Rachit Prints
Book Building issueSMEBSE₹19.50 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹19.50 Cr
1 lot at cut-off
₹1,49,000
Lot size
1,000shares
Open
01 Sep 2025
Close
03 Sep 2025
Allotment
04 Sep 2025
Listing
08 Sep 2025
Listing performance
Issue price
₹149
Listed at
₹119.20
Listing-day close
₹113.25
Latest price
₹181.80
Close on 22 Oct 2026
Listing gain
-20.00%
Return since issue
+22.01%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Sep 2025 – 03 Sep 2025
- Listing date
- 08 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹149 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹19.50 Cr
- Market cap at offer price
- ₹73.55 Cr
- Promoter holding
- 92.09% → 67.69% pre-issue → post-issue
- ISIN
- INE0ZN101029
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Khambatta Securities Ltd.
- Registered office
- B-9, 10 & 11, Udyog Puram, Delhi Road, Partapur, Uttar Pradesh
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 | 0 | — | — |
| Market maker | 66,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹149
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,49,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,98,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,94,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,43,000 |
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.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹149 per share
Valuation and performance
Valuation at offer price
₹149 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.57 | 9.24 |
| P/E (×) | 11.85 | 16.13 |
| Price to book (×) | 4.24 | — |
| Market cap | — | ₹73.55 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 37.06%
- ROCE
- 29.61%
- Debt / equity
- 0.75
- PAT margin
- 10.94%
- EBITDA margin
- 17.33%
- NAV per share
- ₹35.17
- Price to book
- 4.24
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rachit Prints
Established in 2003 as Rachit Prints Private Limited, the company was incorporated to take over the printing and manufacturing business of the partnership firm M/s Rachit Prints. The company converted to a public limited company in 2024. Rachit Prints Limited specializes in converting yarn into fabric through knitting and printing processes, producing customized speciality textiles. The production process begins with yarn procurement and encompasses in-house weaving, designing, printing, and finishing, resulting in knitted and printed fabrics crafted to meet customers' customized specifications. The company operates a manufacturing facility in Meerut, Uttar Pradesh, and serves customers primarily in India across multiple states.
Company Analysis
from RHPRachit Prints Limited manufactures speciality fabrics for the mattress industry, including knitted fabrics, printed fabrics, warp knit, and binding tapes through an integrated production process spanning yarn procurement, in-house weaving, designing, printing, and finishing.
Established in 2003 as Rachit Prints Private Limited, the company was incorporated to take over the printing and manufacturing business of the partnership firm M/s Rachit Prints. The company converted to a public limited company in 2024. Rachit Prints Limited specializes in converting yarn into fabric through knitting and printing processes, producing customized speciality textiles. The production process begins with yarn procurement and encompasses in-house weaving, designing, printing, and finishing, resulting in knitted and printed fabrics crafted to meet customers' customized specifications. The company operates a manufacturing facility in Meerut, Uttar Pradesh, and serves customers primarily in India across multiple states.
Specialty TextilesHome TextilesMattress IndustryKnitted and Printed Fabrics Manufacturing
Objects of the Issue
- Capital expenditure towards purchase of Plant and Machinery Rs. 440.00 Lakhs p.21
- Working Capital Requirement Rs. 950.00 Lakhs p.21
- Partial Pre-payment of term loans to bank Rs. 132.00 Lakhs p.21
- General Corporate Purposes p.21
- To meet the working capital requirements of the Company Rs. 950.00 Lakhs p.92
- To fund the expansion plan of the Company i.e. Capital expenditure towards purchase of Plant and Machinery Rs. 440.00 Lakhs p.92
- Partial Pre-payment of term loans to banks Rs. 132.00 Lakhs p.92
- General Corporate Purpose p.92
Issue Structure
- Total Issue
- Up to 13,08,000 Equity Shares aggregating to Rs. [●] Lakhs
- Fresh Issue
- Up to 13,08,000 Equity Shares of face value of Rs. 10/- each for cash at a price of Rs. [●] per Equity Share aggregating to Rs. [●] Lakhs
- Offer for Sale
- Not Applicable - the entire issue constitutes fresh issue of equity shares
- Price Band
- [●]
- Lot Size
- [●]
- Face Value
- Rs. 10 each
Business Model
The company manufactures speciality fabrics tailored for the mattress industry through an integrated production process. Revenue is generated through the sale of knitted fabrics, printed fabrics, warp knit, comforters, binding tape, and flame-resistant fabric. The company sources yarn and chemicals to produce specialized textiles, undertaking the entire conversion process from yarn to finished fabric in-house.
