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Vaibhav Vyapaar Limited
SME IPOOpen · Day 1 of 3Opens today
Price band₹51 – ₹54per share · face value not available
Minimum investment₹1,08,0001 lot · 2000 shares at upper band
IPO dates13 Oct – 15 OctCloses today, 5:00 PM
Prepared with AI. This analysis was generated on 12 Oct 2026. Figures can contain errors; check them against the offer document before relying on them. It is information, not investment advice.
What the company does and where it sits in its industry
Vaibhav Vyapaar Limited is a Reserve Bank of India (RBI) registered Non-Banking Financial Company (NBFC) engaged in providing unsecured personal loans to salaried and self-employed retail borrowers. The company operates primarily through its proprietary mobile application, 'LoanFront', which manages digital customer onboarding, due diligence, underwriting, documentation, disbursal, and collections.
The company operates through direct digital lending on its own balance sheet as well as through co-lending partnerships with other financial institutions. Additionally, it earns revenue by providing software application and technology services to partner NBFCs.
Revenue is primarily generated from interest income on loans and advances, processing fees, platform commissions, foreclosure charges, and related technology and sourcing fees.
Restated figures, FY24 – FY26, ₹ crore unless stated
At the upper price band of ₹54
The peer set disclosed in the offer document includes Paisalo Digital Limited and Apollo Finvest (India) Limited trading at P/E multiples of 30.53 and 22.00, respectively, against an industry average of 26.27. As the offer price and price band are not finalized within the Red Herring Prospectus, the company's offer P/E multiple is not presented in the document.
Points to weigh, drawn from the offer document and the figures above
The company utilizes customer interaction data from its digital platform to tailor credit offerings to income patterns and cash flows, with repeat borrowers comprising approximately 75% of its loan portfolio as of March 31, 2026.
The proprietary LoanFront platform features a modular architecture that manages the complete lending lifecycle and integrates with payment gateways, credit bureaus, and account aggregators.
The management team possesses over 17 years of experience in technology-led operations and digital lending, supported by functional leadership across underwriting, analytics, compliance, and risk management.
Revenue grew about 21% a year from FY24 to FY26; EBITDA margin widened (21.3% to 29.5%).
The company applies automated rule-based algorithms, credit bureau verification, and multi-parameter data models to assess creditworthiness and manage default risk.
The company's entire loan book consists of unsecured personal loans, which lack collateral and carry a higher risk profile and greater likelihood of non-recovery in events of borrower default.
A significant portion of Assets Under Management is concentrated in southern and specific states, with the top five states accounting for 77.09% of overall AUM as of July 31, 2026.
Volatility in market interest rates could impact borrowing costs and the ability to adjust customer lending rates, potentially reducing net interest income and net interest margin.
Lending operations rely heavily on the continuous availability of the LoanFront mobile app and third-party service providers for critical functions like identity verification, KYC, and payment processing.
The company has witnessed negative cash flows from operating activities in past periods, including FY26 and FY24, primarily due to disbursements and expansion of the loan book.