BR
Brandman Retail
Book Building issueSMENSE₹86.09 Cr issue
+3.98%
Listing gain over issue price
Issue size
₹86.09 Cr
1 lot at cut-off
₹1,40,800
Lot size
800shares
Open
04 Feb 2026
Close
06 Feb 2026
Allotment
09 Feb 2026
Listing
11 Feb 2026
Listing performance
Issue price
₹176
Listed at
₹183
Listing-day close
₹192.15
Latest price
₹202.65
Listing gain
+3.98%
Return since listing
+15.14%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹17
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 11 Feb 2026 | ₹17 | +9.66% | ₹10,300 | ₹193 | ₹13,600 |
| 10 Feb 2026 | ₹17 | +9.66% | ₹10,300 | ₹193 | ₹13,600 |
| 09 Feb 2026 | ₹15 | +8.52% | ₹9,100 | ₹191 | ₹12,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 04 Feb 2026 – 06 Feb 2026
- Listing date
- 11 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹176 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹86.09 Cr
- Market cap at offer price
- ₹325 Cr
- Promoter holding
- 99.92% → 69.03% pre-issue → post-issue
- ISIN
- INE0XUD01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- DPT 718-719, 7th Floor DLF Prime Tower, Okhla Industrial Area Phase-I, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,92,000 | — | — |
| Market maker | 2,44,800 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹176
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,40,800 |
| S-HNI (min) | 2 | 1,600 | ₹2,81,600 |
| S-HNI (max) | 7 | 5,600 | ₹9,85,600 |
| B-HNI (min) | 8 | 6,400 | ₹11,26,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
13,92,000
Anchor portion
₹24.50 Cr
at ₹176 per share
Valuation and performance
Valuation at offer price
₹176 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.45 | 14.21 |
| P/E (×) | 11.39 | 12.39 |
| Price to book (×) | 7.53 | — |
| Market cap | — | ₹325 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 70.33%
- ROCE
- 70.48%
- Debt / equity
- 0.40
- PAT margin
- 15.49%
- EBITDA margin
- 23.02%
- NAV per share
- ₹23.37
- Price to book
- 7.53
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Brandman Retail
Brandman Retail Limited was incorporated on July 7, 2021, and converted to a public limited company on July 23, 2024. The company distributes licensed fashion and lifestyle products in shoes and athleisure apparels through multiple distribution channels including exclusive brand outlets (EBOs), multi-brand outlets (MBOs), e-commerce platforms, and B2B channels. The company has developed expertise in product design and quality through its industry experience and operates under non-exclusive distribution agreements with international brands. As of December 31, 2025, the company operates 19 retail outlets with total retail area of 29,549 square feet and generates revenue from B2B, B2C, e-commerce, and export channels.
Company Analysis
from RHPBrandman Retail Limited is a licensed fashion and lifestyle brand distributor specializing in shoes and athleisure apparels across offline and online channels in India.
Brandman Retail Limited was incorporated on July 7, 2021, and converted to a public limited company on July 23, 2024. The company distributes licensed fashion and lifestyle products in shoes and athleisure apparels through multiple distribution channels including exclusive brand outlets (EBOs), multi-brand outlets (MBOs), e-commerce platforms, and B2B channels. The company has developed expertise in product design and quality through its industry experience and operates under non-exclusive distribution agreements with international brands. As of December 31, 2025, the company operates 19 retail outlets with total retail area of 29,549 square feet and generates revenue from B2B, B2C, e-commerce, and export channels.
