Kusumgar IPO

The Kusumgar mainboard IPO is open between 8 Jul 2026 and 10 Jul 2026, offered at a price band of ₹398–419 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹650.36 crore. Retail investors bid in lots of 35 shares, a minimum application of ₹14,665.

Issue structure

The IPO is structured entirely as an offer for sale of ₹650 crore. The company receives no fresh capital — the proceeds go to the selling shareholders who are paring their stake.

Financials

In FY2026, Kusumgar reported revenue of ₹711.78 crore and a net profit of ₹98.2 crore. Revenue grew from ₹474.55 crore in FY2024 to ₹711.78 crore in FY2026 (+50.0%). Net worth stood at ₹502.95 crore at the end of FY2026. At the upper band, that puts the issue at roughly 44.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 44.8× post-issue earnings and 8.45× book value, against a return on net worth of 25.82% and a debt-to-equity ratio of 0.44. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Arvind Ltd and Garware Technical Fibres Ltd, with a median peer P/E of about 39.8×. The issue's own post-issue P/E works out to 44.8×.

Promoters

The promoters of the company are Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar and Siddharth Yogesh Kusumgar (HUF). Promoter holding stands at 89.44% before the issue and comes down to 74.72% after listing.

Grey market premium (GMP)

In the unofficial grey market, Kusumgar shares are quoted at a premium of ₹161 implying an expected listing around ₹580, about +38.4% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Kusumgar IPO was subscribed 135.8 times overall. The strongest demand came from qualified institutional buyers (QIB) at 299.51 times, with non-institutional investors (NII) at 174.28× and retail investors at 27.97×.

Listing performance

Kusumgar listed on 15 Jul 2026 at ₹574, a premium of +37.0% over the issue price of ₹419.

What to weigh

When evaluating the Kusumgar IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Kusumgar

Established in 1990, Kusumgar Ltd specializes in the manufacturing of engineered fabrics, including woven, coated, and laminated synthetic fabrics. The company's products are primarily made using polyamide and polyester filaments combined with polyurethane-based technologies, catering to high-performance industrial applications. As of March 31, 2025, Kusumgar Ltd had developed more than 1,000 unique stock keeping units (SKUs), establishing a strong presence in the functional and performance fabric market. Its products are supplied to a wide range of industries, including aerospace and defence, industrial and automotive, and outdoor and lifestyle applications. The company has also diversified its portfolio by manufacturing value-added aerospace and defence products such as parachute systems, stealth materials, camouflage solutions, and rapid deployment systems. Business Segments Aerospace & Defence Fabrics: Manufactures high-performance technical fabrics designed to meet stringent defence and aerospace standards. These materials are used in parachutes, tactical apparel, specialty equipment, stealth applications, and rapid deployment systems. Aerospace & Defence Solutions: Produces complete defence solutions, including parachute systems, camouflage nets, deployable shelters, and also provides maintenance and repair services for selected products. Industrial & Automotive Fabrics: Supplies engineered fabrics for industrial and automotive applications, including tapes, customized technical fabrics, mechanical rubber goods (MRG), and inflatable products. Outdoor & Lifestyle Fabrics: Offers performance fabrics for activewear and outdoor equipment. Its products are used in athleisure apparel, rainwear, winter clothing, backpacks, luggage, tents, and sleeping bags. Revenue Mix (FY 2025) Aerospace & Defence Fabrics contributed 48.06% of total revenue, followed by Aerospace & Defence Solutions at 28.81%, Industrial & Automotive Fabrics at 14.63%, Outdoor & Lifestyle Fabrics at 7.39%, while other businesses accounted for the remaining 1.11%. Manufacturing Footprint The company operates six manufacturing facilities across Gujarat and one fabrication unit in Uttar Pradesh, providing a strong production base to support its diversified product portfolio. As of March 31, 2025, Kusumgar Ltd employed a total workforce of 1,712 people, including 1,082 permanent employees. Key Competitive Strengths Operates in specialized markets characterized by high technological and entry barriers. Strong research, development, and engineering capabilities for delivering customized technical fabric solutions. Diversified product portfolio serving multiple end-use industries. Established long-term relationships with leading domestic and international customers. Led by experienced promoters and supported by a skilled professional management team.