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Kusumgar IPO

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Kusumgar IPO

Textile
open
₹13,930Min. investment
  1. Pre-apply
    7 Jul
  2. Bid start
    8 Jul
  3. Bid end
    10 Jul
  4. Allotment
    13 Jul
  5. Release of funds
    14 Jul
  6. Demat transfer
    14 Jul
  7. Listing
    15 Jul

Kusumgar Limited IPO Details

SectorTextile
Price range₹398 – ₹419
IPO type
Regular
Lot size35 shares
Issue size₹650Cr
Red Herring Prospectus
Read
Market Cap
₹4,399CrHigher than sector avg
RevenueApr 2025 - Mar 2026
₹692CrHigher than sector avg
Growth rate3Y CAGR
21.61%

Kusumgar Limited IPO Overview

Kusumgar IPO date

Kusumgar Limited IPO will open for subscription on July 8, 2026, and the closing date for the IPO is July 10, 2026. After this, investors are expected to be updated about the allotment status on July 13, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on July 14, 2026. The shares will be listed on the NSE and the BSE on Wednesday, July 15, 2026.

Kusumgar IPO price band

The IPO includes an offer for sale. The IPO price band has been set between ₹398 and ₹419 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising an offer for sale of ₹650 crore only. Kusumgar IPO listing price will be determined on July 15, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Kusumgar IPO lot size

Kusumgar IPO details have been declared. The minimum lot size for an application is 35 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹650 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹692Cr
This sector
₹454.61Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹98.2Cr
This sector
₹6.27Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹4,399Cr
This sector
₹1,147.5Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
43.29
This sector
44.26
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.26
This sector
0.81
Compare with companies

Objectives

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

Strength and Weakness

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.

Value chain differentiation

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

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.

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.

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.

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.

About Kusumgar Limited

Kusumgar produces woven, coated and laminated synthetic fabrics based on polyamide and polyester yarns and polyurethane chemistry for customers requiring high tensile strength, tear strength, abrasion resistance, air permeability and waterproofing qualities.
The company has created more than 1,000 unique fabric SKUs as of March 31, 2026, and has moved beyond fabric manufacture to produce aerospace and military products like parachutes, stealth and rapid deployment solutions.
Kusumgar works in four segments, namely Aerospace and Defence Fabrics, Aerospace and Defence Solutions, Industrial and Automotive Fabrics and Outdoor and Lifestyle Fabrics. For FY26, aerospace and defence fabrics constituted 31.6% of the revenue, amounting to ₹213.7 crore, which was lower than 48.1% in the previous year, while aerospace and defence solutions constituted 22.9%, amounting to ₹155.02 crore. Industrial and automotive fabrics and outdoor and lifestyle fabrics showed consistent growth to contribute 24.4% and 18.5%, respectively, to the revenue in FY26. The revenue has diversified away from being dependent only on one segment, as was observed in FY24, when aerospace and defence fabrics alone constituted 68.7% of the revenue.
The company runs six manufacturing units in Gujarat along with one fabric manufacturing unit in Uttar Pradesh. The vertically integrated business includes preparatory processes, weaving, dyeing, printing, finishing, coating, laminating, and fabrication. Total capacity utilisation stood at 49.5% during FY26, which is considerably less than 94.3% during FY24 due to the addition of capacity.
The total contribution from the top six customers was ₹333.03 crore, or 49.3%, out of total sales in FY26, and the contribution from a single customer was 11.1%. The customer, Decathlon Sports India, is the only identified customer with a 7-year association and FY26 revenues of ₹69.98 crore. India is still the main market with 60.01% of revenues from FY26. The exports contribute the remaining 39.99% of FY26 revenues, and Germany, the USA, and Sri Lanka are the largest exporting countries, with revenues of 11.2%, 9.3%, and 5.1%, respectively.
Kusumgar has a presence in the global engineered fabrics business, with a market size of $67.8 billion in 2025, growing at an 8.5% CAGR and expected to reach $112.2 billion in 2030, and in the rapidly growing domestic market of India, with a market size of ₹99,000 crore in FY26, increasing its CAGR from 10.0% to a projected 13.5% by FY31.
The company operates in segments that grow at different rates, with aerospace and defence fabrics growing the fastest in India with 17-20% CAGR because of defence indigenisation, while outdoor and lifestyle is growing rapidly at a 7.5% to 12.5% CAGR worldwide because of changing China+1 sourcing strategies, while industrial and automotive is the largest and most mature of the segments.
The market for engineered fabrics in India is growing at a CAGR of 13.5% to FY31, where defence fabrics will be growing the fastest with a CAGR of 20.0% and will be backed by government efforts such as the National Technical Textile Mission, PLI policy, and Make in India, along with globalisation moving away from China. Kusumgar has everything that it takes to leverage these opportunities due to its existing presence in the domestic parachute fabrics market, working for the government for defence purposes and growing its outdoor and lifestyle product range for global brands that have moved their production lines to India.
Now, Kusumgar is launching its initial public offering (IPO), which is a complete offer for sale of ₹650 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for Kusumgar IPO?

You can pre-apply for the Kusumgar IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Kusumgar IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Kusumgar IPO?

If you are interested in this investment opportunity but unsure how to apply for Kusumgar IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Kusumgar IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Kusumgar IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the Kusumgar IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Kusumgar IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Kusumgar IPO allotment status will be mentioned

IPO Analysis

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IPO REVIEW
Kusumgar IPO
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Kusumgar IPO Subscription Status

Date
QIB
NII
Retail
Total
08-Jul-26
0.03 times (X)
7.33 times (X)
3.56 times (X)
3.47 times (X)
09-Jul-26 (Today)
0.2X
36.48X
9.53X
13.15X

Frequently asked questions

How to invest in the Kusumgar IPO ?

Investors can apply for the Kusumgar IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Kusumgar IPO ?

The issue size of the Kusumgar IPO is 650 Cr.

What is 'pre-apply' for Kusumgar IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Kusumgar IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Bidding closes on 10 Jul 2026, 5:00 PM