Fractal Industries IPO (SME)
Fractal Industries IPO is a book building SME issue of Rs. 49.00 crore, comprising a fresh issue of 0.23 crore equity shares aggregating to Rs. 49.00 crore.
The IPO opens on February 16, 2026, and closes on February 18, 2026. The allotment is expected on February 19, 2026, and the listing is tentatively scheduled for February 23, 2026 on BSE SME.
The IPO is offered in a price band of Rs. 205 to Rs. 216 per share, and the lot size is 600 shares. The minimum investment for retail investors is Rs. 2,59,200 (1,200 shares), and for HNI investors, Rs. 3,88,800 (1,800 shares).
Lead Manager: Finaax Capital Advisors Private Limited
Registrar: Kfin Technologies Ltd.
Market Maker: Shreni Shares Ltd.
🕗 Last Update: 10 February 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | February 16, 2026 |
| IPO Close Date | February 18, 2026 |
| Allotment Date | February 19, 2026 |
| Refunds Initiation | February 20, 2026 |
| Credit to Demat | February 20, 2026 |
| Listing Date | February 23, 2026 |
Final Subscription Status
| Size | QIB | NII | RII | Total | Applications |
|---|---|---|---|---|---|
| Rs. 49.00 Crore (Closes 18 February 2026) | — | — | — | — | — |
Subscription Review:
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IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Price Band | Rs. 205 to Rs. 216 |
| Lot Size | 600 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 22,68,600 shares (Rs. 49.00 Cr) |
| Market Maker Portion | 1,14,000 shares (Rs. 2.00 Cr) – Shreni Shares Ltd. |
| Net Offer to Public | 21,54,600 shares (Rs. 47.00 Cr) |
| Issue Type | Book Building Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 55,80,267 shares |
| Shareholding Post-Issue | 78,48,867 shares |
| Market Cap (Pre-IPO) | Rs. 169.54 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 1,14,000 | 5.03% |
| QIB | 10,75,800 | 47.42% |
| − Anchor Investors | 6,45,000 | 28.43% |
| − QIB (Ex-Anchor) | 4,30,800 | 18.99% |
| NII (HNI) | 3,24,000 | 14.28% |
| Retail Individual Investors | 7,54,800 | 33.27% |
| Total | 22,68,600 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 1,200 | 2,59,200 |
| S-HNI (Min) | 3 | 1,800 | 3,88,800 |
| S-HNI (Max) | 7 | 4,200 | 9,07,200 |
| B-HNI (Min) | 8 | 4,800 | 10,36,800 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 97.15% |
| Promoter Holding Post-Issue | — |
Promoters: Mr. Pankaj Bishwanath Agrawal and Mrs. Priti Pankaj Agrawal.
About Fractal Industries Ltd.
Fractal Industries Ltd. is a full-service garment manufacturing and supply chain company catering primarily to India’s fast-growing e-commerce apparel ecosystem. The company designs, sources and manufactures garments while also providing end-to-end warehousing and integrated logistics solutions.
The company works with leading online platforms such as Myntra, Ajio and Flipkart, and focuses on fast-moving, high-quality apparel suited for online marketplaces. It also provides value-added services including product and order management, inventory and returns handling, integrated logistics, data analytics, multi-channel sales support and order anomaly detection.
The company operates a manufacturing facility in Mumbai with a monthly production capacity of over 3,00,000 garments and maintains warehouses across Gujarat, Maharashtra, Haryana, West Bengal and Karnataka.
Business Verticals
| Segment | Description |
|---|---|
| Outright Sale of Garments | Bulk manufacturing and sale of garments to e-commerce platforms |
| PPMP Model | Design and manufacture under marketplace private labels with end-to-end fulfillment |
| Direct Sale – Own Brand | Own apparel brand “7ate9”, selling directly through online platforms |
Competitive Strengths
• Experienced promoters and senior management team
• Technology-driven and integrated warehouse management system
• Strong expertise in apparel reverse logistics and returns management
• Robust quality control and inspection processes
Company Financials (Rs. crore – Restated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 62.03 | 51.42 | 42.27 | 41.21 |
| Total Income | 47.33 | 85.51 | 50.01 | 88.91 |
| Profit After Tax | 6.78 | 7.54 | 2.27 | 2.66 |
| EBITDA | 9.29 | 11.15 | 4.05 | 4.13 |
| Net Worth | 23.59 | 15.70 | 8.16 | 5.89 |
| Reserves & Surplus | 18.01 | 15.20 | 7.66 | 5.39 |
| Total Borrowings | 24.63 | 27.61 | 21.88 | 14.05 |
Objects of the Issue (Rs. in crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Funding working capital requirements | 36.50 |
| 2 | General corporate purposes | Balance |
| Total | 36.50 |
Key Performance Indicators
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 34.52% | 63.20% |
| ROCE | 18.99% | 25.07% |
| Debt / Equity | 1.04 | 1.76 |
| RoNW | 28.74% | 48.02% |
| PAT Margin | 14.34% | 8.82% |
| EBITDA Margin | 19.63% | 13.04% |
| Price to Book Value | 7.57 | — |
| EPS (Rs.) | 13.51 | 17.28 |
| P/E (x) | 15.99 | 12.50 |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Fractal Industries Ltd. |
| Address | Gala 212, Bhullar Star Indl. Estate, Andheri Kurla, Andheri East, Mumbai, Maharashtra – 400072 |
| Phone | +91 22-2852 8352 |
| investors@fractalindustries.in | |
| Website | Visit Website |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 040-6716 2222 / 040-7961 1000 |
| fractal.ipo@kfintech.com | |
| Website | Visit Website |
IPO Lead Manager
| Particulars | Details |
|---|---|
| Lead Manager | Finaax Capital Advisors Private Limited |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Fractal Industries operates in the garment manufacturing and e-commerce supply chain space with integrated capabilities across manufacturing, warehousing and logistics. Rising online apparel demand and private label opportunities are positives, while working capital intensity and margin sustainability remain key monitorables. |
| Chanakya View | NEUTRAL / MODERATE APPLY – suitable for investors with medium risk appetite |
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
