About Dudani Retail IPO
Dudani Retail IPO Details
Dudani Retail IPO is a fixed-price issue of ₹10.54 crore, entirely a fresh issue, with a face value of ₹10 per share. The company filed its DRHP with SEBI on March 31, 2026.
The price band of the issue is set at ₹29 per share and the lot size for an application is 4,000 shares. The minimum amount of investment required by an individual investor is ₹2,32,000 (8,000 shares). The IPO will be open for subscription from September 25 to 29, 2026, on the BSE SME platform, with a tentative listing date of Oct 5, 2026.
The book-running lead manager of the issue is Finshore Management Services Limited and the registrar to the issue is Maashitla Securities Private Limited.
Dudani Retail IPO Date & Timeline
The Dudani Retail IPO is officially set to open for subscription on Sep 25, 2026 and will close on Sep 29, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on March 31, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 30, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Oct 1, 2026. Finally, shares of Dudani Retail Ltd. are tentatively scheduled to list on the stock exchanges on Oct 5, 2026.
Dudani Retail IPO Timeline
| IPO Open Date | Fri, Sep 25, 2026 |
| IPO Close Date | Tue, Sep 29, 2026 |
| Basis of Allotment | Wed, Sep 30, 2026 |
| Initiation of Refunds | Thu, Oct 1, 2026 |
| Credit of Shares to Demat | Thu, Oct 1, 2026 |
| Listing Date | Mon, Oct 5, 2026 |
Dudani Retail IPO Details
| Detail | Description |
|---|---|
| IPO Date | 25 to 29 Sep, 2026 |
| Listing Date | 5 Oct, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | ₹ 29 per share |
| Lot Size | 4,000 Shares |
| IPO Type | Fresh capital only |
| Total Issue Size | 36,36,000 shares (agg. up to ₹ 11 Cr) |
| Reserved for Market Maker | 1,84,000 shares (agg. up to ₹ 0.5336 Cr) |
| Fresh Issue(Ex Market Maker) | 34,52,000 shares (agg. up to ₹ 10 Cr) |
| Net Offered to Public | 34,52,000 shares (agg. up to ₹ 10 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 67,50,000 shares |
| Share Holding Post Issue | 1,03,86,000 shares |
Dudani Retail IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Dudani Retail IPO GMP is currently trading at ₹3, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹32, which is 10.34% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹29 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹3 and a lot size of 4000 shares.
Dudani Retail IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 25 Sep 2026 | ₹29 | ₹3 | 25 Sep, 202610:40 AM |
| 24 Sep 2026 | ₹29 | ₹3 | 24 Sep, 202610:40 AM |
| 23 Sep 2026 | ₹29 | ₹3 | 23 Sep, 202610:40 AM |
| 22 Sep, 2026 | ₹29 | ₹0 | 22 Sep, 202611:15 AM |
Company Background
Incorporated on December 01, 2015, as "Dudani Retail Private Limited" in Jaipur, Rajasthan, the company initially established its presence as a regional apparel retailer. Over time, the entity expanded its operational capabilities into integrated garment design, manufacturing and brand distribution.
Headquartered in Jaipur, Rajasthan, the company caters to consumer demand in the domestic fashion and lifestyle ecosystem. The company is mainly engaged in the business of designing, manufacturing, sourcing and supplying apparel and related products through own-brand operations, licensed manufacturing arrangements with Fashion & Lifestyle marketplaces and a structured supply arrangement with a quick commerce platform.
To support its capital expansion and IPO plans, the business converted from a private limited firm into a public limited enterprise, changing its registered title to "Dudani Retail Limited" following a fresh certificate of incorporation issued on March 06, 2025.
Operations & Product Range
Dudani Retail Ltd. operates as a fashion and lifestyle business, focusing on designing, manufacturing and marketing apparel products, along with trading a select portfolio of cosmetic items. The company's core product lineup is segmented across ethnic, modern and fusion wear categories catering to women and men.
- • Women's Apparel: Marketed primarily under the company’s flagship brand "Divena," the product line includes kurtas, kurta sets, ethnic dresses and modern co-ord sets aimed at women seeking daily, formal and festive wear.
- • Men's Apparel: Marketed under the brand "Millennial Men", the range focuses on contemporary, casual and versatile clothing tailored for modern male consumers.
- • Cosmetic Trading: A supplementary trading arm focused on lifestyle and beauty accessories.
The company serves retail consumers and B2B buyers across various distribution channels, relying on domestic demand trends within the Indian apparel industry.
Facilities & Capacity
The operational setup of Dudani Retail Ltd. is centred in Jaipur, Rajasthan, where its registered and corporate offices handle administrative, design & manufacturing coordination. The company coordinates pattern making, cutting, finishing, quality checking and packaging from its facilities located in the Kartarpura Industrial Area. While the firm maintains dedicated in-house production management for quality assurance, it also utilizes external job-work partners and third-party suppliers to meet surging order volumes during peak festive and seasonal cycles.
Brands & Market Presence
Dudani Retail Ltd. operates primarily through two prominent proprietary brands tailored to specific consumer segments. Its flagship brand, "Divena," represents its ethnic and fusion wear range for women, offering traditional designs adapted for contemporary fashion requirements. Complementing this is the "Millennial Men" brand, which serves male shoppers looking for trendy daily and casual clothing. The company markets its products across domestic channels, leveraging e-commerce avenues alongside traditional retail exposure.