retailfashion and lifestylefootwearathleisure apparelsdistribution
Objects of the Issue
- Funding Capital Expenditure for expansion of our New Retail Network by launching 15 Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs) ₹2,790.23 lakhs p.24
- Working Capital Requirements for New EBOs and MBOs ₹1,177.72 lakhs p.24
- Working Capital Requirements for Existing EBOs and MBOs ₹2,672.22 lakhs p.24
- General Corporate Expenses [●] p.24
- Capital expenditure for setting up 15 new retail outlets p.64
- General corporate purposes and working capital requirements p.98
- Funding Capital Expenditure for Expansion of our Retail Network by launching 15 (fifteen) new Exclusive Brand Outlets (EBOs) / Multi-Brand Outlets (MBOs) ₹2,790.23 lakhs p.103
- Working Capital Requirements for New EBOs and MBOs ₹1,177.72 lakhs p.103
- Working Capital Requirements for Existing EBOs and MBOs ₹2,672.22 lakhs p.103
- General Corporate Purposes [●] p.103
- To meet the Issue Expenses [●] p.103
Issue Structure
- Total Issue
- Up to ₹[●] Lakhs (48,91,200 Equity Shares of face value ₹10 each)
- Fresh Issue
- Up to 48,91,200 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price: ₹167.00 per Equity Share; Cap Price: ₹176.00 per Equity Share
- Lot Size
- Bid Lot: 800 Equity Shares and in multiples of 800 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through: (1) B2B distribution to retailers through wholesale channels; (2) B2C retail sales through its owned exclusive brand outlets (EBOs) and multi-brand outlets (MBOs); (3) E-commerce sales through online platforms and its own website; and (4) Export B2B sales. The company sources finished products from international brand owners under license agreements and third-party suppliers, and also engages third-party contract manufacturers for approved products.
Business Segments
Sale and distribution of footwear products including branded shoes and athleisure footwear
Sale and distribution of athleisure apparels and clothing products
Sale and distribution of accessories and sporting equipment
Multi-brand retail distribution through 19 retail stores operated on rental/lease basis
Business-to-business sales of footwear, apparel and accessories on outright basis to institutional buyers
Business-to-business e-commerce sales through online channels
Online retail sales through third-party e-commerce platforms
Export of footwear, apparel and accessories to countries outside India
Operates Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs) selling licensed footwear, apparel and accessories of multiple brands including Brand 1 and Brand 2 to end consumers through physical retail stores
Operates 14 EBOs across various states in India (Delhi, Haryana, Uttarakhand, Uttar Pradesh, Punjab, Gujarat, Chandigarh) for Brand 1 under non-exclusive distribution agreement. Stores follow COCO model with Company undertaking capital and operational responsibility.
Operates 5 MBOs under trademark 'Sneakrz' in locations including New Delhi, Bhatinda, Guwahati, Dehradun, and Greater Noida. Stocks and sells curated product mix from multiple brands with non-exclusive distribution arrangements.
Sells products through e-commerce marketplaces and own website (https://brandmanretail.com/). Orders fulfilled from outlets through integrated logistics partners. Also launching www.sneakrz.in platform. Marketplace sales reach Tier II/III cities.
Supplies products in bulk directly to large format retailers and e-commerce platforms. Arranged through B2B transactions with established online platforms and offline retail chains. Products aligned with merchandising requirements of partners and inventory coordinated with them.
Wholesale distribution of footwear, apparel and accessories to retailers and distributors
Direct retail sales through exclusive brand outlets (EBOs) and multi-brand outlets (MBOs)
Online retail sales through e-commerce marketplaces and company website
Export of footwear, apparel and accessories to international buyers
Sale of premium international branded footwear, apparel, accessories and equipment
SWOT Analysis
Strengths
- • Established brand distribution expertise with 22 years of promoter experience(p.47)
- • Multi-channel distribution across B2B, B2C, e-commerce and export(p.23)
- • Experienced promoters with extensive retail and branding expertise(p.156)
