMs across industries. These wires are used in motors, pumps, generators, transformers and various types of industrial electrical machinery. The company earns revenue from the sale of these finished wire products produced across its three manufacturing units in Gujarat. Its business model depends on consistent product quality, adherence to technical standards and long-standing customer relationships. Operational efficiency, disciplined procurement and strong process control form the backbone of its profitability.
Brand and Market Positioning
The company positions itself as a dependable and quality-driven manufacturer rather than a marketing-heavy brand. Its customers value it for reliability, consistency and technical accuracy. In a fragmented market filled with numerous regional players, Vidya Wires stands out due to its long industry experience and stable operations. The brand’s strength comes from trust, steady supply performance and decades of manufacturing expertise.
Products and Services
Vidya Wires manufactures copper and aluminium winding wires, specialised drawn wires and industrial electrical conductors. These products are essential components in motors, compressors, transformers, alternators and a wide range of electrical machinery used in household and industrial applications. The company also offers customised winding wire solutions for clients requiring specific electrical or thermal performance. These product lines form the core of its business and benefit from strong recurring demand.
Flagship Offerings
The company’s flagship offerings are its copper and aluminium winding wires, which account for most of its revenue. These wires are widely used across industries such as HVAC, industrial automation, home appliances and power equipment. The growing use of energy-efficient motors and machinery continues to support demand in this segment, making it a central pillar of the company’s business.
Revenue Profile
Most of the company’s revenue is derived from its winding wire products. Financial performance over the past few years shows consistent revenue growth and gradual improvement in margins, supported by better capacity utilisation and production optimisation. Although the RHP does not present a detailed segment-wise split, it is clear that the winding wire division drives the majority of earnings.
Geographical Footprint
Vidya Wires operates three manufacturing units within the Anand district of Gujarat. Unit 1 is located in Karamsad, while Units 2 and 3 are situated in the Vithal Udyognagar GIDC industrial zone. This cluster-based footprint allows the company to streamline operations, share labour pools and maintain efficient production flow. It supplies customers across India from these facilities.
Management and Promoters
The company is promoted by the Rathi family. Shyamsundar Rathi serves as Chairman and Whole-Time Director, while Shailesh Rathi is the Managing Director. Shilpa Rathi is also part of the promoter group. Key managerial roles are handled by Naveen Pachisia, the Chief Financial Officer, and Alpesh Makwana, the Company Secretary and Compliance Officer. Together, the leadership team offers a blend of industry experience, operational depth and strategic continuity.
Corporate Structure
Vidya Wires has a single wholly owned subsidiary, ALCU Industries Private Limited. The upcoming expansion, funded through the IPO, will largely take place in ALCU’s new manufacturing facility. This structure allows the company to increase capacity and diversify operations while keeping overall management streamlined.
Target Customers
The company serves manufacturers of motors, compressors, pumps, transformers, alternators, HVAC systems, industrial machinery and household appliances. These customers rely on high-quality winding wires and conductors to meet electrical performance and safety standards. Vidya Wires plays a crucial role in their supply chains by providing consistent, technically compliant products.
How the Company Earns
The business processes raw copper and aluminium into finished wires using drawing, enamelling, insulation and coating techniques. These finished wires are supplied in bulk to OEMs across sectors. Profitability is influenced by raw material efficiency, production scale, capacity utilisation and maintaining a favourable product mix across manufacturing units.
Market Position
Vidya Wires operates in a competitive and fragmented market with many regional manufacturers. Despite this, the company maintains a stable and recognised presence due to its long operating history, reliable performance and strong customer relationships. It is positioned as a steady, mid-sized player with a well-established foundation and consistent track record.
About Vidya Wires IPO
Vidya Wires Limited is launching a Book Built Issue with a price band of ₹48 to ₹52 per share. The IPO includes a fresh issue of approximately ₹274 crore and an Offer for Sale of 50.01 lakh equity shares by the promoter group. The issue opens on 3 December 2025 and closes on 5 December 2025, with listing planned on both NSE and BSE. Proceeds from the fresh issue will be used for capacity expansion through its subsidiary ALCU Industries and for working capital needs. Pantomath Capital Advisors and IDBI Capital Markets are acting as the book-running lead managers, and MUFG Intime India is the registrar.
