Qualiance International
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 299.60×
- Big non-institutionalbNII · above ₹10 lakh
- 850.76×
- Small non-institutionalsNII · ₹2–10 lakh
- 402.57×
- Retail individualRII · up to ₹2 lakh
- 447.13×
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 | 6,74,000 | 20,19,29,000 | ₹2,565 Cr | 299.60× |
| Non-institutional | 5,07,000 | 35,46,94,000 | ₹4,505 Cr | 699.59× |
| Big non-institutionalwithin NII | 3,36,000 | 28,58,54,000 | ₹3,630 Cr | 850.76× |
| Small non-institutionalwithin NII | 1,71,000 | 6,88,40,000 | ₹874 Cr | 402.57× |
| Retail individual | 11,82,000 | 52,85,06,000 | ₹6,712 Cr | 447.13× |
| Total | 23,63,000 | 1,08,51,29,000 | ₹13,781 Cr | 459.22× |
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 08 Sept, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 04 Sep 2026 – 08 Sep 2026
- Listing date
- 11 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹120 – ₹127
- Issue price
- ₹127 per share
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹45.11 Cr
- Fresh issue
- ₹42.82 Cr 33,72,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹171 Cr
- Promoter holding
- 86.49% → 63.66% pre-issue → post-issue
- ISIN
- INE1XJ401012
- CIN
- U17299MH2006PLC164026
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 406 - B Wing, Knox Plaza, Next to Tangent Showroom, Mindspace, Malad West, Mumbai, Maharashtra, India – 400 064
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 | 6,74,000 | 28.52% | 26.50% |
| Anchor investor · within QIB | 10,09,000 | — | 39.68% |
| NII (HNI) | 5,07,000 | 21.46% | 19.94% |
| bNII > ₹10L · within NII | 3,36,000 | — | 13.21% |
| sNII < ₹10L · within NII | 1,71,000 | — | 6.72% |
| Retail (RII) | 11,82,000 | 50.02% | 46.48% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,80,000 | — | 7.08% |
| Total issue | 25,43,000 | — | 100.00% |
Net offer to the public of 23,63,000 shares, out of a total issue of 25,43,000. 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 (₹) | 11.99 | 8.82 |
| P/E (×) | 10.59 | 14.40 |
| Price to book (×) | 9.10 | — |
| Market cap | — | ₹171 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 35.44%
- ROCE
- 34.00%
- Debt / equity
- 2.15
- PAT margin
- 9.23%
- EBITDA margin
- 15.02%
- NAV per share
- ₹13.96
- Price to book
- 9.10
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 | 80.95 | 55.06 | 38.14 |
| Revenue from operations | 76.89 | 53.07 | 37.23 |
| Other income | 4.06 | 1.98 | 0.91 |
| Total expenses | 64.9 | 48.77 | 34.74 |
| Operating profit | 16.05 | 6.29 | 3.4 |
| Operating margin | 19.83% | 11.42% | 8.91% |
| Profit before tax | 16.06 | 6.29 | 3.4 |
| Profit after tax | 11.87 | 4.9 | 2.84 |
| PAT margin | 14.66% | 8.90% | 7.45% |
| Balance sheet | |||
| Total assets | 68.99 | 57.53 | 43.14 |
| Current assets | 46.56 | 35.53 | 22.82 |
| Current liabilities | 28.35 | 22 | 17.54 |
| Total liabilities | 34.34 | 33.1 | 22.83 |
| Net worth | 34.65 | 24.44 | 20.31 |
| Current ratio | 1.64× | 1.62× | 1.30× |
| Return on equity | 34.26% | 20.05% | 13.98% |
| Cash flow | |||
| Operating cash flow | 7.84 | -4.45 | 2.85 |
| Investing cash flow | -2.61 | -4.38 | -0.44 |
| Financing cash flow | -4.99 | 7.71 | -1.6 |
| Net cash flow | 0.24 | -1.12 | 0.81 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding the capital expenditure requirements towards setting up a new manufacturing facility at Tiruppur-Tamil Nadu ₹38 Cr
The company proposes to establish a new manufacturing facility at Survey No. 55/1, Pongupalayam Village, Avinashi, Tiruppur District, Tamil Nadu. The facility will be a multi-storey RCC building with approximately 143,370 sq. ft. across four floors, equipped with plant and machinery for apparel manufacturing with an estimated annual production capacity of 10,80,000 pieces.