- • Omni-channel distribution network across offline and online platforms(p.173)
- • Asset-light business model requiring minimal capital investment(p.173)
- • Strong presence in high-footfall premium retail locations(p.173)
- • Access to international premium brands through distribution agreements(p.174)
- • Strong financial performance with improving profitability metrics(p.172)
- • Multi-brand distribution footprint across 11 cities with established retail presence(p.271)
- • Strong revenue growth with 9.70% increase in FY 2024-25 and 62.45% growth in FY 2023-24(p.285)
- • Significantly improved gross margins from 41.15% to 58.12% in FY 2024-25 driven by better product mix and pricing(p.287)
- • Robust PAT margins of 20.64% in nine months ended December 31, 2025 reflecting operational leverage(p.285)
- • Strong profitability with PAT increasing 153.4% from FY 2023-24 to FY 2024-25 (₹827.41 lakhs to ₹2,095.42 lakhs)(p.287)
- • Diversified revenue channels including B2B (49%), B2C (37%), E-commerce (11%) and exports (3%)(p.272)
- • Expanding B2C store portfolio from 8 outlets in FY 2023 to 19 outlets by December 31, 2025(p.275)
- • Rapid revenue and income growth(p.288)
- • Strong operational expansion and retail network growth(p.289)
- • Improving employee cost efficiency(p.289)
- • Distribution of premium international brands(p.289)
- • Shift to cost-efficient domestic sourcing(p.289)
- • Improved profitability trajectory(p.290)
Weaknesses
- • Heavy dependence on single brand revenue(p.32)
- • High customer concentration risk(p.33)
- • Dependence on non-long-term supplier agreements(p.35)
- • History of negative operating cash flows(p.43)
- • Previously elevated debt-to-equity ratio(p.46)
- • Inadequately registered property agreements(p.37)
- • Unsecured on-demand loans(p.47)
- • Statutory compliance failures and repeated filing delays(p.50)
- • Non-compliance with POSH Act requirements(p.51)
- • Significant delays in statutory tax and employee benefit returns(p.56)
- • Pending trademark registrations with objections(p.52)
- • Limited experience of promoter in current business(p.55)
- • Key personnel with less than one year tenure(p.55)
- • Heavy reliance on promoters for business continuity(p.54)
- • Incomplete lease agreements and rented premises(p.63)
- • Heavy dependence on single brand (Brand 1) for revenue(p.170)
- • Concentration of business with top customers creating revenue risk(p.172)
- • High customer concentration among top five customers(p.172)
- • Supplier concentration risk with top supplier dominating purchases(p.172)
- • High attrition rate among retail staff(p.186)
- • Limited geographical presence and scale compared to competitors(p.174)
- • Heavy reliance on few key customers with B2B sales concentrated among limited customer base(p.272)
- • Significant increase in debt burden with total borrowings rising from ₹164.93 lakhs in FY 2023 to ₹1,567.91 lakhs by December 31, 2025(p.279)
- • High inventory levels with stock-in-trade of ₹4,478.91 lakhs as of December 31, 2025 indicating working capital strain(p.279)
- • Elevated finance costs increasing 678.3% from ₹37.90 lakhs in FY 2023-24 to ₹294.97 lakhs in FY 2024-25(p.286)
- • High concentration of revenue in Northern region (95.10% of sales) with limited geographic diversification(p.273)
- • Significant increase in other expenses by ₹836.63 lakhs (24.70% growth) driven by expanded retail operations(p.286)
- • Significant inventory and working capital pressure(p.290)
- • Rising finance costs from higher borrowings(p.289)
- • Elevated operating expense ratio(p.289)
- • Deteriorating operating cash flow(p.292)
- • Declining asset turnover efficiency(p.294)
- • Negative free cash flow in current period(p.311)
Opportunities
- • Retail network expansion through new outlets(p.24)
- • Growing Indian footwear market(p.23)
- • Expansion through opening 15 new retail outlets(p.64)
- • Growth in export operations(p.63)
- • Subsidiary establishment for business expansion(p.61)
- • Strategic acquisition and investment opportunities(p.61)
- • Expansion into tier-II cities to capture growing markets(p.174)
- • Growing demand for premium activewear and athleisure in India(p.174)
- • Diversification through strategic brand partnerships reducing Brand 1 dependency(p.175)
- • Growth in B2B and e-commerce channels(p.175)
- • Expansion of contract manufacturing to drive scale without capex(p.166)
