Fascinate Textiles Ltd.
FASCINATE.TXTSME
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Overview
Fascinate Textiles Limited is a West Bengal-based manufacturer of readymade garments with an emphasis on kidswear and infantwear, supplying mainly to domestic retail chains and wholesalers on an order-led basis. The company runs an integrated facility in Barasat handling cutting, printing, stitching and finishing largely in-house (while knitting and dyeing are job-worked), supported by automated printing/cutting equipment, ISO 9001:2015 quality systems, and third-party AQL-based quality checks; it has also begun building its own brands and a small B2C channel alongside its predominantly B2B business.
Opening Date
Aug 11, 2026
Closing Date
Aug 13, 2026
Listing Date
Aug 18, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
66.98 Cr
Fresh Issue
53.94 Cr
Offer for Sale
13.04 Cr
Price Band
₹148 - ₹156
Lot Size
800
IPO Timeline
Financials
Use of IPO funds
Key Performance Indicator
P/E Ratio
10.67
EPS
14.62
ROE
72.08%
ROCE
54.82%
RONW
48.02%
Debt to Equity Ratio
0.83
PAT Margin
12.89%
EBITDA Margin
20.5%
P/B
5.11
Bull vs Bear
Bull case
- •
In-house printing, cutting, stitching, and finishing gives tighter control on quality and delivery, which helps keep key retail customers coming back.
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ISO 9001:2015 plus third-party quality checks can reduce rejection risk, which matters because order cancellations can quickly hit cash flow.
- •
Order-driven production lowers unsold inventory risk, which matters in garments where trends change fast and working capital gets stuck.
Bear case
- •
Customer concentration is extreme: top 10 customers were 93.22% of sales in FY2025, so losing one can sharply hit revenue and cash collection.
- •
Raw material costs dominate (64.46% of total income in FY2025) and fabric prices are volatile, so margins can swing if price increases can’t be passed on.
- •
Supplier concentration is meaningful: top 10 suppliers were 47.15% of purchases in FY2025, so disruptions or price shocks can slow production or raise costs.
Net takeaway
The long-term story is a garment maker building a more controlled, quality-led operation, helped by in-house production steps and structured inspections. This can matter because it supports repeat B2B orders and reduces waste. But the business is exposed to a few big customers and a cost base heavily driven by fabric prices, plus meaningful supplier concentration. The one thing to monitor is customer diversification beyond the top 10.
