Scans

Tools

Home

Charts

Watchlist

Products

Qualiance International Ltd

QUALIANCE

NSE

₹185.40-1.64%19 Oct 2026

Reports

Textiles Others

Qualiance International Ltd

QUALIANCE

NSE

₹185.40

-1.64%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Textiles Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Incorporated in 2006 after originating as a partnership firm in 1994, Qualiance International Ltd manufactures technical outerwear, institutional tactical uniforms, and performance garments for sovereign agencies and commercial brands. The company anchors its export business in fully in-house garment assembly, deploying specialized laser cutting, bonding, and seam-sealing machinery rather than third-party contractors to win recurring public tenders and premium international orders.

At a glance


Scale	Revenue grew from ₹35.45 cr (FY23) to ₹53.07 cr (FY25) and ₹38.46 cr in H1 FY26
Export Intensity	Exports generated 99.83% of revenue in H1 FY26 (74.88% Switzerland, 23.13% USA)
Profitability	Restated PAT grew from ₹1.58 cr (FY23) to ₹4.90 cr (FY25) and ₹5.49 cr in H1 FY26
Return Profile	Restated RoE stood at 43.07% in FY25 and 33.14% (not annualized) in H1 FY26
Manufacturing Base	450,000 pieces/year installed capacity operating at 97% utilization in H1 FY26
Customer Profile	Top 10 customers contributed ~100% of revenue, with largest client at 41.02% in H1 FY26
Revenue Model	Short-term purchase orders and public tenders without long-term supply agreements
The Offer	100% fresh issue of 35,52,000 shares; zero OFS by promoters or other shareholders

Business segments

Two product engines sharing a unified technical garment manufacturing platform in Tiruppur

1. Institutional tactical gear and government tender apparel

High-specification protective uniform systems for defense, police, and public sector agencies form the company's core sovereign export channel.

Public procurement longevity - The company has secured tender awards with the Government of Switzerland for over 20 years, creating a sticky institutional base that requires strict pre-qualification.
Multi-agency institutional supply - It manufactures specialized operational gear for the Swiss Army, Police, Border Patrol, Customs Police, and Federal Railways.
High-visibility safety outerwear - It produces EN 20471 Class 3 certified jackets featuring polytetrafluoroethylene (PTFE, a synthetic waterproof polymer) membranes and 360-degree retroreflective fusing for all-weather visibility.
Specialized tactical specifications - The unit builds 230 gsm multi-terrain coveralls equipped with 21-pocket layouts, Cordura 500D abrasion panels, and infrared-compliant (IR) dyes to evade thermal detection.
Stringent standard qualifications - Manufacturing conforms to international social and operational certifications including ISO 9001, ISO 14001, ISO 45001, SA 8000, and SEDEX SMETA supply chain audits.

2. Technical performance outerwear and lifestyle garments

Engineered weather-resistant outerwear and activewear for international commercial brands provide higher-margin commercial volume.

All-weather membrane engineering - It builds three-layer PTFE jackets rated for a 25,000 mm water column, sealing out rain via hot-air welded polyurethane seams so water cannot penetrate stitch holes.
Advanced synthetic insulation - The company tailors Swiss-specification 40D ripstop jackets packed with 120g compressible microfiber fill to retain warmth in severe wet-weather conditions.
Stitchless quilting technology - It uses ultrasonic channel baffle bonding across insulated shells, which eliminates needle holes and prevents microfiber filling from leaking out.
Micro-engineered activewear - It manufactures 120 GSM recycled polyester athletic tops featuring edge-sealed laser perforations for ventilation and silver-ion wash treatments to neutralize odour.
Sustainable materials integration - The lines process Global Recycle Standard (GRS) certified sherpa fleece coats and Global Organic Textile Standard (GOTS) organic cotton to meet European brand sustainability mandates.

Dedicated in-house technical assembly and testing lines

A 100% vertically contained assembly and testing facility in Tiruppur eliminates third-party manufacturing to protect strict technical specifications.

Specialized fabrication assets - The facility houses dedicated ultrasonic welders, hot-air tape sealers, automatic fabric spreaders, and pneumatic hot and cold presses to handle sew-free garment construction.
End-to-end quality assurance - In-house testing laboratories continuously verify physical integrity through seam leakage tests, button pull tests, rubbing fastness, and washing shrinkage trials before export.
Seven-stage controlled workflow - Production moves through a rigid seven-step sequence from raw material inwarding and laser cutting to technical assembly, pressing, inspection, and final packing.

Tender-driven institutional orders and brand purchase runs

Public tender procurement cycles - The business secures high-value sovereign orders through multi-year government tender frameworks that demand rigorous field-performance trials and compliance vetting.
Purchase-order transactional model - Garments are sold on discrete purchase orders without long-term supply agreements, giving buyers order flexibility while leaving the company exposed to volume volatility.
Import-intensive bill of materials - Specialized inputs such as technical membranes, waterproof tapes, and reflective trims are heavily imported, with foreign suppliers accounting for 73.80% of raw material purchases in H1 FY26.
Direct delivery to export hubs - Finished consignments are cleared directly from the Tiruppur plant to international destinations via maritime and air cargo links at Tuticorin and Chennai.

