Qualiance International IPO is a book-built issue of ₹45.11 crores, consisting entirely of a fresh issue of 35.52 lakh shares. The IPO will be open for subscription from Sep 4, 2026 to Sep 8, 2026. The allotment is expected to be finalized on Sep 9, 2026, while the shares are proposed to be listed on the NSE SME platform on Sep 11, 2026.
The price band has been fixed at ₹120 to ₹127 per share, with a lot size of 1,000 shares. At the upper price band, retail investors need to invest a minimum of ₹2,54,000 for 2,000 shares. For HNI investors, the minimum application is 3 lots, or 3,000 shares, requiring an investment of ₹3,81,000.
Hem Securities Ltd. is the book running lead manager for the issue, while MUFG Intime India Pvt.Ltd. is the registrar. Hem Finlease Pvt.Ltd. has been appointed as the market maker.
For detailed information on the company’s business, financials, risk factors, and the proposed utilisation of proceeds, investors should refer to the Qualiance International IPO Red Herring Prospectus (RHP) before making an investment decision.
Company Overview
Incorporated in August 2006, Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments performance and technical garments for government, institutional and branded customers across international markets. The business traces its origins to M/s. Qualiance Exports, a partnership firm started in 1994, and later became Qualiance International Private Limited before being converted into a public limited company in December 2025.
Its product range covers military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather clothing, 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 undertakes conventional cut-and-sew production as well as specialized processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. It produces both knitted and woven garments according to customer specifications, technical drawings, patterns and performance requirements.
Qualiance International primarily caters to customers in Europe and North America, serving government, institutional and brand clients. Its export-oriented operations accounted for 98.82% of revenue from operations in Fiscal 2026.
The Company maintains certifications and compliance standards relevant to international markets, including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS and GRS, along with SEDEX SMETA audit compliance. It also holds the Two Star Export House status granted by the Government of India.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 4 to 8 Sep, 2026 |
| Allotment | Wed, Sep 9, 2026 |
| Listing Date | Fri, Sep 11, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹120 to ₹127 per share |
| Lot Size | 1,000 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 35,52,000 shares (agg. up to ₹45 Cr) |
| Reserved for Market Maker | 1,80,000 shares (agg. up to ₹2 Cr) Hem Finlease Pvt. Ltd. |
| Fresh Issue (Ex Market Maker) | 33,72,000 shares (agg. up to ₹43 Cr) |
| Net Offered to Public | 33,72,000 shares (agg. up to ₹43 Cr) |
| Shareholding Pre-Issue | 99,00,000 shares |
| Shareholding Post-Issue | 1,34,52,000 shares |
| Listing Exchange | NSE SME |
Industry Context
- India is the world’s second-largest textile producer and sixth-largest textile exporter, with a 4.6% share of global textile and apparel trade.
- India’s textile and apparel market is estimated at US$ 157 billion in FY 25-26 and is projected to reach US$ 646.96 billion by 2033 at an 11.98% CAGR.
- India’s technical textiles market is expected to reach US$ 23.3 billion by 2027, supported by increasing industrial applications, higher awareness and demand for advanced materials.
- Textile and apparel exports stood at US$ 32.63 billion in FY26 (April-February 2026), with ready-made garments accounting for the largest share at US$ 14.53 billion.
- Initiatives such as PM MITRA Parks, the PLI scheme worth ₹ 10,683 crore and the National Technical Textiles Mission are supporting manufacturing, investment, innovation and global competitiveness.
Business Strengths
- Strong export-focused business model with substantial international exposure, enabling Qualiance International to serve overseas government, institutional and brand customers while benefiting from demand for specialized technical garments across international markets.
- The Company serves customers across Europe and North America, supporting its export-oriented business model and providing access to international demand for specialized technical garments.
- Experienced Promoters and management bring industry knowledge and operational expertise, supporting customer relationships, manufacturing execution, quality management and the Company’s ability to address specialized garment requirements efficiently and consistently across markets.
- Qualiance International possesses integrated expertise in performance and technical garments, covering military uniforms, tactical outerwear, protective workwear, high-visibility apparel and other specialized products for demanding applications across global markets effectively.
- Specialized manufacturing capabilities, in-house quality control and multiple international certifications strengthen production reliability and compliance, while its skilled workforce supports consistent execution across complex garment manufacturing and operational activities effectively.
Business Risks
- 98.82% of revenue from operations came from exports in Fiscal 2026, exposing the Company to overseas demand, currency movements, trade policies and geopolitical developments.
- A significant dependence on key customers means that the loss, reduction or delay of orders from major clients could adversely affect revenue and business operations.
- Dependence on specific international markets exposes the Company to changes in regional demand, economic conditions, regulatory requirements and other market-specific developments.
- A substantial portion of revenue is generated from woven garments, making the Company vulnerable to changes in demand for this product category.
- The existing facility has an installed capacity of 450,000 garment pieces per annum. Delays in expansion or capacity limitations could restrict its ability to fulfil increasing orders.
Financial Performance
Qualiance International Ltd. – Financials (₹ in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 7,689.11 | 5,307.24 | 3,722.94 |
| EBITDA | 1,671.67 | 797.05 | 486.15 |
| EBITDA Margin (%) | 21.74% | 15.02% | 13.06% |
| Profit / (Loss) After Tax (PAT) | 1,186.90 | 489.85 | 283.93 |
| Net Worth | 2,473.65 | 1,382.25 | 892.40 |
| Return on Capital Employed (ROCE) (%) | 37.33% | 21.16% | 18.94% |
| Return on Equity (%) | 61.56% | 43.07% | 85.93% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 61.56% | 43.07% |
| Return on Capital Employed (ROCE) | 37.33% | 21.16% |
| Debt-to-Equity Ratio | 1.15 | 2.15 |
| Return on Net Worth (RoNW) | 47.98% | 35.44% |
| PAT Margin | 15.44% | 9.23% |
| EBITDA Margin | 21.74% | 15.02% |
| Net Asset Value (NAV per share) | ₹24.99 | ₹13.96 |
Objects of the Offer
- Funding the setup of a new manufacturing facility in Tiruppur, Tamil Nadu.
- Meeting general corporate purposes.
Conclusion
Qualiance International has built a focused presence in the performance and technical garment segment, supported by its export-oriented business model, specialized manufacturing capabilities and experience in catering to government, institutional and international brand customers. Its presence across Europe and North America, diversified product portfolio and established quality and sustainability certifications strengthen its ability to meet the requirements of global customers.
The Company’s in-house manufacturing facility, technical expertise and skilled workforce further support its ability to produce specialized garments across different applications. The strong contribution from exports also provides access to larger international markets and opportunities for business expansion. However, this export dependence simultaneously exposes the Company to fluctuations in global demand, currency movements, geopolitical developments and changes in international trade conditions.
Overall, investors should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation, and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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