All IPOs 
Alpine Texworld
Mainboard listed
0.00%
Listing gain
Price Band
₹100 – ₹105
Issue Size
₹126 Cr
1 lot at upper band
₹14,910
Lot Size
142
Open
14 Jul 2026
Close
16 Jul 2026
Allotment
—
Listing
21 Jul 2026
Scheduled dates
- Open14 Jul 2026
- Close16 Jul 2026
- Refund20 Jul 2026
- Demat credit20 Jul 2026
- Listing21 Jul 2026
Listing Performance
Listing Price
₹105
Listing Gain
0.00%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹1 7 sessions
Subscription (times)
Latest per-category subscription · as of 16 Jul, 04:20 pm IST.
QIB 1.10x
NII 1.10x
BHNI 0.42x
SHNI 0.07x
RII 1.50x
Total 0.26x
About Alpine Texworld
Alpine Texworld Limited is a vertically integrated textile manufacturer incorporated in February 2016, specializing in manufacturing Grey Fabric and Yarn through weaving and spinning operations. The company operates two manufacturing units in Ahmedabad, Gujarat, with capabilities including 112 high-speed Toyota shuttleless air jet looms for weaving and four open end rotor spinning machines, along with a 97% stake in subsidiary Alpine Cottweave LLP which adds additional weaving capacity.
www.alpinetexworld.com ↗Strengths
- Strategic Location in Gujarat's Textile HubThe company is strategically located in Ahmedabad, Gujarat, which is a prominent textile hub with favorable policies and access to high-quality cotton from Gujarat's cotton belt contributing approximately 73 lakh bales in 2025-26 season.
- Automated Machinery from Global BrandsThe company uses automated machineries from global brands including 112 high-speed Toyota shuttleless air jet looms, Karl Mayer sizing machine, and Saurer spinning machines with total weaving capacity of 180 lakh metres annually.
- Vertical Integration Through Strategic AcquisitionThe company acquired 97% stake in Alpine Cottweave LLP adding 96 lakh metres weaving capacity and established backward integration through Manufacturing Unit 2 with 6,000 MT annual spinning capacity.
- Experienced Promoter LeadershipThe company benefits from promoters with over 25 years of textile industry experience (Sumit Champalal Agarwal and Sandeep Santkumar Agrawal) and 14 years experience (Sachinkumar Santkumar Agrawal) collectively holding 90.36% equity.
- Renewable Energy InfrastructureThe company has installed solar units totaling 9.895 MW capacity (820 KW + 475 KW rooftop + 5.4 MW + 3.6 MW ground-mounted) offsetting power consumption and reducing dependency on grid power.
- Strong Financial Performance Track RecordThe company demonstrated consistent growth with revenue from operations of ₹ 3,427.13 million, EBITDA of ₹ 474.48 million, and PAT of ₹ 217.16 million for Fiscal 2026, showing improving profitability margins.
Risk Factors
- Customer Concentration RiskThe company is heavily dependent on its top 10 customers, who accounted for 70.33%, 70.19% and 71.86% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively, with no firm commitments. The loss of any major customer would have a material adverse effect on business, cash flows and financial condition.
- Regulatory Non-Compliance - Environmental ApprovalsThe company commenced operations at Manufacturing Unit 2 without obtaining Consolidated Consent and Authorization (CCA) from Gujarat Pollution Control Board and paid ₹1.98 million in penalties. Similar non-compliances for Proposed Manufacturing Unit 3 could result in regulatory actions, penalties, suspension or closure of operations.
- Corporate Guarantee ExposureThe company has extended corporate guarantees aggregating to ₹557.50 million to secure debt facilities of its subsidiary. Any default by the subsidiary may result in invocation of guarantees, requiring substantial payments and adversely affecting liquidity, net worth and ability to service own indebtedness.
- Interest Rate RiskThe company's secured debt is at floating interest rates. Any increase in interest rates would directly impact interest costs and reduce funds available for general business operations, adversely affecting results of operations and ability to obtain additional financing.
