Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments for government, institutional and brand clients across international markets. The company manufactures products including military uniforms, tactical outerwear, high-visibility workwear, protective workwear and performance activewear.
The Company operates a 45,000+ sq. ft. manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garments annually. It manufactures knitted and woven garments using processes including cut-and-sew, seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination.
The Company follows an export-focused business model, with exports contributing 98.82% of revenue in FY2026. Its key markets include Switzerland, the USA, and the UK, with Switzerland contributing the largest share at 80.67%.
The Company has over 20 years of experience supplying technical uniforms and outerwear to the Government of Switzerland, including military and police departments. In FY2026, Swiss Government departments contributed 79.24% of revenue, while the Company also serves international brands.
The Company’s product mix is led by woven garments, contributing 71.55% of product revenue in FY2026, while knitted garments contributed 28.45%. Its portfolio includes technical outerwear, tactical wear, high-visibility jackets, and performance apparel.
The Company maintains multi-stage quality controls and operates advanced machinery including automatic cutters, laser cutters, ultrasonic welders and garment sewing machines. In FY2026, the facility achieved 88% capacity utilisation, producing 394,044 garments against a capacity of 450,000 pieces.
The Company holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS and GRS, and follows SEDEX SMETA audit standards. It also holds the status of a Two Star Export House issued by the Government of India.
As of June 30, 2026, the Company had 255 payroll employees, supported by contractual labour as required. Its workforce covers production, quality, merchandising, finance, administration and logistics functions.
Qualiance International IPO – Details
| IPO Opening Date | 04 September 2026 |
| IPO Closing Date | 08 September 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 35,52,000 Shares Worth ₹45.11 Crore Fresh Issue: 35,52,000 Shares Worth ₹45.11 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹120 – ₹127 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Qualiance International IPO – Date Schedule
| IPO Open Date | 04 September 2026 |
| IPO Close Date | 08 September 2026 |
| Basis of Allotment | 09 September 2026 |
| Initiation of Refund | 10 September 2026 |
| Credit of Shares to Demat | 10 September 2026 |
| IPO Listing Date | 11 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 08, 2026 |
Qualiance International IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,54,000 |
| Retail (Max) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,81,000 |
| S-HNI (Max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,16,000 |
Competitive Strength
- Strong export-focused business model.
- Widespread reach across international markets.
- Qualified and experienced Promoters and management team.
- Integrated expertise in high-performance technical garments.
- Specialized manufacturing capabilities for performance apparel.
- Multiple international quality, safety and sustainability certifications.
- Skilled workforce supporting manufacturing and operational capabilities.
- In-house manufacturing facility supported by a quality control mechanism.
Company Promoters
- Vipul Badani
- Bhoomin R Badani
- Krupa Rajesh Badani
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹38.14 Cr | ₹34.74 Cr | ₹2.84 Cr | ₹19.17 Cr |
| 31 March 2025 | ₹55.06 Cr | ₹48.77 Cr | ₹4.90 Cr | ₹29.71 Cr |
| 31 March 2026 | ₹80.95 Cr | ₹64.90 Cr | ₹11.87 Cr | ₹28.50 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 61.56% |
| ROCE | 37.33% |
| Debt/Equity | 1.15 |
| RoNW | 47.98% |
| PAT Margin | 15.44% |
| EBITDA Margin | 21.74% |
| NAV | 24.99 |
| Price to Book Value | 5.08 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 11.99 | 8.82 |
| P/E (x) | 10.59 | 14.40 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu. | ₹38.00 |
| General Corporate Purpose. | – |
✅Strengths
- Strong export presence with 98.82% of FY2026 revenue from exports.
- Long-term Swiss Government relationship with over 20 years of experience.
- Specialized technical garment portfolio serving defence, police and industrial clients.
- Advanced manufacturing capabilities with multiple quality certifications.
- Strong financial performance with ₹76.89 crore FY2026 revenue and ₹11.87 crore PAT.
- Capacity expansion plans to support future growth.
⚠️Risks
- High customer concentration, with top 10 customers contributing 99.65% of FY2026 sales.
- Woven garment dependence, contributing 71.55% of product revenue.
- High export dependence, with Switzerland contributing 80.67% of FY2026 revenue.
- Dependence on government tenders for a significant portion of business.
- Working capital risk due to higher trade receivables.
- Foreign exchange and global trade risks due to international operations.
- Past delays in statutory filings may result in penalties.
Qualiance International IPO Promoter Holding
| Pre-Issue Share Holding | 86.49% |
| Post Issue Share Holding | 63.66% |
Qualiance International IPO Prospectus
Company Contact Information
| Qualiance International Limited 406 – B Wing, Knox Plaza Next to Tangent Showroom Mindspace, Malad West Mumbai, Maharashtra, 400064 Phone: +91 22 42666003 Email: cs@qualiance.com Website: https://qualiance.com/ |
Qualiance International IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: qualiance.smeipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Qualiance International IPO Lead Manager(s)
| 1. Hem Securities Ltd. |
Qualiance International IPO FAQ
| What is the Qualiance International IPO? Qualiance International IPO is an SME IPO. The issue is priced at ₹120 – ₹127 per equity share. The IPO is to be listed on NSE SME. |
| When will Qualiance International IPO open? The IPO is to open on 04 September 2026 for QIB, NII, and Retail Investors. |
| What is Qualiance International IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Qualiance International IPO Size? Qualiance International IPO size is ₹45.11 Crore. |
| What are the Qualiance International IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2000 Shares for ₹2,54,000, while the maximum bid is 2000 Shares for ₹2,54,000. |
| What is the Qualiance International IPO Allotment Date? Qualiance International IPO allotment date is 09 September 2026. |
| What is the Qualiance International IPO Listing Date? Qualiance International IPO listing date is 11 September 2026. The IPO is to be listed on the NSE SME. |