Competing against global apparel export hubs

The company relies almost entirely on Western markets while competing against low-cost Asian factories and nearshore suppliers.

Concentrated export footprint - International shipments generated 99.83% of total revenue in H1 FY26, driven primarily by institutional demand in Switzerland and commercial orders in the United States.
Global competitive pressures - It competes against nearshore factories in Mexico and Turkey that offer faster European and US delivery times, low-cost apparel manufacturers across Bangladesh, China, Vietnam, Pakistan, and Sri Lanka, and domestic Indian listed peers Gokaldas Exports Limited and S P Apparels Limited.

Standalone corporate operating structure

No subsidiaries, holding entities, associates, or joint ventures exist within the corporate perimeter.

Entity	Stake	What it adds
Qualiance International Ltd	100.00%	Sole operating company executing all manufacturing and export contracts

Quadrupling manufacturing capacity at Tiruppur

New facility capital expenditure - The company is deploying ₹31.35 cr from net issue proceeds toward a ₹34.37 cr greenfield factory (a plant built from scratch on a new site) in Pongupalayam, Tiruppur.
Physical footprint and output expansion - The four-storey, 143,370 sq. ft. facility will add 1,080,000 pieces per year of production capacity by March 2027, more than tripling its existing output.
Promoter retention and issue construct - The IPO is structured entirely as a fresh issue of 35,52,000 equity shares, with the promoter group selling zero secondary shares.

Worth keeping in mind

Top 10 clients accounted for approximately 100% of revenue in H1 FY26, with the single largest client generating 41.02%
Cash from operations turned into operating cash deficits of negative ₹445.08 lakhs in FY25 and negative ₹60.06 lakhs in H1 FY26 due to working capital expansion
The company undertook land and office premises revaluations of ₹6.99 cr in FY23 and ₹4.82 cr in FY24 following negative equity in FY23
Factory project costs are based solely on management estimates and an independent engineer report without bank appraisal
The company entered into a promoter non-compete demarcation on March 13, 2026, with promoter entity Silvertraq International

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹249Cr

Close Price

₹185.40

Industry

Textiles Others

Price To Earnings

—

Price To Sales

3.24

Revenue

₹77Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Standalone

Numbers

Percentage

Quarter	Sep 2025	Mar 2026
Revenue RevenueCr	38	38
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	31	29
Operating Profit Operating ProfitCr	8	9
OPM OPM%	19.5	24.3
Other Income Other IncomeCr	2	2
Interest Expense Interest ExpenseCr	2	2
Depreciation DepreciationCr	1	1
PBT PBTCr	8	9
Tax TaxCr	2	2
PAT PATCr	5	6
Growth YoY PAT Growth YoY%
NPM NPM%	14.3	16.6
EPS EPS₹	0.0	0.0

Quarter	Sep 2025	Mar 2026
Revenue RevenueCr	38	38
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	31	29
Operating Profit Operating ProfitCr	8	9
OPM OPM%	19.5	24.3
Other Income Other IncomeCr	2	2
Interest Expense Interest ExpenseCr	2	2
Depreciation DepreciationCr	1	1
PBT PBTCr	8	9
Tax TaxCr	2	2
PAT PATCr	5	6
Growth YoY PAT Growth YoY%
NPM NPM%	14.3	16.6
EPS EPS₹	0.0	0.0

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	35	37	53	77
Growth Revenue Growth%		5.0	42.6	44.9
Expenses ExpensesCr	32	32	45	60
Operating Profit Operating ProfitCr	3	5	8	17
OPM OPM%	8.5	13.2	15.3	21.9
Other Income Other IncomeCr	1	1	2	4
Interest Expense Interest ExpenseCr	1	2	3	4
Depreciation DepreciationCr	1	1	1	1
PBT PBTCr	1	3	6	16
Tax TaxCr	0	1	1	4
PAT PATCr	2	3	5	12
Growth PAT Growth%		79.9	72.5	142.3
NPM NPM%	4.5	7.6	9.2	15.4
EPS EPS₹	10.5	11.2	5.0	12.0

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	35	37	53	77
Growth Revenue Growth%		5.0	42.6	44.9
Expenses ExpensesCr	32	32	45	60
Operating Profit Operating ProfitCr	3	5	8	17
OPM OPM%	8.5	13.2	15.3	21.9
Other Income Other IncomeCr	1	1	2	4
Interest Expense Interest ExpenseCr	1	2	3	4
Depreciation DepreciationCr	1	1	1	1
PBT PBTCr	1	3	6	16
Tax TaxCr	0	1	1	4
PAT PATCr	2	3	5	12
Growth PAT Growth%		79.9	72.5	142.3
NPM NPM%	4.5	7.6	9.2	15.4
EPS EPS₹	10.5	11.2	5.0	12.0

