Kusumgar Ltd.
KUSUMGARMainboard
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Overview
Kusumgar Limited manufactures engineered fabrics—woven, coated and laminated synthetic textiles—using polyamide/nylon and polyester filaments and polyurethane chemistry for high-performance end uses. Kusumgar Limited supplies both fabrics and finished solutions across four segments: aerospace and defence (including parachute and stealth-related materials and systems), industrial and automotive (tapes, MRG reinforcement, custom solutions and inflatable fabrics), and outdoor & lifestyle (activewear and hardlines for global brands). The business highlights vertical integration from weaving through finishing/coating/lamination and fabrication, multiple plants in Gujarat plus a fabrication unit in Uttar Pradesh, and a product catalogue of 1,000+ fabric configurations supported by in-house R&D and quality systems.
Opening Date
Jul 08, 2026
Closing Date
Jul 10, 2026
Listing Date
Jul 15, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
650 Cr
Fresh Issue
0 Cr
Offer for Sale
650 Cr
Price Band
₹398 - ₹419
Lot Size
35
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
44.8
EPS
9.35
ROE
25.82%
ROCE
24.76%
RONW
25.82%
Debt to Equity Ratio
0.44
PAT Margin
13.8%
EBITDA Margin
27.15%
P/B
8.45
Bull vs Bear
Bull case
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High-margin operating model: EBITDA margin 27.15% in FY2026, supported by specialised engineered fabrics across 1,000+ SKUs as at March 31, 2026.
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Diversified revenue engine across 4 segments: Aerospace & Defence Fabrics 31.67%, Solutions 22.97%, Industrial & Automotive 24.43%, Outdoor & Lifestyle 18.57% in FY2026.
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Industry tailwind in India: engineered fabrics market grew to ₹990.0 billion in FY2026; expected CAGR 13.5% during FY2026–FY2031 (1Lattice).
Bear case
- •
Revenue mix is concentrated in three segments: 31.67% Aerospace & Defence Fabrics, 24.43% Industrial & Automotive, and 22.97% Aerospace & Defence Solutions in FY2026.
- •
Customer concentration is high: top 10 customers were 59.52% of FY2026 revenue; top customer 11.13%, with no long-term agreements for top 10 customers in FY2026.
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All six manufacturing facilities are in Gujarat, and since April 1, 2023 the company has not conducted supply disruption stress testing for this geographic concentration.
Net takeaway
At its core, this is a bet on sustaining profitability while scaling specialised manufacturing: EBITDA margin 27.15% and PAT margin 13.80% in FY2026. If you believe 1,000+ SKUs and 4-segment mix (largest 31.67%) reduce reliance on any one product cycle, the upside holds; if 59.52% top-10 customer dependence persists, risk holds. Watch working-capital intensity and collections: working capital cycle 90 days and trade receivables days 123 in FY2026.
