Vinit Mobile Limited

Vinit Mobile Limited was incorporated in 2011 and operates 35 COCO retail stores across the Surat district under three brands — Vinit Mobile (24 stores), VR Mobile (8 stores) and RJ Mobile (3 stores) — covering locations including Pandesara, Kadodara, Sachin, Amroli, Hazira, Sayan, Saroli and Nilgiri.

The company retails smartphones from Apple, Samsung, Xiaomi, Vivo, OPPO, OnePlus, Motorola and Realme along with accessories including smartwatches, power banks, Bluetooth devices and chargers. Products are sourced from authorised distributors through cluster-based demand forecasting. A key differentiator is its proprietary APX ERP platform integrating billing, inventory tracking, CRM and store operations for real-time monitoring. The company also undertakes B2B bulk supply to retailers and corporate clients and has tie-ups with Bajaj Finserv, HDB Financial Services and TVS Credit for EMI financing. As of May 31, 2025, the company had 46 employees. Promoters Mr. Vinit Jalan and Mrs. Shweta Jalan hold 99.80% pre-IPO stake.

The issue is entirely a fresh issue of 21,60,000 equity shares aggregating to ₹34.13 Cr at a price band of ₹150 to ₹158 per share, implying a pre-issue market cap of ₹97.49 Cr, listing on NSE SME on July 7, 2026.

Proceeds will fund working capital (₹23.75 Cr), new store set-up costs (₹0.62 Cr) and general corporate purposes. At the upper band, the IPO is valued at a post-issue P/E of 14.31x FY25 earnings, broadly in line with mobile retail peers Mehul Telecom (13.02x) and Umiya Mobile (12.18x). Key strengths include a COCO model ensuring centralized control, proprietary APX ERP platform, strong 9M FY26 PAT margin improvement to 9.12% and a debt-light balance sheet; key risks include operations concentrated entirely in Surat district, negligible operating history pre-FY24, highly competitive and fragmented mobile retail market, Dilip Davda's avoid recommendation citing aggressive pricing, and minimum retail bid of 2 lots (₹2,52,800) limiting retail participation.