In September 2025, India’s primary market remains active, with SME offerings drawing interest from investors seeking differentiated growth stories. Within this backdrop, Vashishtha Luxury Fashion Limited IPO opens on September 5, 2025. Below is a structured look at the company, its IPO details, and the broader outlook.
About Vashishtha Luxury Fashion Ltd.
Incorporated in 2010, Vashishtha Luxury Fashion Limited is engaged in exporting high-fashion hand embroidery work, accessories, and finished garments. It is a 100% Export House serving brands across Europe, the UK, the USA, Australia, and Turkey, spanning couture and prêt-à-porter segments. The company operates a sample unit in Mumbai through its subsidiary, Vashishtha Embroidery Private Limited.
Product portfolio includes:
- Clothing: Artisanal garments with innovative embroidery and materials.
- Clothing accessories: Headbands, handbags, earrings, brooches, and footwear.
- Embroidery: Hand-guided embroidery, computerised thread & sequin work, and digital printing.
As of July 31, 2025, the company has 21 employees.
Promoters: Mr. Ravindra Dhareshivkar, Mr. Mustak Odiya, and Ms. Archana Odiya.
Vashishtha Luxury Fashion IPO Details
The IPO is a book-built fresh issue aggregating up to ₹8.87 crore (7,99,200 shares). Proceeds will be used for embroidery machine capex, debt prepayment/repayment, and general corporate purposes.
Important IPO Timeline
| IPO Open Date | Fri, Sep 5, 2025 |
| IPO Close Date | Wed, Sep 10, 2025 |
| Tentative Allotment | Thu, Sep 11, 2025 |
| Initiation of Refunds | Fri, Sep 12, 2025 |
| Credit of Shares to Demat | Fri, Sep 12, 2025 |
| Tentative Listing Date | Mon, Sep 15, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 10, 2025 |
Key IPO Details
Here is the table on the Vashishtha Luxury Fashion IPO Review:
| IPO Date | September 5, 2025, to September 10, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹109 to ₹111 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 7,99,200 shares (aggregating up to ₹8.87 Cr) |
| Reserved for Market Maker | 40,800 shares (aggregating up to ₹0.4529 Cr) Nirman Share Brokers Pvt.Ltd. |
| Net Offered to Public | 7,58,400 shares (aggregating up to ₹8.42 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 15,57,558 shares |
| Share Holding Post Issue | 23,56,758 shares |
Vashishtha Luxury Fashion IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 40,800 (5.11%) |
| QIB Shares Offered | 75,600 (9.46%) |
| NII (HNI) Shares Offered | 2,65,200 (33.18%) |
| Retail Shares Offered | 4,17,600 (52.25%) |
| Total Shares Offered | 7,99,200 (100.00%) |
Lot Size of Vashishtha Luxury Fashion IPO
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,66,400 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,66,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,99,600 |
| S-HNI (Max) | 7 | 8,400 | ₹9,32,400 |
| B-HNI (Min) | 8 | 9,600 | ₹10,65,600 |
Vashishtha Luxury Fashion Ltd. Financials
Market Capitalisation: ₹26.16 crore
Key Performance Indicators (as of Mar 31, 2025):
- ROE: 28.28%
- ROCE: 31.43%
- RoNW: 64.49%
- Debt/Equity: 0.34
- PAT Margin: 14.14%
- EBITDA Margin: 22.08%
- Price to Book: 6.95
- EPS (Pre/Post): ₹9.14 / ₹6.04
- P/E (Pre/Post): 12.14x / 18.38x
Key Company Financials (₹ Cr):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 9.00 | 7.89 | 7.41 |
| Total Income | 10.88 | 7.45 | 6.86 |
| Profit After Tax | 1.42 | 0.32 | 1.05 |
| EBITDA | 2.07 | 0.73 | 1.27 |
| Net Worth | 4.64 | 1.78 | 1.47 |
| Reserves & Surplus | 3.08 | 0.67 | 0.36 |
| Total Borrowing | 2.07 | 3.26 | 3.44 |
Promoter Holding:
- Pre-Issue: 100.00%
- Post-Issue: 66.08%
Objects of the Issue
The company proposes to utilise the net proceeds for:
- Funding capex toward purchase of embroidery machines for expansion (₹3.64 Cr)
- Prepayment/repayment of certain outstanding borrowings (₹2.69 Cr)
- General corporate purposes
Vashishtha Luxury Fashion Ltd.: Industry Outlook
- Export demand for premium, embellished fashion and artisan embroidery remains resilient in key global markets, where brands seek differentiated designs and small-batch customisations.
- Increasing adoption of technology-enabled embroidery (computerised thread/sequin work, digital printing) supports productivity and scalable quality in luxury segments.
- India’s positioning as a craftsmanship hub for high-value apparel and accessories provides opportunities for niche exporters focused on design, speed, and compliance.
Conclusion
Vashishtha Luxury Fashion Ltd. offers exposure to a niche, export-oriented fashion player with capabilities in hand embroidery, accessories, and finished garments. The issue size is small, with proceeds earmarked for capacity expansion (embroidery machines), deleveraging, and general corporate purposes. Financial metrics show improving scale and profitability in FY25, alongside a reduction in borrowings versus earlier periods.
That said, investors should weigh the SME liquidity profile, client concentration/exports dependency, and valuation. A third-party review notes that, despite top-line growth, bottom-line trends have been erratic, and the issue appears aggressively priced, suggesting caution for prospective subscribers. As always, align any decision with your risk tolerance and investment horizon.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
