Highlights
- IPO subscription period: July 8–10, 2026.
- Tentative listing date: July 15, 2026.
- Proposed listing on NSE and BSE.
- IPO subscribed 6.5 times.
- Estimated post-listing market capitalisation of ₹5,049 crore.
About the Company
Kusumgar Limited manufactures specialised technical textile products catering to industries such as aerospace and defence, automotive and industrial applications, and outdoor and lifestyle fabrics. The company also provides aerospace and defence solutions and operates six manufacturing facilities located in Gujarat. In addition to serving domestic customers, the company also exports its products to international markets.
Kusumgar IPO Opens for Subscription
Kusumgar Limited's initial public offering (IPO) opened for subscription on July 8, 2026, and will remain open until July 10, 2026. The company's equity shares are proposed to be listed on both the NSE and BSE, with the tentative listing date scheduled for July 15, 2026.
According to the latest available subscription data, the IPO has been subscribed 6.5 times. Based on the available issue details, the company is expected to have a post-listing market capitalisation of approximately ₹5,049 crore and is valued at a Price-to-Earnings (P/E) ratio of 57.2.
IPO Details
The Kusumgar IPO is open for public subscription between July 8 and July 10, 2026. The company is proposed to be listed on the NSE and BSE on July 15, 2026, subject to the completion of the IPO process. Based on the available market data, the IPO has received subscriptions of 6.5 times, while the estimated post-listing market capitalisation is approximately ₹5,049 crore with a P/E valuation of 57.2.
Financial Performance
According to the company's restated financial information, revenue from operations stood at ₹692.00 crore in FY26 compared with ₹779.00 crore in FY25 and ₹467.91 crore in FY24.
EBITDA was reported at ₹187.85 crore during FY26 compared with ₹188.39 crore in FY25. Profit after tax stood at ₹98.20 crore in FY26 against ₹111.99 crore in FY25 and ₹84.40 crore in FY24. The company remained profitable during all three financial years presented in the prospectus.
Net worth increased to ₹502.95 crore in FY26 from ₹257.75 crore in FY25. Total borrowings declined to ₹223.58 crore during FY26 compared with ₹246.50 crore in the previous financial year.
Key Financial Indicators
The company reported an EBITDA margin of 27.15%, PAT margin of 13.80%, Return on Equity (RoE) of 25.82%, and Return on Capital Employed (RoCE) of 24.76% for FY26. The Net Debt-to-EBITDA ratio stood at 0.93 times during the financial year.
Business Segments
Kusumgar derives revenue from multiple technical textile segments. During FY26, Aerospace and Defence Fabrics contributed ₹213.70 crore, Aerospace and Defence Solutions generated ₹155.02 crore, Automotive and Industrial Fabrics contributed ₹164.86 crore, while Outdoor and Lifestyle Fabrics generated ₹125.32 crore in revenue. The company also reported that approximately 39.99% of its revenue from contracts with customers was generated from international markets during FY26.
Risk Factors
The company has disclosed several business risks in its prospectus. During FY26, a significant portion of revenue was generated from the aerospace and defence fabrics, industrial and automotive fabrics, and aerospace and defence solutions segments. The prospectus also states that the company's top ten customers contributed 59.52% of revenue from contracts with customers during FY26.
In addition, all six manufacturing facilities are located in Gujarat, exposing the business to region-specific disruptions. The company has also disclosed ongoing legal proceedings and noted that it recorded negative operating cash flow during FY25 before returning to positive operating cash flow in FY26. Investors should read the complete list of risk factors contained in the prospectus before making an investment decision.
Valuation
Based on the available issue details, the Kusumgar IPO is valued at a P/E ratio of 57.2, with an estimated post-listing market capitalisation of approximately ₹5,049 crore.
Conclusion
Kusumgar Limited is entering the capital markets with a business focused on technical textiles for aerospace and defence, automotive and industrial applications, and outdoor and lifestyle products. According to the prospectus, the company reported revenue from operations of ₹692.00 crore, profit after tax of ₹98.20 crore, and RoCE of 24.76% during FY26. The IPO has been subscribed 6.5 times based on the latest available data. Investors should review the company's financial performance, valuation, business model and risk factors disclosed in the prospectus before making an investment decision.
FAQs
Q: When is the Kusumgar IPO open for subscription?
A: The Kusumgar IPO is open for subscription from July 8 to July 10, 2026.
Q: When is the Kusumgar IPO expected to list?
A: The tentative listing date for the Kusumgar IPO is July 15, 2026, subject to the completion of the IPO process.
Q: What is the subscription status of the Kusumgar IPO?
A: Based on the latest available data, the IPO has been subscribed 6.5 times.
Q: What was Kusumgar's revenue from operations in FY26?
A: Kusumgar reported revenue from operations of ₹692.00 crore during FY26.
Q: What was Kusumgar's profit after tax in FY26?
A: The company reported a profit after tax of ₹98.20 crore during FY26.