Business Segments
Production of knitted speciality fabrics for the mattress industry
Production of printed speciality fabrics for the mattress industry
Production of warp knit, binding tape, comforters, bedsheets, and flame-resistant fabric
The company manufactures and sells knitted cotton fabrics and printed fabrics for apparel and home textile applications across multiple customer categories
Circular knitted fabric made by polyester yarns, used for home furnishing and mattress applications
Polyester printed fabric for mattress applications made using advanced printing techniques
Warp knitted fabric where loops interlock vertically along the length of the fabric, offering increased stability and durability
Specialized fabrics designed for pillow applications
Specially treated or engineered fabrics that resist ignition and slow the spread of flames, meeting flammability regulations for safety
Narrow strip of fabric used to finish edges of mattresses, providing functional and aesthetic finish while preventing fraying
Single-piece units composed of fabric shell surrounding soft, warm fill; also includes bedsheets
The company manufactures specialty knitted and printed fabric for the mattress industry, including knitted fabric, printed fabric, warp knit, pillow fabric, binding tape, and trading of comforters and bedsheets.
SWOT Analysis
Strengths
- • Established operational presence across multiple states(p.107)
- • Strong financial performance with rising profitability(p.95)
- • High return on equity demonstrating efficient capital deployment(p.109)
- • Improving EBITDA margins indicating operational efficiency gains(p.109)
- • Long-standing customer relationships with proven loyalty(p.109)
- • Growing revenue with consistent year-on-year expansion(p.95)
- • Established manufacturing capability with advanced knitting machinery(p.146)
- • Well-experienced management team with deep textile industry expertise(p.146)
- • Government incentive benefits through ATUFS scheme(p.147)
- • Sustained long-term customer relationships with leading mattress manufacturers(p.147)
- • Strong revenue growth trajectory with improving profitability(p.146)
- • Established manufacturing capability in specialty knitted and printed fabrics for mattress industry with 22+ years of track record since 2003(p.282)
- • Strong revenue growth of 12.59% in FY2025 and 14.58% in FY2024 demonstrating market traction(p.258)
- • Significant improvement in profit margins from 1.00% in FY2023 to 10.94% in FY2025 driven by strategic shift from printing to knitting(p.260)
- • Strong debt service coverage ratio of 19.49x in FY2025 reflecting improved profitability and reduced debt burden(p.265)
- • Improved debt-equity ratio from 4.31x in FY2023 to 0.75x in FY2025 indicating strengthened balance sheet(p.265)
- • Efficient cost management with other expenses remaining flat at Rs. 622.55 lakhs in FY2025 despite 12.59% revenue growth(p.260)
- • Increased production capacity with addition of plant and machinery worth Rs. 115.16 lakhs in FY2024 and Rs. 497.06 lakhs in FY2025(p.260)
- • Promoter track record of three decades(p.283)
- • Clean regulatory and compliance record(p.283)
- • No defaults or financial distress history(p.283)
- • No insolvency or winding-up proceedings(p.283)
- • 100% promoter shareholding in dematerialized form(p.284)
Weaknesses
- • High customer concentration with top customer representing 35.92% of revenue(p.33)
- • Limited long-term customer agreements; only two of top 10 customers have MOUs(p.33)
- • High supplier concentration with top supplier representing 26.66% of raw material purchases(p.34)
- • History of negative operating cash flows and working capital challenges(p.34)
- • Multiple instances of delays in filing statutory returns including GST, EPF and ESI(p.35)
- • Missing corporate records and forms filed with RoC prior to 2006, creating compliance risks(p.38)
- • Leasehold property for registered office and manufacturing facility with renewal uncertainty(p.40)
- • Single manufacturing facility located only in Meerut, Uttar Pradesh with geographic concentration risk(p.40)
- • History of fire outbreak in manufacturing facility in May 2017 causing Rs. 37.20 Lakhs loss(p.41)
- • Pending insurance claim of Rs. 28.88 Lakhs from 2017 fire incident still not realized(p.41)
