TechD Cybersecurity Ltd. IPO

Vinit Mobile 

• Vinit Mobile is coming out with an initial public offering (IPO) of 21,60,000 shares in a price band of Rs 150-158 per equity share. 
• The issue will open on June 30, 2026 and will close on July 2, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 15.00 times of its face value on the lower side and 15.80 times on the higher side.
• Book running lead manager to the issue is Comfort Securities.
• Compliance officer for the issue is Mansi Jain.

Profile of the company

Vinit Mobile deals in a wide range of mobile handsets of most of the major brands in India which includes Apple, One Plus, Motorola, Samsung, Vivo, Oppo, Realme and Xiaomi etc. Alongside smartphones, its stores also stock mobile related products such as tablets, data cards, and a variety of accessories like earphones, chargers, power banks, screen guards and mobile covers, all available under one roof across its retail outlets. The company follows a Company-Owned and Company-Operated (“COCO”) model, whereby its retail stores are owned and operated by the Company. Under this model, the company directly manages store operations, including recruitment and training of personnel, inventory planning and replenishment, pricing and promotional execution, and customer service procedures. The COCO model supports consistency in operating practices across its retail network.

The company has arrangements with various financial institutions, including Bajaj Finserv, HDB Financial Services, and TVS Credit, to facilitate point-of-sale financing and EMI options for customers at its stores, subject to eligibility and approval by such institutions. In addition, the company facilitates after-sales support for mobile phones and accessories through authorized service centers for warranty-related repairs or services. 

The company provides after-sales assistance to customers for mobile phones and accessories sold through its stores. Such assistance includes facilitating access to authorized service centers for maintenance, repair, or warranty-related services. All mobile phones and accessories are sold with standard manufacturer warranties. The Company coordinates with suppliers and service centers to address customer complaints relating to defective products, in accordance with applicable warranty terms. Moreover, the company provides free home delivery for selected purchases. the company also undertakes promotional schemes during festive periods, including discount and cashback-based offers, in accordance with applicable terms and conditions.

Proceed is being used for:

• The proceeds will be utilized to establish new retail stores across strategic locations to enhance market presence and drive revenue growth
• Working capital funds will support day-to-day operational requirements, including inventory, vendor payments, and other short-term financial obligations
• General corporate purposes to meet general business needs such as brand development, technology upgrades, and other strategic initiatives to support overall growth

Industry overview 

India’s rise to the world’s 2nd-largest mobile phone manufacturer. India’s mobile phone production has shown strong and sustained growth over the past few years, increasing from $30.00 billion in 2020-21 to $59.12 billion in 2024-25. This growth is expected to accelerate sharply, with production projected to reach USD 124.06 billion by 2029-30, more than doubling in five years growing at a CAGR of 15.98%. The expansion is driven by rising domestic demand, increasing exports, supportive government policies such as open network for Digital Commerce (ONDC) and India’s emergence as a major global manufacturing hub. The trend also reflects improvements in technology adoption, and investments in production infrastructure, positioning India as a key player in the global mobile phone industry.

The Mobiles phones & accessories retail distribution market ecosystem in India is undergoing a structural transformation, supported by rising smartphone adoption, improving retail penetration beyond metropolitan markets, and increasing digitalization across supply chains. Mobile accessories benefit from recurring demand, shorter replacement cycles, and strong linkage with smartphone sales, making the segment resilient and scalable. Over the medium to long term, policy support for expansion of organized retail formats, and improved access to financing are expected to enhance distribution efficiency, inventory turnover, and margin sustainability for retailers and distributors operating in this segment.

The mobile phone and accessories retail distribution market in India is entering a strong structural growth phase, supported by favorable macroeconomic trends, rising digital adoption, and sustained policy support. Increasing disposable incomes, rapid urbanization, and deeper smartphone penetration across Tier II & III cities are expanding the consumer base, while shorter handset replacement cycles are driving repeat purchases. Alongside handset growth, demand for mobile accessories - including chargers, earphones, power banks, wearables, and smart peripherals-is expected to grow at a faster pace due to higher attach rates, evolving technology standards, and rising consumer awareness around safety, performance, and brand reliability.

Pros and strengths

Company Owned Company Operated Stores: The company operates under a Company-Owned and Company-Operated (COCO) retail model, under which it owns and manages its retail outlets. This model enables the Company to directly manage store level operations, including staffing, inventory management, billing processes, and supervision across its retail network.

Strategic store locations and customer experience: The company operates retail stores across multiple locations within Surat district of Gujarat. Each store is configured to display mobile phones and accessories available for sale, allowing customers to view and examine products prior to purchase. Sales personnel at the stores assist customers by providing product-related information and facilitating the purchase process.

Innovative gift baskets to attract customers: The company offers promotional schemes at its retail outlets, which may include gift baskets provided to customers at the time of purchase during specific promotional or festive periods. Such gift baskets may include mobile accessories and other promotional items, as determined by the company from time to time.

