Alpine Texworld Ltd IPO
Textiles
Price Band
₹100 – ₹105
Lot Size
142
Minimum Bid Quantity
142
Minimum Investment
₹14910
Issue Size
₹126.25Cr
Opens
2026-07-14
Closes
2026-07-16
Listing
21-07-2026
Subscription Status
Qualified Institutional Buyers
1.09 x
Non-Institutional Investor
1.09 x
Retail Individual Investor
1.51 x
Total
1.38 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1JCQ01037
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Alpine Texworld Limited is a textile manufacturing company engaged in the manufacturing and trading of grey fabric and yarn. The company also provides yarn sizing services and operates as a vertically integrated manufacturer with capabilities across spinning and weaving. It manufactures yarn through open-end rotor spinning and uses the yarn to produce grey fabric, while also sourcing yarn from third-party suppliers to meet production requirements. Incorporated in 2016, the company operates two manufacturing units located at Paldi Kankaj, Ahmedabad, Gujarat. Manufacturing Unit 1 houses its weaving and yarn sizing operations, while Manufacturing Unit 2, commissioned in 2025, is dedicated to spinning. The company also operates rooftop and ground-mounted solar power facilities to support its manufacturing operations. In addition, Alpine Texworld has a subsidiary, Alpine Cottweave LLP, which operates a weaving unit and contributes to the company’s overall weaving capacity. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Finance the setting up of a new weaving unit at the proposed manufacturing unit 3 to expand its production capacity to produce grey fabric at Ahmedabad, Gujarat — Rs 30.71 crore Prepayment or repayment, in part or in full, of certain outstanding borrowings — Rs 52.2 crore General corporate purposes.
Pros
- • The company claims to operate a vertically integrated textile manufacturing business. It has weaving, yarn sizing, and spinning capabilities under one group, with the spinning unit commissioned in 2025 to support in-house yarn production and reduce dependence on external suppliers.
- • The company claims to have an automated manufacturing setup with machinery sourced from global manufacturers. Its facilities include 112 Toyota shuttleless air jet looms, Karl Mayer sizing machinery, Saurer rotor spinning machines, and its subsidiary operates 72 Picanol air jet looms, together providing substantial weaving and spinning capacity.
- • The company has strategically expanded its manufacturing capacity through backward integration and acquisition. It acquired a 97% stake in Alpine Cottweave LLP, adding 96 lakh metres of annual weaving capacity, while its new spinning unit with a capacity of 6,000 metric tonnes per annum supports in-house yarn production.
Cons
- • The company’s top 10 customers contributed Rs 241.02 crore (70.33%), Rs 166.58 crore (70.19%), and Rs 131.93 crore (71.86%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, secure repeat orders, or replace lost business could adversely affect the company’s revenue, cash flows, and financial performance. Additionally, the company does not have long-term agreements with these customers, making its business dependent on continuing customer relationships.
- • The company’s long-term credit rating was downgraded by CRISIL from ‘CRISIL BBB-/Stable’ to ‘CRISIL BB/Stable’ and its short-term rating from ‘CRISIL A3’ to ‘CRISIL A4+’ with the remark “Issuer Not Cooperating” in June 2026. Although the company states that the downgrade followed a commercial dispute over surveillance fees and its request to withdraw CRISIL’s services, any adverse perception arising from this downgrade or any further rating downgrade could increase its borrowing costs, affect its ability to raise funds, and adversely impact its financial condition and operations.
- • The company recorded negative cash flows from investing activities of Rs 32.37 crore, Rs 94.50 crore, and Rs 8.06 crore in FY26, FY25, and FY24, respectively. It also reported negative cash flows from financing activities of Rs 3.09 crore in FY26 and Rs 22.78 crore in FY24. These cash outflows were primarily due to capital expenditure on its spinning unit and solar power projects, along with loan repayments and interest payments. If the company continues to incur significant capital expenditure without generating sufficient cash flows, it may face liquidity constraints, which could adversely affect its business, financial condition, and future operations.
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