Shree Ram Twistex Ltd IPO

Textiles

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Price Band

₹95 – ₹104

Lot Size

144

Minimum Bid Quantity

144

Minimum Investment

₹14976

Issue Size

₹110.24Cr

Opens

2026-02-23

Closes

2026-02-25

Listing

02-03-2026

Subscription Status

Qualified Institutional Buyers

3.92 x

Non-Institutional Investor

218.85 x

Retail Individual Investor

74.53 x

Total

43.22 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE19GK01015

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Shree Ram Twistex is engaged in the manufacturing of cotton yarn for the textile industry. The company produces 100 percent cotton yarn, including compact ring-spun and carded yarn in combed and carded varieties. Its product range includes Compact Eli Twist (Siro) yarns, compact slub yarns, lycra-blended yarns, viscose-cotton mix yarn, open-end yarn, FP bales, and cotton waste. The yarn is supplied to textile manufacturers, garment exporters, fabric processors, and bulk purchasers for use in knitting and weaving applications, such as denim, terry towels, shirting, sheeting, sweaters, socks, bottom wear, home textiles, and industrial fabrics. The company operates in the B2B segment and sells in the domestic and global markets through direct sales, brokers, and merchant exporters. Its manufacturing facility is located in Gondal, Rajkot, Gujara

Pros

  • • The company claims to operate a fully integrated spinning manufacturing facility at Gondal, Gujarat, covering processes from cotton bale procurement to finished yarn packaging under one roof. Its infrastructure includes compact ring spinning systems, high-speed autoconers, contamination clearers, electronic yarn clearers, automated vacuum systems, and centralised air-conditioning with air filtration.
  • • The company claims to have built long-standing relationships with institutional customers, such as Welspun Living Limited and Jindal Worldwide Limited, along with other bulk purchasers. During the six months ended September 30, 2025, and in the last three fiscals, it served between 45 and 49 customers. Of these, it has been associated with around six key customers and 26 non-key customers for more than four years. As of September 30, 2025, it was supported by a network of eight third-party brokers and agents who assist in identifying customers, arranging orders, and facilitating transactions, allowing the company to maintain a lean internal sales structure while expanding market reach.
  • • The company claims to operate its manufacturing facility on a land parcel of about 29,947 sq. m in Rajkot, Gujarat, of which about 10,167.94 sq. m is built-up, leaving scope for future expansion. As of September 30, 2025, the facility has an installed capacity of 9,855 MT per annum and is located near National Highway 47, with access to road, rail, and port networks, as well as proximity to ginning units and raw cotton suppliers. It also claims to maintain dedicated storage infrastructure within the facility for raw materials, semi-finished goods, and finished products, including controlled storage for cotton bales and organised zones for loading and dispatch. The inventory system is structured to support buffer stock maintenance and timely order fulfilment.

Cons

  • • The top customer accounted for Rs 37.73 crore (28.57 percent) of the company’s revenue for the period ended September 30, 2025; Rs 83.26 crore (32.97 percent) in FY25; Rs 101.65 crore (44.35 percent) in FY24, and Rs 78.43 crore (37.26 percent) in FY23. The company primarily operates on a purchase order basis without long-term contracts. So, loss of this key customer or reduction in orders could adversely affect its business, results of operations, cash flows, and financial condition.
  • • The company’s manufacturing facility and registered office are located in Rajkot, Gujarat, and a significant portion of its revenue is derived from the state. It accounted for Rs 115.85 crore (87.72 percent) of the revenue for the period ended September 30, 2025; Rs 236.08 crore (93.48 percent) in FY25; Rs 190.58 crore (83.14 percent) in FY24; and Rs 180.17 crore (85.59 percent) in FY23. This operational and revenue concentration exposes the company to regional risks such as regulatory changes, natural calamities, infrastructure disruptions, or social unrest within the state.
  • • The top supplier accounted for Rs 27.77 crore (27.37 percent) of the company’s revenue for the period ended September 30, 2025; Rs 49.91 crore (32.11 percent) in FY25; Rs 38.30 crore (22.07 percent) in FY24; and Rs 28.65 crore (16.84 percent) in FY23. The company generally operates through spot purchases and short-term arrangements rather than long-term supply contracts. So, disruption in supply, pricing disputes, financial stress, or operational issues affecting this key supplier could adversely affect its production schedules, business operations, cash flows, and financial condition.

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