QI
Qualiance International Limited IPO
Performance & Technical Garments · Institutional Workwear · Outerwear · Global Export
📋 NSE SME IPO
Fresh Issue Only
NSE SME
₹127
Upper Price
₹45.11 Cr
Issue Size
Sep 11, 2026
Listing Date
₹125.73 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Friday, 4 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Tuesday, 8 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Wednesday, 9 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Thursday, 10 September 2026
Unallotted funds returned; shares credited to demat
🏷️
Friday, 11 September 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date4 September 2026 (Fri)
IPO Close Date8 September 2026 (Tue)
Listing Date11 September 2026 (Fri)
Face Value₹10 per share
Price Band₹120 to ₹127
Issue Price (Upper Band)₹127 per share
Issue TypeBook Build — Fresh Issue Only
Lot Size1,000 shares (Min Application: 2 Lots / 2,000 Shares)
Total Issue Size35,52,000 shares (₹45.11 Cr)
Fresh Issue35,52,000 shares (₹45.11 Cr)
Offer for Sale (OFS)0 shares (₹0 Cr)
Market Maker Portion1,80,000 shares (₹2.29 Cr)
Pre-Issue Shares99,00,000
Post-Issue Shares1,34,52,000
Promoter Holding (Pre)86.49%
Listing ExchangeNSE SME
Lead ManagerHem Securities Ltd.
RegistrarMUFG Intime India Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹127| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Individual (Retail) — Min | 2 | 2,000 | ₹2,54,000 |
| Individual (Retail) — Max | 2 | 2,000 | ₹2,54,000 |
| S-HNI (sNII) — Min | 3 | 3,000 | ₹3,81,000 |
| S-HNI (sNII) — Max | 7 | 7,000 | ₹8,89,000 |
| B-HNI (bNII) — Min | 8 | 8,000 | ₹10,16,000 |
⚠️ Note: Investors can bid for a minimum of 2,000 shares (2 lots) and in multiples of 1,000 shares thereafter. Market Maker reservation comprises 1,80,000 shares.
👥 Investor Reservation
Allocated portion of Net Offer49.91% (16.83 L Sh)
QIB Portion
35.05% (11.82 L Sh)
Retail Portion
15.04% (5.07 L Sh)
NII Portion
📊 Subscription Status
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📈 Company Financials
Restated Standalone · ₹ Crore| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 68.99 | 57.53 | 43.14 |
| Total Income | 80.95 | 55.06 | 38.14 |
| PAT | 11.87 | 4.90 | 2.84 |
| EBITDA | 16.72 | 7.97 | 4.86 |
| Net Worth | 24.74 | 13.82 | 8.92 |
| Reserves & Surplus | 24.75 | 14.54 | 10.41 |
| Total Borrowing | 28.50 | 29.71 | 19.17 |
Income Growth
FY 2023–24₹38.14 Cr
FY 2024–25₹55.06 Cr
FY 2025–26₹80.95 Cr
🎯 Key Performance Indicators
61.56%
ROE
FY 2025–26
1.15
Debt/Equity
FY 2025–26
37.33%
ROCE
FY 2025–26
15.44%
PAT Margin
FY 2025–26
21.74%
EBITDA Margin
FY 2025–26
47.98%
RoNW
FY 2025–26
5.08x
Price/Book
FY 2025–26
24.99
NAV
FY 2025–26
⚖️ Valuation & EPS
Pre-IPO EPS
₹11.99
FY26 earnings + pre-issue shares
P/E: 10.59xPost-IPO EPS
₹8.82
FY26 earnings + post-issue shares
P/E: 14.40xPrice to Book Value
5.08x
At upper price band ₹127
Market Cap (Pre-IPO)
₹125.73 Cr
At issue price ₹127
ℹ️
Pre-IPO EPS (₹11.99) based on pre-issue shares (99,00,000) and FY26 restated earnings (₹11.87 Cr). Post-IPO EPS (₹8.82) accounts for the dilution resulting from the issuance of 35,52,000 fresh equity shares extending the total post-issue equity to 1,34,52,000 shares. Post-IPO Market Cap expands to ₹170.84 Cr at the upper issue price of ₹127.
🎯 Objects of the Issue
Net proceeds utilisation1
Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu
₹38.00 Cr
2
General Corporate Purpose
Balance
Total Fresh Issue Goal
₹45.11 Cr
🏢 About Qualiance International Ltd.
Est. 2006 (Oper. since 1994) · Mumbai / Tiruppur · Technical Garments & Performance ApparelQualiance International Limited, originally commencing operations in 1994 as M/s. Qualiance Exports and incorporated in August 2006, is a specialized engineering, design, and manufacturing exporter of high-performance technical garments. The company supplies institutional, government, and brand clients across North America and Europe.
The product suite spans military uniforms, tactical outerwear, high-visibility protective workwear, weather-resistant jackets, police and border patrol gear, and performance activewear. Qualiance operates a specialized manufacturing hub in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per annum, supporting advanced engineering processes including seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination. Recognized as a Two Star Export House by the Government of India, the export segment accounted for 98.82% of operational revenue in Fiscal 2026, supported by 255 full-time payroll personnel.
Brand Ecosystem
🧥
Tactical & Institutional Uniforms
Military uniforms, tactical outerwear, and police & border patrol protection suites
🔬
Specialized Engineering
Ultrasonic welding, laser cutting, seam sealing, lamination, and bonded fabric assemblies
🏭
Tiruppur Manufacturing Hub
450,000 pieces per annum capacity with a new facility funded via issue proceeds
🌍
Global Export Base
98.82% export revenue share serving government and brand clientele in North America and Europe
Competitive Strengths
🏆High-barrier, export-focused business model with 98.8%+ revenues sourced from developed global markets
⚙️Advanced technical apparel manufacturing (laser cutting, ultrasonic welding, seam sealing, and lamination)
🎖️Two Star Export House status complemented by extensive international certifications (ISO, SA 8000, GOTS, GRS)
📈Excellent return metrics generating a 61.56% ROE and 142% PAT surge to ₹11.87 Cr in FY26
Company Promoters
VB
Vipul Badani & Bhoomin R Badani
Promoters, Qualiance International Ltd.
KB
Krupa Rajesh Badani
Promoter, Qualiance International Ltd.
📅 Key Dates
IPO Opens04 Sep 2026
IPO Closes08 Sep 2026
Allotment09 Sep 2026
Refund & Share Credit10 Sep 2026
Listing Day11 Sep 2026
💡 Quick Summary
Price Band₹120 – ₹127
Upper Price₹127 / share
Lot Size1,000 shares
Min. Investment (Retail)₹2,54,000 (2 Lots)
Issue Size₹45.11 Cr
ListingNSE SME
🏦 Registrar & Lead Manager
Lead Manager
Hem Securities Ltd.
📍 Registered Address
Qualiance International Ltd.
406 – B Wing, Knox Plaza,
Next to Tangent Showroom, Mindspace,
Malad West, Mumbai, Maharashtra — 400064
📞 +91 22 42666003
[email protected]
406 – B Wing, Knox Plaza,
Next to Tangent Showroom, Mindspace,
Malad West, Mumbai, Maharashtra — 400064
📞 +91 22 42666003
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations and higher lot size restrictions. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️
Disclaimer: This page presents publicly available information from the Qualiance International IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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