Revenue Streams & Business Model
Dudani Retail Ltd. generates revenue primarily from the sale of manufactured garments, supplemented by smaller trading volumes in cosmetics. Its commercial model follows both B2B bulk supply arrangements and direct-to-consumer (D2C) distribution pathways. Revenue generation is predominantly driven by domestic consumer demand, with fashion trends, seasonal buying patterns and festive shopping cycles influencing quarterly performance. Fabric purchasing, design innovation, inventory turnaround times and pricing competitiveness relative to other apparel markets serve as key operational drivers for the company's financial growth.
Financial Performance
Dudani Retail Ltd. has reported stable financial performance over the past financial years, with revenue moving from ₹25.28 crore in FY25 to ₹24.58 crore in FY26. Despite flat revenue movement across the observed timeframe, the company's profitability demonstrated consistent improvement, driven by operational efficiencies and margin expansion. The company's profit after tax (PAT) stood at ₹1.77 crore in FY25 to ₹1.90 crore in FY26, reflecting a growth of 6.86% in the latest financial year following a 7% increase between FY25 and FY26.
Management & Shareholding
The promoters of Dudani Retail Ltd. are Mr. Akshay Dudani and Mrs. Charu Dudani. Before the IPO, the promoters held 67,50,000 shares, which is a 100% stake in the company, but after the IPO, the promoters’ shareholding will be diluted to 64.99% as the offering includes 34,52,000 fresh shares.
Board & Key Management
The leadership of Dudani Retail Ltd. is led by a team of experts with many years of experience. The daily operations are managed by Akshay Dudani, the Managing Director, along with Whole-Time Director Charu Dudani. To ensure good governance, the board includes Independent Directors Madhvi Sharma and Rahul Sharma for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Dudani Retail IPO Financial Information
Latest Revenue
₹ 24.58 Cr
Profit After Tax
₹ 1.90 Cr
Net Worth
₹ 3.55 Cr
Total Borrowing
₹ 4.82 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 17.01 | 24.58 | 1.90 | 3.55 | 3.55 | 4.82 |
| 31 Mar 2025 | 14.28 | 25.27 | 1.78 | 8.40 | 1.65 | 4.03 |
| 31 Mar 2024 | 10.59 | 25.11 | 0.99 | 6.62 | 4.62 | 3.53 |
| Amount in ₹ Crore | ||||||
Dudani Retail Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 21.19 % |
| ROCE | 31.60 % |
| Debt/Equity | 0.48 |
| RoNW | 21.19 % |
| PAT Margin | 7.04 % |
| EBITDA Margin | 11.33 % |
| Price to Book Value | 2.33 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.64 | 2.02 |
| P/E (x) | 10.98 | 14.36 |
Dudani Retail IPO Objectives
The company proposes to utilise the net proceeds raised from the Dudani Retail IPO fresh issue for the following strategic purposes:
- • Funding the capital expenditure requirements
- • Repayment or prepayment of outstanding borrowings (in part or in full)
- • Funding working capital requirements
- • General corporate purposes
Dudani Retail IPO Review
Dudani Retail Ltd. is an established small-cap apparel player operating in India's competitive fashion market. Operating out of Jaipur, the firm has positioned its portfolio around two focused brands: "Divena" for women's ethnic wear and "Millennial Men" for contemporary male fashion. The company's business model combines in-house design capabilities with outsourced job work, allowing it to maintain lower fixed infrastructure overheads while managing broad product catalogues.
From a financial perspective, while top-line revenue has remained range-bound between ₹24.59 crore in FY26 and ₹25.28 crore in FY25, bottom-line net profit has expanded from ₹1.77 crore to ₹1.90 crore, from FY25 to FY26, respectively. This profitability growth has improved net margins and asset returns.
However, investors should consider significant business dependencies disclosed in the prospectus. The company relies heavily on a limited group of suppliers and buyers; for instance, its top supplier accounted for 44.17% of total raw material purchases in FY26, while its top customer generated 37.37% of revenue in the same year. Furthermore, the company lacks long-term agreements with fabric suppliers, exposing operations to price fluctuations and supply chain disruptions.
Overall, investors evaluating the issue should weigh the firm's improved margin profile and reduced leverage against its flat top-line growth and client/supplier concentration risks.
Conclusion
Dudani Retail IPO is a chance to invest in a company with well-established regional apparel brands and a focused presence in women's ethnic and men's casual fashion. Over the past three financial years, the company has demonstrated profitability growth despite stagnant top-line operations. With this listing, the company aims to target debt reduction and working capital needs, which should provide financial flexibility for future growth. Prospective investors evaluating this offering should track the company's ability to diversify its supplier and customer bases, accelerate top-line revenue expansion and maintain profitability amidst cost fluctuations in the textile industry.
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Competitive Strengths
Established Brand Portfolio: Brand identities with "Divena" catering to women’s ethnic wear and "Millennial Men" targeting contemporary men's apparel.
Diversified Product Range: Broad offering spanning kurtas, co-ord sets, dresses and male casual apparel across multiple price points.
Experienced Promoters: Led by founders with operational experience in apparel retail and brand execution.
Integrated Operations: In-house design, pattern development and quality management combined with operational flexibility
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 8,000 | 2,32,000 |
| Individual investors (Retail) (Max) | 2 | 8,000 | 2,32,000 |
| HNI (Min) | 3 | 12,000 | 3,48,000 |