Dudani Retail IPO

The Dudani Retail SME IPO opens for subscription on 25 Sept 2026 and closes on 29 Sept 2026, offered at an issue price of ₹29 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹10.54 crore. Retail investors bid in lots of 4000 shares, a minimum application of ₹2,32,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹10.02 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward to meet working capital requirements (₹3.97 crore), alongside repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company. (₹3 crore). In all, 5 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Dudani Retail reported revenue of ₹24.59 crore and a net profit of ₹1.9 crore. Revenue declined from ₹25.13 crore in FY2024 to ₹24.59 crore in FY2026 (-2.0%). Net worth stood at ₹10.3 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 15.85× post-issue earnings and 1.9× book value, against a return on net worth of 18.46% and a debt-to-equity ratio of 0.47. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Mish Designs Ltd. and Nandani Creation Ltd., with a median peer P/E of about 23.7×. The issue's own post-issue P/E works out to 15.85×.

Promoters

The promoters of the company are <p>Akshay Dudani, Charu Dudani</p>. Promoter holding stands at 100% before the issue and comes down to 64.97% after listing.

Grey market premium (GMP)

In the unofficial grey market, Dudani Retail shares are quoted at a premium of ₹0.5 implying an expected listing around ₹29.5, about +1.7% 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 Dudani Retail IPO was subscribed 1.42 times overall. The strongest demand came from retail investors at 2.31 times, with non-institutional investors (NII) at 0.52×.

Listing performance

Dudani Retail listed on 5 Oct 2026 at ₹25, a discount of -13.8% over the issue price of ₹29.

What to weigh

When evaluating the Dudani Retail 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 Dudani Retail

Dudani Retail Limited is engaged in the design, manufacturing, sourcing, and distribution of apparel and related fashion products. The company operates through a combination of its own brands, licensed manufacturing arrangements with fashion and lifestyle marketplaces, and product supply agreements with quick-commerce platforms. The company primarily manufactures women's ethnic and fusion wear, while also trading in men's apparel. Its operations support just-in-time (JIT) order fulfillment for various licensed brands under agreements with leading fashion and lifestyle marketplaces. The manufacturing facility is located at F-93, 4th Floor, Kartarpura Industrial Area, Jaipur, Rajasthan, where activities such as fabric cutting, stitching, finishing, quality inspection, packing, and dispatch are carried out. Processes including dyeing, printing, embroidery, and other fabric treatments are outsourced to specialized third-party vendors. Under its licensed manufacturing arrangements with fashion and lifestyle marketplace platforms, the company produces garments for several established labels, including Kalini, Corsica, Roadster, Anouk Rustic, All About You, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu, and Here &amp; Now. The company also supplies apparel products to a quick-commerce platform through a sell-or-return model. Under this arrangement, products are delivered to designated hubs, with ownership transferring upon acceptance by the platform. Payments are settled periodically based on actual sales, after deducting applicable margins. Dudani Retail Limited markets its products through multiple online channels, including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, as well as its own direct-to-consumer website. Competitive Strengths: Diversified presence across multiple apparel business segments. Long-standing relationships with fashion and lifestyle companies through licensed manufacturing partnerships. In-house production capabilities for women's apparel, complemented by a network of specialized outsourced processors. Asset-light operating model for men's wear and selected trading categories. Structured supply framework with a quick-commerce platform. Multi-channel sales strategy encompassing marketplaces and direct online sales. Strong expertise in managing marketplace-led business operations. End-to-end operational capabilities covering design, production, quality control, and order fulfillment. Well-established sourcing network for fabrics, trims, and finished apparel products.