- • Gratuity provision not made in FY 2022-23 audited financial statements despite statutory requirement(p.42)
- • Related party transactions representing 21.12% of total income in FY 2025(p.43)
- • High level of trade receivables at 48.86% of total current assets as of March 31, 2025(p.44)
- • Extended credit period to customers of 60-75 days creating working capital strain(p.43)
- • No long-term supply contracts with raw material suppliers at fixed prices(p.45)
- • Dependent on third-party transportation providers without internal logistics capability(p.45)
- • Key personnel dependency on Promoters with no succession plan articulated(p.46)
- • Independent Directors lack business-specific qualification and experience in textile industry(p.46)
- • No documented IT disaster recovery or business continuity plan disclosed(p.45)
- • Promoters will retain 67.69% post-issue shareholding, maintaining controlling interest(p.48)
- • Seven criminal proceedings filed by the company with aggregate involvement of Rs. 52.93 Lakhs(p.49)
- • One tax proceeding against company with aggregate involvement of Rs. 48.82 Lakhs(p.49)
- • Import Export Certificate retained under erstwhile company name not yet updated(p.50)
- • Trademark application still pending, currently at Formalities Check Pass stage(p.50)
- • Significant financial leverage with debt-to-equity ratio(p.109)
- • High reliance on extended credit terms to customers for sales(p.96)
- • Inventory management complexity and capital lock-up(p.96)
- • Limited documentation and record-keeping issues in share transfers(p.82)
- • Limited product diversification beyond mattress industry specialty fabrics(p.141)
- • High raw material cost dependency impacting profitability(p.138)
- • Significant debt leverage on balance sheet(p.145)
- • High dependence on few customers with top 10 customers contributing 88.97% of revenue in FY2025(p.266)
- • Significant stock records compliance issue identified by tax auditors regarding inventory management(p.206)
- • Information gaps on MSME payables status with auditor noting information regarding trade payables registered under MSME Act not available(p.206)
- • Unfunded gratuity obligation of Rs. 2.27 lakhs with no plan assets backing the liability(p.240)
- • Contingent income tax liability of Rs. 48.82 lakhs arising from prior year assessments(p.218)
- • First-time public issuance with no IPO history(p.290)
- • SME platform listing (smaller scale)(p.307)
- • Limited cash generation; reliance on proceeds for capital needs(p.285)
Opportunities
- • Expansion of manufacturing capacity through capital expenditure of Rs. 440.00 Lakhs(p.22)
- • Working capital investment of Rs. 950.00 Lakhs to support revenue growth(p.40)
- • Revenue growth trajectory with CAGR from FY 2023-2025 showing 13.98% increase in top line(p.24)
- • EBITDA margin expansion from 6.21% in FY 2023 to 17.33% in FY 2025 showing operational efficiency gains(p.24)
- • Positive ROE trend from 9.87% in FY 2023 to 51.34% in FY 2025 indicating shareholder value creation(p.24)
- • Debt reduction opportunity with prepayment of Rs. 132.00 Lakhs of bank term loans(p.22)
- • Expansion through capital expenditure on modern machinery(p.92)
- • Strengthening working capital to capture growing market demand(p.92)
- • India's textile industry projected for sustained long-term growth(p.125)
- • Rising Indian home textile market with organized retail expansion(p.128)
- • Increased consumer spending on home textiles and furnishings(p.130)
- • Demand surge from hospitality and healthcare sectors(p.130)
- • Expansion driven by China+1 strategy and global sourcing diversification(p.136)
- • Growing demand for specialty fabrics with improved properties in mattress industry(p.131)
- • Capacity expansion to serve growing customer demand(p.148)
- • Post-pandemic pent-up demand in home textile market(p.131)
- • Strategic shift from printing to knitting business model which is more profitable and less power-intensive(p.260)
- • Planned capacity expansion with secured SIDBI term loan of Rs. 750 lakhs at 8.56% for machinery acquisition in April 2025(p.254)
- • Growth in mattress fabric demand segment with specialty knitted and printed fabric market for mattress industry(p.254)