- • Launch of new premium store formats in strategic high-traffic locations(p.174)
- • Expansion of retail footprint through opening of additional EBOs and MBOs across new geographies(p.271)
- • Growth in e-commerce channel with existing marketplace and website presence to capture digital demand(p.272)
- • Expansion into new states with negligible current presence, particularly Eastern and Southern regions(p.273)
- • Export opportunity with B2B export sales reaching ₹4,654.79 lakhs (48.84% of total revenue) in nine months ended December 31, 2025(p.272)
- • Adding new distribution agreements with international footwear and apparel brands to enhance product portfolio(p.271)
- • Leverage improved gross margins of 58.12% to fund expansion while maintaining profitability(p.287)
- • Strategic transition to domestic sourcing model(p.291)
- • Expansion of retail distribution network(p.289)
- • Growth in repetitive orders and customer base(p.288)
- • Increased average selling price realization(p.288)
Threats
- • Non-exclusive distribution arrangements enable brand competition(p.34)
- • Brand agreements subject to termination at discretion of brand owners(p.34)
- • Risk of brand owner terminating license(p.36)
- • Dependence on third-party transporters(p.43)
- • Supplier concentration and supply disruption risk(p.35)
- • High product category concentration in footwear(p.34)
- • Intense competition from domestic and international brands(p.53)
- • Pricing pressure from customers(p.61)
- • Dependence on third-party e-commerce platforms(p.61)
- • Seasonality and demand fluctuations(p.55)
- • Regulatory and approval delays for new outlets(p.64)
- • Economic slowdown impacting consumer demand(p.68)
- • Promoter personal guarantees on company debt(p.53)
- • Intense competition from organized and unorganized retail players(p.175)
- • Non-exclusive distribution agreements expose company to brand partner termination risk(p.160)
- • Limited control over pricing and terms due to non-exclusive arrangements(p.160)
- • Regulatory compliance requirements for footwear quality and e-commerce(p.190)
- • Foreign exchange and import duty exposure on imported branded products(p.168)
- • Dependence on third-party logistics and supply chain partners(p.165)
- • Risk from changes in regulatory and statutory framework affecting retail operations and taxation(p.273)
- • Economic slowdown and uncertain global conditions impacting consumer purchasing capability(p.274)
- • Intense competition for senior management and key personnel in the retail industry(p.274)
- • Exposure to foreign exchange volatility with significant imports valued at ₹3,978.00 lakhs in nine months ended December 31, 2025(p.261)
- • Risk of retail outlet performance variability and unpredictable rental dynamics affecting profitability(p.275)
- • Supply chain disruption risks from unexpected global events including pandemics, wars, and weather changes(p.274)
- • High dependence on external suppliers(p.295)
- • Exposure to commodity price and currency volatility(p.295)
- • Risk of inability to pass through input cost increases(p.295)
- • Intensifying competitive pressure(p.296)
- • Risk of raw material unavailability(p.295)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Arun Malhotra | Promoter | 16.91% | [●] |
| Ms. Kavya Malhotra | Promoter | 69.44% | [●] |
| Ms. Kashika Malhotra | Promoter | 0.01% | [●] |
| Arun Malhotra | Promoter | 16.91% | — |
| Kavya Malhotra | Promoter | 69.44% | — |
| Kashika Malhotra | Promoter | — | — |
| Arun Malhotra and Son HUF | Promoter Group | 7.52% | — |
| Mr. Arun Malhotra | Promoter | 16.91% | — |
| Ms. Kavya Malhotra | Promoter | 69.44% | — |
| Ms. Kashika Malhotra | Promoter | 0.01% | — |
| Ms. Alka Ajay Vijan | Promoter Group | 0.04% | — |
| Arun Malhotra and Son HUF | Promoter Group | 7.52% | — |
| Mr. Arun Malhotra | Promoter | 22,93,980 shares (16.91%) | — |
| Ms. Kavya Malhotra | Promoter | 94,19,700 shares (69.44%) | — |
| Ms. Kashika Malhotra | Promoter | 1,020 shares (0.01%) | — |
| Kavya Malhotra | Promoter | 73.88% | 69.44% |
| Arun Malhotra | Promoter | 17.99% | 16.91% |
| Kashiba Malhotra | Promoter | 0.01% | 0.01% |
Leadership
Mr. Arun Malhotra · Chairman and Managing Director
Ms. Sanchita Rameka · Company Secretary & Compliance Officer
Mr. Saket Prakash · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.