Vardhman Appliances IPO

Vardhman Appliances Limited IPO is a Book Building Issue consisting of a Fresh Issue of ₹250.00 crores and an Offer for Sale of up to 2.50 crore equity shares.

The equity shares are proposed to be listed on NSE and BSE. IDBI Capital Markets & Securities Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Issue. Key details such as IPO dates, price bands, and lot size are yet to be announced.

About Vardhman Appliances Limited

Vardhman Appliances Limited was originally established in 1983 as a partnership firm under the name M/s. Vardhman Electrical Appliances, pursuant to a partnership deed dated March 21, 1983, executed between Parmod Kumar Jain, Subodh Kumar Jain, and Late Kiran Mala Jain. The partnership firm was registered with the Registrar of Firms, Delhi, on March 16, 1984, under the Indian Partnership Act, 1932. Subsequently, following a resolution passed on May 24, 2023, the partners approved its conversion into a public limited company under the Companies Act, 2013. The company was incorporated under its present name, Vardhman Appliances Limited, on August 7, 2023.

The company operates in India's domestic appliances industry and is a vertically integrated Electronics Manufacturing Services company providing Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) solutions across fast-moving electrical goods. Its operations primarily cater to leading national and international consumer appliance brands, with capabilities spanning product conceptualisation, design and development, sourcing, manufacturing, quality assurance, packaging, and delivery. The company also operates a consumer-facing business through its wholly owned subsidiary, Lazer India Private Limited, which markets consumer electrical and domestic appliances under the Lazer brand.

Its product portfolio comprises four principal categories: fans, kitchen appliances, home comfort appliances, and electrical components. As of March 31, 2026, the company had more than 1,200 stock-keeping units across these categories. Its fan portfolio includes ceiling fans, table fans, wall fans, pedestal fans, domestic exhaust fans, cabin fans, and heavy-duty pedestal fans.

Kitchen appliances include mixer grinders, juicer mixer grinders, gas cooktops, infrared and induction cooktops, pop-up toasters, grillers, sandwich makers, waffle makers, air fryers, electric kettles, and rice cookers. Home comfort appliances include dry irons, steam irons, spray irons, quartz heaters, carbon heaters, positive temperature coefficient heaters, halogen heaters, immersion water heaters, and room heaters. Its components portfolio includes heating elements, electrical motors, thermostats, and cut-outs.

Vardhman Appliances has developed in-house design, engineering, prototyping, and product-testing capabilities to support product development and customisation. Its design and development infrastructure includes a dedicated product development laboratory at Kundli Unit-III, supported by a team of 22 personnel. The company uses SolidWorks computer-aided design software for three-dimensional modelling and two-dimensional technical drawings.

As of the date of the Draft Red Herring Prospectus, the company operated five manufacturing units, of which three were located in Sonipat (Kundli), Haryana, and two in Solan (Baddi), Himachal Pradesh. These facilities covered an aggregate area of approximately 405,790 square feet. As of March 31, 2026, the company had an aggregate installed manufacturing capacity of 28.66 million units per annum. Its manufacturing operations are supported by a supplier network comprising more than 1,000 suppliers in India and overseas as of July 31, 2026.

Industry Outlook

• India’s domestic appliances market is witnessing growth driven by rising disposable incomes, urbanisation, increasing household penetration, premiumisation, and growing consumer demand for branded appliances.
• The organised domestic appliances market is projected to grow from ₹469.8 billion in FY26 to ₹917.5 billion by FY31, registering a CAGR of 14.3%. Its share of the overall market is expected to increase from 76.9% to 81.8% during the same period.
• India’s contract-based manufacturing market for domestic appliances is estimated at ₹221.3 billion in FY26 and is projected to reach ₹372.7 billion by FY31, growing at a CAGR of 11.0%. Increasing outsourcing by consumer brands is supporting demand for organised contract manufacturers.
• The domestic appliances OEM market in India stood at ₹163.9 billion in FY26 and is expected to reach ₹256.9 billion by FY31, registering a CAGR of 9.4%. Brands are increasingly relying on OEM partners for product development, certification, and scalable manufacturing.
• Kitchen small domestic appliances represent the largest identified category, with the market projected to grow from ₹284.0 billion in FY26 to ₹537.9 billion by FY31 at a CAGR of 13.6%. Cooling and air treatment appliances are the second-largest category, expected to increase from ₹232.0 billion to ₹413.0 billion during the same period.
• Fans had a household penetration of approximately 90% in CY24. However, several other categories remain underpenetrated, including electric kettles at approximately 1%, room heaters and rice cookers at 2% each, and air fryers at 3%. This creates opportunities for further category adoption and first-time purchases.
• The industry is transitioning from fragmented, assembly-led manufacturing towards a more consolidated and capability-driven OEM and ODM landscape. Rising product complexity, stricter regulatory requirements, and expanding product portfolios are increasing the importance of manufacturers with integrated design, research and development, tooling, quality assurance, and certification capabilities.
• Demand varies across appliance categories, with fans and air coolers witnessing higher demand during warmer months, while heaters and water heaters experience seasonal demand during winter. Manufacturers with diversified product portfolios, localised sourcing, flexible production capabilities, and efficient inventory planning are better positioned to manage these fluctuations.

Vardhman Appliances IPO Objectives

The Vardhman Appliances Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding, and the entire IPO proceeds will go to the selling shareholders.

Financial Performance of Vardhman Appliances Limited

Vardhman Appliances Limited Peer Details Comparison