Risks and concerns

Business is highly dependent on the brand recognition and reputation: The company is engaged in the multi-brand retail business, specializing in the sale of smartphones and allied accessories from leading global brands such as Apple, Samsung, Realme, Xiaomi, Oppo, Vivo, Motorola, Techno, Infinix, and others. Though it ais not required to promote the products of these well-known brands, it competes on price, quality services, dedication and commitment towards customers, in its industry.  Its financial performance is closely tied to the market success of the brands it sells. This success depends on various factors, including product design and features, brand identity, product quality, after-sales service, marketing strategies, public relations, and overall consumer perception. Customers who choose branded products generally expect a consistently high standard of quality and service. Any failure by these brand owners to meet those expectations whether due to product issues, poor customer experience, or negative publicity can adversely impact consumer trust. This, in turn, could negatively affect its sales, reputation, and overall business performance. 

Dependence on limited number of suppliers: The company is significantly dependent on a limited number of suppliers for the procurement of products. The company's top 10 suppliers accounted for 83.21%, 92.32%, 93.24% and 100.00% of its total purchases for the period ended December 31, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any disruption, delay, or termination of business relationships with one or more of these key suppliers could adversely affect its ability to maintain inventory levels, fulfill customer demand, and operate efficiently.

Dependence on Gujarat market exposes company to geographic concentration risk: The company’s operations and revenues are limited to and concentrated in the geographical region of the State of Gujarat. Revenue from operations upto December 31, 2025, are generated within Surat district of Gujarat, India only. This geographical limitation could pose challenges to its long-term growth, as the continuous addition of new stores within a confined region increases the risk of market saturation. A saturated market may lead to reduced returns, as the customer base could be spread thinly across multiple outlets, thereby impacting overall profitability. Expanding in other districts and beyond Gujarat is essential for sustainable growth but would require considerable investment, strategic planning, and operational adjustments. Inability to manage market saturation effectively or to successfully expand into new regions may hinder its scalability and negatively impact on its financial performance.

Outlook

Vinit Mobile is engaged in the multi-brand retail business, specializing in the sale of smartphones and allied accessories from leading global brands such as Apple, Samsung, Realme, Xiaomi, Oppo, Vivo, Motorola, Techno, Infinix, and others. The company follows a COCO model, whereby its retail stores are owned and operated by the company. On the concern side, its business is primarily focused on the distribution of telecom products, such as mobile devices, accessories, and related gadgets, which leaves it vulnerable to risks due to the lack of diversification in its product offerings. Further, the mobile phone and accessories market is highly dynamic, with frequent price fluctuations driven by rapid technological advancements, product launches, changes in demand, and intense competition. Sudden drops in prices, particularly for older models, can lead to inventory devaluation, adversely affecting its margins and profitability.

The company is coming out with a maiden IPO of 21,60,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 150-158 per equity share. The aggregate size of the offer is around Rs 32.40 crore to Rs 34.13 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 110.02% from Rs 2,856.32 lakh in FY 2023-24 to Rs 5,998.86 lakh in FY 2024-25. Profit for the period increased from Rs 71.99 lakh in FY 2023-24 to Rs 390.21 lakh in FY 2024-25.

Meanwhile, the company is working towards developing a multi-channel sales platform, combining in-store experience with WhatsApp commerce and online ordering. The company has initiated preliminary steps regarding this, which includes development of its own ecommerce website and has undertaken marketing initiatives via print media like advertisement in local newspapers, distribution of pamphlets and social media platforms like WhatsApp, Instagram and Facebook to engage with existing and potential customers, creating awareness about digital ordering options. The company facilitates direct customer engagement through an ‘Enquire Now’ feature embedded on each product page of its e-commerce website. This feature redirects prospective customers to the company's WhatsApp business platform, enabling real-time communication with authorized Company representatives to address specific product inquiries and requirements.

Pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015, amended from time to time and in terms of Company's Code of Conduct read with clarification issued by BSE, Him Teknoforge has informed that, the ‘Trading Window’ of the Company will remain closed for all the Designated Persons from 01.07.2026 till closure of 48 hours after the declaration of Unaudited Financial Results of the Company for the quarter ending on 30th June, 2026. The date of Board Meeting for the declaration of unaudited Financial Results of the Company for the quarter ending on 30th June, 2026 will be intimated in due course.

The above information is a part of company’s filings submitted to BSE.

In terms of Company's Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons and Immediate Relative of Designated Person read with Securities Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, Midwest has informed that the trading window for dealing in securities of the Company will be closed for all designated persons and their immediate relatives on and from July 01, 2026 and would re-open after expiry of 48 hours from announcement of Un-audited (Standalone & Consolidated) Financial Results for the quarter ending June 30, 2026. The date of the Board Meeting for considering the Un-audited (Standalone & Consolidated) Financial Results for the quarter ending June 30, 2026, will be intimated in due course.

The above information is a part of company’s filings submitted to BSE.