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HomeIPOKusumgar

About Kusumgar

Kusumgar Limited was incorporated in 1990 and operates as a manufacturer of woven, coated, and laminated synthetic fabrics known as engineered fabrics. Its products utilize polyamide and polyester filaments with polyurethane technology. As at March 31, 2025, Kusumgar Ltd has more than 1,000 SKUs (Stock Keeping Units) of fabric types, thus creating an established footprint in the field of synthetic functional performance fabrics. The company's products find application in various industries such as aerospace and defense, industrial and automotive, and outdoor and lifestyle markets. More recently, Kusumgar Ltd has extended its product portfolio into completed items for aerospace and military purposes, including parachute, stealth fabrics, and rapid deployment systems. Manufacturing plant: Six manufacturing plants located in Gujarat, India, and one fabrication plant in Uttar Pradesh, India. As at March 31, 2025, the company had a total work force of 1,712 employees, out of which 1,082 were permanent employees.

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National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Kusumgar

Kusumgar

Open Date

Jul 8, 2026

Close Date

Jul 10, 2026

listed

Min Investment

₹14,665

Lot Size

35 Shares

Issue Size

₹650 Cr

Price Range

₹398 - ₹398

Listing Date

Jul 15, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹161(+38.42%)GMP
38.42%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Kusumgar IPO - Issue Objectives

The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders. The company want to achieve the benefits of listing its shares on the stock exchanges.

1

Carry out the offer for sale

The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders.

2

Listing on stock exchanges

The company want to achieve the benefits of listing its shares on the stock exchanges.

IPO Subscription Status

QIB
299.51x
NII
174.28x
Individual
27.88x
Total
135.76x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Kusumgar

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Technical moat with high entry barriers

Extremely hard-to-replicate technical moat with over 1,000 custom-engineered fabrics and six structural entry barriers developed over five decades post 1970.

02

Value chain differentiation

A fully integrated value chain from yarn to coating/lamination process enables specialised niche products like ultralight parachute and camouflage fabrics.

03

Diversified revenue stream

The total FY26 revenue of ₹674.81 crore is diversified across four revenue streams, of which Aerospace & Defence Fabrics is the largest at 31.6%, which helps reduce dependence on any single market.

04

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Segments and revenue concentration

79% of revenue in FY26 derives from three product segments only, with the aerospace & defence fabrics revenue falling by almost half year-on-year due to order non-repetition.

02

Customer concentration

The ten biggest customers account for 59.5% of revenue without any long-term contracts, thus making the company vulnerable to order cancellation or renegotiation.

03

Contact Details

Kusumgar

101, Manjushree, V.M. Road, Corner of N.S. Road No. 5, JVPD Scheme, Vile Parle (West), Mumbai, Maharashtra - 400056.

+91226112510
cs@kusumgar.com
https://kusumgar.com

Kusumgar IPO - FAQs

Kusumgar IPO is a Mainboard IPO. The issue is priced at 398-₹419. The minimum order quantity is 35 Shares. The IPO opens on 8 Jul, and closes on 10 Jul. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-07-07
  • Bidding Starts2026-07-08
  • Bidding Ends2026-07-10
  • Allotment Finalisation2026-07-13
  • Release of Funds2026-07-14
  • Demat Transfer2026-07-14
  • Listing2026-07-15

Long-standing customer relations

The top six clients contribute to 49.3% of FY26 revenues with tenures ranging from 4 to 9 years, including a 9-year-tenure client. FY24 revenue of Decathlon has grown by nearly 4x in FY26.

05

Expanding global partnership

Established relations with partners from the US, Italy, Japan and Taiwan have helped to gain access to exclusive technology and new markets.

06

Management team with rich experience

The management team of promoters with 25+ years’ experience in the technical textiles industry is experienced in operations, HR and consultancy.

Geographic concentration

Six manufacturing facilities of the company are based in one state (Gujarat), which exposes the company to risk due to possible problems in this region.

04

Working capital constraint

Working capital increased to 90 days in FY26 from 14 days in FY25, and the company had reported a negative operating cash flow of ₹(154.98) crore in FY25.

05

Tariffs and trade policies

Nearly 40% of revenue comes through exports, with US tariffs ranging from 20% to 40% and the threat of an additional 12.5% Section 301 tariff creating uncertainty for the overseas market.