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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Kusumgar Limited manufactures woven, coated and laminated synthetic fabrics, often described as engineered fabrics, built on polyamide and polyester filaments combined with polyurethane, thermoplastic polyurethane, silicone and PTFE based coating and lamination technology. The company organizes its business into four segments spanning aerospace and defence fabrics, aerospace and defence solutions, industrial and automotive fabrics, and outdoor and lifestyle fabrics, supplying specialized textile materials rather than commodity cloth. Incorporated in 1990 and headquartered in Mumbai, the company runs six manufacturing plants in Gujarat along with one fabrication facility in Uttar Pradesh, and employs more than 1,700 people. Over its three-decade history it has developed over 1,000 distinct fabric formulations, reflecting sustained investment in specialized textile engineering and product development for demanding end uses. The company keeps its entire production process in-house, covering yarn selection, weaving, coating, lamination and finishing, which lets it tailor fabric properties closely to individual customer specifications instead of competing purely on price. Revenue grew strongly between fiscal 2024 and fiscal 2025 before easing back in fiscal 2026, while the company continued to post healthy profitability and return ratios through the period.
The company raised about Rs 193.95 crore from anchor investors at the issue price of Rs 419 per share, with allocation finalized on July 7, 2026. Roughly 46.29 lakh shares were allotted to 23 institutional investors, including nine domestic mutual funds, two foreign portfolio investors and two life insurance companies.
Source: RHP • Analysis provided for informational purposes
Last Updated: 15 July 2026, 3:30 PM
Fully integrated manufacturing
The company controls the entire production chain in-house, from weaving through coating, lamination and finishing, giving it tight control over fabric quality and turnaround.
Customized engineering capability
It develops fabric solutions engineered to individual customer specifications rather than selling standardized cloth, supporting demanding technical end uses.
Broad specialty-materials expertise
Work across polyurethane, TPU, silicone and PTFE based coating chemistries gives it a wide toolkit for producing high-performance fabrics for varied applications.
Uneven revenue and profit trend
Revenue and profit have fluctuated across recent years in step with order-book timing and ongoing capacity expansion, making near-term performance less predictable.
Valuation looks demanding versus recent results
The issue is priced at a level that appears stretched relative to the company's softer recent financial performance.
Meaningful borrowings
The company carries a debt load of roughly Rs 223 crore as of March 2026, which adds to its interest and repayment obligations.
Kusumgar Limited
101, Manjushree, VM Road, Corner of N.S. Road No. 5, JVPD Scheme, Vile Parle (West), Mumbai 400 056, Maharashtra, India
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Contingent liabilities
Disclosed contingent liabilities of around Rs 115 crore as of March 2026 represent a possible future financial exposure.
FY26 decline versus FY25
Both revenue and profit after tax fell in fiscal 2026 compared with fiscal 2025, a reversal after strong growth the prior year.