Updated on 11.02.2026|10:06 AM
Brandman Retail Limited has announced its Initial Public Offering (IPO) on the NSE SME platform. It is a distributor and retailer of footwear, athleisure, and accessories.
The subscription will open on February 4, 2026 and close on February 6, 2026, with a price band of ₹167 to ₹176 per share. Track all the live and upcoming IPOs at our IPO calendar hub page which updated regularly.
The company operates through Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs), including the "Sneakrz" format.
The book-built issue aims to raise approximately ₹86.09 Crores, with proceeds earmarked for new store expansion and working capital requirements.
In this article, you will find Brandman Retail IPO GMP today, price band, and a detailed review. For daily subscription status, check our detailed IPO subscrption status hub page and for allotment status check our IPO allotment status hub page.
Briefs of Brandman Retail IPO Details:
- Price Band: ₹167 – ₹176 per equity share
- IPO Open / Close Dates: February 4, 2026 – February 6, 2026
- Lot Size: 800 Shares (Note: Retail Minimum Application is 2 Lots / 1,600 Shares)
- Issue Size: 48,91,200 Equity Shares / ~₹86.09 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: NSE SME
You can check our detailed ipo allotment guide of bigshare if you want to know more about share credits, refunds, allotment and other key details.
What Is The Brandman Retail IPO GMP Today?
You can check the GMP of this and other issues at our GMP today hub page.
The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 176.00 | 183.00 | 3.98 |
What Are The Important Brandman Retail IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, February 4, 2026
- IPO Close Date: Friday, February 6, 2026
- Basis of Allotment Date: Monday, February 9, 2026
- Refund Initiation Date: Tuesday, February 10, 2026
- Credit of Shares: Tuesday, February 10, 2026
- Listing Date: Wednesday, February 11, 2026
What Are The Objectives of Brandman Retail IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic objectives to fuel its retail expansion and operational efficiency:
- Capital Expenditure for Store Expansion: A significant portion of ₹27.90 Crores is allocated for setting up 15 new retail outlets, comprising both Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs). The funds will cover rental deposits and store fit-outs (furniture and fixtures) in targeted cities such as Mumbai, Bangalore, Noida, and Lucknow.
- Working Capital Requirements: To support inventory stocking and daily operations, the company has earmarked a total of ₹38.50 Crores. This includes ₹11.78 Crores specifically for the working capital needs of the proposed new stores and ₹26.72 Crores to fund the requirements of the existing store network.
- General Corporate Purposes: The remaining balance will be utilized for general corporate exigencies, brand building, and strategic initiatives, subject to applicable regulatory limits.
How is The Financial Performance of Brandman Retail?
The following table summarises the financial performance of the company based on restated consolidated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 31 Dec 25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 97.21 | 136.30 | 123.49 | 46.31 |
Profit After Tax (PAT) | 19.67 | 20.95 | 8.27 | 0.42 |
EBITDA | 27.02 | 31.15 | 12.01 | 1.02 |
Total Borrowing | 15.68 | 11.87 | 3.53 | 1.65 |
Assets | 101.31 | 84.73 | 40.49 | 36.93 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹136.30 Crores in FY25, reflecting robust growth from ₹46.31 Crores in FY23.
This upward trajectory is driven by the expansion of its B2B distribution network and increased export sales, which accounted for nearly half of the revenue in the recent nine-month period.
Profit After Tax (PAT):
Profitability has surged significantly, with PAT rising to ₹20.95 Crores in FY25 from just ₹0.42 Crores in FY23.
The PAT margin expansion to over 20% in the recent period highlights the company's success in leveraging its asset-light model and improving operational efficiencies.
EBITDA:
Operational performance has strengthened, with EBITDA reaching ₹31.15 Crores in FY25. The EBITDA margin improvement to over 28% in the latest period suggests better absorption of fixed costs like rent and employee expenses as the retail footprint expands.