2 General Corporate Purposes —
The company intends to deploy the balance proceeds towards general corporate purposes to drive business growth, including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors.
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 Qualiance International
Qualiance International Limited (QIL) is a company engaged in the design, engineering, manufacture and export of performance garments. Originally formed as a partnership firm 'M/s. Qualiance Exports' on October 5, 1994, it was converted to a private limited company on August 24, 2006, and subsequently to a public limited company on December 9, 2025. The company generates revenue from the sale of woven garments (71.55% of revenue in FY2026) and knitted garments (28.45% in FY2026). A substantial portion of revenue—98.82% in FY2026—comes from exports to countries including Switzerland (80.67% of export revenue in FY2026), UK, and USA. The company operates a manufacturing facility in Tiruppur and is planning to expand with a new facility. Revenue grew from ₹3,691.12 lakhs in FY2024 to ₹7,629.23 lakhs in FY2026, with PAT growing from ₹281.52 lakhs to ₹1,177.97 lakhs over the same period.
Management
Vipul Badani
MD
Bhoomin R Badani
CEO
Krupa Rajesh Badani
Director
Dharini Jatania
Director
Kadambari R Mehta
Director
Saira Tabrez Khan
CFO
Pradeep Devanand Prajapati
COO
Meena Santosh Petkar
Director of Operations
Strengths
As stated in the offer document
In-house manufacturing facility with quality control mechanism
The company operates an ISO 9001:2015, 14001:2015 and 45001:2018 certified manufacturing facility in Tiruppur with 45,000 square feet built-up area and installed capacity of 450,000 garment pieces per annum, equipped with quality control mechanisms including washing fastness testing, rubbing fastness testing, shrinkage testing, and seam leakage testing.
Widespread reach in international markets
The company has built a strong presence in international markets with revenue from exports accounting for 98.82% in FY 2026, 93.87% in FY 2025 and 87.77% in FY 2024, serving clients across Europe including Switzerland, and North America including the United States.
Integrated expertise in high performance technical garments
The company has over 20 years of experience producing uniforms and outerwear for the Government of Switzerland, with all key manufacturing processes available in-house including seam sealing, bonded construction, laser cutting, ultrasonic welding, reflective fusing quilting and down filling.
Qualified and Experienced Management Team
The company is led by first and second-generation entrepreneurs with Vipul Badani having more than 30 years of experience and Bhoomin R Badani having more than 15 years of experience in the apparel manufacturing industry.
Risk factors
As stated in the offer document
Significant Revenue Concentration from Woven Garments
The company derives 71.55% of its revenue from woven garments (₹5,458.49 lakhs in FY2026). Any decline in sales of this key product due to increased competition, pricing pressures, or demand fluctuations could adversely affect business operations and financial condition.
Heavy Dependence on Limited Number of Key Customers
The company's top customer represents 56.93% of total sales in FY2026, while top 10 customers account for 99.65% of sales. The loss of any key customer or significant reduction in demand could have a material adverse effect on business and financial performance.
High Export Dependency and International Trade Risks
Export revenues constitute 98.82% of total revenues in FY2026 (₹7,538.98 lakhs), with Switzerland alone accounting for 80.67%. The company is exposed to risks from trade barriers, geopolitical developments, and adverse changes in global economic conditions.
Foreign Exchange Rate Fluctuation Exposure
The company faces significant exposure to foreign exchange risks from both export revenues and import of raw materials. Currency volatility could adversely impact revenue conversion and increase operating costs, particularly affecting margins and profitability.
Supplier Concentration and Raw Material Supply Risks
Top 10 suppliers account for 62.99% of total purchases in FY2026, with 60.31% of raw materials imported. Disruption in supply chain or failure by suppliers to deliver on time could hamper production schedules and affect business operations.
Historical Negative Cash Flows and Liquidity Concerns
The company has experienced negative cash flows from operating activities in FY2025 (₹445.08 lakhs) and negative investing activities across multiple years. Future negative cash flows could adversely affect liquidity and financial condition.