IPO Details
Issue Type: Book Built Issue
Price Band: ₹48 – ₹52 per share
Face Value: ₹1 per share
Lot Size: 288 shares
Total Issue Size: ~₹300 crore
Fresh Issue: Approx. ₹274 crore
OFS: 50,01,000 equity shares
Listing: BSE & NSE
BRLMs: Pantomath Capital Advisors, IDBI Capital
Registrar: MUFG Intime India Pvt Ltd
Minimum Retail Investment: ₹14,976 (at ₹52)
IPO Timeline
Anchor Investor Bidding: 2 December 2025
IPO Opens: 3 December 2025
IPO Closes: 5 December 2025
UPI Mandate Deadline: 5:00 PM on 5 December
Basis of Allotment: 8 December 2025
Refunds Initiated: 9 December 2025
Shares Credited to Demat: 9 December 2025
Listing Date: 10 December 2025
Valuation Snapshot
Price Band: ₹48 – ₹52
Estimated Market Cap: To be calculated using post-issue equity
Price-to-Sales (FY25): Based on ~₹1,238 crore revenue
Implied P/E: Will depend on post-issue EPS
EV/EBITDA: To be covered in the valuation section
Valuation Justification
At the offered price band, Vidya Wires is positioned in a reasonable valuation range compared to listed industrial wire and conductor manufacturers. The company has maintained stable growth, solid OEM relationships and improving margins. The planned expansion and working capital infusion could strengthen future earnings, while the valuation leaves scope for re-rating if utilisation and margins improve. The IPO appears sensibly priced for investors seeking exposure to the industrial electrical components segment.
Industry Overview
India’s electrical equipment and industrial manufacturing ecosystem has been expanding steadily due to rising electrification, infrastructure growth, increasing demand for motors and transformers, and long-term upgrades in power distribution networks. Winding wires, conductors and related metallic products play an essential role in this ecosystem, acting as core components in motors, generators, compressors and various industrial machines. The sector is supported by consistent demand from HVAC, appliances, industrial automation and renewable energy applications. Growth is also influenced by the ongoing push toward energy-efficient motors and the increasing use of copper and aluminium conductors in electrical machinery. The winding wire industry is highly fragmented, with many regional players, but demand is stable and linked to long-term industrial growth.
Market Size and Growth
India’s electrical machinery and equipment sector continues to expand due to strong demand from industrial manufacturing, HVAC, appliances and infrastructure development.
Consumption of copper and aluminium winding wires has increased as industries modernise their equipment and expand capacity.
Growth is supported by higher motor and transformer production, rising electrification, and domestic manufacturing incentives.
Industry growth is typically steady rather than cyclical, driven by recurring replacement and maintenance demand.
Key Market Trends and Growth Drivers
Rising adoption of energy-efficient motors under various industrial policies.
Growth in HVAC systems, home appliances and industrial automation.
Increasing manufacturing of compressors, pumps and motors used in commercial and residential sectors.
Long-term demand supported by government programmes for power distribution upgrades.
India emerging as a manufacturing hub for electrical equipment.
Sub-Sector Breakdown
Copper winding wires used heavily in high-performance motors, generators and industrial machinery.
Aluminium winding wires gaining traction due to cost efficiency and lighter weight.
Conductivity products and drawn wires supporting specialised industrial applications.
Large OEMs sourcing from established manufacturers, while SMEs depend on regional wire suppliers.
Consumer and Merchant Behavior Shifts
OEMs increasingly prefer suppliers with consistent quality and technical compliance.
Increased focus on reliable long-term supply due to rising demand across multiple industrial categories.
Customers moving toward value-added, energy-efficient product configurations.
Strong preference for manufacturers with proven operational stability.
Technological Innovation and Infrastructure
Improvements in enamelling and insulation technology have enhanced conductor durability.
Automation in wire drawing and coating processes is improving quality and reducing wastage.
Growing use of controlled-atmosphere furnaces and precision machinery in winding wire production.
Better material science enabling improved thermal and conductivity performance.
Competitive Landscape
Highly fragmented industry with numerous regional and mid-sized manufacturers.
Competition driven by pricing, delivery reliability and consistency rather than branding.
Larger manufacturers tend to secure long-term supply contracts with OEMs.
Smaller players operate locally with limited scale and product diversification.
