About Qualiance International IPO
Qualiance International IPO Details
Qualiance International IPO is a 100% book-built issue of ₹45.11 crore, entirely a fresh issue of shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on March 30, 2026.
The price band of the issue is set between ₹120 and ₹127 per share and the lot size for an application is 1,000 shares. The minimum amount of investment required by an individual investor is ₹2,54,000 (2,000 shares). The IPO will open for subscription from Sep 4 to 8, 2026, on the NSE SME platform, with a tentative listing date fixed as Sep 11, 2026.
The book-running lead manager to the issue is Hem Securities Limited and MUFG Intime India Private Limited is serving as the registrar to the issue.
Qualiance International IPO Date & Timeline
The Qualiance International IPO is officially set to open for subscription on Sep 4, 2026 and will close on Sep 8, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on March 30, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 9, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 10, 2026. Finally, shares of Qualiance International Ltd. are tentatively scheduled to list on the stock exchanges on Sep 11, 2026.
Qualiance International IPO Timeline
| IPO Open Date | Fri, Sep 4, 2026 |
| IPO Close Date | Tue, Sep 8, 2026 |
| Basis of Allotment | Wed, Sep 9, 2026 |
| Initiation of Refunds | Thu, Sep 10, 2026 |
| Credit of Shares to Demat | Thu, Sep 10, 2026 |
| Listing Date | Fri, Sep 11, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Qualiance International IPO Details
| Detail | Description |
|---|---|
| IPO Date | 4 to 8 Sep, 2026 |
| Listing Date | 11 Sep, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | ₹ 120 to ₹ 127 |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Issue + Offer For Sale |
| 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) |
| 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) |
| Issue Type | Book Built Issue |
| Listing At | NSE SME |
| Share Holding Pre Issue | 99,00,000 shares |
| Share Holding Post Issue | 1,34,52,000 shares |
Qualiance International 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 Qualiance International IPO GMP is currently trading at ₹55, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹182, which is 43.31% 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 ₹127 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹55 and a lot size of 1000 shares.
Qualiance International IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 4 Sep 2026 | ₹127 | ₹55 | 4 Sep, 202611:05 AM |
| 3 Sep 2026 | ₹127 | ₹55 | 3 Sep, 202605:14 PM |
| 2 Sep 2026 | ₹127 | ₹50 | 2 Sep, 202606:08 PM |
| 01 Sep, 2026 | ₹127 | ₹0 | 1 Sep, 202603:59 PM |
Company Background
Qualiance International Ltd., incorporated as a private limited company on August 24, 2006, with roots dating back to 1994, operates in textile science and industrial engineering. Headquartered in Malad West, Mumbai, it serves international markets across Europe and beyond.
An Indian technical garment manufacturer headquartered in Mumbai with state-of-the-art production facilities in Tiruppur, Tamil Nadu. The company specialises in high-performance textile engineering, manufacturing cold-weather gear, active sportswear, functional protective wear and high-altitude combat clothing designed to withstand extreme environmental conditions.
On December 09, 2025, the company converted into a public limited company with a fresh certificate of incorporation to proceed with its public listing procedure.
Operations & Product Range
Qualiance International Ltd. focuses on the precision manufacturing of technical outerwear and performance activewear that meets strict international safety and weather resistance standards. Its product range includes military uniforms, tactical outerwear, high-visibility workwear, weather-resistant clothing and police patrol uniforms, with a strong specialisation in cold-weather gear designed for temperatures between -30°C and -40°C. The company primarily serves government agencies, defence forces and premium international outdoor brands.
Facilities & Capacity
Qualiance International Ltd. operates from a manufacturing facility in Tiruppur, Tamil Nadu, spanning over 45,000 sq. ft., with an installed capacity of 450,000 garments per year. The plant uses advanced machinery for in-house processes like seam sealing, bonded assembly, laser cutting, ultrasonic welding, down filling and thermal lamination, with ongoing upgrades planned to enhance automation and maintain quality.
Brands & Market Presence
Qualiance International Ltd. has a strong market presence as an institutional supplier rather than a consumer brand. It has a long-standing relationship with the Swiss Confederation and also serves international brands such as Coolibar, Skechers, Little Green Radicals and Armtec, along with domestic and export clients. The company follows strict compliance standards, holding certifications like ISO 9001:2015, ISO 14001:2015, SEDEX SMETA and GOTS, reflecting its focus on quality and sustainability.
Revenue Streams & Business Model
Qualiance International Ltd. operates a business model centred on the design, engineering and manufacturing of specialised, high-performance garments. The firm's primary revenue stream is derived from exporting woven apparel, including military uniforms, tactical outerwear, high-visibility workwear and protective gear, to international institutional and government clients. The company is mainly focuses on in-house manufacturing, advanced processes like lamination and ultrasonic welding and strategic global contracts.
