Fractal Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Feb 2026 | ₹8 | +3.70% | ₹3,600 | ₹224 | ₹4,800 |
| 23 Feb 2026 | ₹8 | +3.70% | ₹3,600 | ₹224 | ₹4,800 |
| 22 Feb 2026 | ₹5 | +2.31% | ₹2,300 | ₹221 | ₹3,000 |
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
- 16 Feb 2026 – 18 Feb 2026
- Listing date
- 24 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹216 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹49 Cr
- Market cap at offer price
- ₹170 Cr
- Promoter holding
- 97.15% → 69.07% pre-issue → post-issue
- ISIN
- INE1W3Q01011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Finaax Capital Advisors Private Limited
- Registered office
- Gala 212, Bhullar Star Indl.Estate, Andheri Kurla, Andheri (East), Maharashtra
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 | 6,45,000 | — | — |
| Market maker | 1,14,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹216
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,29,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,59,200 |
| S-HNI (max) | 7 | 4,200 | ₹9,07,200 |
| B-HNI (min) | 8 | 4,800 | ₹10,36,800 |
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.
Valuation and performance
Valuation at offer price
₹216 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.51 | 17.28 |
| P/E (×) | 15.99 | 12.50 |
| Price to book (×) | 7.57 | — |
| Market cap | — | ₹170 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 48.02%
- ROCE
- 25.07%
- Debt / equity
- 1.76
- PAT margin
- 8.82%
- EBITDA margin
- 13.04%
- NAV per share
- ₹28.54
- Price to book
- 7.57
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Fractal Industries
Fractal Industries Limited, incorporated on January 9, 2020, and converted to a public company on March 13, 2025, is engaged in designing, sourcing, and manufacturing garments and providing end-to-end warehousing and supply chain services to e-commerce platforms. The company integrates agile design-to-delivery manufacturing with scalable production capabilities, rigorous quality control, and data-driven supply chain management to help brands and marketplaces accelerate speed-to-market. Starting with manufacturing for Myntra, the company has expanded to serve multiple e-commerce marketplaces. With a monthly manufacturing capacity exceeding 300,000 garment units, Fractal Industries operates manufacturing units in Mumbai and warehouses across Gujarat, Maharashtra, Haryana, West Bengal, and Karnataka. The company offers value-added services including Product Management System, Data Analytics, Integrated Logistics Management, Order Management System, Inventory and Returns Management, Order Anomaly Detection, and Multi-Channel Sales Enablement.
Company Analysis
from RHPFractal Industries Limited is a garment manufacturing and technology-driven supply chain management company focused on fast-moving apparel for e-commerce marketplaces, offering warehousing and fulfillment services.
Fractal Industries Limited, incorporated on January 9, 2020, and converted to a public company on March 13, 2025, is engaged in designing, sourcing, and manufacturing garments and providing end-to-end warehousing and supply chain services to e-commerce platforms. The company integrates agile design-to-delivery manufacturing with scalable production capabilities, rigorous quality control, and data-driven supply chain management to help brands and marketplaces accelerate speed-to-market. Starting with manufacturing for Myntra, the company has expanded to serve multiple e-commerce marketplaces. With a monthly manufacturing capacity exceeding 300,000 garment units, Fractal Industries operates manufacturing units in Mumbai and warehouses across Gujarat, Maharashtra, Haryana, West Bengal, and Karnataka. The company offers value-added services including Product Management System, Data Analytics, Integrated Logistics Management, Order Management System, Inventory and Returns Management, Order Anomaly Detection, and Multi-Channel Sales Enablement.
Objects of the Issue
- Funding working capital requirements Up to ₹3,650.00 lakhs p.20
- General corporate purposes Not exceeding 15% of gross proceeds or ₹10 crores, whichever is lower p.20
- Funding working capital requirements Up to ₹3,650 Lakhs p.85
- General corporate purposes Up to 15% of gross proceeds or ₹10 crores, whichever is lower p.84
Issue Structure
- Total Issue
- 22,68,600 Equity Shares of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- 22,68,600 Equity Shares of ₹10/- each aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil (Not Applicable as the entire Issue constitutes Fresh Issue of Equity Shares)
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price) – to be decided by the Company in consultation with the Book Running Lead Manager
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue through garment manufacturing and supply chain services provided to e-commerce platforms on a B2B and B2C basis. For the period ended September 30, 2025, B2C revenue accounted for 92.76% of total revenue from operations (₹4,387.34 lakhs) and B2B revenue for 7.24% (₹342.39 lakhs). The company generates revenue from designing, sourcing, and manufacturing apparel products sold through online marketplaces, as well as providing integrated supply chain and fulfillment solutions.
