Published: 2 July 2026 | 6.00 AM
Last Updated: 2 July 2026 | 3.00 PM
Kusumgar IPO Review 2026 | GMP, Price Band, Review, Subscription, Allotment & Listing Date
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | Neutral to Positive |
| GMP Today | Rs.110 |
| Subject to Sauda | Yet to Start |
| Issue Size | Rs.650 Crore |
| Price Band | To be Announced |
| Lot Size | To be Announced |
| Retail Investment | To be Announced |
| Listing Exchange | BSE & NSE |
| Market Cap (Post Listing) | To be Announced |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Live Subscription Tracker (Available After IPO Opens)
| Category | Subscription |
|---|---|
| QIB | — |
| NII | — |
| Retail | — |
| Total | — |
Subscription Signal
| Subscription Level | Interpretation |
|---|---|
| Below 1x | Weak |
| 1x–5x | Average |
| 5x–20x | Good |
| 20x–50x | Strong |
| Above 50x | Very Strong |
What Does the Company Do?
Kusumgar Limited is one of India’s established manufacturers of engineered woven, coated and laminated synthetic performance fabrics. The company caters to high-value sectors including aerospace & defence, industrial, automotive, outdoor products and lifestyle applications.
Over the years, Kusumgar has expanded beyond fabric manufacturing into complete aerospace and military solutions such as parachute systems, camouflage products, stealth materials and rapid deployment systems, making it one of the few Indian companies operating across multiple high-technology defence textile segments.
IPO Schedule
| Event | Date |
|---|---|
| IPO Opens | 8 July 2026 |
| IPO Closes | 10 July 2026 |
| Allotment | 13 July 2026 |
| Refund Initiation | 14 July 2026 |
| Shares Credited | 14 July 2026 |
| Listing Date | 15 July 2026 |
Quick Positives
✅ Operates in a niche engineered fabric segment with high entry barriers.
✅ Strong presence across aerospace, defence, industrial and automotive sectors.
✅ More than 1,000 specialised fabric SKUs developed over three decades.
✅ Diversified customer base across multiple industries.
✅ Long-standing customer relationships supported by strong technical capabilities.
✅ Healthy profitability with PAT margin of 13.80%.
Key Risks
⚠ Entire IPO is an Offer for Sale (OFS). The company will not receive any fresh funds from the issue.
⚠ Revenue declined by around 10% while PAT declined nearly 12% in FY2026 compared with FY2025.
⚠ Defence and industrial businesses depend upon government spending and large project execution.
⚠ Pricing details are yet to be announced, making valuation assessment incomplete.
Who Should Apply?
| Investor Type | Suitability |
|---|---|
| Listing Gain Investors | ★★★☆☆ |
| Long-Term Investors | ★★★★☆ |
| Conservative Investors | ★★★☆☆ |
| High-Risk Investors | ★★★★☆ |
Chanakya View
Neutral to Positive
Kusumgar operates in a specialized manufacturing segment with significant entry barriers and a diversified presence across defence, aerospace, industrial and performance textile markets. The company’s technological expertise and established customer relationships provide long-term competitive advantages.
However, investors should note that this IPO is entirely an Offer for Sale, meaning the company will not receive fresh capital for expansion. Additionally, recent revenue and profit moderation warrant careful monitoring. Final investment decisions should depend on the announced valuation, price band and prevailing Grey Market Premium.
Chanakya Investment Summary
For Listing Gain: Wait for GMP trend after price band announcement.
For Long-Term Investors: Positive business quality with exposure to India’s growing aerospace and defence manufacturing ecosystem. Valuation will be the deciding factor.
Overall Rating: ⭐⭐⭐⭐☆ (4/5)
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Date | 8 July 2026 to 10 July 2026 |
| Listing Date | 15 July 2026 |
| Face Value | Rs. 1 Per Share |
| Price Band | To be Announced |
| Lot Size | To be Announced |
| Issue Type | Book Building Mainboard IPO |
| Listing At | BSE & NSE |
| Total Issue Size | To be Announced Shares |
| Issue Size | Rs. 650 Crore |
| Fresh Issue | Nil |
| Offer For Sale | Rs. 650 Crore |
| Shareholding Pre Issue | 10,14,90,000 Shares |
| Shareholding Post Issue | 10,14,90,000 Shares |
| Market Cap | To be Announced |
Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% |
| NII | Not less than 15% |
| Retail | Not less than 35% |
| Employee Reservation | Up to Rs.5 Lakhs |
Investor Categories
| Category | Investment Limit | Cut-off Available |
|---|---|---|
| Retail | Up to Rs.2 Lakhs | Yes |
| sNII | Rs.2–10 Lakhs | No |
| bNII | Above Rs.10 Lakhs | No |
| Employee | Up to Rs.5 Lakhs | Yes |
| Employee + Retail/NII | Eligible | Yes (Employee Portion) |
Lot Size
Price Band, Lot Size and Minimum Investment will be updated immediately after the company announces the final IPO price band.
Company Details
Kusumgar Limited was incorporated in 1990 and is one of India’s established manufacturers of engineered woven, coated and laminated synthetic fabrics.