- • Operating profit growth of 69.22% with EBITDA increasing from Rs. 427.17 lakhs in FY2024 to Rs. 722.87 lakhs in FY2025(p.261)
- • Potential migration to main board after growth(p.303)
- • Access to capital markets for future growth funding(p.303)
Threats
- • Economic slowdown or recession in India affecting customer demand for mattress fabrics(p.54)
- • Rising input costs and raw material price volatility without long-term supply contracts(p.45)
- • Increasing competition from domestic competitors affecting pricing and market share(p.52)
- • Natural disasters, earthquakes, floods affecting manufacturing facility in Meerut region(p.55)
- • Power and water supply disruptions affecting manufacturing operations in Meerut(p.46)
- • Regulatory changes in environmental compliance and pollution control requirements(p.50)
- • GST rate changes or new tax regulations impacting product competitiveness(p.33)
- • Inflation impacting operating costs including employee benefits and fuel costs(p.19)
- • Fuel price volatility affecting third-party transportation costs(p.45)
- • COVID-19 pandemic or similar contagious disease outbreaks disrupting supply chain and demand(p.54)
- • Changes in consumer preferences away from mattress fabrics reducing demand(p.33)
- • Interest rate increases affecting borrowing costs for working capital(p.54)
- • Competition from international manufacturers entering Indian market(p.19)
- • Global economic slowdown dampening export demand(p.117)
- • Trade policy uncertainty and tariff escalation affecting supply chains(p.118)
- • Fluctuation in raw material costs impacting margins(p.96)
- • Intense competition from large domestic manufacturers(p.96)
- • Global competition from international sellers(p.96)
- • Domestic consumer spending contraction during economic slowdown(p.125)
- • Intense competition from established domestic and international players(p.137)
- • Volatile raw material prices affecting margins(p.137)
- • Global economic slowdown and export volatility(p.132)
- • Supply chain disruption risks(p.138)
- • Labor skill shortages and efficiency challenges(p.137)
- • Significant customer concentration risk with top 10 customers accounting for 88.97% of FY2025 revenue(p.266)
- • Outstanding tax demands and litigations with income tax liability of Rs. 48.82 lakhs for AY 2017-18 under appeal(p.274)
- • Multiple outstanding criminal cases filed by the company against customers for cheque dishonor and fraud totaling over Rs. 40+ lakhs(p.269)
- • Recurring compliance delays in filing statutory returns including CGST, PF and ESI filings(p.280)
- • Power and fuel cost exposure as key expense component despite shift away from printing; FY2025 power expenses of Rs. 234.22 lakhs(p.233)
- • High inventory levels with inventories representing 16.21% of current assets as on March 31, 2025 of Rs. 423.21 lakhs(p.208)
- • Market liquidity constraints on SME platform(p.299)
- • Compulsory market making dependency for three years(p.305)
- • Regulatory and compliance risks from capital markets rules(p.297)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Anupam Kansal | Promoter | 45.97% | 33.79% |
| Ms. Naina Kansal | Promoter | 45.97% | 33.79% |
| Ms. Rose Kansal | Promoter | 0.07% | 0.05% |
| Mr. Anupam Kansal | Promoter | 45.97% | 33.79% |
| Ms. Naina Kansal | Promoter | 45.97% | 33.79% |
| Ms. Rose Kansal | Promoter | 0.07% | 0.05% |
| Mr. Karan Kansal | Promoter Group | 0.07% | 0.05% |
| Mr. Amit Jaitly | Promoter Group | 0.01% | 0.01% |
| Anupam Kansal | Promoter | 45.97% | 33.79% |
| Naina Kansal | Promoter | 45.97% | 33.79% |
| Rose Kansal | Promoter | 0.07% | 0.05% |
| Anupam Kansal | Promoter | 49.90% | 45.97% |
| Naina Kansal | Promoter | 49.90% | 45.97% |
Leadership
Anupam Kansal · Managing Director
Naina Kansal · Whole-Time Director
Rose Kansal · Non-Executive Director
Ayushi Verma · Company Secretary and Compliance Officer
Garima Moorjani · 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.
Rachit Prints IPO FAQs
What is the lot size of Rachit Prints IPO?
The minimum lot size of Rachit Prints IPO is 1,000 shares. One lot costs ₹1,49,000 at the cut-off price.
When does Rachit Prints IPO open and close?
Rachit Prints IPO opened for subscription on 01 Sep 2025 and closed on 03 Sep 2025.
What is the listing date of Rachit Prints IPO?
Rachit Prints IPO listed on 08 Sep 2025.