Qualiance International IPO- Company Analysis
Qualiance International IPO under the SME IPO category is a bookbuild issue of Rs. 45.11 Cr by Qualiance International Limited, which is in the creation, engineering, production, and export of technical and performance clothing for government, institutional, and brand customers in global markets. In 1994, the company started out as M/s. Qualiance Exports, a partnership corporation.
Later, it was formed as Qualiance International Private Limited, and in December 2025, it became a public limited company. Its product offerings include military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border patrol uniforms, protective workwear, and performance sportswear.
With an established capacity of 450,000 garment pieces annually, the company has a manufacturing facility in Tiruppur, Tamil Nadu. Regular cut-and-sew operations as well as specialty procedures including seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination are supported by the facility.
Qualiance International IPO Details
The Qualiance International IPO date of opening is 04 Sep 2026; its initial public offering will end on 08 Sep, IPO allotment on Sep 09 and refund initiation on Sep 10, 2026.
The Rs. 45.11 crore new SME IPO comprises a wholly a fresh issue of 35.52 lac shares.
The Qualiance International IPO listing date (expected) might be Friday, Sep 11, 2026, and the listing on the NSE and SME.
The Qualiance International IPO price band is Rs. 120 to Rs. 127.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Sep 04, 2026 |
|
IPO Closing Date |
Sep 08, 2026 |
|
IPO Allotment Date |
Sep 09, 2026 |
|
Refund Initiation |
Sep 10, 2026 |
|
IPO Listing Date |
Sep 11, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
68.99 |
57.53 |
43.14 |
|
Total Income |
80.95 |
55.06 |
38.14 |
|
Profit After Tax |
11.87 |
4.90 |
2.84 |
|
EBITDA |
16.72 |
7.97 |
4.86 |
|
Net Worth |
24.74 |
13.82 |
8.92 |
|
Reserves and Surplus |
24.75 |
14.54 |
10.41 |
|
Total Borrowing |
28.50 |
29.71 |
19.17 |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
784.31 |
(445.08) |
284.72 |
|
Net Cash Flow Investing Activities |
(261.23) |
(438.45) |
(43.68) |
|
Net Cash Flow Financing Activities |
(498.97) |
771.11 |
(159.63) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu. ~ Rs. 38 Cr.
-
General Corporate Purpose
Listed Peers of Qualiance International Ltd.
|
Name of Company |
Face Value |
EPS Basic |
P/E (x) |
|
Gokaldas Exports Limited |
5 |
13.71 |
60.84 |
|
S P Apparels Limited |
10 |
40.22 |
23.21 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
61.56% |
|
ROCE |
37.33% |
|
Debt/Equity |
1.15 |
|
RONW |
47.98% |
|
PAT Margin |
15.44% |
|
EBITDA Margin |
21.74% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 11.99 from the last year, the resulting P/E ratio is 10.67x.
|
Valuation Metric |
Pre IPO |
Post IPO |
|
EPS (₹) |
11.99 |
8.82 |
|
P/E (x) |
10.59 |
14.40 |
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IPO's Strengths
-
Strong export-focused business model.
-
Widespread reach across international markets.
-
Qualified and experienced Promoters and management team.
-
Integrated expertise in high-performance technical garments.
IPO's Weaknesses
-
The selling of woven clothing contributes significantly to the company's earnings. Any drop in demand for this important product category could have a negative impact on the financial health and performance of the company.
-
A significant amount of the business's income comes from a small number of clients. Reduced order quantities or a failure to sustain connections with these clients could have a negative effect on profitability and revenue.
-
There are several outstanding legal proceedings involving the corporation, its directors, and its promoters. Any unfavorable result could lead to financial obligations, distracted management, and a negative effect on the business and financial standing of the organization.
Qualiance International IPO GMP (Grey Market Premium)
Qualiance International IPO GMP today is Rs. 50 as of 02 September 2026, while writing this information.
Qualiance International IPO Summary
| IPO Opening & Closing Date
|
04 Sep, 2026 to 08 Sep, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 120 to Rs. 127 per Share. |
|
Lot Size |
1000 Shares |
|
Issue Size |
35,52,000 Shares (Rs. 45 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
33,72,000 Shares (Rs. 43 Cr) |
|
Market Makers |
1,80,000 Shares (Rs. 2 Cr) |
|
Issue Type |
Book Build Issue |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (2000 Shares) for Rs. 2,54,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3000 Shares) for Rs. 3,81,000.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Qualiance International IPO Allotment Status
To check the Qualiance International IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Qualiance International Ltd.
-
Vipul Badani
-
Bhoomin R Badani
-
Krupa Rajesh Badani.
|
Pre-Issue Promoter Shareholding |
86.49% |
|
Post-Issue Promoter Shareholding |
63.66% |
IPO Lead Managers
Hem Securities Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
Conclusion
Qualiance International IPO represents an export-oriented technical apparel business with a diversified product portfolio and strong financial performance, supported by healthy profitability margins and an established manufacturing setup. However, investors should consider risks related to customer concentration, product dependency, and ongoing legal proceedings before evaluating the opportunity.
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