Mumbai (Maharashtra) [India], September 2: Vigor Plast India Ltd., a leading manufacturer of uPVC, cPVC, SWR, and PVC pipes and fittings, has steadily built its reputation since its inception in 2012. Over the past 12 years, the company has expanded its product portfolio from a single injection molding machine with 10 molds to a diversified range of more than 1,500 products. With a strong distributor network, brand visibility, and a focus on innovation, Vigor Plast is now entering a new phase of growth through its Initial Public Offering (IPO).
In this exclusive conversation, Jayesh Kapuria, Director of Vigor Plast, shares insights into the company’s journey, IPO objectives, expansion plans, competitive edge, and long-term vision.
1.The IPO is a significant milestone for Vigor Plast. Could you outline the primary objectives of this issue and how the proceeds will strengthen the company’s position?
The core purpose of bringing Vigor Plast’s IPO is to strengthen our growth journey. While we have been steadily expanding, the IPO will provide the necessary capital to scale faster. We are raising around ₹25.10 crore, of which approximately ₹11.39 crore will go towards repayment of borrowings and improving cash flow. The rest will be invested in enhancing infrastructure and expansion projects. Overall, the IPO will position us to meet rising demand across India more efficiently.
2.Vigor has built a strong presence with 440 dealers across 25 states. How do you plan to further expand your distribution network and capture new markets?
One of the key challenges we face is logistics. Currently, our manufacturing unit is in Jamnagar, from where we supply across India. Transportation takes 10–12 days, which delays supply for distributors and customers. To solve this, we have acquired land in Ahmedabad and are constructing a new warehouse. Once operational, it will significantly reduce delivery timelines and strengthen our supply chain. This step is crucial to meeting the growing demand and ensuring faster reach to our network of over 440 distributors, which we expect to grow to 700–800 in the coming year.
3.With infrastructure and housing demand rising in India, what specific growth opportunities do you see for plumbing, irrigation, and industrial piping solutions?
Our products have applications across multiple sectors. For example, uPVC and cPVC pipes are widely used in both residential and industrial construction. PVC pipes are essential for agriculture as well as building materials. This cross-sector demand ensures we are not dependent on a single market. As India invests in infrastructure, irrigation, and housing, we see steady growth across all segments.
4.A portion of the IPO proceeds is allocated for a new warehouse in Ahmedabad. How will this facility enhance your supply chain and customer reach?
The land for the Ahmedabad warehouse was purchased around 18 months ago, and construction is currently underway. We expect it to be operational within the next three months. Once functional, it will allow us to dispatch material from Ahmedabad instead of Jamnagar, reducing delivery time significantly. This move will improve supply chain efficiency, help us expand our distributor base, and strengthen our customer relationships across India.
5.Vigor reported healthy financial performance in FY25 with strong margins. What would you like investors to know about your profitability and growth outlook?
In FY 2023–24, the company recorded strong growth, and in FY 2024–25, we delivered even higher margins and profitability. This growth is directly linked to our expanding product portfolio. When we began, we had just one injection molding machine and 10 molds. Today, we have multiple molding units and more than 1,500 products. By offering a wider product range—including larger sizes and innovative items—we are able to command better margins. Investors can be assured that with our consistent growth trajectory, expanding product basket, and strategic investments, Vigor Plast is well-positioned for long-term value creation.
6.The piping industry is competitive with many regional and national players. What differentiates Vigor’s brand “VIGOR” and product portfolio from the rest?
There are several factors. First, we have a strong brand presence backed by our brand ambassador, television actor Dilip Joshi (famous as Jethalal). This helps us connect with customers at a national level. Second, while many regional players offer only a limited product range, Vigor Plast provides a complete portfolio—covering uPVC, cPVC, SWR, and PVC solutions. We are also entering new categories like water tanks and HDPE pipes, ensuring that our distributors and customers can source all their requirements from one company. This holistic approach sets us apart from competition.
7.Looking ahead, what is your long-term vision for Vigor Plast India Limited in terms of product diversification, exports, and becoming a pan-India leader?
We believe growth must go hand-in-hand with responsibility. Recently, we introduced copper-based antimicrobial pipe fittings—an innovation designed to prevent bacterial and fungal growth inside pipes. Traditional plastic pipes, when exposed to sunlight and water, often develop deposits that may contaminate water. Our new fittings help address this challenge, making them safer for households and industries. This is part of our broader vision to adopt eco-friendly practices and deliver products that contribute to healthier living.
8: Finally, what would you like to say to potential investors?
Vigor Plast has a strong foundation, a growing distributor network, and a robust expansion plan. With the upcoming IPO, we aim to further strengthen our infrastructure, expand product categories, and serve customers faster and better. I would encourage investors to participate in our journey and subscribe to the IPO, as we are confident of creating long-term growth and value.
With its IPO launch, Vigor Plast India Ltd. is preparing to enter an ambitious new phase of expansion. Backed by a growing product portfolio, strong financial performance, and a vision for sustainable innovation, the company is positioning itself to serve India’s rising infrastructure, housing, and agricultural demands. As Jayesh Kapuria emphasizes, the IPO is not just a fundraising exercise but a stepping stone toward making Vigor Plast a stronger, more agile, and future-ready enterprise.
