Dudani Retail Limited is an apparel company engaged in designing, manufacturing, sourcing and supplying apparel through its own brands, licensed manufacturing arrangements and Quick-Commerce channels. Its flagship “Divena” brand primarily offers women’s ethnic and fusion wear, including suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees and lehengas.
The Company also operates “Millennial Men” for men’s shirts and has a grey/raw fabric trading business supplying wholesalers and textile processors. Its “Cosse” personal care business has been discontinued.
The Company also undertakes licensed manufacturing for Fashion & Lifestyle marketplaces and supplies products to a Quick-Commerce Platform under a sell-or-return arrangement.
The Company follows a structured apparel production process from design and raw-material procurement to stitching, quality checks, finishing and packing, with certain processes outsourced. Its products are sold through major e-commerce platforms and its own website, along with offline channels.
In FY2026, Kurti, Kurta and Kurta Sets contributed ₹2,311.21 lakh, accounting for 94% of total turnover and forming the Company’s largest product category.
As on August 31, 2026, the Company had 33 permanent employees, including directors, supported by 35 temporary personnel primarily engaged in stitching and pressing activities.
Dudani Retail IPO – Details
| IPO Opening Date | 25 September 2026 |
| IPO Closing Date | 29 September 2026 |
| Issue Type | Fixed Price IPO |
| Issue Size | Total Issue: 36,36,000 Shares Worth ₹10.54 Crore Fresh Issue: 36,36,000 Shares Worth ₹10.54 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹29 per share |
| Market Lot | 4000 Shares |
| Min Order | 4000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Maashitla Securities Pvt. Ltd. |
| NII Shares Offered | 50% |
| Retail Shares Offered | 50% |
Dudani Retail IPO – Date Schedule
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Basis of Allotment | 30 September 2026 |
| Initiation of Refund | 01 October 2026 |
| Credit of Shares to Demat | 01 October 2026 |
| IPO Listing Date | 05 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 29, 2026 |
Dudani Retail IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 8,000 | ₹2,32,000 |
| Retail (Max) | 2 | 8,000 | ₹2,32,000 |
| S-HNI (Min) | 3 | 12,000 | ₹3,48,000 |
Competitive Strength
- Presence across multiple operating verticals.
- In-house manufacturing capabilities for women’s wear.
- Defined supply arrangement with a Quick-Commerce Platform.
- Asset-light model for men’s wear and selective trading categories.
- Established supplier network for fabrics, trims and finished goods.
- Multi-channel distribution through leading e-commerce marketplaces.
- Established relationships with Fashion & Lifestyle companies through licensed manufacturing.
Company Promoters
- Akshay Dudani
- Charu Dudani
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹25.13 Cr | ₹23.77 Cr | ₹0.99 Cr | ₹3.53 Cr |
| 31 March 2025 | ₹25.29 Cr | ₹22.82 Cr | ₹1.78 Cr | ₹4.03 Cr |
| 31 March 2026 | ₹24.59 Cr | ₹22.03 Cr | ₹1.90 Cr | ₹4.82 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 18.46% |
| ROCE | 25.88% |
| Debt/Equity | 0.47 |
| RoNW | 18.46% |
| PAT Margin | 7.73% |
| EBITDA Margin | 12.07% |
| NAV | 15.26 |
| Price to Book Value | 1.90 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 2.82 | 1.83 |
| P/E (x) | 10.28 | 15.85 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding Capital Expenditure towards purchase of machinery for expansion and upgradation of existing manufacturing facility. | ₹0.79 |
| Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company. | ₹3.00 |
| To meet Working Capital Requirements. | ₹3.97 |
| To be utilized towards Strategic initiatives, partnerships, joint ventures and acquisitions; Brand building and strengthening of promotional, marketing activities and advisory; On-going general corporate exigencies or any other purposes as approved by the Board subject to compliance with the necessary regulatory provisions etc. | ₹1.50 |
| Issue Expenses. | ₹1.29 |
✅Strengths
- Diverse Business Model with own brands and licensed manufacturing.
- Strong E-commerce Presence across major platforms.
- Established Divena Brand in women’s apparel.
- Improving Profitability with PAT margin of 7.73% in FY2026.
- Multi-Channel Distribution across online and offline channels.
⚠️Risks
- Product Concentration with 94% turnover from Kurti, Kurta and Kurta Sets.
- E-commerce Dependence with 70.40% turnover from e-commerce.
- Outsourcing Dependence for key value-added processes.
- Licensor Dependence for licensed brands and specifications.
- Changing Fashion Trends may affect demand.
Dudani Retail IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 64.99% |
Dudani Retail IPO Prospectus
Company Contact Information
| Dudani Retail Limited F-93, 3rd Floor, Kartarpura Industrial Area, 22 Godamjaipur, Station Road, Jaipur, Rajasthan, 302006 Phone: +91 8690532399 Email: cs@dudaniretail.com Website: https://divenaworld.com/ |
Dudani Retail IPO Registrar
| Maashitla Securities Pvt. Ltd. Phone: 011-45121795 Email: Investor.ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Dudani Retail IPO Lead Manager(s)
| 1. Finshore Management Services Ltd. |
Dudani Retail IPO FAQ
| What is the Dudani Retail IPO? Dudani Retail IPO is an SME IPO. The issue is priced at ₹29 per equity share. The IPO is to be listed on BSE SME. |
| When will Dudani Retail IPO open? The IPO is to open on 25 September 2026 for QIB, NII and Retail Investors. |
| What is Dudani Retail IPO Investors’ Portion? The Investors portion for NII – 50% and Retail – 50%. |
| What is the Dudani Retail IPO Size? Dudani Retail IPO size is ₹10.54 Crore. |
| What are the Dudani Retail IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 8000 Shares for ₹2,32,000, while the maximum bid is 8000 Shares for ₹2,32,000. |
| What is the Dudani Retail IPO Allotment Date? Dudani Retail IPO allotment date is 30 September 2026. |
| What is the Dudani Retail IPO Listing Date? Dudani Retail IPO listing date is 05 October 2026. The IPO is to be listed on the BSE SME. |
