IPO Overview
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, protective clothing, and weather-resistant garments. The company operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 4,50,000 garment pieces per annum.
Qualiance International IPO is a book-built issue aiming to raise ₹45.11 crore entirely via a fresh issue of shares, with a price band of ₹120 to ₹127 per share. The IPO opens on 4 September 2026 and closes on 8 September 2026, with listing expected on 11 September 2026 on the NSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 4 September 2026 |
| IPO Close Date | 8 September 2026 |
| Allotment Date | 9 September 2026 (Expected) |
| Refund Initiation | 10 September 2026 |
| Credit to Demat | 10 September 2026 |
| Listing Date | 11 September 2026 (Tentative) |
| Price Band | ₹120 – ₹127 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹1,27,000 (1 lot) |
| Issue Size | ₹45.11 crore |
| Fresh Issue | 35,52,000 shares (₹45.11 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business use. Promoter holding will come down from 100% to 73.6% after the issue.
Objects of the Issue (Fund Utilization)
The IPO is entirely a fresh issue, and ₹31.35 crore will fund a new manufacturing facility in Tiruppur. The remaining proceeds will be used for general corporate purposes.
- Capital expenditure for setting up a new manufacturing facility at Tiruppur, Tamil Nadu — ₹31.35 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Hem Securities Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The company is promoted by Vipul Badani, Bhoomin R Badani, and Krupa Rajesh Badani. Vipul Badani is a Knitting Technologist with over 28 years of experience in garment exports, and is ably supported by Bhoomin Badani, a management graduate. The promoters have long-standing relationships with European government procurement agencies and branded institutional clients.
Company Details
Qualiance International Limited designs, engineers, manufactures, and exports performance garments. These are not ordinary clothes but technical garments made to a buyer’s specification, with customers being governments, institutions, and brands in overseas markets.
Sectors / Customer Base:
- European Military & Government Procurement Agencies
- Police & Border Patrol Institutions
- International Branded Label Companies
- Industrial & High-Visibility Workwear Buyers
Key Products:
- Military Uniforms & Tactical Outerwear
- Police & Border Patrol Uniforms
- High-Visibility Workwear
- Weather-Resistant & All-Weather Outerwear
- Protective Workwear
- Performance Activewear
Key Capabilities:
Qualiance International’s integrated design, engineering, manufacturing, and quality-control capabilities provide an advantage over conventional garment exporters. The company has manufactured garments according to specifications and compliance requirements prescribed by European military, government, and institutional customers.
Manufacturing Facility:
The company runs a manufacturing facility in Tiruppur, Tamil Nadu, covering a built-up area of more than 45,000 square feet on a land area of about 1,046.31 square metres with the capacity to produce 4,50,000 pieces per year.
Certifications:
Multiple international quality, safety, and sustainability certifications.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹38.14 | ₹2.84 |
| FY25 | ₹55.06 | ₹4.90 |
| FY26 | ₹80.95 | ₹11.87 |
| H1 FY26 (Sep 2025) | ₹40.38 | ₹5.49 |
Key Financial Metrics
Revenue increased by 47% and profit after tax rose by 142% between FY26 and FY25. During the six months ended September 2025, the company reported income of ₹40.38 crore and PAT of ₹5.49 crore, already exceeding its entire FY25 profit. The company has demonstrated strong growth momentum with accelerating profitability across recent periods.
Company Strengths
- Integrated expertise in high-performance technical garments with specialized manufacturing capabilities — a clear differentiator from conventional garment exporters.
- Strong and accelerating financial performance — revenue grew 47% and PAT grew 142% in FY26, with H1 FY26 profit alone exceeding full-year FY25 profit.
- Long-standing relationships with European Government Procurement Agencies and branded label companies built over three decades since 1994.
- In-house manufacturing facility supported by a robust quality control mechanism and multiple international certifications.
- Entire IPO is a fresh issue — all proceeds going towards capacity expansion through a new Tiruppur factory, signaling strong growth intent with no promoter exit.
- India’s growing textile export ambition — India aims to triple textile exports to ₹9 lakh crore by 2030, directly benefiting export-focused manufacturers like Qualiance.
Key Risks & Challenges
- The company derives a majority portion of its revenues from exports and is therefore subject to international trade risks, including currency fluctuations, geopolitical disruptions, and changes in foreign import regulations.
- Revenue is concentrated among a limited number of customers, making the business vulnerable to order cancellations or demand changes from key clients.
- The company depends on a limited number of suppliers for raw materials, creating potential supply chain disruption risk.
- Garment manufacturing is competitive and buyers can move orders to other countries on price, even in the technical garment segment.
- There are outstanding legal proceedings involving the company, its directors, and its promoters.
- This is an SME issue — SME shares usually trade in low volumes after listing, creating liquidity risk for investors seeking to exit in the secondary market.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
