Qualiance International Ltd. IPO
Price Band
₹120 – ₹127
Issue Size
₹45.11 Cr
Issue Dates
4 Sept – 8 Sept 2026
Listing Date
11 Sept 2026
About Qualiance International Ltd.
Incorporated in August 2006, Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments for institutional, government and brand clients in international markets. The Company originally commenced operations as a partnership firm, M/s. Qualiance Exports, in 1994 and was subsequently incorporated as Qualiance International Private Limited before being converted into a public limited company in December 2025. Its product portfolio includes military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border patrol uniforms, protective workwear and performance activewear. The Company operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per annum. The facility supports various manufacturing activities, including regular cut-and-sew operations and specialized processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. The Company manufactures both knitted and woven garments based on customer specifications, technical drawings, patterns and performance requirements. The Company primarily serves customers across Europe and North America, including government, institutional and brand clients. Its export-focused business contributed 98.82% of revenue from operations in Fiscal 2026. As of June 30, 2026, the Company had 255 payroll employees across its manufacturing facility and office operations, supported by contractual labour engaged based on production requirements.
IPO Details
| Price Band | ₹120 – ₹127 |
| Face Value | ₹10 |
| Issue Size | ₹45.11 Cr |
| Fresh Issue | ₹45.11 Cr |
| Total Shares Offered | 35,52,000 |
| Listed On | NSE |
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: (1) Funding the capital expenditure requirements of the Company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu - Rs. 38.00 Cr; (2) General Corporate Purpose (amount not disclosed). Total of specified objects: Rs. 38.00 Cr. The issue is entirely a fresh issue of 35,52,000 equity shares (including 1,80,000 shares reserved for the Market Maker, Hem Finlease Pvt.Ltd.), aggregating Rs. 45.11 Cr.
Key Financial Metrics
EPS (Basic)
₹11.99
P/E Ratio
10.59x
ROE
61.56%
ROCE
37.33%
Debt / Equity
1.15
Financial Performance
| Particulars (₹ Cr) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | — | — | — |
| EBITDA | 4.86 | 7.97 | 16.72 |
| PAT | 2.84 | 4.9 | 11.87 |
| Total Assets | 43.14 | 57.53 | 68.99 |
| Net Worth | 8.92 | 13.82 | 24.74 |
| Total Borrowings | 19.17 | 29.71 | 28.5 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 2 × 1000 | ₹2,54,000 | — |
| retail_max | 1000 shares | — | ₹2,54,000 |
| shni_min | 3 × 1000 | ₹3,81,000 | — |
| shni_max | 1000 shares | — | ₹8,89,000 |
| bhni_min | 8 × 1000 | ₹10,16,000 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB Shares Offered | — | No |
| NII (HNI) Shares Offered | 15.04% | No |
| Retail Shares Offered | 35.05% | Yes |
| Market Maker (Firm Reservation) | 5.07% | No |
Registrar & Lead Managers
Registrar
Lead Managers (2)
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Qualiance International Ltd. IPO (this IPO) | — | 170.84 | ₹11.99 | 10.59x | 61.56% |
| Madhur Knit Crafts Ltd. | Yes | — | — | 12.15x | — |
| Fascinate Textiles Ltd. | Yes | — | — | 10.33x | — |
| Shreedhar Spinners Ltd. | Yes | — | — | 13.44x | — |
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