Kusumgar Limited IPO opens for subscription on July 8, 2026, and is scheduled to close on July 10, 2026.
As a prominent manufacturer of engineered, high-performance synthetic fabrics, the company caters to specialized sectors, including Aerospace, Defence, and Industrial segments.
To provide liquidity to existing promoters and achieve listing benefits, the enterprise aims to raise ₹650 crores entirely through an Offer for Sale (OFS).
The price band for the offering is fixed between ₹398 and ₹419 per equity share, requiring a minimum retail lot size of 35 shares. Track all latest IPOs at our 2026 Latest IPO section.
Inside this coverage, you will discover up-to-date information regarding today's grey market activity, investor demand figures, and specific pricing thresholds for the Kusumgar Limited public offer.
Briefs of Kusumgar Limited IPO Details
- Price Band: ₹398 – ₹419 per share
- IPO Open / Close Dates: 8 July 2026 / 10 July 2026
- Lot Size: 35 shares
- Issue Size: ₹650 crores
- Fresh Issue / OFS: Nil (No Fresh Issue) / OFS of ₹650 crores
- Registrar: Bigshare Services Private Limited
- Listing Exchange: NSE, BSE
IPO Reservation
- Face value: ₹1 per share
- Anchor offer: Up to 60% of the QIB portion
- QIB-shares: Not more than 50% of the Net Offer
- NIIs-Shares offered: Not less than 15% of the Net Offer
- RIIs- Shares offered: Not less than 35% of the Net Offer
How Much is Today's Grey Market Premium (GMP) Trading for the Kusumgar Public Offering?
To monitor the grey market premium for this IPO and alternative issues, you can check our specialized gmp tracking platform.
These values update on a daily basis in response to investor demand, though they remain strictly unofficial indicators operating without regulatory oversight from SEBI, NSE, or BSE.
What Are The Important Kusumgar Limited IPO Dates & Allotment Schedule ?
- IPO Open & Close Date: 8 July 2026 to 10 July 2026
- Basis of Allotment Date: 13 July 2026
- Refund Initiation Date: 14 July 2026
- Credit of Shares: 14 July 2026
- Listing Date: 15 July 2026
What Are The Objectives of Kusumgar Limited IPO ?
No fresh capital is being raised through this issue, as it is composed fully of shares sold by the promoting shareholders.The objectives are:
- Offer for Sale: To carry out the sale of equity shares aggregating up to ₹650 crores.
- Listing Benefits: To enhance corporate visibility and brand image in the Indian market while providing a public trading platform for existing shareholders. (Note: Because the issue is an OFS, Kusumgar Limited will not receive any direct or indirect proceeds from this offering.)
How is The Financial Performance of Kusumgar Limited ?
The following data presents a brief overview of the company's financial performance history with all figures stated in crore rupees.
Period Ended | 31 Mar 26 | 31 Mar 2025 | 31 Mar 24 |
Total Income | 711.78 | 790.21 | 474.55 |
Profit After Tax | 98.20 | 111.99 | 84.40 |
EBITDA | 187.85 | 188.39 | 131.85 |
Total Borrowing | 223.58 | 246.50 | 76.53 |
Assets | 905.07 | 632.40 | 584.74 |
Source: RHP
Financial observations:
Total Income
The company showcased substantial top-line progression over the last three fiscal periods, despite a recent dip.
- Overall income jumped from ₹474.55 crores in FY24 to ₹790.21 crores in FY25 due to a massive, non-recurring aerospace and defence order.
- Revenue subsequently moderated to ₹711.78 crores in FY26 as that specific government contract concluded.
Profit After Tax
The bottom line mirrored the lumpiness of the company's major defence sector contracts.
- Net profit peaked at ₹111.99 crores in FY25, supported by high-margin product deliveries.
- It then settled at ₹98.20 crores in FY26, maintaining a very healthy profit margin profile despite the revenue drop.
EBITDA
Operating earnings remained impressively stable, showcasing strong pricing power in niche segments.
- EBITDA stood at ₹187.85 crores in FY26, nearly identical to the ₹188.39 crores recorded in FY25.
- The high EBITDA margin indicates efficient cost management and the immense value added by specialized safety fabrics.
Total Borrowing
The business increased its reliance on external debt to support rapid capacity expansion and working capital needs.
- Debt rose sharply from ₹76.53 crores in FY24 to ₹223.58 crores by the end of FY26.
- These funds were largely utilized for working capital demand loans and term loans to set up new manufacturing capabilities.
Assets
The overall resource base of the company expanded substantially to accommodate long-term scaling efforts.
- Total assets grew from ₹584.74 crores in FY24 to ₹905.07 crores by FY26.
- This growth was primarily driven by heavy capital investments in property, plant, and equipment.
- A simultaneous surge in uncollected trade receivables at year-end also inflated the asset base.
What Are The P/E ratio and Peer Comparison?
The Price-to-Earnings (P/E) ratio is determined by dividing the market price of a share by the Earnings Per Share (EPS). It is an important valuation indicator that shows how much investors are paying for each rupee of the company's profit.