- Credit Rating DowngradeThe company's long-term rating was downgraded by CRISIL from 'BBB-/Stable' to 'BB/Stable' and short-term rating from 'A3' to 'A4+' with remark 'Issuer Not Cooperating'. Any adverse perception may increase borrowing costs and adversely affect ability to borrow competitively.
- Supplier Concentration RiskThe company is dependent on top 10 suppliers who accounted for 64.26%, 82.76% and 81.43% of total purchases in Fiscal 2026, 2025 and 2024 respectively, with no firm commitments. Any disruption in supply or price fluctuations could materially affect business operations and financial condition.
- Manufacturing and Operational RisksThe company's business depends on manufacturing units which are subject to risks like unplanned shutdowns, equipment breakdown, power failure, and industrial accidents. Manufacturing units are located in the same industrial cluster, exposing operations to correlated risks affecting the entire region.
- Geographic Revenue ConcentrationThe company derives 97.37%, 97.34% and 97.57% of revenues from Gujarat in Fiscal 2026, 2025 and 2024 respectively. This concentration exposes operations to local, regional and environmental factors like social unrest, natural disasters and other unforeseen events specific to Gujarat.
- Working Capital and Cash Flow RisksThe company has negative cash flows from investing and financing activities and high working capital requirements (31.65% of total expenses in Fiscal 2026). Inability to maintain sufficient cash flow and credit facilities could adversely affect financial condition and operations.
- Single Business Segment DependenceThe company derives 96.69%, 90.17% and 94.15% of revenue from manufacturing Grey Fabric in Fiscal 2026, 2025 and 2024 respectively. This concentration exposes the company to risks including demand reduction, increased competition, technology changes and raw material price fluctuations.
Objects of the Issue
- Setting up a new weaving unit at Proposed Manufacturing Unit 3The company proposes to finance the cost of setting up a new weaving unit at Proposed Manufacturing Unit 3 to expand its production capabilities to produce Grey Fabric at Ahmedabad, Gujarat, India. This expansion will increase the installed capacity by lakhs meters per annum and is expected to commence production by March 2027.30.71 crores
- Prepayment or repayment of certain outstanding borrowingsThe company intends to utilize the net proceeds towards prepayment and/or repayment of full or part of the principal amount on cash credit facilities and term loans. This will help reduce outstanding indebtedness, maintain favorable debt-equity ratio, and reduce interest outflow.52.20 crores
- General Corporate PurposeThe company proposes to deploy balance net proceeds towards general corporate purposes including funding growth opportunities, meeting ongoing corporate expenses, investment in subsidiary, payment of salaries and administration costs, and prepayment of unsecured borrowings, subject to not exceeding % of gross proceeds.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 350.18 | +47.3% | 21.72 | +151.7% | 305.31 | 75.41 | 33.99 |
| 31/03/2025 | 237.66 | — | 8.63 | — | 294.86 | 52.90 | 13.01 |
| 31/03/2024 | 184.44 | — | 4.88 | — | 149.82 | 42.55 | 31.52 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 18.70
- ROCE
- 18.00%
- Shares / Lot
- 142
- Minimum Bid
- 142 shares
- Refund
- 20 Jul 2026
- Credit to Demat
- 20 Jul 2026
- ISIN
- INE1JCQ01037
- CIN
- U17120GJ2016PLC086259
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- D&A Financial Services Pvt.Ltd.
- Registered Office
- Block No 614-1105, Village Paldi, Pirana Miroli Road, Paldi Kankaj, Ahmedabad, Dascroi, Gujarat, India, 382425
Management
Sandeep Santkumar AgrawalMD
Ratansingh Jethusingh RajpurohitCOO
Sumit Champalal AgarwalDirector
Piyush Ravishanker BhattDirector
Jayshree Vikram PatelDirector
Deepak Kumar KewliyaDirector
Hardik Chandrakantbhai SoniCFO
Pooja JoganiDirector of Operations
Hardikkumar Maheshbhai ChauhanDirector of Operations
Nikhil Rasiklal TikadiaDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.