Regulatory Environment
Compliance with BIS standards and electrical safety norms is mandatory.
Environmental and pollution-control rules apply to industrial wire manufacturing units.
Import duties on copper and aluminium influence raw material costs.
Government policies promoting domestic manufacturing support industry growth.
Global Perspective and Export Potential
India’s competitiveness in electrical machinery manufacturing is improving, creating indirect export opportunities.
Export potential exists for value-added copper and aluminium wire products, but competition from countries with lower material costs remains strong.
Domestic manufacturers largely prioritise the Indian market due to stable recurring demand.
Future Outlook
Demand for winding wires is expected to rise steadily as India expands its industrial base and electrification footprint.
New infrastructure projects, energy-efficient motors and HVAC penetration will continue driving consumption.
Companies investing in automation, efficiency, and capacity expansion are positioned to benefit the most.
Industry outlook remains stable with long-term structural support.
Summary
The Indian winding wire and conductor market is stable, growing and essential to multiple industries.
Strong demand drivers include electrification, industrial expansion, HVAC growth and appliance manufacturing.
Fragmented competition favours players with proven consistency and operational efficiency.
Long-term industry fundamentals remain positive and supportive of capacity expansion.
Peer Analysis of Vidya Wires
Market Capitalisation
Precision Wires India Ltd: ~₹2,000 crore
RAM Ratna Wires Ltd: ~₹1,000 crore
Apar Industries (Specialty Conductors Division): Part of a ~₹20,000 crore group
Vidya Wires Ltd (Post-IPO): To be calculated based on upper/lower band
P/E Ratio
Precision Wires: Typically ranges between 25–30x
RAM Ratna Wires: Around 18–22x
Apar Industries: 30–35x (overall diversified business)
Vidya Wires: To be determined after computing post-issue EPS
EV/EBITDA
Precision Wires: ~12–14x
RAM Ratna Wires: ~8–10x
Apar Industries: ~13–15x
Vidya Wires: To be estimated during valuation section
Revenue Comparison
Precision Wires: ~₹3,000 crore FY25
RAM Ratna Wires: ~₹2,300 crore FY25
Apar Industries (Conductors): Multi-thousand crore scale
Vidya Wires: ~₹1,238 crore FY25
Net Profit Comparison
Precision Wires: ~₹95 crore range
RAM Ratna Wires: ~₹60 crore range
Apar Industries: ~₹700 crore overall; conductor segment contributes meaningfully
Vidya Wires: Will be detailed in financial section
EBITDA Margin
Precision Wires: ~5–7%
RAM Ratna Wires: ~4–6%
Apar Industries: ~8–10%
Vidya Wires: ~5–7% range
Debt Strength
Precision Wires: Moderate levels, manageable
RAM Ratna Wires: Moderate leverage
Apar Industries: Moderate-to-high due to scale
Vidya Wires: Moderate; expected improvement post-IPO
Product Breadth
Precision Wires: Mainly winding wires, enamelled wires
RAM Ratna Wires: Mix of enamelled wires, copper products, industrial conductors
Apar Industries: Very wide portfolio (conductors, specialty cables)
Vidya Wires: Focused on winding wires and conductivity products
Geographic Diversification
Precision Wires: Pan-India with some exports
RAM Ratna Wires: Domestic-heavy
Apar Industries: Global customer base
Vidya Wires: Primarily domestic with concentrated Gujarat operations
Technology & Innovation Strength
Precision Wires: Strong enamelling and drawing technology
RAM Ratna Wires: Adequate automation
Apar Industries: High-end technology and backward integration
Vidya Wires: Moderate industrial automation; expansion expected to upgrade capability
Partnerships & OEM Ecosystem
Precision Wires: Deep OEM relationships
RAM Ratna Wires: Stable domestic OEM demand
Apar Industries: Strong both domestic and international partnerships
Vidya Wires: Long-term industrial OEM clients, especially in motors and transformers
Revenue Mix
Precision Wires: Highly dependent on enamelled wires
RAM Ratna Wires: Mix of conductors + enamelled wires
Apar Industries: Highly diversified across conductors, cables, specialty wires
Vidya Wires: Dominantly winding wires
Conductor Resistivity Standards