- Issue Price (Upper Band): ₹419
- EPS (FY25): ₹9.68
- P/E Ratio: ~43.2x
Company | Revenue from Operations (₹ Cr) | Basic EPS (₹) | P/E Ratio | RoNW (%) |
Kusumgar Limited | 692.00 | 9.68 | 43.2 | 25.82 |
Garware Technical Fibres Ltd | 1,528.79 | 20.01 | 39.80 | 15.29 |
Arvind Limited | 9,303.19 | 15.80 | 32.72 | 10.91 |
SRF Limited | 15,786.51 | 61.91 | 43.77 | 13.76 |
Analysis:
Kusumgar Limited recorded a Basic EPS of ₹9.68 in FY26, yielding a Return on Net Worth (RoNW) of 25.82%.
At the upper issue price of ₹419, the company is demanding a P/E multiple of approximately 43.29x.
When compared to its listed peers, this valuation sits closely aligned with SRF Limited (P/E 43.77) and represents a slight premium over Garware Technical Fibres (P/E 39.80) and Arvind Limited (P/E 32.72).
While Kusumgar operates on a much smaller revenue base compared to these industry giants, its significantly higher RoNW indicates a superior ability to extract returns from shareholder equity, showcasing its operational efficiency within the specialized engineered fabrics space.
What is The Industry Outlook of Kusumgar?
Growth potential: At a time when India is vigorously pushing for self-reliance under the 'Make in India' initiative, the domestic aerospace and defence manufacturing ecosystem is expanding rapidly. The demand for specialized, high-performance textiles—such as parachute fabrics and bulletproof materials—is poised to rise alongside national defence budgets.
Market trends and competitors: The engineered fabrics market operates differently from commoditized textiles. It is protected by deep moats involving long product approval cycles and strict safety standards. While conglomerates dominate the broader technical textile space, specialized mid-sized players often capture high-margin government and institutional contracts due to proprietary technical know-how.
What Are The Strengths and Risks of Kusumgar IPO ?
Strengths:
- High Entry Barriers: Operating in the aerospace and defence fabric market means the company navigates long approval cycles and life-preserving safety standards, creating deep competitive moats.
- Diversification: The firm is successfully scaling beyond defence. Its Outdoor and Lifestyle Fabrics segment grew by over 120% in FY26, balancing the portfolio.
- Strong Return Metrics: Despite aggressive capacity expansion, the company generates a robust Return on Capital Employed (RoCE) of 24.76% and a superior RoNW of 25.82%.
Risks:
- Revenue Volatility: The company relies heavily on lumpy government defence orders. In FY26, top 10 customers contributed 59.52% of revenues, and the lack of a repeat order caused a year-on-year revenue dip.
- Working Capital Intensity: The working capital cycle spiked to 90 days in FY26 due to delayed trade receivables, historically leading to instances of negative operating cash flows.
- Geographic Concentration: All six of the company's manufacturing facilities are located within Gujarat, exposing operations to localized disruptions.
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Key Considerations for Investors
Investors looking at the Kusumgar Limited IPO should carefully review the Red Herring Prospectus (RHP) details regarding its revenue structure. While the firm commands industry-leading margins and excellent return ratios, its top-line remains susceptible to the unpredictable nature of large defence contracts.
Furthermore, the issue is a 100% Offer for Sale, meaning no fresh capital will enter the company to ease its rising working capital and debt requirements.
Key Takeaways
- IPO Price Band: ₹398 to ₹419 per equity share
- Lot Size: 35 shares (Minimum investment of ₹14,665)
- Allotment & Listing Dates: Allotment on 13 July 2026; Listing on NSE and BSE on 15 July 2026
FAQs on Kusumgar IPO
What are today's latest GMP figures for the Kusumgar IPO?
You can visit our main GMP tracker to monitor the newest trends for this issue, keeping in mind that these unofficial benchmarks alter every day.
What is Kusumgar IPO price band?
The designated price range for each equity share is set from ₹398 to ₹419.
What is Kusumgar IPO allotment date?
On July 13, 2026, the company is slated to establish the final basis for share allotment.
How to check Kusumgar IPO allotment status?
Following finalisation, shareholders can check if they received shares by going to the website of the official registrar, Bigshare Services Private Limited, using their application details or PAN. Alternatively, they can view these results through the designated allotment sections on the BSE or NSE portals.
What is Kusumgar IPO listing date?
The company's equity shares are scheduled to debut on both the NSE and BSE platforms on July 15, 2026.
Investment Perspective on Kusumgar IPO
Kusumgar Limited presents a compelling but nuanced investment opportunity. As a niche manufacturer of engineered synthetic fabrics for Aerospace, Defence, and Industrial sectors, it benefits from high entry barriers, boasting an industry-leading EBITDA margin of 27.15% and a robust 25.82% RoNW in FY26.
However, the ₹6,500 million IPO is entirely an Offer for Sale, meaning no fresh capital will enter the company for future growth. Investors should weigh its strong pricing power and successful diversification—such as its Outdoor & Lifestyle segment growing over 120% in FY26—against key risks like high working capital intensity and top-line revenue volatility stemming from lumpy defense contracts
Disclaimer:
This text serves purely an educational function and carries no explicit or implied financial recommendations. Investors are encouraged to get in touch with a SEBI-certified professional before making any definitive investment choices.
