VMS TMT Ltd. IPO

We are engaged in manufacturing of Thermo Mechanically Treated Bars (“TMT Bars”) in the steel industry at our manufacturing facility situated at Bhayla Village, Ahmedabad, Gujarat, India. We conduct our business predominantly in the State of Gujarat from where we derived 98.93%, ... 96.71%, 98.75% and 97.42% of our revenues from operations in the three months period ended June 30, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Our revenue model is based on the sale of TMT Bars to customers through a distribution network, on a non-exclusive basis, comprising of 3 distributors and 227 dealers as of July 31, 2025. Additionally, we also generate revenue from the sale of allied products, including billets, binding wires, scrap, and other by-products arising during the manufacturing process of TMT Bars. As part of our business model, we serve a diverse customer base comprising both retail and institutional customers, primarily within the State of Gujarat, excluding the Saurashtra and Kutch district. We have a retail licence agreement dated November 7, 2022, with Kamdhenu Limited which allows us to market our TMT Bars under the “Kamdhenu Brand” on mutually agreed terms within the State of Gujarat excluding the Saurashtra and Kutch districts on a non-exclusive basis. Read more

India’s domestic consumption of TMT bars has been rising steadily, reflecting the strong momentum in the construction and infrastructure sectors. Consumption has expanded from about 41.6 million tons in FY 2021 to an estimated 62.5 million tons by FY 2025, registering a healthy CAGR of ... around 10.7% during this period. This sharp rise underscores the critical role of TMT bars in meeting the demand generated by large-scale infrastructure investments, rapid urbanization, and sustained growth in residential as well as commercial real estate projects. Domestic demand for TMT bars is anticipated to rise significantly, driven by the government's focused efforts on enhancing the nation's infrastructure. Read more