Financial Performance
Qualiance International Ltd. has demonstrated strong top-line and bottom-line expansion over recent fiscal periods. Revenue increased from ₹53.07 crore in FY25 to ₹76.89 crore in FY26. Profitability followed a strong upward trajectory, with net profit rising from ₹4.90 crore in FY25 to surging to ₹11.87 crore in FY26. The firm maintained solid profitability metrics, delivering a Return on Equity (ROE) of 61.56% and an EBITDA margin of 21.74%.
Management & Shareholding
Qualiance International Ltd. is led by promoters Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani. Vipul Badani, with a diploma in knitting technology and around three decades of experience in garment manufacturing, brings strong textile expertise that has helped build long-term global client and supplier relationships. Before the IPO, the promoters held an 86.49% stake in the company, but after the IPO, the promoters' shareholding will be slightly diluted, as the post-IPO promoters' stake will be down to 63.66%.
Board & Key Management
The leadership of Qualiance International Ltd. is led by a team of experts with many years of experience. Vipul Badani serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as the daily operations, along with Whole-Time Director Bhoomin R Badani. To ensure good governance, the board includes Independent Directors Dharini Jatania and Kadambari R Mehta for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Qualiance International IPO Financial Information
Latest Revenue
38.46
₹ Crore
Profit After Tax
5.49
₹ Crore
Net Worth
19.31
₹ Crore
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves |
|---|---|---|---|---|---|
| 30 Sep 2025 | 72.32 | 38.46 | 5.49 | 19.31 | 19.67 |
| 31 Mar 2025 | 57.53 | 53.07 | 4.90 | 13.82 | 14.54 |
| 31 Mar 2024 | 43.14 | 37.23 | 2.84 | 8.92 | 10.41 |
| 31 Mar 2023 | 36.62 | 35.45 | 1.58 | -2.32 | 3.17 |
| Amount in ₹ Crore | |||||
Qualiance International Key Performance Indicator
| KPI | Values(30 Sept 2025) |
|---|---|
| ROE | 33.14 % |
| ROCE | 16.74 % |
| Debt/Equity | 1.64 |
| RoNW | 28.43 % |
| PAT Margin | 14.27 % |
| EBITDA Margin | 19.46 % |
| NAV | 19.51 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.95 | 8.16 |
| P/E (x) | 25.66 | 15.56 |
Qualiance International IPO Objectives
The company intends to utilise the Qualiance International IPO proceeds for the following strategic purposes:
- • Funding capital expenditure requirements to upgrade and to set up new manufacturing facilities in Tamil Nadu.
- • General corporate purposes
Qualiance International IPO Review
Qualiance International Ltd. represents a technical textiles and performance garments company, with a strong niche in extreme cold-weather clothing and military-grade uniforms. Its focus on institutional clients, particularly European government agencies, provides relatively stable demand compared to fast-fashion businesses.
Financially, the company shows steady performance, reporting revenue of ₹78.89 crore and PAT of ₹11.86 crore in FY2026. Notably, the top 10 customers of the company contributed around ₹76.02 crore, which is 99.65% of the total sales for the fiscal year 2026.
However, investors must be aware of both sides of the company, including strengths and potential risks. Key strengths include experienced promoters and a well-integrated supply chain, while key risks involve heavy dependence on a few government clients and the need for continuous investment in specialised machinery and strict quality compliance. Overall, investors should evaluate valuation and pricing once details are announced.
Conclusion
Qualiance International IPO is a chance to invest in an established technical garment manufacturing firm with nearly three decades of operational history. The industry opportunity for high-performance and tactical outerwear remains resilient, driven by institutional defence requirements and premium outdoor brands. The company focuses its execution on expanding its in-house manufacturing capacity and scaling its export footprint. With this listing, the company aims to fund its expenses for the setup of its new manufacturing facility in Tamil Nadu and to meet its general corporate purposes.
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Competitive Strengths
An advanced, in-house manufacturing facility in Tiruppur equipped with comprehensive quality control mechanisms and specialized assembly technologies.
A widespread and established reach in international markets, heavily supported by long-term government contracts.
Integrated expertise in producing high-performance technical garments capable of withstanding extreme cold weather conditions.
Strong adherence to global compliance standards, backed by multiple active ISO and sustainability certifications.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | 2,54,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | 2,54,000 |
| S-HNI (Min) | 3 | 3,000 | 3,81,000 |
| S-HNI (Max) | 7 | 7,000 | 8,89,000 |
| B-HNI (Min) | 8 | 8,000 | 10,16,000 |