Overview
Updated 12 days agoQualiance International Limited is an integrated apparel manufacturer specializing in technical outerwear, performance products, work wear, and lifestyle garments. The company operates a manufacturing facility in Tiruppur, Tamil Nadu, and primarily exports its products to international markets, including Switzerland and the USA.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,27,000 |
| bNII (min) | 8 | 8,000 | ₹10,16,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | NSE |
| Segment | SME |
| Sector | Textile |
| Price band | ₹120–127 |
| Final issue price | ₹127.00 |
| Face value | ₹10 per share |
| Lot size | 1,000 shares |
| Minimum investment | ₹1,27,000 |
| Issue size | ₹45.00 Cr |
| Market cap at upper band | ₹171 Cr |
| P/E at upper band | 10.6x |
| Registrar | MUFG INTIME INDIA PRIVATE LIMITED |
| Lead managers | Hem Securities Limited |
| NSE symbol | QUALIANCE |
| ISIN | INE1XJ401012 |
Shareholder quota and promoter holding
Company & business
Qualiance International Limited, originally formed as a partnership firm 'M/s. Qualiance Exports' in 1994, is an integrated apparel manufacturer. The company specializes in designing, engineering, and manufacturing performance garments, including military uniforms, tactical outerwear, high-visibility workwear, and protective activewear. It operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per annum. The company serves institutional, government, and brand clients, with a significant portion of its revenue derived from exports to Switzerland and the USA. It operates under various international certifications, including ISO 9001:2015, ISO 14001:2015, and SA 8000, and holds the status of a Two Star Export House.
Objects of the issue — how the money will be used
- Funding the capital expenditure requirements of our company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu (₹38 Cr)
- General Corporate Purposes
Key strengths
- In-house manufacturing facility with quality control mechanism
- Widespread reach in international markets
- Integrated expertise in high performance technical garments
- Qualified and Experienced Management Team
Key risks
- Significant portion of revenue derived from woven garments; any decline in sales could adversely affect business.
- Dependence on a limited number of customers for a significant portion of revenue.
- Majority of revenue from exports, exposing the company to international trade risks.
- Proposed expansion plans are subject to risks of unanticipated delays and cost overruns.
- Significant exposure to foreign exchange rate fluctuations.
- Outstanding legal proceedings involving the company, directors, and promoters.
- Dependence on a limited number of suppliers for raw materials.
- Negative cash flows from operating, investing, and financing activities in the past.
Promoters
Vipul Badani, Bhoomin R Badani, Krupa Rajesh Badani
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 37.23 | -- | 2.84 | 43.14 | 8.92 | 17.54 |
| FY25 | 53.07 | -- | 4.90 | 57.53 | 13.82 | 22.00 |
| FY26 | 76.89 | -- | 11.87 | 68.99 | 24.74 | 28.35 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Qualiance International this issue | 76.9 | 11.99 | 10.6x | 47.98 | 24.99 |
| Gokaldas Exports Limited | 4,065.0 | 13.71 | 60.8 | 4.63 | 294.95 |
| S P Apparels Limited | 1,596.8 | 40.22 | 23.2 | 10.67 | 376.36 |
This issue is priced at 10.6x P/E against a peer median of 42.0x: a discount of 75%. A measurement, not a verdict.
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Sonaselection IndiaSONA · BSE, NSE · Mainboard · Textile+8.5%24 Sep Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.