VMS TMT Limited, incorporated in 2013, is a Gujarat-based manufacturer of Thermo Mechanically Treated (TMT) Bars, which are high-strength steel bars crucial for the construction industry. The company operates a manufacturing facility in Ahmedabad, with an annual capacity of 200,000 metric tonnes. In addition to TMT Bars, VMS TMT also sells scrap and binding wires.

The company’s primary market is Gujarat, which has contributed over 96% of its revenue in recent years. Its distribution network, consisting of 3 distributors and 227 dealers as of July 31, 2025, primarily targets Tier II and Tier III cities. A key strategic partnership is its non-exclusive retail license agreement with Kamdhenu Limited, allowing VMS TMT to market its products under the ‘Kamdhenu NXT’ brand within Gujarat. The company is also focused on sustainability and cost optimization, having initiated a project to install a 15 MW solar power plant for captive consumption.

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• Backward Integration: The Company’s backward integration project has improved its financial performance and reduced dependency on raw material suppliers.
• Strong Distribution Network: An extensive network of 3 distributors and 227 dealers provides a wide reach and supports long-term customer relationships.
• Experienced Leadership: VMS TMT benefits from a professional management team and experienced promoters with over three decades of industry knowledge.
• Strategic Market Positioning: The company is well-positioned to capitalize on the steady growth of the steel bar and rods industry in India.

The Company VMS TMT LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company (₹ 115 Cr.)
• General corporate purposes

At the upper band of IPO ₹99, the stock is valued at 14.32 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.