CPS Shapers Limited, operating under the flagship brand **Dermawear**, is a leading Indian manufacturer of compression garments and functional innerwear. Established in **2012** and listed on the **NSE SME platform** in **August 2023**, the company has evolved from a specialized provider of medical-grade compression wear into a comprehensive bodywear brand. The company employs an integrated business model encompassing in-house R&D, automated manufacturing, and an omni-channel distribution strategy tailored specifically to the Indian body type, climate, and cultural attire. --- ### **Integrated Manufacturing & Proprietary Technology** The company manages the entire production lifecycle in-house—from design and product development to final dispatch—ensuring stringent quality control and cost efficiency. * **Manufacturing Infrastructure:** Operates a **30,000 sq. ft.** state-of-the-art facility in **Meerut** with a workforce of **400+** skilled technicians. * **Production Capacity:** Currently produces **1 Lakh units per month** (on an 8-hour shift), with the infrastructure scalable to double this capacity as demand grows. * **Technological Edge:** Recent upgrades include **automated fabric cutting machines**, high-speed sewing units, and specialized **fabric bonding technology**. * **R&D Innovations:** CPS Shapers has pioneered several "India-first" technologies to eliminate consumer pain points like skin irritation and visible garment lines. | Technology / Series | Key Features & Benefits | | :--- | :--- | | **Breezeology** | Uses **nylon-polyester blends** fused with **PUR and silicone glue** for a seamless, "weight-free" finish. | | **Cotton-Bonded Tech** | **India’s first** cotton-fused innerwear; uses heat-bonding to fuse breathable cotton layers without stitches. | | **Bonded Technology** | Replaces traditional seams with **Hot-Melt (Thermal) Bonding** and adhesive tapes for an invisible fit. | | **Zenrik Series** | High-performance men's range featuring **advanced bonded technology** and targeted compression. | --- ### **Product Portfolio & Market Segmentation** The company operates a **single reportable segment** focused on shapewear and innerwear, maintaining a portfolio of over **3,000 SKUs**. * **Shapewear (Men & Women):** Targeted compression garments including waist cinchers, corsets, high-waist shapers, and tummy reducers. * **Functional Innerwear:** A range of bras (sports, bonded, and everyday), panties, and trunks designed for seamless comfort. * **Athleisure & Support:** Performance wear for active lifestyles and therapeutic garments such as compression stockings and post-surgical support belts. * **Specialized Men’s Segment:** One of the few Indian brands offering a dedicated men's line, including **Zenrik G** for **Gynecomastia support** and posture correction vests. * **Upcoming Launches (Dec 2025):** Expansion into Men’s Wrestler Shapewear, High-Waist Shapewear, and Glue-Bonded Trunks/Briefs. --- ### **Omni-Channel Distribution & Market Reach** CPS Shapers utilizes a regionally clustered distribution model to reduce transit time and improve cost-effectiveness across urban and rural India. * **Offline Presence:** A network of **30+ authorized distributors** supplying **6,000+ retail touchpoints**, including Multi-Brand Outlets (MBOs) and specialized lingerie stores. * **Online & D2C:** Robust direct-to-consumer presence via **www.dermawear.co.in** and major marketplaces including **Amazon, Flipkart, Nykaa, Myntra, and Swiggy Instamart**. * **Retailer Loyalty:** A **Retailer Reward Points Program** incentivizes partners based on purchase volumes, redeemable for lifestyle and utility gifts. * **Physical Expansion:** Opened the first **Exclusive Retail Store** in **Greater Noida** (Dec 2025), with plans to expand further in the **NCR region**. --- ### **Strategic Growth Pillars: White-Labeling & Global Expansion** The company is transitioning from a pure-play brand into a manufacturing partner for major domestic and international labels. * **Institutional Partnerships:** * **DaMENSCH:** Received purchase orders totaling **₹0.86 crore** (Feb 2026) following successful factory audits. * **JOCKEY INDIA:** Currently in the **Garment Performance Test (GPT)** phase for potential innerwear manufacturing. * **Nykaa:** Initiated vendor assessment and comprehensive factory audits for potential white-labeling engagements. * **International Standards:** Secured **OEKO-TEX® Certification** in **December 2025** (valid through **2026**), certifying products meet international safety standards. This is a critical step for the company's planned entry into the **European market**. * **Market Opportunity:** Capitalizing on an Indian shapewear market projected to grow at a **9% CAGR (2023-2028)**. --- ### **Financial Performance & Capital Structure** The company has demonstrated significant growth in its capital base and net worth since its transition to a **Public Limited Company** in June 2023. | Metric | FY 2022-23 | FY 2023-24 | FY 2024-25 | | :--- | :--- | :--- | :--- | | **Revenue** | - | - | **₹308 Cr** | | **Paid-up Share Capital** | **₹0.50 Cr** | **₹2.10 Cr** | **₹2.21 Cr** | | **Net Worth** | **₹1.75 Cr** | **₹11.99 Cr** | **₹16.93 Cr** | **Capital Raising History:** * **Aug 2023 (IPO):** Raised **₹11.10 Crore** at **₹185** per share. * **Jan 2025:** Raised **₹5.00 Crore** via Preferential Equity at **₹450** per share. * **Nov 2025:** Raised **₹5.02 Crore** via Preferential Equity and **₹0.99 Crore** via Convertible Warrants at **₹750** per share. **Debt Profile:** The company maintains a stable solvency position with **no cash losses** in the current year. It successfully **foreclosed** an HDFC Bank Working Capital Term Loan in FY25. Remaining facilities include a **60-month term loan** at **9% p.a.** and vehicle financing at **7.50% p.a.** --- ### **Risk Factors & Mitigation** * **Competitive Intensity:** Faces pressure from large organized enterprises, international entrants, and aggressive startups. * **Input Costs:** Vulnerable to fluctuations in **cotton, yarn, and chemical** prices. For the recent period, foreign exchange outgo was **₹401.97 Lakhs** (primarily for technology/materials) against earnings of **₹28.89 Lakhs**. * **Trend Sensitivity:** Shapewear is a "brand-sensitive" fashion accessory; the company must constantly innovate to counter low brand loyalty in the mass market. * **Concentration Risk:** Operates as a **single reportable segment**, making it highly dependent on the growth of the shapewear and innerwear category.