Paramount Syntex
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 119.29×
- Big non-institutionalbNII · above ₹10 lakh
- 0.19×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.20×
- Retail individualRII · up to ₹2 lakh
- 1.02×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 09 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 08 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 07 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 06 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 05 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 04 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 03 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 02 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 01 Oct 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹127 | ₹0 |
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.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 66,000 | 78,73,000 | ₹99.99 Cr | 119.29× |
| Non-institutional | 30,15,000 | 2,71,000 | ₹3.44 Cr | 0.09× |
| Big non-institutionalwithin NII | 20,10,000 | 59,000 | ₹0.75 Cr | 0.03× |
| Small non-institutionalwithin NII | 10,05,000 | 2,12,000 | ₹2.69 Cr | 0.21× |
| Retail individual | 30,36,000 | 33,44,000 | ₹42.47 Cr | 1.10× |
| Total | 61,17,000 | 1,14,91,000 | ₹146 Cr | 1.88× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 06 Oct, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 06 Oct 2026
- Listing date
- 09 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹119 – ₹127
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹81.79 Cr
- Fresh issue
- ₹77.69 Cr 61,17,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹234 Cr
- Promoter holding
- 91.74% → 59.63% pre-issue → post-issue
- ISIN
- INE0TBC01014
- CIN
- U17110MH1996PLC097972
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sobhagya Capital Options Pvt.Ltd.
- Registered office
- 32, Floor- 3, Plot 196/198, Bhagwan Bhuwan, Hazrat Abbas Road, Samuel Street, Vadgadi Masjid, Chinchbunder, Princess Dock, Mumbai- 400 009, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 66,000 | 1.08% | 1.02% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 30,15,000 | 49.29% | 46.82% |
| bNII > ₹10L · within NII | 20,10,000 | — | 31.21% |
| sNII < ₹10L · within NII | 10,05,000 | — | 15.61% |
| Retail (RII) | 30,36,000 | 49.63% | 47.14% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,23,000 | — | 5.02% |
| Total issue | 64,40,000 | — | 100.00% |
Net offer to the public of 61,17,000 shares, out of a total issue of 64,40,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹127
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,27,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,16,000 |
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
₹127 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.60 | 7.54 |
| P/E (×) | 10.95 | 16.84 |
| Price to book (×) | 7.96 | — |
| Market cap | — | ₹234 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 32.50%
- ROCE
- 32.00%
- Debt / equity
- 0.78
- PAT margin
- 11.36%
- EBITDA margin
- 19.33%
- NAV per share
- ₹15.96
- Price to book
- 7.96
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 122.51 | 112.72 | 92.94 |
| Revenue from operations | 122.03 | 112.42 | 92.78 |
| Other income | 0.48 | 0.31 | 0.17 |
| Total expenses | 103.37 | 103.54 | 87.72 |
| Operating profit | 19.14 | 9.18 | 5.22 |
| Operating margin | 15.62% | 8.14% | 5.62% |
| Profit before tax | 19.15 | 9.18 | 5.22 |
| Profit after tax | 13.87 | 6.73 | 1.35 |
| PAT margin | 11.32% | 5.97% | 1.45% |
| Balance sheet | |||
| Total assets | 96.26 | 76.09 | 60.25 |
| Current assets | 81.3 | 61.78 | 48.32 |
| Current liabilities | 47 | 38.75 | 38.78 |
| Total liabilities | 53.59 | 47.29 | 46.2 |
| Net worth | 42.67 | 28.8 | 14.05 |
| Current ratio | 1.73× | 1.59× | 1.25× |
| Return on equity | 32.51% | 23.37% | 9.61% |
| Cash flow | |||
| Operating cash flow | 5.9 | -2.57 | -0.74 |
| Investing cash flow | -2.87 | -4.41 | -0.92 |
| Financing cash flow | -3.01 | 6.22 | 1.55 |
| Net cash flow | 0.02 | -0.76 | -0.11 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of Capital Expenditure towards Purchase of Machinery at Existing Facilities ₹61.68 Cr
The company intends to utilize net proceeds towards purchase of plant and machinery including spinning machines, dyeing equipment, boilers, humidification systems, and related infrastructure at its existing Ludhiana facilities to expand production capacity and improve operational efficiency.
