Kusumgar Summary
The business activity revolves around the manufacturing of synthetic fabrics in woven form, coated form, and lamination with polyurethane chemistry using polyamide and polyester fibers. The company is engaged in the manufacturing of high-performance aerospace & defence fabrics which include parachutes, stealth fabrics, camouflage nets, rapid deployment systems; industrial and automotive fabrics which includes tapes, inflatables, and mechanical rubber goods; and outdoor and lifestyle fabrics which include athleisure, rainwear, winter wear, backpacks, tents, and sleeping bags. These products are distributed through B2B distribution channels to the aerospace and defense organizations, automotive Original Equipment Manufacturers (OEMs), industries, and activewear and outdoor gear companies from India and more than 70 other countries. Up until March 31, 2025, more than 1,000 fabric SKUs have been manufactured by the company making entry barriers strong in the synthetic functional and performance fabric industry.
The operations process of the firm involves the carrying out of all production processes in six plants located in Gujarat and one plant in Uttar Pradesh, which is a center of production of woven, coated, and laminated synthetic fabrics by employing specialized coating, lamination, and polyurethane chemical technologies. The firm serves customers that range from aerospace and defense firms to international automobile OEMs, industrial manufacturers, and international lifestyle brands. Visibility of revenues is aided by the fact that the company operates in four different business segments, namely Aerospace and Defense Fabrics (48.06% of FY25 revenues), Aerospace and Defense Solutions (28.81%), Industrial and Automotive Fabrics (14.63%), and Outdoor and Lifestyle Fabrics (7.39%), in addition to having well-established customer relationships for 35 years.
BSE and NSE Mainboard book-building offer by Kusumgar Limited, in which the face value per share would be ₹1 and price band of shares per share would be ₹398 – ₹419. The size of the issue is ₹650 Cr, entirely comprised of Offer For Sale (OFS) by promoter selling shareholders: Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF, without any fresh issue part. No proceeds would go to the company from this IPO. The issue shall be divided among QIBs including Anchor (50%), NII (15%), and Retail Investors (35%), along with an employee discount of ₹39 per share.
Kusumgar IPO Details:
Kusumgar Limited Issue Management:
Motilal Oswal Advisors, IIFL Capital Services, Axis Capital Ltd acts as the book-running lead manager for Kusumgar NSE BSE Mainboard IPO, managing underwriting and compliance.
Kusumgar Limited IPO RTA (Registrar) Details:
Bigshare Services Pvt.Ltd. handles allotment, refunds, and demat credits - contact at 8657578989 / 8069219065 / 8069219060 or ipo@bigshareonline.com.
Kusumgar Limited IPO Allotment Status:
To check your IPO allotment status:
Visit the Bigshare Services Pvt.Ltd. IPO Application Status page.
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Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
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Kusumgar Limited Mainboard IPO is entirely an Offer for Sale (OFS) of ₹650 Cr by promoter selling shareholders — Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF. There is no fresh issue component. The company will not receive any proceeds from the IPO — all funds go to the selling promoter shareholders.
Since the Kusumgar IPO is entirely an Offer for Sale (OFS) with no fresh issue, the company does not receive any IPO proceeds. The stated objective is:
Kusumgar Mainboard IPO is structured for QIB (50%), NII (15%), and Retail (35%) investors as per SEBI mainboard norms. Employee reservation available with ₹39 discount to final offer price. Minimum retail investment: ₹14,665 (1 lot at ₹419).
The anchor bidding for Kusumgar Limited Mainboard IPO is scheduled for July 7, 2026, one working day before the issue opens on July 8, 2026. Anchor investors will be allotted shares in accordance with SEBI mainboard IPO regulations — up to 60% of the QIB portion may be allocated to anchor investors.
Lock-in: The anchor allotment follows standard mainboard IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date of July 15, 2026 on BSE and NSE.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. Motilal Oswal Investment Advisors Ltd., IIFL Capital Services Ltd., and Axis Capital Ltd. are the BRLMs. Bigshare Services Pvt. Ltd. is the registrar. Company: Kusumgar Limited, founded 1990, headquartered in Mumbai. Six manufacturing facilities in Gujarat and one fabrication unit in Uttar Pradesh. Workforce: 1,712 employees (1,082 permanent) as of March 31, 2025.
The income statement showed earnings of ₹474.55 Cr in FY24 rising significantly to ₹790.21 Cr in FY25, a growth rate of 66.5%, followed by 10% fall in earnings to ₹711.78 Cr in FY26. There was also a 12% fall in PAT from ₹111.99 Cr in FY25 to ₹98.20 Cr in FY26. EBITDA was almost constant at ₹187.85 Cr vs ₹188.39 Cr in FY25. FY26 Key Financial Indicators: ROE 25.82% | ROCE 24.76% | RoNW 25.82% | PAT Margin 13.80% | EBITDA Margin 27.15% | EPS ₹9.68 | P/E 43.3x | P/B 8.45x | Market Cap ₹4,252.43 Cr. The net debt for FY26 was ₹223.58 Cr in FY26 from ₹246.50 Cr in FY25. GMP as of July 3, 2026: ₹135 — estimated listing price ₹554 (+32.22% above issue price of ₹419).