Outstanding Legal Proceedings and Tax Disputes
The company faces outstanding litigation involving ₹116.72 lakhs in tax proceedings, including GST demands of ₹116.57 lakhs. Adverse decisions could impact cash flows and divert management attention from business operations.
Significant Outstanding Indebtedness
Total outstanding indebtedness stands at ₹2,849.63 lakhs as of March 31, 2026. High debt levels could increase vulnerability to economic conditions, limit operational flexibility, and adversely affect profitability through increased interest expenses.
Corporate Compliance and Regulatory Risk Exposure
The company has experienced multiple instances of non-compliance with Companies Act provisions, including delayed filings and incorrect disclosures. Future regulatory actions or penalties could impact reputation and financial position.
Manufacturing Facility and Operational Dependencies
Business operations depend on manufacturing facilities in Tiruppur, subject to risks including equipment failures, breakdowns, and operational disruptions. Any significant malfunction could cause production delays and increase repair costs.
Company Analysis
from RHPQualiance International Limited designs, engineers, manufactures and exports performance garments including knitted and woven garments for institutional, government and brand clients in international markets, primarily serving the apparel/textile export industry.
Qualiance International Limited (QIL) is a company engaged in the design, engineering, manufacture and export of performance garments. Originally formed as a partnership firm 'M/s. Qualiance Exports' on October 5, 1994, it was converted to a private limited company on August 24, 2006, and subsequently to a public limited company on December 9, 2025. The company generates revenue from the sale of woven garments (71.55% of revenue in FY2026) and knitted garments (28.45% in FY2026). A substantial portion of revenue—98.82% in FY2026—comes from exports to countries including Switzerland (80.67% of export revenue in FY2026), UK, and USA. The company operates a manufacturing facility in Tiruppur and is planning to expand with a new facility. Revenue grew from ₹3,691.12 lakhs in FY2024 to ₹7,629.23 lakhs in FY2026, with PAT growing from ₹281.52 lakhs to ₹1,177.97 lakhs over the same period.
Objects of the Issue
- Capital expenditure for setting up a new manufacturing facility at Tiruppur, Tamil Nadu p.23
- General corporate purposes p.35
- Funding the capital expenditure requirements of our company towards setting up a new manufacturing facility at Tiruppur-Tamil Nadu ₹3,800 lakhs p.74
- General Corporate Purposes p.74
Issue Structure
- Total Issue
- ₹[●] lakhs (up to 35,52,000 equity shares aggregating up to ₹[●] lakhs)
- Fresh Issue
- 35,52,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares
- Face Value
- ₹10 per equity share
Business Model
The company manufactures and exports performance garments on a purchase order basis. It procures raw materials (fabrics, yarn, accessories) through a purchase order system without formal long-term supplier contracts. Major raw material procurement is imported (60.31% in FY2026) with the remainder sourced domestically. The company derives revenue primarily from exports to developed markets (Switzerland, UK, USA) serving government bodies, institutional clients, and international brands. It operates on working capital intensive model with significant inventory and trade receivables comprising major portions of current assets.