2 General Corporate Purposes —
The company proposes to deploy the balance proceeds towards general corporate purposes including business development initiatives, salaries, rent, administration costs, insurance premiums, repairs and maintenance, payment of taxes, and other ordinary course business expenses, subject to a cap of 15% of gross proceeds or lakhs whichever is lower.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Paramount Syntex
Paramount Syntex Limited, formerly incorporated as Paramount Syntex Private Limited on March 08, 1996, is a textile manufacturing company that converted to a Public Limited Company in July 2024. The company manufactures and trades in specialty fibers, yarns, and knitted cloth for the textile industry. With manufacturing facilities located in Ludhiana, Punjab, the company operates across fiber processing, dyeing, spinning, and knitting. For the year ended March 31, 2026, the company generated total revenue from operations of ₹12,202.99 lakhs, with 100% of revenue derived from its manufacturing and trading of fiber, yarn, and knitted cloth segment. The company serves customers primarily in the textile sector who further process its products for use in fashion, traditional textiles, home décor, and interior design applications.
Management
Punit Arora
MD
Kumkum Arora
COO
Strengths
As stated in the offer document
Experienced Management
The company benefits from a combined 30 years of expertise in the textile industry, providing deep industry knowledge and a strong understanding of market dynamics.
Vertical Integration
The company operates in-house dyeing, spinning, bulking, and packing facilities, enabling greater control over production quality, efficiency, cost management, and faster turnaround times.
Product Diversification
The company focuses on 100% acrylic fiber yarns and dyed fiber yarns, enabling it to cater to a wide range of customer needs and adapt to changing market demands in the designer knitting sector.
Commitment to Innovation
The company continuously redefines and masters core competencies through innovation, positioning it to stay ahead of competitors and respond effectively to industry trends.
Customer Satisfaction
The company maintains a large base of satisfied customers, indicating strong relationships and trust in the brand, which supports repeat business, referrals, and enhanced market presence.
Risk factors
As stated in the offer document
Single Business Segment Dependency
The company derives 100% of its revenue from a single business segment — manufacturing and trading of fiber, yarn, and knitted cloth — exposing it to risks including demand reduction, increased competition, raw material price fluctuations, and regulatory changes. Any adverse impact on this segment would directly and materially affect the company's operations and profitability.
High Customer and Supplier Concentration Without Long-Term Agreements
The top 10 customers contributed approximately 54.81% of total sales (₹6,688.49 lakhs) in FY 2025-26, while the top 10 suppliers accounted for 62.61% of total raw material purchases. The absence of long-term agreements with these customers or suppliers exposes the company to significant revenue and supply chain disruption risks.
High Trade Receivables and Liquidity Strain
Trade receivables increased significantly from ₹1,260.75 lakhs in FY 2023-24 to ₹2,539.76 lakhs in FY 2025-26, lengthening the cash conversion cycle from 49 to 76 days. Short-term borrowings stood at ₹2,769.69 lakhs as of March 31, 2026, with finance costs of ₹300.47 lakhs in FY 2025-26, increasing reliance on external borrowings.
Negative Cash Flows from Operating and Investing Activities
The company recorded negative cash flows from operating activities of ₹(257.15) lakhs and ₹(73.92) lakhs in FY 2024-25 and FY 2023-24 respectively, and negative investing cash flows across all three fiscal years. Sustained negative cash flows could impair the company's ability to fund capital expenditure, repay loans, and support growth without external financing.
Sole Manufacturing Facility and Operational Dependency Risk
All manufacturing operations are concentrated at a single facility in Ludhiana, Punjab, heightening exposure to equipment breakdowns, natural disasters, labor disputes, and regulatory disruptions. The company does not carry insurance for machinery breakdowns, meaning any repair or replacement costs would directly impact financial performance.
Raw Material Cost Volatility and Absence of Long-Term Supply Contracts
The cost of goods sold represented 74.97%, 82.78%, and 76.90% of revenue from operations in FY 2025-26, FY 2024-25, and FY 2023-24 respectively, reflecting significant raw material dependency. The company does not enter into long-term supply contracts, exposing it to price volatility and potential supply disruptions from domestic and international suppliers.
Company Analysis
from RHPParamount Syntex Limited manufactures and trades high-quality acrylic wool yarns, polyester yarns, and nylon yarns, catering to the textile industry.
Paramount Syntex Limited, formerly incorporated as Paramount Syntex Private Limited on March 08, 1996, is a textile manufacturing company that converted to a Public Limited Company in July 2024. The company manufactures and trades in specialty fibers, yarns, and knitted cloth for the textile industry. With manufacturing facilities located in Ludhiana, Punjab, the company operates across fiber processing, dyeing, spinning, and knitting. For the year ended March 31, 2026, the company generated total revenue from operations of ₹12,202.99 lakhs, with 100% of revenue derived from its manufacturing and trading of fiber, yarn, and knitted cloth segment. The company serves customers primarily in the textile sector who further process its products for use in fashion, traditional textiles, home décor, and interior design applications.