Action Links:
To apply for Kusumgar Limited IPO, open a demat account here
Kusumgar Limited IPO Subscription Status: Check live subscription here
Kusumgar Limited IPO GMP Update: Check latest grey market premium here
Kusumgar Key Highlights:
Kusumgar Ltd is involved in the production of engineered fabrics from polyamide and polyester yarns with polyurethane science. Some of the products produced by Kusumgar include woven, coated, and laminated synthetic fabrics (used in aerospace, defense, industrial, automotive, outdoors, and lifestyle categories), parachute systems and camouflage nets (used in military and defense sectors), stealth fabrics and rapid deployment systems (used in aerospace and military industries), and fabrics which have four categories, that is, Aerospace and Defense Fabrics (high performance fabrics used in parachutes, tactical clothing and specialty gear), Aerospace and Defense Solutions (fully assembled products including camouflage nets, deployable shelters, and maintenance services), Industrial and Automotive Fabrics (fabrics for tapes, custom fabrics and mechanical rubber goods, inflatables) and Outdoor and Lifestyle Fabrics (high performance fabrics used in athleisure, rains, winter clothes, backpacks, luggage and tents).
The strengths of Kusumgar Limited include the diverse range of engineered fabrics (Aerospace & Defense fabrics, Industrial & Automotive fabrics, Outdoor & Lifestyle fabrics), diverse client base that includes aerospace & defense industry, industrial & automotive industry, outdoor & lifestyle markets worldwide, more than 1,000 unique fabrics (SKUs), six manufacturing plants in Gujarat and one fabrication plant in Uttar Pradesh, experienced promoters (Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar), expertise in technical solutions, long standing business relationships with key clients, and 100% Offer for Sale by selling promoters.
Kusumgar Risk Factors:
The risks of Kusumgar Limited IPO are mentioned below:
100% OFS – No New Money for the Company: The total ₹650 Cr IPO proceeds will be used by selling shareholder promoters, while the company gets nothing, meaning no funding for growth through this IPO.
Revenue and PAT Drop in FY26: There was a drop of 10% in revenue (₹790.21 Cr -> ₹711.78 Cr) and 12% in PAT (₹111.99 Cr -> ₹98.20 Cr) in FY26. Valuation risk arises if you pay a premium P/E ratio of 43.3x in a year where there are declines in financial performance.
Fully Valued at 43.3x P/E Ratio: At P/E of 43.3x based on FY26 earnings and P/B of 8.45x, the IPO is valued higher than its peers like SRF Ltd (43.77x), Garware Technical Fibres (39.8x), and Arvind Ltd (32.72x). Valuing the company with declining earnings at a premium ratio is risky.
Aerospace & Defence Exposure Risk: 76.87% of the revenue in FY25 comes from Aerospace & Defence business (48.06% fabrics + 28.81% solutions). Any decline in defence capex, cancelation of contracts, or any change in policy regarding procurement will have a significant effect on revenue.
High Leverage: Net borrowings of ₹223.58 Cr as of FY26 with a net debt position that requires careful monitoring, despite slight improvement from FY25.
Mainboard Listing Dynamics: At ₹4,252 Cr market cap, institutional and analyst scrutiny will be high. Failure to reverse the FY26 revenue and PAT decline post-listing could lead to significant price correction.
Kusumgar Expert Analysis:
Kusumgar Mainboard book-built IPO is priced at ₹398–₹419 per share (face value ₹1), aggregating ₹650 Cr — entirely an OFS by promoters selling shareholders with no fresh issue component. Listing on both BSE and NSE.
Basic details of the IPO:
Type of IPO: Book-built Mainboard IPO (BSE & NSE) — 100% OFS, zero fresh capital to company
Uses of funds: Nil for the company — all OFS proceeds go to selling promoters (Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, Siddharth Yogesh Kusumgar HUF)
Employee discount: ₹39 per share
Anchor bidding: July 7, 2026 | Opens: July 8, 2026 | Closes: July 10, 2026 | Allotment: July 13, 2026 | Listing: July 15, 2026 (BSE & NSE)
Lead Managers: Motilal Oswal Investment Advisors Ltd., IIFL Capital Services Ltd., Axis Capital Ltd. | Registrar: Bigshare Services Pvt. Ltd.
