About Kusumgar IPO
Kusumgar Limited is set to launch its IPO for public subscription on July 8, 2026, and will remain open until July 10, 2026.
The Kusumgar IPO price is set between ₹398 and ₹419 per equity share. This IPO will list on both the BSE and NSE on July 15, 2026.
The allotment of Kusumgar IPO is expected to be finalised on July 13, 2026.
The Kusumgar IPO is a ₹650 crore book-building issue, comprising entirely of an offer for sale (OFS) of equity shares. Since this is a 100% OFS, the company will not receive any proceeds. Instead, the entire amount goes to the selling shareholders from the Kusumgar family.
Business Overview of Kusumgar
Kusumgar Limited, incorporated in 1990 and headquartered in Mumbai, is a manufacturer of woven, coated, and laminated synthetic fabrics (commonly referred to as Engineered Fabrics).
The company works primarily with polyamide and polyester filaments using polyurethane chemistry, delivering fabrics with performance attributes such as tensile and tear strength, abrasion resistance, air permeability, comfort, and waterproofing.
Kusumgar serves four high-entry-barrier market segments:
- Aerospace and Defence Fabrics – High-performance technical fabrics for Military and Aviation applications.
- Aerospace and Defence Solutions – Integrated fabric-based solutions for Defence end-uses.
- Industrial and Automotive Fabrics – Engineered Textiles for Automotive Interiors, mechanical rubber goods, and industrial applications.
- Outdoor and Lifestyle Fabrics – Weather-resistant and functional fabrics for outdoor gear, luggage, and lifestyle products.
Apart from this, Kusumgar operates a vertically integrated manufacturing model across six facilities in Gujarat, covering preparatory processes, weaving, dyeing, printing, finishing, coating, and lamination. More than 3/4th of revenue comes from India, with approximately a quarter from international markets.
Kusumgar IPO Date, Price, and Other Details
The following are the details of the upcoming Kusumgar IPO on July 8, 2026.
| Particulars | Details |
| IPO Size | Book Build issue of ₹650 crore |
| Offer Type | 100% Offer for Sale (no fresh issue) |
| Price Band | ₹398 to ₹419 per share |
| Issue Dates | Opens: Jul 8, 2026 · Closes: Jul 10, 2026 |
| Anchor Investor Date | Jul 7, 2026 |
| Minimum Bid Lot | 1 lot of 35 shares |
| Minimum Investment (Retail) | ₹14,665 (at upper band) |
| Allotment Date | Jul 13, 2026 |
| Credit to Demat | Jul 14, 2026 |
| Listing Date | Jul 15, 2026 |
| Face Value | ₹1 per share |
| Lead Managers (BRLMs) | Axis Capital Ltd., IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Kusumgar IPO Reservation: Who Can Apply?
The Kusumgar IPO has the following investor category reservation:
| Investor Category | Lots | Shares | Amount (at ₹419) |
| Retail (Min) | 1 | 35 | ₹14,665 |
| Retail (Max) | 13 | 455 | ₹1,90,645 |
| sNII (Min) | 14 | 490 | ₹2,05,310 |
| sNII (Max) | 68 | 2,380 | ₹9,97,220 |
| bNII (Min) | 69 | 2,415 | ₹10,11,885 |
| QIB | As applicable | — | — |
(Note: This IPO also includes an Employee Reservation Portion of up to ₹3.5 crore for eligible employees of the company and its subsidiaries.)
Strengths and Risks of Kusumgar IPO
Here is a brief business analysis (as per RHP) below:
Strengths
- Over 1,000 unique engineered fabric SKUs (as of March 31, 2025), the company operates in precision manufacturing markets with high entry barriers.
- Vertically integrated manufacturing across six facilities in Gujarat — from weaving to coating and lamination.
- Operates in four high-entry-barrier segments spanning Aerospace, Defence, Automotive, Industrial, and Outdoor applications.
- Long-standing and deep customer relationships across domestic and international markets.
- PAT margins have remained above 12% across the last three reported fiscal years.
Risks
- The Kusumgar IPO is a 100% OFS. Here, the company receives no proceeds, and the funds go entirely to selling shareholders.
- All six manufacturing facilities are located in Gujarat, making operations vulnerable to regional disruptions.
- Revenue is dependent on a few large customers, and loss of any key relationship could affect the top line.
- Revenue from aerospace and defence segments may be subject to government budget cycles and procurement policies.
- International revenue (~39.9% of total) exposes the business to forex fluctuations and geopolitical risks.