Objects of the Issue
- Purchase and installation of Plant and Machinery at manufacturing facility ₹6,167.71 lakhs (Net Proceeds deployment in FY 2026-27) p.27
- General Corporate Purposes As part of Net Proceeds deployment (specific amount to be determined) p.27
- Funding of capital expenditure requirements of the Company towards purchase of Machinery at existing facilities ₹6,167.71 lakhs p.88
- General Corporate Purposes p.88
- Capex machinery investment for expansion of production facilities including spinning machinery, dyeing and processing equipment, boilers, humidification systems, waste collection systems, and renovation of factory buildings 6,167.71 lakhs (gross total including GST) p.126
- General corporate purposes including business development initiatives, salaries, rent, administration costs, insurance premiums, repairs and maintenance, payment of taxes and duties Balance proceeds, subject to limit of 15% of gross proceeds or ₹1,000 lakhs whichever is lower p.127
- Issue-related expenses including BRLM fees, registrar fees, advertising and printing, regulatory fees, auditor and legal advisor fees, market maker fees, escrow bank fees, and selling commission ₹ [●] Lakhs (estimated, excluding GST) p.127
Issue Structure
- Total Issue
- Up to 64,40,000 equity shares of face value ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 64,40,000 equity shares of face value ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price ₹[●] per Equity Share; Cap Price ₹[●] per Equity Share (Cap Price at least 105% of Floor Price and less than or equal to 120% of Floor Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through manufacturing and trading of specialty fibers (acrylic, polyester, nylon), yarns (including blended yarns), and knitted cloth. Cost of Goods Sold represented 74.97% of revenue from operations for FY 2025-26, with the remainder covering operating expenses, finance costs, and profit.
Business Segments
SWOT Analysis
- • Established manufacturing infrastructure with modern technology(p.89)
- • Integrated production capabilities across the value chain(p.89)
- • Sustainable recycling-based business model(p.89)
- • Healthy and consistent capacity utilization(p.90)
- • In-house research capabilities for innovation(p.89)
- • Experienced management with 30+ years in textile industry(p.152)
- • Vertical integration with in-house dyeing, spinning, bulking and packing facilities(p.152)
- • Advanced manufacturing and quality certifications(p.152)
- • Diversified product portfolio across multiple fiber and yarn types(p.152)
- • Strong established domestic market presence and distribution network(p.161)
- • Government support through Technology Up-gradation Fund Scheme (TUFS) to enhance viability and competitiveness(p.172)
- • Production-Linked Incentive Scheme providing ₹10,683 crore outlay to enhance manufacturing and exports(p.172)
- • National Textile Policy 2000 objectives to improve production quality and global competitiveness(p.172)
- • Experienced management with 25+ years in textile industry(p.263)
- • In-house integrated manufacturing facilities with fiber processing and dyeing capabilities(p.263)
- • International quality certifications including ISO 9001:2015, ISO 45001:2018, ISO 14001:2015(p.263)
- • Strong financial growth with PAT increasing 106% YoY (FY2025-26)(p.268)
- • Improved EBITDA margins at 19.33% in FY2025-26(p.265)
- • Outstanding litigation against company with tax matters(p.24)
- • Outstanding litigation by promoters (criminal complaints)(p.24)
- • Dependence on single manufacturing facility in Ludhiana(p.25)
- • Majority revenue from single business segment(p.26)
- • High concentration on top 10 customers(p.26)
- • High concentration on top 10 suppliers(p.26)
- • Negative operating cash flows in recent years(p.29)
- • Non-recovery of business advances of ₹679.20 lakhs(p.30)
- • Delays in statutory filings with government authorities(p.28)
- • High trade receivables straining liquidity(p.31)
- • No insurance for machinery breakdowns(p.31)
- • Promoter's average cost of acquisition significantly lower than IPO price(p.35)
- • Concentrated promoter shareholding and related-party transactions(p.79)
- • High short-term borrowings relative to financial position(p.53)
- • Operational dependence on a single manufacturing location(p.44)
- • Tax disputes and contingent liabilities(p.57)
- • Dependence on imported raw materials(p.161)
- • Environmental and waste management concerns(p.161)
- • Limited global reach compared to international competitors(p.161)
- • Potential supply chain inefficiencies and quality variability(p.161)
- • Costs and compliance burden of international standards(p.161)
- • Material outstanding income tax liability of ₹188.02 lacs for Assessment Year 2024-25 with recovery notice issued(p.216)
- • Significant outstanding trade receivables of ₹354.14 lacs exceeding 365 days with doubtful recovery(p.215)
- • Large advances to related parties (₹10.19 crores) with no corresponding purchases against supply agreements(p.216)
- • High debt obligation with short-term borrowings of ₹2,769.69 lacs and long-term borrowings of ₹555.11 lacs(p.218)