The company develops high-performance fabrics primarily using polyamide and polyester filaments together with polyurethane chemistry. As of 31 March 2026, Kusumgar had developed more than 1,000 specialised fabric SKUs, making it one of India’s leading manufacturers in the engineered performance fabric segment.
Its products cater to diverse industries including:
- Aerospace & Defence
- Industrial Applications
- Automotive
- Outdoor Equipment
- Active Lifestyle Products
The company has also expanded beyond fabric manufacturing into complete defence solutions including:
- Military parachute systems
- Camouflage nets
- Stealth materials
- Rapid deployment systems
- Tactical military products
- Maintenance & repair services
Its outdoor and lifestyle fabrics are widely used in:
- Rainwear
- Winter apparel
- Athleisure
- Backpacks
- Sleeping bags
- Outdoor equipment
- Travel luggage
As on 31 March 2026, Kusumgar employed 2,077 people across its operations.
Competitive Strengths
Key Strengths
- High entry barriers in engineered technical textile manufacturing.
- Strong technical capability for customised product development.
- More than 1,000 specialised fabric variants.
- Diversified customer base across multiple industries.
- Long-standing customer relationships.
- Strong presence in aerospace & defence manufacturing.
- Experienced promoters supported by professional management.
- Growing presence in value-added defence solutions.
IPO Objects
Since the issue is 100% Offer For Sale, the company will not receive any proceeds from the IPO.
The objectives are:
| Sr. No. | Objects of the Issue |
|---|---|
| 1 | Offer for Sale by existing Promoter Selling Shareholders |
| 2 | Achieve listing benefits on BSE & NSE |
| 3 | Enhance visibility and create a public market for equity shares |
PART 3
Company Financials
(Rs. Crore)
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Assets | 905.07 | 632.40 | 584.74 |
| Total Income | 711.78 | 790.21 | 474.55 |
| EBITDA | 187.85 | 188.39 | 131.85 |
| Profit After Tax | 98.20 | 111.99 | 84.40 |
| Net Worth | 502.95 | 257.75 | 140.36 |
| Reserves & Surplus | 491.05 | 247.60 | 138.37 |
| Total Borrowings | 223.58 | 246.50 | 76.53 |
Valuation
Key Performance Indicators (KPI)
| KPI | FY2026 |
|---|---|
| ROE | 25.82% |
| ROCE | 24.76% |
| Debt / Equity | 0.44 |
| RoNW | 25.82% |
| PAT Margin | 13.80% |
| EBITDA Margin | 27.15% |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
|---|---|---|
| Promoter Holding | 90.48% | To be Updated |
Company Address
| Particulars | Details |
|---|---|
| Registered Office | 101, Manjushree, V.M. Road, Corner of N.S. Road No.5, JVPD Scheme, Vile Parle (West), Mumbai – 400056 |
| Phone | +91 22 6112 5100 |
| cs@kusumgar.com |
Lead Managers & Registrar
| Particulars | Details |
|---|---|
| Lead Manager | Axis Capital Ltd. |
| Co-Lead Manager | IIFL Capital Services Ltd. |
| Co-Lead Manager | Motilal Oswal Investment Advisors Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Registrar Phone | 8657578989 / 8069219065 / 8069219060 |
| Registrar Email | ipo@bigshareonline.com |
Detailed Chanakya View
Kusumgar Limited operates in one of India’s niche manufacturing segments, supplying engineered technical fabrics to aerospace, defence, industrial, automotive and outdoor equipment manufacturers. The company has built significant expertise over more than three decades and has developed over 1,000 specialised products, creating high entry barriers for competitors.
A major positive is its gradual transition from supplying fabrics to manufacturing complete defence solutions such as parachute systems, camouflage products and rapid deployment equipment. This expansion provides higher value addition and positions the company to benefit from India’s increasing focus on defence indigenisation and advanced manufacturing.
Financially, Kusumgar maintains healthy profitability with ROE of 25.82%, ROCE of 24.76% and EBITDA margin above 27%. At the same time, FY2026 witnessed moderation in revenue and profitability compared with the previous year, indicating that near-term growth remains an important factor to monitor.
Investors should also note that the IPO is entirely an Offer for Sale, meaning no fresh capital will flow into the business. While the listing will improve visibility and liquidity, it does not directly strengthen the company’s balance sheet.
The final investment decision will largely depend on the announced valuation, price band and Grey Market Premium after opening.
Chanakya View: Neutral to Positive
Kusumgar possesses a high-quality business operating in a specialised segment with long-term growth opportunities in defence and technical textiles. However, investors should carefully evaluate the final valuation before subscribing.
FAQs
What is the Kusumgar IPO GMP today?
The latest GMP will be updated daily in the IPO Snapshot section once grey market trading begins.
What is the Kusumgar IPO price band?
The company has not yet announced the price band.
What is the Kusumgar IPO lot size?
The lot size will be updated immediately after the IPO price band is announced.
When will Kusumgar IPO allotment be finalised?
Tentatively on 13 July 2026.
When will Kusumgar IPO list?
The shares are proposed to list on BSE and NSE on 15 July 2026, subject to regulatory approvals.