Total Borrowing:
Borrowings increased to ₹15.68 Crores as of December 2025 to support inventory for new stores.
However, the Debt-to-Equity ratio has improved to 0.26, indicating a healthy balance sheet capable of supporting further leverage if needed.
Assets:
The asset base expanded to ₹101.31 Crores by December 2025, largely driven by inventory buildup required for retail operations. This reflects the capital-intensive nature of holding stock for direct-to-consumer sales.
What is The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹16.43, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 10.71x at the upper end of the price band (₹176).
P/E Ratio = ₹176(Price) / ₹16.43(Earnings Per Share)
P/E Ratio ≈ 10.71x
Peer Comparison Table (FY 2024-25 Data)
| Company | P/E Ratio | RoNW (%) | Revenue (₹ Cr) |
Brandman Retail | ~10.71x | 70.33% | 135.29 |
| Redtape Limited | 47.39x | 21.55% | 2,020.91 |
| Bata India Limited | 47.41x | 20.99% | 3,488.78 |
| Liberty Shoes Ltd | 40.57x | 6.09% | 675.48 |
Analysis:
Brandman Retail is entering the market at a P/E multiple of approximately 10.71x. When compared to industry giants like Bata India and Redtape (trading at ~47x), the issue appears to be priced very attractively.
Additionally, Brandman has a Return on Net Worth (RoNW) of over 70%, significantly outperforming its listed peers, which suggests an efficient capital utilization despite its smaller scale.
What is the Industry Outlook for Brandman Retail Limited?
Growth Potential:
The Indian fashion retail market is projected to grow at a CAGR of 10-12%, driven by rising disposable incomes and a shift towards branded lifestyle products.
Market Trends:
There is a growing preference for athleisure and premium footwear. Brandman's focus on licensed international brands positions it well to capture the aspirational demand in Tier-1 and Tier-2 cities.
What Are The Strengths and Risks of Brandman Retail IPO?
Strengths:
- High Return Ratios: A RoNW of over 70% and RoCE of 75% indicate exceptional management efficiency.
- Asset-Light Model: Focusing on distribution and retail while outsourcing manufacturing allows for scalability without heavy capex.
- Valuation Comfort: The IPO pricing offers a significant discount compared to industry peers, leaving room for potential listing gains.
Risks:
- Customer Concentration: The top 10 customers contribute over 55% of revenue. Loss of key B2B accounts could impact financials.
- Negative Cash Flows: The company has reported negative operating cash flows recently due to inventory buildup for expansion.
- Supplier Dependency: Relying on third-party brands means the company is vulnerable to contract terminations or changes in distribution rights.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 800 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (1,600 Shares), amounting to ₹2,81,600. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets HNI investors.
- Valuation: At ~10.7x P/E, the pricing is compelling.
- Risk Profile: High growth and margins are attractive, but the cash flow issues and supplier dependency are factors to weigh.
Key Takeaways
- IPO Price: ₹176 per share (Upper Band).
- Min Investment: ₹2,81,600 (1,600 Shares).
- Allotment Date: February 9, 2026
- Listing: NSE SME platform on February 11, 2026.
FAQs on Brandman Retail IPO
What is Brandman Retail IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check the details of gmp of all the ipos at our ipo gmp today page.
What is Brandman Retail IPO price band?
The price band is fixed at ₹167 to ₹176 per equity share.
What is Brandman Retail IPO allotment date?
The allotment status is expected to be finalized on Monday, February 9, 2026.
How to check Brandman Retail IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the NSE IPO allotment portal.
What is Brandman Retail IPO listing date?
The shares are tentatively scheduled to list on Wednesday, February 11, 2026.
Investment Perspective on Brandman Retail IPO
Brandman Retail offers a high-growth opportunity in the lifestyle retail sector with impressive return ratios. While the valuation is attractive, the high minimum investment ticket size and negative cash flows are key factors for investors to consider.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