- • Dependence on related party transactions with Punit Arora, Kumkum Arora, K.K. Impex and group companies for significant operations(p.206)
- • High dependence on limited customer base - top 10 customers represent 54.81% of revenue(p.270)
- • Significant concentration in raw material suppliers - top 10 suppliers represent 62.61% of purchases(p.270)
- • High leverage with debt-to-equity ratio of 0.78 as of March 31, 2026(p.274)
- • Significant provision for doubtful debts and bad advances - ₹30.10 lakhs as of March 31, 2026(p.233)
- • Outstanding tax demands including income tax liability of ₹3.47 crore and GST disputes(p.278)
- • Expansion of capacity to serve growing domestic textile demand(p.90)
- • Export market development(p.90)
- • Product diversification into value-added segments(p.91)
- • Enhanced sustainability positioning aligned with global trends(p.90)
- • Expanding domestic textile demand across multiple sectors(p.162)
- • Export market growth and trade agreements(p.162)
- • Development of eco-friendly and specialized fiber products(p.162)
- • Adoption of advanced manufacturing technologies(p.162)
- • Strategic partnerships with international companies and research institutions(p.162)
- • New Textile Policy under formulation with focus on enhancing export performance and employment(p.172)
- • Expanded e-commerce market access through Draft National E-Commerce Policy providing level-playing field for MSMEs(p.173)
- • Foreign Direct Investment liberalization through FDI Policy 2020 enabling capital inflow for expansion(p.174)
- • Growing textile industry demand with India as one of fastest-growing economies(p.264)
- • Expansion into acrylic fiber production from waste fiber for cost optimization(p.263)
- • Export market opportunity with current minimal export presence (0% of FY2025-26 sales)(p.235)
- • Capacity expansion through capital work-in-progress capitalized at ₹316 lakhs in FY2025-26(p.241)
- • Rising demand for sustainable and certified textile products (OEKO-TEX certification obtained)(p.294)
- • Disruption risk from single manufacturing facility location(p.32)
- • High geographical concentration in Punjab(p.31)
- • Intense competition from organized and unorganized players(p.32)
- • Vulnerability to raw material price fluctuations and supply disruptions(p.37)
- • Dependence on power supply and vulnerability to tariff increases(p.36)
- • Demand dependent on customer success in end-use industries(p.33)
- • Regulatory changes and compliance risks affecting operations(p.43)
- • Industry-wide reputational damage from unethical practices by competitors(p.43)
- • Natural and man-made disasters disrupting operations(p.43)
- • Volatility in capital markets affecting share price(p.43)
- • Global financial instability contagion effects(p.45)
- • Macroeconomic slowdown affecting demand(p.47)
- • Intense competition from domestic and international manufacturers(p.162)
- • Economic vulnerability and currency fluctuation impacts(p.162)
- • Trade policy changes and regulatory barriers(p.162)
- • Stricter environmental regulations increasing compliance costs(p.162)
- • Risk of rapid technological obsolescence(p.162)
- • Regulatory complexity from multiple central and state textile laws requiring extensive compliance(p.173)
- • Environmental compliance obligations under multiple pollution control acts restricting operations(p.175)
- • Labor law compliance requirements with frequent legislative changes creating operational risk(p.176)
- • Hazardous waste management regulations imposing liability for improper disposal affecting costs(p.175)
- • Competition from organized and unorganized textile sector competitors with potential import pressures(p.172)
- • Highly competitive textile manufacturing sector with fragmentation and low entry barriers(p.264)
- • Exposure to volatile raw material and commodity prices affecting cost structure(p.235)
- • Regulatory compliance risks including GST demand notices totaling ₹90.90 lakhs(p.260)
- • Litigation and fraud-related matters involving promoters and related parties requiring management attention(p.281)
- • Macroeconomic uncertainties including potential market slowdown affecting demand(p.264)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Punit Arora | Promoter | — | 59.63% (post-issue, collectively with Promoter Group) |
| Kumkum Arora | Promoter | — | 59.63% (post-issue, collectively with Promoter Group) |
| Punit Arora | Promoter | 88.51% | — |
| Kumkum Arora | Promoter | 3.23% | — |
| Ranjana Arora | Promoter Group | Negligible | — |
| Punit Arora | Promoter | — | — |
| Kumkum Arora | Promoter | — | — |
| Punit Arora | Promoter | 88.51% | — |
| Kumkum Arora | Promoter | 3.23% | — |
| Punit Arora | Managing Director/Promoter | — | — |
| Kumkum Arora | Whole Time Director/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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Paramount Syntex THIS ISSUE | 11.60 | 35.68 | 16.84, computed at the offer price | 7.96, computed at the offer price | 32.50% |
| 7.50 | 111.22 | 23.35 | 1.58 | 6.74% | |
| 17.06 | 214.17 | 33.15 | 2.64 | 7.96% | |
| 8.36 | 53.26 | 9.83 | 1.55 | 15.69% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.