Rajnandini Fashion India Limited designs, manufactures, and sells women’s apparel across ethnic and casual wear categories through online and offline channels.
Its product range includes sarees, kurtis, kurta sets, unstitched dress materials, tops, tunics, dresses, and maternity gowns made from fabrics such as cotton, rayon, silk, and poly-cotton.
The company operates in two segments:
- B2C: Direct sales through its own website and major e-commerce platforms such as Amazon, Flipkart, Myntra, Ajio, Nykaa, and others.
- B2B: Supply of fabrics and ready-made garments to wholesalers, retailers, garment processors, and bulk buyers.
Its products are sold under four brands — Merira, Monira, Roly Poly, and Rajnandini — catering to different price segments, with product prices generally ranging between ₹250 and ₹2,000.
Rajnandini Fashion started its in-house manufacturing operations with its first facility in Surat in 2023 and later expanded by starting another facility in Jaipur in 2024. The Surat unit is equipped with 90 sewing machines, while the Jaipur unit has 50 sewing machines.
As of April 30, 2026, the company had a total workforce of 146 permanent employees across its locations and did not employ any contract labourers.
Rajnandini Fashion India IPO – Details
| IPO Opening Date | 26 May 2026 |
| IPO Closing Date | 29 May 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 28,90,000 Shares Worth ₹18.21 Crore Fresh Issue: 28,90,000 Shares Worth ₹18.21 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹59 – ₹63 per share |
| Market Lot | 2000 Shares |
| Min Order | 2000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Rajnandini Fashion India IPO – Date Schedule
| IPO Open Date | 26 May 2026 |
| IPO Close Date | 29 May 2026 |
| Basis of Allotment | 01 June 2026 |
| Initiation of Refund | 02 June 2026 |
| Credit of Shares to Demat | 02 June 2026 |
| IPO Listing Date | 03 June 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 29, 2026 |
Rajnandini Fashion India IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4000 | ₹2,52,000 |
| Retail (Max) | 2 | 4000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 6000 | ₹3,78,000 |
| S-HNI (Max) | 7 | 14000 | ₹8,82,000 |
| B-HNI (Min) | 8 | 16000 | ₹10,08,000 |
Competitive Strength
- Wide range of products across multiple price points.
- Presence across multiple online platforms.
- In-house manufacturing facilities.
- Experienced and Visionary Promoter Leadership.
Company Promoters
- Vikesh Sushil Lunawat
- Sushil Kumar Lunawat
- Priyanka Chopra
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹28.02 Cr | ₹27.51 Cr | ₹0.37 Cr | ₹6.19 Cr |
| 31 March 2024 | ₹23.60 Cr | ₹20.53 Cr | ₹2.29 Cr | ₹7.01 Cr |
| 31 March 2025 | ₹31.27 Cr | ₹24.48 Cr | ₹5.06 Cr | ₹8.84 Cr |
| 31 December 2025 | ₹31.27 Cr | ₹24.24 Cr | ₹5.14 Cr | ₹13.96 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2025) |
|---|---|
| ROE | 74.59% |
| ROCE | 43.22% |
| Debt/Equity | 0.95 |
| RoNW | 54.41% |
| PAT Margin | 16.45% |
| EBITDA Margin | 24.38% |
| Price to Book Value | 5.07 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.75 | 4.87 |
| P/E (x) | 9.33 | 12.94 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding for capital expenditure to set up a new manufacturing facility. | ₹1.41 |
| Repayment of a portion of certain borrowings availed by its Company. | ₹5.50 |
| Utilization towards working capital requirements. | ₹9.00 |
| General corporate purposes. | – |
✅Strengths
- Wide product range across ethnic and casual women’s wear.
- Products available across multiple price points, from affordable to mid-range.
- Presence on major online platforms along with its own website.
- Operates in both B2C and B2B segments.
- In-house manufacturing facilities at Surat and Jaipur.
- Experienced promoters and management team with textile and apparel industry experience.
- Plans to expand capacity and diversify into kids’ wear and men’s wear.
⚠️Risks
- Business depends on changing fashion trends and customer preferences.
- In-house manufacturing operations are recently started, so execution and scaling risks remain.
- Revenue depends significantly on online sales channels and third-party e-commerce platforms.
- Online business faces risks from negative reviews, heavy discounts, competition, and policy changes by marketplaces.
- B2B revenue has dependence on limited customers and recurring purchase orders without long-term contracts.
- Raw material prices such as cotton, rayon, poly-cotton, and blended fabrics may fluctuate.
- Dependence on third-party vendors for printing may affect quality, timelines, and customer orders.
- Failure to renew or maintain required licenses and approvals may impact operations.
- The company has outstanding legal/tax proceedings that may adversely affect cash flows if decided against it.
Rajnandini Fashion India IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 72.13% |
Rajnandini Fashion India IPO Prospectus
Company Contact Information
| Rajnandini Fashion India Limited G1-41, RIICO, Tonk Road, Sitapura Industrial Area, Jaipur, Rajasthan, 302022 Phone: +91-7878352054 Email: cs@rfil.in Website: https://rfil.in/ |
Rajnandini Fashion India IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Rajnandini Fashion India IPO Lead Manager(s)
| 1. Seren Capital Pvt. Ltd. |
Rajnandini Fashion India IPO FAQ
| What is the Rajnandini Fashion India IPO? Rajnandini Fashion India IPO is an SME IPO. The issue is priced at ₹59 – ₹63 per equity share. The IPO is to be listed on BSE SME. |
| When will Rajnandini Fashion India IPO open? The IPO is to open on 26 May 2026 for QIB, NII, and Retail Investors. |
| What is Rajnandini Fashion India IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Rajnandini Fashion India IPO Size? Rajnandini Fashion India IPO size is ₹18.21 Crore. |
| What are the Rajnandini Fashion India IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 4000 Shares for ₹2,52,000, while the maximum bid is 4000 Shares for ₹2,52,000. |
| What is the Rajnandini Fashion India IPO Allotment Date? Rajnandini Fashion India IPO allotment date is 01 June 2026. |
| What is the Rajnandini Fashion India IPO Listing Date? Rajnandini Fashion India IPO listing date is 03 June 2026. The IPO is to be listed on the BSE SME. |