Precision Wires: Follows high-grade EC copper and aluminium resistivity norms
RAM Ratna Wires: Standard-grade resistivity for motors and transformers
Apar Industries: Manufactures to international standards (IS/IEC) due to export focus
Vidya Wires: Adheres to IS specifications; resistivity consistency improving with newer machinery
Enamelling Line Yield Efficiency
Precision Wires: High enamelling line efficiency due to advanced furnaces
RAM Ratna Wires: Mid-level efficiency with some older lines
Apar Industries: Best-in-class enamel quality & yield
Vidya Wires: Stable yields; new ALCU expansion likely to introduce higher-efficiency lines
Wire Drawing Speed & Precision
Precision Wires: High-speed multi-line drawing systems
RAM Ratna Wires: Moderate drawing capacity
Apar Industries: Advanced precision-drawing for specialty conductors
Vidya Wires: Standard drawing speeds; room for improvements via capex
Thermal Class Performance (Insulation Durability)
Precision Wires: Offers various insulation classes (Class F/H)
RAM Ratna Wires: Standard F-grade insulation products
Apar Industries: Manufactures premium thermal-class wires
Vidya Wires: Supplies standard thermal class wires for motors/transformers
Scrap Generation Ratio
Precision Wires: Lower scrap due to modern systems
RAM Ratna Wires: Moderate scrap ratios
Apar Industries: Optimised scrap handling
Vidya Wires: Scrap ratio manageable; new machinery expected to reduce it further
Export Penetration
Precision Wires: Selective exports
RAM Ratna Wires: Limited exports
Apar Industries: Strong global export presence
Vidya Wires: Currently domestic-focused; export potential exists post expansion
Backward Integration
Precision Wires: Partial integration
RAM Ratna Wires: Limited
Apar Industries: Highly integrated (conductors, specialty cables)
Vidya Wires: Minor integration; relies on external copper/aluminium suppliers
Working Capital Cycle (Industry Comparison)
Precision Wires: Efficient due to strong OEM contracts
RAM Ratna Wires: Moderate
Apar Industries: Optimised cycles due to scale
Vidya Wires: Reasonably efficient; IPO proceeds expected to improve liquidity
Inventory Management Efficiency
Precision Wires: Good due to forecasting and scale
RAM Ratna Wires: Moderate
Apar Industries: Very well optimised
Vidya Wires: Adequate; expected to improve with expansion and ERP upgrades
Key Insights
Vidya Wires sits strategically between mid-sized specialised manufacturers and large diversified conductor giants.
Its margins are in line with similar enamelled/winding wire producers, though scale remains smaller.
Its upcoming ALCU expansion may help narrow the technology gap and raise production efficiency.
The company is not competing directly with premium export-heavy players like Apar, but it has room to grow into niche industrial segments.
Operational improvements such as better enamelling yield, lower scrap ratios and improved resistivity control can significantly enhance profitability.
Vidya’s moderate debt and stable OEM relationships improve its positioning in a fragmented industry.
Vidya WiresIPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Vidya Wires IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 288 | ₹14,976 |
| Retail (Max) | 13 | 3,744 | ₹1,94,688 |
| S-HNI (Min) | 14 | 4,032 | ₹2,09,664 |
| S-HNI (Max) | 66 | 19,008 | ₹9,88,416 |
| B-HNI (Min) | 67 | 19,296 | ₹10,03,392 |
Financials of Vidya Wires
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 376.93 | 331.33 | 247.84 | 209.08 |
| Total Income | 413.09 | 1,491.45 | 1,188.49 | 1,015.72 |
| Profit After Tax | 12.06 | 40.87 | 25.68 | 21.53 |
| EBITDA | 18.67 | 64.22 | 45.52 | 35.84 |
| NET Worth | 178.37 | 166.36 | 125.54 | 100.11 |
| Reserves and Surplus | 162.37 | 150.36 | 121.54 | 95.86 |
| Total Borrowing | 162.75 | 145.63 | 109.71 | 97.11 |
Vidya Wires has shown steady revenue growth, with Total Income rising from ₹10,157.18 million in FY2023 to ₹14,914.49 million in FY2025, supported by higher domestic and export demand.
EBITDA improved consistently, moving from ₹343.20 million in FY2023 to ₹550.95 million in FY2025, reflecting better operating efficiency and cost control.
