Vinit MobileIPO Review — Financials, Valuation & Peers
A data-only look at the Vinit Mobile IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 0 | 0 | 0 | -0.02 | 0.01 | 0.03 | — |
| FY 2024 | 28.59 | 0.72 | 1.05 | 0.7 | 7.41 | 3.1 | — |
| FY 2025 | 60.63 | 3.9 | 5.72 | 4.6 | 13.34 | 3.04 | — |
| Dec 2025 (interim) | 56.01 | 5.11 | 7.53 | 9.71 | 25.04 | 6.07 | 9.73 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 16.24x
- P/E (post-issue)
- 14.31x
- RoNW
- 52.61%
- RoE
- 52.61%
- RoCE
- 46.48%
- Debt / Equity
- 0.62
- EPS (pre-issue)
- ₹9.73
- EPS (post-issue)
- ₹11.04
- EBITDA Margin
- 13.6%
- PAT Margin
- 9.12%
- P/BV
- 13.76x
- NAV / share
- ₹24.22
- Market Cap
- ₹97.49 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Vinit Mobile | 9.73 | 11.48 | — | 84.78% |
| Bhatia Communications & Retail (India) Ltd. | 1.1 | 7.07 | 24.25x | 15.6% |
| Fonebox Retail Ltd. | 4.43 | 33.69 | 22.2x | 13.18% |
| Umiya Mobile Ltd. | 5.42 | 13.69 | 14.02x | 40.51% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Vinit Jalan, Shweta Jalan</p>
- Holding (pre-issue)
- 99.8%
- Holding (post-issue)
- 64.85%
- Dilution
- 34.95%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Vinit Mobile operates at an EBITDA margin of 13.6% and a net (PAT) margin of 9.12% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 46.48% and a return on equity (RoE) of 52.61%. At the upper band, the post-issue market capitalisation works out to about ₹97.49 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward working capital (₹23.75 crore), alongside general corporate purposes (₹5.12 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Vinit Mobile reported revenue of ₹56.01 crore and a net profit of ₹5.11 crore. Net worth stood at ₹9.71 crore at the end of FY2025. At the upper band, that puts the issue at roughly 16.2× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.31× post-issue earnings and 13.76× book value, against a return on net worth of 52.61% and a debt-to-equity ratio of 0.62. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Bhatia Communications & Retail (India) Ltd. and Fonebox Retail Ltd., with a median peer P/E of about 22.2×. The issue's own post-issue P/E works out to 14.31×.
Promoters
The promoters of the company are <p>Vinit Jalan, Shweta Jalan</p>. Promoter holding stands at 99.8% before the issue and comes down to 64.85% after listing.
Frequently asked questions
- What is the reservation split in the Vinit Mobile IPO?
- Of the total shares offered, retail investors get 58.95%, QIBs 1.05%, non-institutional investors 40%.
- Who are the promoters of Vinit Mobile and what is their holding?
- The promoters are <p>Vinit Jalan, Shweta Jalan</p>. Promoter holding is 99.8% before the issue and 64.85% after listing.
- What is the P/E ratio of the Vinit Mobile IPO?
- At the upper price band, the Vinit Mobile IPO is valued at 16.24× pre-issue earnings and 14.31× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Vinit Mobile IPO?
- The net proceeds go primarily toward working capital, among 4 disclosed objects.