Business Segments
SWOT Analysis
- • Established market presence with long operational history since 1994(p.2)
- • Strong revenue growth trajectory with diversified product portfolio(p.21)
- • High capacity utilization demonstrating operational efficiency(p.30)
- • Significant export presence in key international markets(p.22)
- • Improved profitability margins in recent fiscal years(p.36)
- • Discretionary fund deployment management(p.38)
- • Flexible dividend policy(p.38)
- • Integrated manufacturing with advanced certifications(p.74)
- • Advanced manufacturing capabilities(p.74)
- • Strong profitability metrics(p.85)
- • ISO certifications and quality management systems(p.106)
- • In-house manufacturing with quality control infrastructure(p.108)
- • Strong international market presence and export focus(p.105)
- • Experienced promoter leadership with deep industry expertise(p.105)
- • Specialized technical garment manufacturing capabilities(p.119)
- • High profit margins and return on capital metrics(p.106)
- • Experienced management with 30+ years in textile/apparel industry(p.151)
- • Strong revenue growth trajectory(p.159)
- • Significant improvement in profitability(p.159)
- • Low attrition rate compared to industry(p.147)
- • Compliance with corporate governance standards(p.141)
- • Established 30+ year track record in technical garment manufacturing and exports(p.207)
- • Dominant export revenue base with 98.82% of FY2026 revenue from exports(p.207)
- • Strong profitability metrics with PAT margin of 15.44% in FY2026, up from 9.23% in FY2025(p.211)
- • Multiple quality certifications including ISO 9001, ISO 14001, ISO 45001, SA 8000, GOTS, GRS(p.207)
- • Strong return on capital employed of 37.33% in FY2026(p.197)
- • Experienced promoter leadership with 30+ years and 15+ years in apparel manufacturing respectively(p.207)
- • Two Star Export House status from Government of India(p.207)
- • Extreme dependence on single largest customer representing 56.93% of revenues(p.22)
- • Heavy reliance on top 10 customers accounting for 99.65% of sales(p.22)
- • Concentration of raw material sourcing with top 10 suppliers representing 62.99% of purchases(p.24)
- • Significant indebtedness of ₹2,849.63 lakhs creating financial obligations(p.30)
- • High trade receivables to revenue ratio of 20.80% indicating collection challenges(p.32)
- • Trademarks not yet registered creating intellectual property vulnerability(p.29)
- • Contingent liabilities of ₹116.57 lakhs primarily from GST demands(p.31)
- • History of statutory compliance delays and non-compliance instances(p.32)
- • Group company has incurred losses with negative net worth in recent years(p.35)
- • No long-term customer contracts creating revenue uncertainty(p.22)
- • Execution risk on fund deployment(p.38)
- • No dividend certainty for investors(p.38)
- • Concentrated promoter shareholding(p.38)
- • Dependence on unverified industry data(p.38)
- • Heavy dependence on Swiss government customers(p.107)
- • High customer concentration risk(p.117)
- • Limited domestic market presence(p.106)
- • High employee attrition rate(p.117)
- • Trademark not yet registered(p.120)
- • High leverage with debt-to-equity ratio of 1.15(p.195)
- • Significant reduction in trade receivable collection efficiency(p.197)
- • Pending GST demands and contingent liabilities(p.196)
- • High reliance on borrowings for working capital(p.174)
- • Concentrated customer base dependency(p.189)
- • Heavy dependence on top 3 customers accounting for 99.65% of FY2026 revenue(p.214)
- • Top customer concentrated at 56.93% of FY2026 revenue(p.214)
- • Significant debt obligations of ₹2,849.63 lakhs with total debt-to-equity ratio of 1.15(p.216)
- • Promoter litigation involving reassessment proceedings and alleged fictitious loans(p.219)
- • Pending GST scrutiny notices with outstanding demand of ₹98.73 lakhs for FY 2022-23(p.218)
- • Pending charge registration for ₹490 lakhs working capital loan with ROC since June 8, 2024(p.200)
- • Mandatory dematerialization creates operational dependency(p.249)
- • Mandatory market making obligation post-listing(p.248)
- • Promoter and promoter group holding concentration risk(p.250)
- • Expansion of manufacturing capacity through new facility at Tiruppur(p.23)
- • Growth potential in international markets, particularly in Switzerland, UK, and USA(p.22)
- • Diversification potential with knitted garments currently at 28.45% of revenue(p.21)
- • Capacity expansion supporting revenue growth trajectory(p.23)
- • Expansion into new manufacturing capacity(p.74)
- • Enhanced market position through listing(p.74)
- • Access to capital markets for growth(p.74)
- • Expansion of Indian textile export market(p.97)
- • Growing global apparel market with strong CAGR(p.97)
- • Diversification into premium international brands(p.108)