Business Segments
SWOT Analysis
- • Technologically advanced warehouse management system(p.94)
- • Expertise in apparel reverse logistics and returns management(p.94)
- • Quality control and inspection capabilities(p.94)
- • Strong profitability metrics with high EBITDA margin(p.97)
- • High return on equity demonstrating capital efficiency(p.97)
- • Experienced promoters with 22+ years in supply chain and apparel manufacturing(p.169)
- • Technologically advanced WMS with real-time inventory visibility and marketplace integration(p.169)
- • Expertise in apparel reverse logistics with efficient returns processing(p.169)
- • Strong partnerships with leading e-commerce platforms (Myntra, Ajio, Flipkart)(p.170)
- • Robust manufacturing capacity of 200,000 garment units per month with scalable logistics(p.170)
- • Multi-level quality control systems across entire garment manufacturing and warehouse management process(p.170)
- • Heavy dependence on e-commerce marketplace clients and sales channels(p.89)
- • Significant working capital requirements blocking cash throughout production and sales cycle(p.89)
- • High leverage with debt-equity ratio of 1.04(p.97)
- • Short operating history in new PPMP business model since Fiscal 2025(p.88)
- • Limited scale compared to industry peer Bang Overseas Limited(p.98)
- • Heavy customer concentration with top customer accounting for 78.45% of revenue(p.160)
- • High working capital dependency due to e-commerce payment cycles with bi-weekly settlements(p.170)
- • Limited manufacturing capacity utilization at 62.16% as of September 2025(p.172)
- • Heavy dependence on e-commerce platforms for brand visibility and sales(p.170)
- • India's strong projected GDP growth of 6.4% in 2025 supporting consumption(p.105)
- • Expansion of own brand '7ate9' in D2C e-commerce space(p.89)
- • Growing e-commerce segment with increased demand for apparel manufacturing and warehousing(p.88)
- • Strategic initiatives and partnerships enabled by IPO proceeds(p.89)
- • Rapid growth of Indian e-commerce and online fashion retail, especially among Gen Z and Gen Alpha(p.170)
- • Government support through PLI schemes, PM MITRA textile parks, and Make in India initiatives(p.170)
- • Launch of proprietary brand 7ate9 to create higher-margin revenue streams and move up value chain(p.170)
- • Expansion into Tier-2/3 cities where e-commerce growth is accelerating(p.170)
- • Rising demand for fast fashion, sustainable apparel, and ethical supply chains(p.170)
- • Diversification across multiple marketplaces to reduce platform dependency(p.170)
- • Regulatory changes and new compliance requirements affecting business operations(p.50)
- • Natural calamities and weather disruptions affecting operations and supply chains(p.50)
- • Dependence on Indian economic growth and vulnerability to domestic economic slowdown(p.50)
- • Interest rate fluctuations increasing cost of debt servicing(p.50)
- • Equity share price volatility post-IPO with circuit breaker restrictions limiting trading(p.50)
- • Risk of BSE non-approval for listing impacting capital access(p.50)
- • India's infrastructure limitations adding costs and operational disruptions(p.51)
- • Terrorist attacks and geopolitical conflicts adversely affecting business sentiment and markets(p.51)
- • Intense competition from large domestic and global garment manufacturers and e-commerce logistics players(p.170)
- • Volatility in raw material prices affecting manufacturing costs and margins(p.170)
- • Fast-changing fashion trends and consumer preferences pose inventory and design risks(p.170)
- • Regulatory risks around labour codes, sustainability norms, and compliance standards in global exports(p.170)
- • Risk of delisting or policy changes on e-commerce platforms damaging revenues and brand image(p.170)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pankaj Bishwanath Agrawal | Promoter | 93.63% | 66.57% |
| Priti Pankaj Agrawal | Promoter | 3.52% | 2.50% |
| Pankaj Bishwanath Agrawal | Promoter | 93.63% | 66.57% |
| Priti Pankaj Agrawal | Promoter | 3.52% | 2.50% |
| Mr. Pankaj Bishwanath Agrawal | Promoter | — | — |
| Mrs. Priti Pankaj Agrawal | Promoter | — | — |
| Pankaj Bishwanath Agrawal | Promoter | 95.00% | 93.63% |
| Priti Pankaj Agrawal | Promoter | 5.00% | 3.52% |
| Pankaj Bishwanath Agrawal | Promoter | — | — |
| Priti Pankaj Agrawal | Promoter | — | — |
Leadership
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.