Kusumgar Ltd IPO
Textiles
Price Band
₹398 – ₹419
Lot Size
35
Minimum Bid Quantity
35
Minimum Investment
₹14665
Issue Size
₹650Cr
Opens
2026-07-08
Closes
2026-07-10
Listing
15-07-2026
Subscription Status
Qualified Institutional Buyers
284.1 x
Non-Institutional Investor
164.57 x
Retail Individual Investor
24.94 x
Employees
9.89 x
Total
127.89 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE0ISX01025
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Kusumgar Limited is a manufacturer of woven, coated, and laminated synthetic fabrics, also known as engineered fabrics. The company develops engineered fabrics using polyamide and polyester filaments and polyurethane chemistry for applications requiring specific performance characteristics, such as tensile strength, tear resistance, abrasion resistance, air permeability, comfort, and waterproofing. It has developed over 1,000 fabric configurations and serves four key segments: aerospace and defence fabrics, aerospace and defence solutions, industrial and automotive fabrics, and outdoor and lifestyle fabrics. In addition to fabrics, the company manufactures parachute systems, camouflage nets, decoys, shelters, and other aerospace and military solutions and provides maintenance and repair services for certain clients. Kusumgar operates six manufacturing facilities in Gujarat and one fabrication unit in Uttar Pradesh. Its manufacturing operations include weaving, dyeing, printing, finishing, coating, lamination, and fabrication through a vertically integrated setup.
Pros
- • The company has developed a large portfolio of engineered fabrics over several decades. Since 1970, it claims to have developed and manufactured more than 1,000 unique engineered fabric configurations. The company primarily caters to sectors such as aerospace and defence, industrial and automotive, and outdoor and lifestyle, where product qualification and technical requirements create relatively high entry barriers.
- • The company claims to have vertically integrated manufacturing capabilities. It manages multiple stages of production, including yarn selection, weaving, dyeing, coating, lamination, finishing, and fabrication. According to the company, this integrated setup provides better control over product quality, traceability, delivery timelines, and manufacturing efficiencies.
- • The company has established long-term relationships with several customers. As of March 31, 2026, its top customers had business relationships ranging from two to nine years. In FY26, the top six customers together contributed approximately 49.35% of the company’s revenue from contracts with customers, and the customer base includes Decathlon through its fabricator network.
Cons
- • The company’s revenue is largely dependent on three business segments. Aerospace and defence fabrics contributed Rs 213.70 crore (31.67%), Industrial and automotive fabrics contributed Rs 164.86 crore (24.43%), and aerospace and defence solutions contributed Rs 155.02 crore (22.97%) of revenue from contracts with customers in FY26. Any decline in demand for these segments, pricing pressure, delays in order execution, or reduced customer spending can adversely affect the company’s business, financial condition, and cash flows.
- • The company derives a significant portion of its revenue from a limited number of customers. The top customer contributed Rs 75.13 crore (11.13%) of revenue from contracts with customers in FY26, while the top 10 customers contributed Rs 401.68 crore (59.52%), Rs 652.20 crore (84.69%), and Rs 365.37 crore (80.18%) in FY26, FY25, and FY24, respectively. Any failure to retain these key customers or any reduction in business from them can adversely affect the company’s business, financial condition, and cash flows.
- • The company’s manufacturing operations are geographically concentrated in Gujarat. All six of its manufacturing facilities are located in the state, exposing its operations to regional risks. Any adverse social, political, economic, climatic, or natural events in Gujarat could disrupt manufacturing activities and adversely affect the company’s business, financial condition, and cash flows.
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