- • Capacity expansion with new manufacturing facility(p.115)
- • India-UK Free Trade Agreement benefits for textiles(p.103)
- • Government support through National Textile Policy 2024(p.122)
- • Emerging demand for technical textiles and performance wear(p.97)
- • Expansion of export-oriented textile manufacturing(p.189)
- • Increasing domestic market penetration(p.189)
- • Growth in manufacturing capacity with planned capital investments(p.160)
- • Diversification into both knitted and woven garments(p.189)
- • Planned capacity expansion to increase garment manufacturing from 450,000 pieces per annum(p.207)
- • Growth in high-value product manufacturing driving average realization per piece up 25.81% YoY(p.210)
- • Strong order growth from top customers with 25.81% revenue increase in FY2026(p.210)
- • International customer base expansion across Europe and North America(p.207)
- • Potential migration to NSE main board with scale(p.248)
- • Expanded capital raising through SME exchange platform(p.250)
- • Broad-based investor access through multiple intermediary channels(p.276)
- • Significant exposure to foreign exchange fluctuation risks on exports(p.23)
- • Vulnerability to global economic downturns affecting export markets(p.22)
- • Risk of trade barriers and tariff restrictions on exported products(p.22)
- • Intense competition from organized and unorganized sector players(p.27)
- • Raw material price volatility and supply chain disruptions(p.32)
- • Dependence on third-party logistics with no long-term agreements(p.36)
- • Geopolitical risks affecting international trade and shipping routes(p.36)
- • Risk from outstanding tax proceedings with ₹116.72 lakhs in dispute(p.24)
- • Restricted market liquidity on SME Platform affecting share price and trading(p.36)
- • Regulatory changes and compliance requirements in multiple jurisdictions(p.35)
- • Share price volatility and listing risk(p.39)
- • Global geopolitical instability(p.40)
- • Regulatory and compliance uncertainty(p.40)
- • Macroeconomic vulnerability(p.40)
- • India sovereign credit rating downgrade risk(p.41)
- • Inflation-driven cost pressures(p.41)
- • Global economic slowdown and geopolitical tensions(p.92)
- • Trade tensions and tariff uncertainty(p.94)
- • Rising energy and commodity prices(p.92)
- • Intense competition from global apparel manufacturers(p.119)
- • Vulnerability to supply chain disruptions(p.92)
- • Raw material sourcing concentration risk(p.116)
- • Vulnerability to currency fluctuations in export business(p.160)
- • Reliance on imported raw materials (60.31% of purchases)(p.189)
- • Global textile industry cyclicality and competition(p.162)
- • High interest costs on borrowings impacting profitability(p.191)
- • Regulatory and compliance risks in export operations(p.196)
- • Export business highly susceptible to foreign exchange rate fluctuations(p.208)
- • Lack of long-term sales contracts with customers creates revenue volatility risk(p.208)
- • Vulnerability to changes in European government sourcing and procurement policies(p.207)
- • Supply chain disruptions and raw material cost volatility(p.208)
- • Competition from larger players with greater financial and technological resources(p.208)
- • Regulatory and compliance risks in export markets and GST compliance(p.208)
- • Regulatory framework changes in FDI policy(p.280)
- • Compliance dependency on evolving SEBI regulations(p.266)
- • Foreign investment restrictions for certain geographies(p.280)
- • Minimum subscription requirement creates completion risk(p.273)
- • US securities law restrictions limit investor base(p.281)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vipul Badani | Promoter | — | — |
| Bhoomin R Badani | Promoter | — | — |
| Krupa Rajesh Badani | Promoter | — | — |
| Vipul Badani | Promoter | 51.00% | 37.53% |
| Krupa Rajesh Badani | Promoter | 23.83% | 17.54% |
| Bhoomin R Badani | Promoter | 3.05% | 2.24% |
| Pratiksha Vipul Badani | Promoter Group | 1.32% | 0.97% |
| Rajesh Jagmohandas Badani | Promoter Group | 0.62% | 0.46% |
| Dhriti Drolia | Promoter Group | 4.50% | 3.31% |
| Sneha Bhoomin Badani | Promoter Group | 2.18% | 1.60% |
| Vipul Badani | Promoter | — | — |
| Bhoomin R Badani | Promoter | — | — |
| Krupa Rajesh Badani | Promoter | — | — |
| Vipul Badani | Promoter | 51.00% | — |
| Bhoomin R Badani | Promoter | 4.50% | — |
| Krupa Rajesh Badani | Promoter | 26.50% | — |
| Vipul Badani | Promoter | — | — |
| Krupa Rajesh Badani | Promoter | — | — |
| Bhoomin R Badani | 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 |
|---|---|---|---|---|---|
| Qualiance International Ltd. THIS ISSUE | 11.99 | — | 14.40, computed at the offer price | 9.10, computed at the offer price | 47.98% |
| 13.71 | — | 60.84 | — | 4.63% | |
| 40.22 | — | 23.21 | — | 10.67% |
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.