Profit After Tax strengthened sharply, increasing from ₹215.04 million in FY2023 to ₹408.72 million in FY2025, indicating strong bottom-line momentum.
For Q1 FY2026, the company delivered a PAT of ₹120.55 million, maintaining its profitability trajectory.
Total Assets expanded to ₹3,769.34 million in FY2025, driven by higher inventories, receivables, and capacity addition through capital work-in-progress.
Net Worth increased from ₹1,001.10 million in FY2023 to ₹1,783.72 million in FY2025, reflecting accumulated profits and strengthened equity base.
Borrowings rose moderately to ₹1,627.48 million in FY2025, supporting working capital and expansion needs while keeping leverage within manageable levels.
Objective of Vidya Wires IPO
The company plans to use a major portion of the fresh issue proceeds for capacity expansion, primarily through its subsidiary ALCU Industries, which will help increase production volumes for CTC/PICC conductors.
Funds will be allocated towards working capital needs, supporting the company’s growing scale of operations and higher order book requirements.
Part of the proceeds will be deployed for general corporate purposes, strengthening liquidity and enabling strategic flexibility for future opportunities.
The Offer for Sale (OFS) will provide an exit and partial monetisation for existing shareholders but does not benefit the company directly.
SWOT Analysis of Vidya Wires IPO
Strengths
Strong revenue growth, rising from ₹10,114.35 million in FY23 to ₹14,863.91 million in FY25, supported by consistent demand for winding wires and conductors.
Improving profitability with PAT increasing from ₹215.04 million in FY23 to ₹408.72 million in FY25.
Established long-term relationships with OEMs in motors, transformers, electrical equipment, and industrial applications.
Broad and diversified product range, including enameled wires, rectangular strips, paper-covered conductors, and PV ribbons.
Experienced promoter group with more than four decades of industry presence.
Weaknesses
Business heavily dependent on copper and aluminium prices, which form a major cost component and directly impact margins.
Working capital intensive operations, with receivables often forming a large portion of current assets.
High reliance on short-term borrowings, which stood at ₹1,272.19 million in FY25 and increased further to ₹1,396.35 million by June 2025.
Export revenues form a smaller share of total revenue, limiting global exposure in comparison to diversified peers.
Opportunities
Growing demand from renewable energy, EV motors, transformers, and electrical equipment manufacturers.
Planned capacity expansion, especially in CTC/PICC conductors, can drive future revenue growth.
Increasing substitution of traditional conductors with high-efficiency copper variants across industries.
Rising demand for customised winding wires for automation, high-speed motors, and next-gen appliances.
Threats
High competition from established domestic players in the wire and conductor segment.
Volatile commodity cycles can compress EBITDA margins, even with efficient operations.
Regulatory changes in GST, import duties, or environmental norms may affect production costs.
Foreign exchange fluctuations pose risk for export-linked revenues and raw material imports.
Disclaimer: Market Insiderz is not a SEBI registered investment advisor. The information provided here, including GMP, is for educational purposes only and subject to market volatility. Please consult a certified financial advisor and read the RHP carefully before investing
FAQ of Vidya Wires IPO
The Vidya Wires IPO is a book-built public issue consisting of a fresh issue of shares worth ₹2,740 million and an Offer for Sale of 50.01 lakh equity shares by the promoters
The Vidya Wires IPO Price Band is ₹48 to ₹52 per equity share.
The Vidya Wires IPO Open Date is 3 December 2025, and the Vidya Wires IPO Closing Date is 5 December 2025.
The Vidya Wires IPO Lot Size is 288 shares, and retail investors must apply in multiples of this lot.
The minimum investment at the upper price band (₹52) is ₹14,976 for one lot.
The Vidya Wires IPO GMP fluctuates daily. Investors should refer to the latest market updates before applying.
The expected Vidya Wires IPO Allotment Date is 8 December 2025.
The Vidya Wires IPO Listing Date is tentatively 10 December 2025, on both NSE and BSE.
The company plans to raise around ₹300 crore (fresh issue + OFS).
The funds will be used for:
Capacity expansion at subsidiary ALCU
Working capital enhancement
General corporate purposes
Vidya Wires has shown steady growth, expanding revenues and maintaining stable profitability over FY2023–FY2025.
