The Kusumgar IPO opens on July 8, 2026, and closes on July 10, 2026. The issue is a mainboard book-build IPO of ₹650 crores, entirely an offer for sale of 1,55,13,126 equity shares. Since it is a pure Offer for Sale (OFS), no fresh capital goes to the company. The proceeds go to the promoter selling shareholders.
About Kusumgar: Company overview
Incorporated in 1990, Kusumgar Ltd. manufactures woven, coated, and laminated synthetic fabrics, what the industry calls engineered fabrics. Products are built primarily on polyamide and polyester filaments using polyurethane chemistry. The company has over 1,000 unique fabric configurations across aerospace and defence, industrial and automotive, and outdoor and lifestyle segments. It has also moved into finished defence products, including parachute systems, stealth materials, and rapid deployment systems. As of March 31, 2026, the workforce stood at 2,077 employees. Headquarters are in Vile Parle (West), Mumbai.
Kusumgar IPO: Key highlights
| Detail | Information |
| IPO open date | July 8, 2026 |
| IPO close date | July 10, 2026 |
| Price band | ₹398 to ₹419 per share |
| Lot size | 35 shares |
| Issue size | ₹650 crore |
| Issue type | Offer for Sale only |
| Face value | ₹1 per share |
| Listing exchanges | BSE and NSE |
| Allotment date | July 13, 2026 |
| Listing date | July 15, 2026 |
| Registrar | Bigshare Services Pvt. Ltd. |
| Lead managers | Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors |
Kusumgar IPO details explained
The minimum investment for a retail investor is ₹14,665, covering one lot of 35 shares at the upper price band of ₹419. Retail investors can go up to 13 lots, which is 455 shares at ₹1,90,645. Small HNIs need a minimum of 14 lots (490 shares) at ₹2,05,310. Large HNIs need at least 69 lots (2,415 shares) at ₹10,11,885. QIBs get 50% of the net offer, retail investors 35%, and HNIs 15%. Applications go through UPI or ASBA via net banking.
Financial performance of Kusumgar
Kusumgar's revenue for FY26 came in at ₹711.78 crore, down from ₹790.21 crore in FY25. Profit after tax dropped to ₹98.20 crore from ₹111.99 crore, roughly a 12% fall. The company had grown sharply between FY24 and FY25 before pulling back in FY26. Total borrowings stood at ₹223.58 crore as of March 31, 2026, against a net worth of ₹502.95 crore, a debt-to-equity ratio of 0.44. The EBITDA margin was 27.15%, and the PAT margin was 13.80%. ROE and ROCE both came in around 25%. Post-issue EPS works out to ₹9.35, with a P/E of 44.8x at the upper price band. A profitable business, but FY26 was softer than FY25 on both revenue and profit. Worth keeping in mind.
Strengths of Kusumgar IPO
- Niche segment with high entry barriers. Engineered fabrics for defence and aerospace are not easy to replicate, and approvals in these industries take years
- Over 1,000 unique fabric SKUs built up since the 1970s
- Spread across multiple end-use segments, so the business is not riding a single industry
- Moving into finished defence products alongside raw fabrics, which could improve margins over time
- Customer relationships in regulated industries like aerospace tend to be long and sticky
- A debt-to-equity ratio of 0.44 is manageable
Risks investors should consider
- Revenue fell 10% and PAT fell 12% in FY26 versus FY25. That is the year the IPO is being priced on
- Pure OFS means zero proceeds go back into the business
- Analyst reviews flag the pricing as aggressive given the inconsistent recent financials
- 44.8x P/E on a down year needs a meaningful FY27 recovery to justify
- High promoter pre-IPO holding creates potential for further exits post-listing
Kusumgar IPO subscription status
Subscription figures will update once the IPO opens on July 8. Live numbers are available on the Chittorgarh website and BSE/NSE portals through the three-day subscription window. QIB subscription is worth watching closely since institutional interest tends to set the tone for overall demand.
Should you consider investing in the Kusumgar IPO?
Kusumgar is in a defensible space with real technical depth. Engineered fabrics for aerospace and defence don't have many domestic listed peers, and the company's long customer relationships are a genuine advantage. The concern going into this IPO is that the numbers are not at their strongest right now, and the valuation does not leave much room for another soft year. Analyst views broadly suggest this one is better suited for investors with a longer horizon and higher risk appetite, not those looking for a quick exit.
How to apply for the Kusumgar IPO?
To apply, use UPI or ASBA. For UPI, log in to your broker platform, select the Kusumgar IPO, enter lot size and bid price, submit your UPI ID, and approve the mandate on your UPI app. For ASBA, apply through your bank's net banking portal under the IPO section. The allotment is on July 13, 2026, with share credits to demat accounts by July 14. Allotment status can be checked on the Bigshare Services website or BSE/NSE IPO pages using PAN or application number.
Conclusion
Kusumgar has a real business in a segment with genuine barriers to entry. The defence and aerospace angle is a structural story with legs. The issue is timing. A pure OFS at 44.8x P/E on a year of declining revenue and profit is a valuation ask that requires some faith in an FY27 turnaround. Long-term investors comfortable with that uncertainty may find it worth a look. Those with shorter timeframes should go through the RHP carefully before deciding.
