Kusumgar IPO

About Kusumgar IPO

The Kusumgar IPO opens on Wednesday, July 8, 2026 and closes on Friday, July 10, 2026. The allotment of shares will take place on Monday, July 13, 2026. The credit of shares to the demat account will take place on Tuesday, July 14, 2026. The initiation of refunds will take place on Tuesday, July 14, 2026. The listing of shares will take place on Wednesday, July 15, 2026.

Kusumgar IPO's price band is set at ₹398 to ₹419 per share. The lot size for an application is 35. The minimum amount of investment required by a retail investor is ₹14,665 (35 shares) (based on upper price). The lot size investment required by sNII is 14 lots (490 shares), amounting to ₹2,05,310, and for bNII, it is 68 lots (2,380 shares), amounting to ₹9,97,200.

Kusumgar Ltd is a manufacturer of woven, coated, and laminated synthetic fabrics. These are popularly referred to as engineered fabrics. The engineered fabrics industry requires precision manufacturing and high level of technical expertise. Its products cater to four broad industry groups viz.; Aerospace & Defence Fabrics, Aerospace & Defence Solutions, Industrial & Automotive Fabrics, and outdoor & lifestyle fabrics. Most of these have fairly high entry barriers.

Objectives of Kusumgar IPO

• Enhance the public image of the company
  
• Get the company listed on the stock exchanges to provide liquidity to shareholders
  
• To offer a more market-driven valuation-based pricing of shares of the company
  

Industry Outlook

Engineered fabrics are a subset of the technical textiles segment. They are more about delivering functional performance under tough conditions, rather than about aesthetic appeal. Engineered fabrics are designed with such special and superior properties like durability, moisture resistance, flexibility, breathability, as well as high tensile strength. It has a lot of interesting applications.

In defence, these engineered fabrics are used in ballistic protection as well as in personal and tactical gears. In aerospace, these engineered fabrics are used in parachutes, hot air balloons, paragliders, aircraft evacuation slides, and floatation devices. The industrial sector uses these engineered fabrics in filtration systems, conveyor belts, and protective coverings. In addition, the automotive sector also uses these fabrics for interior carpets, roofing systems, tapers, airbags, tyre cords, etc.

One of the standout features of the engineered fabrics industry is its ability to develop and deliver high resistance and customized fabric solutions for specific uses. Engineered fabrics also have a focus on sustainability and recycling, which is in sync with the green norms these days. The engineered fabrics segment has high entry barriers due to its specialized nature and strong relationships in the industry. The global engineered fabrics segment has grown from $41.6 billion in 2019 to $62.5 billion in 2024.

Kusumgar Company Information

Incorporated in 1990, Kusumgar Ltd is a manufacturer of woven, coated, and laminated synthetic fabrics—known as engineered fabrics. Its products are based mainly on polyamide and polyester filaments, using polyurethane chemistry.

The company currently has over 1,000 SKUs (stock keeping units), which has allowed them to create entry barriers in the industry. Its expertise in engineered fabrics revolves around lighter fabrics, nylon, complex fabric engineering, coating & lamination abilities and an integrated fabric value chain. The company also enjoys a long and deep relationship with most of its major customers.

Strengths of Kusumgar IPO

• The creation of entry barriers and the advantage of strong relations in the industry is an enduring edge which Kusumgar Ltd has.
• The company has a good spread of clients across India and broad, as well as a product spread across user segments like defence, aerospace, automotive, industrial etc.
• The company has continuously maintained EBITDA margins of around 24% on an average over the last 3 years.
• The company has invested in its technical ability stack by investing in research and development to enhance its product offerings.
• The government of India has adopted a more friendly policy towards engineering fabrics considering its massive export potential over the long run.

Risks of Kusumgar IPO

• The presence of established players like Arvind, SRF Ltd, and Garware Technicals is a risk factor for the company, as they can offer stiff competition.
• The inputs for the company’s products are petrochemical based inputs, which are very vulnerable to the vagaries of crude oil prices.
• The companies in the segment are expected to continuously invest in R&D due to the high risk of technological obsolescence in this segment.
• In this industry, customer preferences and specifications change at short notice and the company needs to be constantly adaptable to such changes. That puts cost pressure on the company.

Source: All the financial information for listed industry peers is on a consolidated basis and is sourced from the annual reports available on company websites for the Financial Year ending March 31, 2026. Source for Kusumgar Limited: Based on the Restated Financial Information for the year ended March 31, 2026.

Anchor Investor Bidding Date: Tuesday, July 7, 2026

IPO Registrar
Bigshare Services Private Limited
Email: ipo@bigshareonline.com
Phone: +91 22 6263 8200

Book Running Lead Manager(s):

• Axis Capital Limited
  
• IIFL Capital Services (formerly known as IIFL Securities Limited)
  
• Motilal Oswal Investment Advisors Limited
  

Kusumgar Contact Details
101, Manjushree, V.M. Road, Corner of N.S. Road No. 5, JVPD, Scheme,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India.
Email: cs@kusumgar.com
Phone: +91 22 6112 5100

Kusumgar Business Model

The company has a business model that caters to the fast-growing needs of the engineered fabrics space. It caters to sectors like defence, aerospace, automotive, industrial and outdoor usages. These are highly critical specifications that need a high level of technical sophistication and customization abilities. The business model has to be highly flexible to adapt to constant specifications changes.

Kusumgar Growth Trajectory

Kusumgar Limited's Total Income for FY26 was ₹711.78 crores, compared with ₹790.21 crores in FY25 and ₹474.55 crores in FY24.

The company's Profit After Tax for FY26 stood at ₹98.20 crores, compared with ₹111.99 crores in FY25 and ₹84.40 crores in FY24.

Its EBITDA for FY26 was ₹187.85 crores, compared with ₹188.39 crores in FY25 and ₹131.85 crores in FY24.

Kusumgar Market Position

As of March 31, 2025, Kusumgar Ltd has the advantage of a very diversified product mix across defence, aerospace, automotive, and defence usage points. It gets more than three-fourth of its revenue from India and just about a quarter from abroad. The company has over 1,000 unique fabric configurations (referred to as stock keeping units, or “SKUs”) as at March 31, 2025, to build a niche around synthetic functional and performance fabrics, addressing growing demand in the aerospace and defence, industrial and automotive, and outdoor and lifestyle segments.

How to apply for Kusumgar Limited IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.