Kusumgar Limited is an Indian manufacturer of engineered fabrics, specializing in woven, coated, and laminated synthetic fabrics.
The company primarily uses polyamide and polyester filaments combined with polyurethane chemistry to manufacture high-performance fabrics that meet demanding technical specifications such as tensile strength, tear resistance, abrasion resistance, waterproofing, and air permeability.
As of March 31, 2026, the company had developed over 1,000 unique fabric configurations (SKUs), establishing a niche position in the synthetic functional and performance fabrics market. Its products cater to diverse end-user industries, including aerospace & defence, industrial & automotive, and outdoor & lifestyle segments.
In recent years, Kusumgar has expanded beyond engineered fabrics into value-added aerospace and defence products, manufacturing advanced solutions such as parachute systems, stealth solutions, and rapid deployment systems, enabling it to move higher up the value chain.
Business Segments:
- Aerospace & Defence Fabrics: Specialized high-specification fabrics tailored for military and defense use.
- Aerospace & Defence Solutions: Fully integrated tactical systems, including advanced Combat Free Fall (CFF) military parachutes.
- Industrial & Automotive Fabrics: Heavy-duty technical textiles utilized in vehicular components and specialized manufacturing.
- Outdoor & Lifestyle Fabrics: Premium functional textiles supplied to global sportswear and extreme outdoor gear brands.
The company operates six manufacturing facilities across Valsad and Surat in Gujarat, along with one fabrication facility in Kanpur, Uttar Pradesh, enabling it to manufacture both engineered fabrics and finished defence products.
As of March 31, 2026, Kusumgar employed 1,740 personnel, including permanent employees and contract workers, supporting its manufacturing, engineering, research & development and business operations.
Kusumgar IPO – Details
| IPO Opening Date | 08 July 2026 |
| IPO Closing Date | 10 July 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,55,13,126 Shares Worth ₹650.00 Crore Offer For Sale: 1,55,13,126 Shares Worth ₹650.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹398 – ₹419 per share |
| Market Lot | 35 Shares |
| Min Order | 35 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Bigshare Services Private Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Kusumgar IPO – Date Schedule
| IPO Open Date | 08 July 2026 |
| IPO Close Date | 10 July 2026 |
| Basis of Allotment | 13 July 2026 |
| Initiation of Refund | 14 July 2026 |
| Credit of Shares to Demat Account | 14 July 2026 |
| IPO Listing Date | 15 July 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 10, 2026 |
Kusumgar IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹14,665 |
| Retail (Max) | 13 | 455 | ₹1,90,645 |
| S-HNI (Min) | 14 | 490 | ₹2,05,310 |
| S-HNI (Max) | 68 | 2380 | ₹9,97,220 |
| B-HNI (Min) | 69 | 2415 | ₹10,11,885 |
Competitive Strength
- Operates in & high entry barriers market.
- Strong technical capabilities to develop and supply unique solutions.
- Diversified presence across multiple end-use segment.
- Long-standing relationships with key customer.
- Experienced and visionary Promoters supported by a professional management team.
Company Promoters
- Yogesh Kantilal Kusumgar
- Siddharth Yogesh Kusumgar
- Sapna Siddharth Kusumgar
- Siddharth Yogesh Kusumgar (HUF)
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹474.55 Cr | ₹359.48 Cr | ₹84.40 Cr | ₹76.53 Cr |
| 31 March 2025 | ₹790.21 Cr | ₹639.43 Cr | ₹111.99 Cr | ₹246.50 Cr |
| 31 March 2026 | ₹711.78 Cr | ₹576.82 Cr | ₹98.20 Cr | ₹223.58 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 25.82% |
| ROCE | 24.76% |
| Debt/Equity | – |
| RoNW | 25.82% |
| PAT Margin | 13.80% |
| EBITDA Margin | 27.15% |
| Price to Book Value | – |
| Pre IPO | Post IPO | |
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
The Kusumgar IPO is entirely an Offer for Sale (OFS), meaning the company will not receive any proceeds from the issue. Under the IPO, the Promoter Selling Shareholders will sell equity shares aggregating up to ₹650 crore.
The primary objectives of the Offer are:
- To facilitate the Offer for Sale of equity shares by the Promoter Selling Shareholders.
- To list the company’s equity shares on the BSE and NSE, providing shareholders with a publicly traded platform.
The listing is expected to enhance Kusumgar Limited’s brand visibility, corporate recognition, and market presence.
Kusumgar IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Garware Technical Fibres Limited | 39.80 |
| 2 | 10 | Arvind Limited | 32.72 |
| 3 | 10 | SRF Limited | 43.77 |
✅Strengths
- Operates in a high entry barrier engineered fabrics industry.
- Developed 1,000+ engineered fabric SKUs.
- Strong expertise in coating, lamination, and technical fabrics.
- Diversified across Aerospace & Defence, Industrial & Automotive, and Outdoor & Lifestyle segments.
- Focus on high-margin, value-added products.
- Experienced promoters and professional management team.
⚠️Risks
- High dependence on the Aerospace & Defence segment.
- Top 10 customers contributed 59.52% of FY26 revenue.
- Top 10 suppliers accounted for 51.42% of raw material purchases.
- No long-term contracts with most customers.
- All manufacturing facilities are located in Gujarat.
- Faces competition from domestic and global manufacturers.
Kusumgar IPO Promoter Holding
| Pre-Issue Share Holding | 90.11% |
| Post Issue Share Holding | – |
Kusumgar IPO Prospectus
- Kusumgar IPO DRHP
- Kusumgar IPO RHP
Company Contact Information
| Kusumgar Limited 101, Manjushree, V.M. Road, Corner of N.S. Road No. 5, JVPD Scheme Vile Parle (West), Mumbai, Maharashtra, 400056 Phone: + 91 22 6112 510 Email: cs@kusumgar.com Website: https://www.kusumgar.com/ |
Kusumgar IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Kusumgar IPO Lead Manager(s)
| 1. Axis Capital Limited 2. IIFL Capital Services Limited 3. Motilal Oswal Investment Advisors Limited |
Kusumgar IPO FAQs
| What is the Kusumgar IPO? Kusumgar IPO is a main-board IPO. The issue is priced at ₹398 to ₹419 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Kusumgar IPO open? The IPO is to open on 08 July 2026 for QIB, NII, and Retail Investors. |
| What is Kusumgar IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Kusumgar IPO Size? Kusumgar IPO size is ₹650.00 Crore. |
| What is the Kusumgar IPO Minimum and maximum lot sizes for Retail? The minimum bid is 35 Shares with ₹14,665, while the maximum bid is 455 Shares with ₹1,90,645. |
| What is the Kusumgar IPO Allotment Date? Kusumgar IPO allotment date is 13 July 2026. |
| What is the Kusumgar IPO Listing Date? Kusumgar IPO listing date is 15 July 2026. The IPO is to be listed on the BSE and the NSE. |