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	10	10	10
Reserves ReservesCr	3	10	15	25
Current Liabilities Current LiabilitiesCr	18	18	22	28
Non Current Liabilities Non Current LiabilitiesCr	13	5	11	6
Total Liabilities Total LiabilitiesCr	37	43	58	69
Current Assets Current AssetsCr	20	23	36	47
Non Current Assets Non Current AssetsCr	17	20	22	22
Total Assets Total AssetsCr	37	43	58	69

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	10	10	10
Reserves ReservesCr	3	10	15	25
Current Liabilities Current LiabilitiesCr	18	18	22	28
Non Current Liabilities Non Current LiabilitiesCr	13	5	11	6
Total Liabilities Total LiabilitiesCr	37	43	58	69
Current Assets Current AssetsCr	20	23	36	47
Non Current Assets Non Current AssetsCr	17	20	22	22
Total Assets Total AssetsCr	37	43	58	69

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	3	-4	8
Investing Cash Flow Investing Cash FlowCr	0	0	-4	-3
Financing Cash Flow Financing Cash FlowCr	0	-2	8	-5
Net Cash Flow Net Cash FlowCr	1	1	-1	0
Free Cash Flow Free Cash FlowCr	1	2	-7	6
CFO To PAT CFO To PAT%	70.7	100.3	-90.9	66.1
CFO To EBITDA CFO To EBITDA%	36.9	57.8	-54.6	46.5

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	3	-4	8
Investing Cash Flow Investing Cash FlowCr	0	0	-4	-3
Financing Cash Flow Financing Cash FlowCr	0	-2	8	-5
Net Cash Flow Net Cash FlowCr	1	1	-1	0
Free Cash Flow Free Cash FlowCr	1	2	-7	6
CFO To PAT CFO To PAT%	70.7	100.3	-90.9	66.1
CFO To EBITDA CFO To EBITDA%	36.9	57.8	-54.6	46.5

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					249
Price To Earnings Price To Earnings
Price To Sales Price To Sales					3.2
Price To Book Price To Book					3.6
EV To EBITDA EV To EBITDA
Profitability Ratios Profitability Ratios
GPM GPM%	45.3	54.8	53.2	54.2	54.2
OPM OPM%	8.5	13.2	15.3	21.9	21.9
NPM NPM%	4.5	7.6	9.2	15.4	15.4
ROCE ROCE%	8.6	12.6	16.8	31.4	31.4
ROE ROE%	33.8	14.0	20.1	34.3	34.3
ROA ROA%	4.3	6.6	8.5	17.2	17.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					249
Price To Earnings Price To Earnings
Price To Sales Price To Sales					3.2
Price To Book Price To Book					3.6
EV To EBITDA EV To EBITDA
Profitability Ratios Profitability Ratios
GPM GPM%	45.3	54.8	53.2	54.2	54.2
OPM OPM%	8.5	13.2	15.3	21.9	21.9
NPM NPM%	4.5	7.6	9.2	15.4	15.4
ROCE ROCE%	8.6	12.6	16.8	31.4	31.4
ROE ROE%	33.8	14.0	20.1	34.3	34.3
ROA ROA%	4.3	6.6	8.5	17.2	17.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SPUNWEB	SHREEKARNI	AXITA	QUALIANCE	AASTHA	BTTL	SHAHLON
Market CapitalizationMkt CapCr	303	302	279	249	231	219	205
Close PriceClose₹	125.90	418.00	7.28	185.40	26.13	37.55	23.00
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	12.14	19.83	80.89				47.92
Price To SalesPS	0.94	1.48	1.02	3.24	0.52	7.92	0.83
RevenueRevenueCr	324	204	272	77	443	28	248
Revenue Growth TTMRev Gr TTM%	215.5%	21.9%	-58.4%			126.1%	1.9%
PAT Growth TTMPAT Gr TTM%	113.8%	-1.6%	563.1%			-361.9%	17.2%

	SPUNWEB	SHREEKARNI	AXITA	QUALIANCE	AASTHA	BTTL	SHAHLON
Market CapitalizationMkt CapCr	303	302	279	249	231	219	205
Close PriceClose₹	125.90	418.00	7.28	185.40	26.13	37.55	23.00
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	12.14	19.83	80.89				47.92
Price To SalesPS	0.94	1.48	1.02	3.24	0.52	7.92	0.83
RevenueRevenueCr	324	204	272	77	443	28	248
Revenue Growth TTMRev Gr TTM%	215.5%	21.9%	-58.4%			126.1%	1.9%
PAT Growth TTMPAT Gr TTM%	113.8%	-1.6%	563.1%			-361.9%	17.2%

No recent documents found for this company.

Simplify stock analysis with powerful tools and clear insights for confident, data-driven decisions.

support@stockscans.in

349 A, Lodhi Road, Punjabi Bazar, New DelhiData provided by CMOTS Internet Technologies