Expert View on the IPO:
Kusumgar is a 35-year-old leader in engineered fabrics having more than 1,000 different SKUs of fabric with strong positioning in defense and aerospace (parachute systems, stealth material, camouflage nets), EBITDA margins of 27.15%, and a very impressive GMP of ₹135 reflecting a potential gain of 32% from listing. All these are facts. But the current IPO is 100% promoter's exit with a very challenging 43.3x P/E ratio and 8.45x P/B ratio in a year where both revenues and PAT have gone down. The company receives nothing from this IPO.
Should you invest in Kusumgar?
A good fit for investors willing to invest in an established engineered fabrics business that has a strong defence focus along with the appealing GMP of ₹135 and accepts the 100% OFS model and premium P/E of 43.3x despite declining FY26 profits.
Short-term investment can be considered due to the strong GMP — however, long-term investments need to be based on fundamental considerations.
Consider investing when:
Looking to invest in a 35 years old company that is the leader in engineered fabrics having more than 1,000 SKUs catering to aerospace, defence, automotive, and lifestyle segments, with an impressive EBITDA margin (27.15%) and ratios like ROE (25.82%).
Ready to cope with the dynamics of the main board listing, 100% OFS model, premium P/E of 43.3x, and GMP of ₹135 which indicates that there is high potential of listing gain.
Do not invest when:
Risk-sensitive about the 100% OFS model that involves promoter exiting completely without giving any capital to the company, declining revenue in FY26 by -10%, profit after tax by -12%, stretched P/E of 43.3x, and highly concentrated revenue coming from aerospace and defence (76.87%).
Preferring companies where IPO proceeds fund growth rather than promoter liquidity, or seeking businesses with improving rather than declining financial momentum.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Kusumgar Limited IPO, open a demat account here
Kusumgar Limited IPO Subscription Status: Check live subscription here
Kusumgar Limited IPO GMP Update: Check latest grey market premium here
1. What is the Kusumgar Limited IPO open and close date?
Kusumgar Mainboard IPO opens July 8, 2026 and closes July 10, 2026. Allotment: July 13. Refunds & Demat credit: July 14. Listing on BSE and NSE: July 15, 2026.
Track Kusumgar Limited IPO subscription status live here from Finnpick.
2. What is the Kusumgar Limited IPO price band and lot size?
The IPO is a book-built Mainboard issue with a Price band: ₹398–₹419 per share (face value ₹1), Lot size: 35 shares, Minimum retail investment: ₹14,665 (1 lot at ₹419). Maximum retail: 13 lots (455 shares) = ₹1,90,645. Employee discount: ₹39 per share.
3. What is Kusumgar Limited IPO total size?
The total issue size is ₹650 Cr, entirely an Offer for Sale (OFS) by promoters. No fresh issue component. The company receives zero proceeds. All IPO funds go to selling shareholders, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF.
4. How to apply for the Kusumgar Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by July 10, 4 PM. Monitor Kusumgar Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Kusumgar Limited IPO Allotment Status?
The allotment date is on July 13th and can be checked on Bigshare Services Pvt. Ltd. RTA portal using PAN/DP ID.
6. What is Kusumgar Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹132 as of July 03, indicating listing at the price range of ₹558 - check daily updates of Kusumgar Limited IPO GMP trends here and live subscription status here from July 08th opening only on Finnpick.
7. What does Kusumgar Limited specialize in?
Kusumgar Limited, founded in 1990 and headquartered in Mumbai, manufactures woven, coated, and laminated synthetic fabrics (engineered fabrics) based on polyamide and polyester filaments using polyurethane chemistry. Products serve aerospace & defence (parachutes, stealth materials, camouflage nets, rapid deployment systems), industrial & automotive, and outdoor & lifestyle segments. Over 1,000 unique fabric SKUs. Six manufacturing facilities in Gujarat and one fabrication unit in Uttar Pradesh.
8. When is the Kusumgar Limited IPO listing date?
The IPO is scheduled to list on NSE BSE Mainboard on July 15, 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 13th July 2026, with refunds and demat credits around 14th July 2026.
9. What are the Kusumgar Limited IPO proceeds utilization details?
The Kusumgar IPO is a 100% OFS — the company receives zero proceeds. All ₹650 Cr goes to the promoter selling shareholders (Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF). The company's stated benefit is enhanced brand visibility and liquidity through public listing.
10. Who are the promoters of Kusumgar Limited?
The promoters of Kusumgar Ltd. are Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF. Pre-IPO promoter holding: 90.48%. Market Cap at upper price band: ₹4,252.43 Cr.
11. Should I apply for the Kusumgar IPO?
You may consider applying for listing gains given a strong GMP of ₹135 (+32%) indicating potential listing price of ₹554. However, note this is a 100% promoter OFS exit (company gets zero capital), FY26 revenue declined 10% and PAT fell 12%, and P/E of 43.3x is demanding. Long-term investors should scrutinise the FY26 earnings decline before committing at premium valuations. Minimum retail investment ₹14,665 makes this accessible. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
