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Kusumgar Ltd
TextilesIPO
₹419 - 419
The Company is a manufacturer of woven, coated and laminated synthetic fabrics, referred to as engineered fabrics. It offers engineered fabrics and solutions focusing on polyamides and polyester filaments and polyurethane chemistry that cater to the high-performance requirements of its customers. Its expertise is manufacturing fabrics where critical performance parameters include tensile strength, tear strength, abrasion resistance, comfort, airpermeability, and water proofing, among others. It has leveraged its process knowledge and product development expertise to manufacture over 1,000 unique fabric configurations (referred to as stock keeping units, or "SKUs") as at March 31, 2026, to build a niche around synthetic functional and performance fabrics, addressing growing demand in the aerospace and defence, industrial and automotive, and outdoor and lifestyle segments.
Lot35Min Invest₹14,665Face Value₹1Issue Size₹650 CrOffer for Sale₹650 CrListing Price₹569CMP₹549
Timeline
8 Jul
Bidding opens
10 Jul
Bidding closes
13 Jul
Allotment
14 Jul
Refund & demat credit
15 Jul
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹650 Cr1.55 Cr shares
Offer for Sale₹650 Cr
Face Value₹1
Lot Size35 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,6651-13 lots
sNII₹2,05,310from 14 lots
bNII₹10,11,885from 69 lots
Managers & Registrar
Lead ManagerAxis Capital Limited
Co-ManagerIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrSiddharth Yogesh KusumgarPRMTR1,00,23,866420.00Sapna Siddharth KusumgarPRMTR47,73,269200.00Siddharth Yogesh Kusumgar HUFPRMTR7,15,99030.00Total1,55,13,125650.00
Shareholding
CategoryPre IPOPost IPOPromoter Group89.44%75.01%Public10.56%24.99%
Objects of the Issue
- listing the Equity Shares on the Stock Exchanges
Anchor Book
Bid Date07-Jul-2026Shares46,28,877Amount₹194 Cr30-day lock-in11-Aug-202690-day lock-in10-Oct-2026
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 468 | 779 | 692 |
| Operating ProfitCr | 132 | 188 | 188 |
| OPM% | 28.2 | 24.2 | 27.1 |
| PBTCr | 115 | 151 | 135 |
| PATCr | 84 | 112 | 98 |
| EPS | 8 | 11 | 10 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | 2 | 10 | 10 |
| ReservesCr | 138 | 248 | 491 |
| BorrowingsCr | 119 | 302 | 288 |
| Total AssetsCr | 585 | 632 | 905 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 201 | -155 | 28 |
| Investing Cash FlowCr | -200 | 2 | -103 |
| Financing Cash FlowCr | 21 | 151 | 70 |
| Net Cash FlowCr | 23 | -2 | -5 |
Strengths & Risks
Strengths · as stated in the DRHP
- The Company operates in markets with high entry barriers.
- Its technical capabilities allow it to develop and supply unique solutions for its customers.
- The Company has a diversified presence across multiple end-use segments, each of which has independent growth drivers.
- The Company has long-standing relationships with key customers.
- Its track record has given it access to technology and markets through partnerships.
- The Company has experienced and visionary Promoters supported by a professional management team. Its culture promotes innovation and quality.
Strategies · as stated in the DRHP
- Continue to follow a "build, retain, extend" framework with respect to its aerospace and defence business.
- Continue to work closely with global brands to grow its Outdoor and Lifestyle Fabrics business.
- Steadily grow its Industrial and Automotive Fabrics business by increasing wallet share and providing customized solutions.
- Continue to focus on manufacturing products and solutions with high gross margins and high entry barriers to continue to drive profitable growth.
- Continue to invest in its capabilities and people to support growth, research and development, and efficiency improvement.
Risks · as stated in the DRHP
- The company derived 31.67%, 24.43% and 22.97% of its revenue from contracts with customers for Fiscal 2026 from the company Aerospace and Defence Fabrics, Industrial and Automotive Fabrics, and Aerospace and Defence Solutions market segments, respectively. If there is any decline in demand for aerospace and defence fabrics, industrial and automotive fabrics, and aerospace and defence solutions, it could has a material adverse effect on the company business, financial condition, results of operations and cash flows.
- The company's top customer and its top 10 customers contributed 11.13% and 59.52%, respectively, of the company revenue from contracts with customers for Fiscal 2026. Any decrease in sales to such customers or the loss of such customers could has an adverse effect on its business, results of operations, financial condition and cash flows.
- All six of the company manufacturing facilities are in the state of Gujarat. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Gujarat could has an adverse effect on its business, results of operations, financial condition and cash flows.
- The Company, Directors and Promoters are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may has an adverse effect on its business, results of operations, financial condition and cash flows.
- The company incurred negative cash flows from operating activities in Fiscal 2025 and may continue to incur negative cash flows in the future. Continued negative cash flows from operating activities could adversely affect its business, results of operations, and financial condition.
- In order to get better pricing by buying in larger volumes, the company generally buy the primary materials its need from a few suppliers. For Fiscal 2026, the company cost of materials consumed purchased from its top 10 suppliers represented 51.42% of the company cost of materials consumed. Its has not entered into long-term agreements with these suppliers and if any of the company top 10 suppliers ceased selling its the materials the company requires in the quantities its need, and the company were unable to find a supplier to replace it, it could has a material adverse effect on its business, financial condition, results of operations and cash flows.