Qualiance International Ltd IPO
Textiles
Price Band
₹120 – ₹127
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹254000
Issue Size
₹45.11Cr
Opens
2026-09-04
Closes
2026-09-08
Listing
11-09-2026
Subscription Status
Qualified Institutional Buyers
299.95 x
Non-Institutional Investor
516.17 x
Retail Individual Investor
443.67 x
Total
425.07 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1XJ401012
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Qualiance International is engaged in the design, engineering, manufacture and export of performance garments for institutional, government, and brand clients in international markets. Its product portfolio includes military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border patrol uniforms, protective workwear, and performance activewear. The company operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per annum. The facility also undertakes specialised processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination. The company primarily generates revenue from exports to clients across Europe and North America. It holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, Global Organic Textile Standard and Global Recycle Standard certifications, and has undergone a Sedex Members Ethical Trade Audit. It also holds Two Star Export House status from the Government of India. 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: Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu – Rs 38 crore General corporate purposes
Pros
- • Qualiance International claims to have an in-house manufacturing facility in Tiruppur, Tamil Nadu, with a built-up area of over 45,000 square feet. The company claims to follow quality control processes, including fastness, shrinkage, seam leakage, and button pull testing.
- • Qualiance International claims to derive most of its revenue from international markets, particularly Switzerland and the United States. Revenue from Switzerland increased from Rs 20.83 crore (56.44%) in FY24 to Rs 31.09 crore (58.87%) in FY25 and Rs 61.54 crore (80.67%) in FY26. Revenue from the United States contributed Rs 10.66 crore (28.87%) in FY24, Rs 17.28 crore (32.71%) in FY25, and Rs 12.67 crore (16.60%) in FY26. The company claims that higher and repeat orders from Switzerland contributed to this growth.
- • The company claims to have over 20 years of experience in manufacturing uniforms and outerwear for departments of the Government of Switzerland, including military and police agencies. The company claims to undertake specialised processes such as seam sealing, laser cutting, ultrasonic welding, and bonded assembly in-house. Revenue from Swiss government departments contributed Rs 60.45 crore (79.24% of total revenue from Switzerland) in FY26, Rs 30.41 crore (57.58%) in FY25, and Rs 20.58 crore (55.76%) in FY24.
Cons
- • Qualiance International derives a significant portion of its revenue from woven garments. Woven garments contributed Rs 54.58 crore (71.55%) in FY26, Rs 38.23 crore (72.39%) in FY25 and Rs 25.05 crore (67.87%) in FY24. This concentration exposes the company to changes in demand, competition, pricing pressures, and evolving customer preferences. Any sustained decline in sales of woven garments could adversely affect its revenue and financial performance.
- • The company derives nearly all of its revenue from a limited number of customers and does not have long-term purchase commitments with them. The top 10 customers contributed Rs 76.02 crore (99.65%) in FY26, Rs 52.66 crore (99.70%) in FY25, and Rs 36.62 crore (99.21%) in FY24. The loss of key customers, reduced orders, or vendor rationalisation could materially affect revenue and financial performance.
- • The company derives a substantial portion of its revenue from exports, exposing the business to international trade and country-specific risks. Export revenue stood at Rs 75.39 crore (98.82%) in FY26, Rs 49.58 crore (93.87%) in FY25 and Rs 32.40 crore (87.77%) in FY24. Changes in trade policies, tariffs, tender regulations, local sourcing requirements, geopolitical conditions, or foreign currency movements could adversely affect export orders, profitability, and financial performance.
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