- No dividend has been declared or paid for the reported periods as per the RHP.
Future Plans/Strategies
- Continue expanding the portfolio of engineered fabric SKUs across defence, aerospace, and automotive segments.
- Strengthen manufacturing capabilities and capacity across existing Gujarat facilities.
- Deepen relationships with existing customers while acquiring new domestic and international clients.
- Listing on exchanges to enhance brand visibility and provide shareholder liquidity.
Kusumgar IPO Objectives – How Will the Funds Be Used?
The Kusumgar IPO is an Offer for Sale (OFS) only. The company will receive nil proceeds from this IPO. The entire amount raised will go to the selling shareholders.
| Sr. no | Selling Shareholder | Type | OFS Amount (₹ crore) |
| 1 | Siddharth Yogesh Kusumgar | Promoter | Up to ₹420.00 |
| 2 | Sapna Siddharth Kusumgar | Promoter | Up to ₹200.00 |
| 3 | Siddharth Yogesh Kusumgar HUF | Promoter | Up to ₹30.00 |
| Total | ₹650.00 |
How To Apply for the Kusumgar IPO?
You can apply for the Kusumgar IPO on any financial platform by following these simple steps:
Step 1: Login or open a Demat and trading account with a SEBI-registered broker.
Step 2: Go to the IPO section and select Kusumgar IPO
Step 3: Enter the lot size (minimum 35 shares) and bid price (₹398–₹419)
Step 4: Approve the UPI mandate to block funds
Step 5: Submit your application
How To Check the IPO Allotment Status of Kusumgar?
Once applied, you can track the Kusumgar IPO allotment status on registrar or BSE/NSE portals as well.
- Visit the Bigshare Services IPO allotment portal: https://www.bigshareonline.com/IPOStatus.aspx
- Select "Kusumgar Limited" from the company dropdown.
- Enter any of these details – PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click on "Submit" button to view your IPO allotment status.
If you get Kusumgar IPO, shares will be credited to your Demat account before listing.
Promoter Shareholding of Kusumgar IPO
The promoter group of Kusumgar Limited is shared between Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, Siddharth Yogesh Kusumgar HUF, Yogesh Kantilal Kusumgar.
| Promoter | Pre-Issue Holding (%) |
| Siddharth Yogesh Kusumgar | 58.71% |
| Sapna Siddharth Kusumgar | 28.05% |
| Siddharth Yogesh Kusumgar HUF | 3.31% |
| Yogesh Kantilal Kusumgar | 0.05% |
| Total | 90.12% |
Financial Performance (₹ in crores) of Kusumgar IPO
Here's the table outlining the financial performance of Kusumgar Limited from FY 2023 to FY 2025 and up to 31st December, (in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 905.07 | 632.40 | 584.74 |
| Total Income | 711.78 | 790.21 | 474.55 |
| Profit After Tax | 98.20 | 111.99 | 84.40 |
| EBITDA | 187.85 | 188.39 | 131.85 |
| NET Worth | 502.95 | 257.75 | 140.36 |
| Reserves and Surplus | 491.05 | 247.60 | 138.37 |
| Total Borrowing | 223.58 | 246.50 | 76.53 |
Key Performance Metrics of Kusumgar
Based on the financials available in the RHP, the following key performance metrics of Kusumgar Limited can be considered.
| KPI | As of Mar 31, 2026 | Values (as of FY 2024-25) |
| Return on Equity (ROE) | 25.82% | 56.26% |
| Net Asset Value (NAV) | 49.56 | 25.40 |
| Working capital cycle (days) | 90 | 14 |
| Return on Capital Employed | 24.76% | 42.89% |
| Earnings Per Share (EPS - Diluted) | 9.31 | 10.81 |
| EBITDA Margin (%) | 27.15% | 24.18% |
| PAT Margin (%) | 13.80% | 14.17% |
| Debt to Equity Ratio | 0.44 | 0.96 |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. Refer to the RHP for complete details.)
Registrar of Kusumgar IPO
The Registrar of Kusumgar IPO is Bigshare Services Pvt. Ltd.
Phone: +91 22-6263 8200
Email: ipo@bigshareonline.com
Website: https://www.bigshareonline.com
Lead Manager of Kusumgar IPO
In total, 3 lead managers are handling the IPO process of Kusumgar Limited:
- Axis Capital Ltd.
- IIFL Capital Services Ltd.
- Motilal Oswal Investment Advisors Ltd.
