In Progress
Valuation
Market Cap
₹170.84 Cr
P/E Ratio
10.59x
P/B Ratio
5.08x
Qualiance International IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments for institutional, government and brand clients in international markets. Originally founded as a partnership firm in 1994 and incorporated in 2006, the company operates a manufacturing facility at Tiruppur, Tamil Nadu with a built-up area of over 45,000 sq. ft. and an installed capacity of 4,50,000 garment pieces per annum. Its portfolio spans military and police uniforms, tactical and all-weather outerwear, high-visibility workwear, UPF sun-protective apparel and performance activewear across woven and knit categories. Exports contributed 98.82% of revenue in FY2026, led by supplies to departments of the Government of Switzerland and buyers across Europe and North America. The company holds ISO 9001, 14001, 45001, GOTS and GRS certifications and Two Star Export House status.
Lots & IPO Size
Qualiance International IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,000 | ₹2,54,000 |
| Ind (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 |
Market Maker
₹1.80 L
Employee
₹0.00
Shareholder
₹0.00
Qualiance International IPO Size
Total
₹45 Cr
Fresh Issue
₹45 Cr
(0.36 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Funding capital expenditure for setting up a new manufacturing facility at Tiruppur, Tamil Nadu
General Corporate Purposes & issue expenses
Total
Key Risk Factors
The company derives a significant portion of its revenue from the sale of woven garments; any decline in demand for these key products could materially affect its business and results of operations.
Key Risk Factors
The company derives a significant portion of its revenue from the sale of woven garments; any decline in demand for these key products could materially affect its business and results of operations.
The company depends on a limited number of customers for its revenue from operations, and any failure to maintain these relationships could adversely affect its financial condition.
The company derives a majority of its revenues from exports and is exposed to risks of international trade, including tariffs, trade barriers and changes in importing countries' policies.
The company's proposed expansion of its new Tiruppur manufacturing facility is subject to risks of unanticipated delays, cost overruns and failure to achieve expected benefits.
The company is subject to risks arising from foreign exchange rate fluctuations, which could adversely affect its results of operations given its high export dependence.
There are outstanding legal proceedings involving the company, its Directors and its Promoters, and any adverse decisions in such matters could impact its business and reputation.
The company depends on a limited number of suppliers for raw materials, and any interruption in the availability of raw materials could disrupt its production and operations.
The company has had negative cash flows from operating, investing and financing activities in the past, and any negative cash flow in future could affect its liquidity and operations.
Certain discrepancies and errors have been noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies, which could attract regulatory action.
The company faces competition from both organised and unorganised players in the market, which may significantly affect its margins, market share and profitability.
Qualiance International IPO Details Live GMP
GMP
₹56
Est. Price
₹183
Est. Gain
44.09%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 04 Sep | ₹56 (44.1%) | ₹183 |
| 03 Sep | ₹55 (43.3%) | ₹182 |
| 02 Sep | ₹56 (44.1%) | ₹183 |
| 01 Sep | ₹49 (38.6%) | ₹176 |
Qualiance International IPO Peer Comparison
(Rs. in crores)
| Particulars | Qualiance International | Gokaldas Exports | S P Apparels |
|---|---|---|---|
| Revenue | 76.89 | 4,064.96 | 1,596.76 |
| PAT | 11.87 | 100.13 | 100.95 |
| EPS (₹) | 11.99 | 13.11 | 40.09 |
| NAV (₹) | 24.99 | 294.95 | 376.36 |
| RONW | 47.98% | 4.63% | 10.67% |
| EBITDA | 21.74% | 8.94% | 13.39% |
| PAT Mrgn | 15.44% | 2.51% | 6.39% |
| PE Ratio | 10.59 | 60.84 | 23.21 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of 21st August, 2026 for Peers
Qualiance International IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 76.89 | 53.07 | 37.23 |
| PAT | 11.87 | 4.90 | 2.84 |
| Net Worth | 34.65 | 24.44 | 20.31 |
| Borrowings | 28.50 | 29.71 | 19.17 |
| Assets | 68.99 | 57.53 | 43.14 |
| NAV (₹) | 24.99 | 13.96 | 35.23 |
| EPS (₹) | 11.99 | 4.95 | 11.21 |
Key Performance Indicators (KPIs)
Debt to Equity
0.82
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Qualiance International IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 76.89 | 53.07 | 37.23 |
| Other Income | 4.06 | 1.98 | 0.91 |
| Total Income | 80.95 | 55.06 | 38.14 |
| Materials Consumed | 32.09 | 31.42 | 14.61 |
| Changes in Inventories | 1.19 | -9.97 | 1.16 |
| Employee Expense | 17.29 | 13.80 | 10.41 |
| Finance Costs | 3.75 | 2.82 | 1.56 |
| Depreciation | 1.12 | 1.02 | 0.87 |
| Other Expenses | 9.45 | 9.68 | 6.13 |
| Total Expenses | 64.90 | 48.77 | 34.74 |
| Profit Before Tax | 16.06 | 6.29 | 3.40 |
| Tax Expense | 4.19 | 1.39 | 0.56 |
| Profit After Tax | 11.87 | 4.90 | 2.84 |
| EPS — Basic (₹) | 11.99 | 4.95 | 11.21 |
| EPS — Diluted (₹) | 11.99 | 4.95 | 11.21 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 9.90 | 9.90 | 9.90 |
| Reserves & Surplus | 24.75 | 14.54 | 10.41 |
| Total Equity | 34.65 | 24.44 | 20.31 |
| Total Borrowings | 28.50 | 29.71 | 19.17 |
| Trade Payables | 0.84 | 0.47 | 1.58 |
| Other Liabilities | 5.00 | 2.92 | 2.08 |
| Total Equity & Liab | 68.99 | 57.53 | 43.14 |
| Fixed Assets | 18.03 | 18.37 | 17.95 |
| Inventories | 24.14 | 29.54 | 14.87 |
| Trade Receivables | 15.99 | 2.07 | 3.63 |
| Cash & Bank Bal\ | 0.78 | 0.65 | 1.66 |
| Other Assets | 10.05 | 6.90 | 5.02 |
| Total Assets | 68.99 | 57.53 | 43.14 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| CF from Operating Activities | 7.84 | -4.45 | 2.85 |
| CF from Investing Activities | -2.61 | -4.38 | -0.44 |
| CF from Financing Activities | -4.99 | 7.71 | -1.60 |
| Net Change in Cash & Equivalents | 0.24 | -1.12 | 0.81 |
| Cash & Equivalents at End of Period | 0.78 | 0.54 | 1.66 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Vipul Badani
51.00%
Krupa Rajesh Badani
26.50%
Others
22.50%
Management
Vipul Badani
Age: 61
Chairman & MD
Remuneration
₹Up to ₹20 Lakh p.m. (salary, DA, perquisites & allowances); ₹42.00 Lakh paid in FY2025-26
Education
Diploma in Knitting Technology (Maharashtra State Board of Technical Education, 1984)
Prior Experience
Over 30 years in apparel export industry; co-founded Qualiance as a partnership in 1994; among the first directors of Qualiance in 2006.
Bhoomin R Badani
Age: 40
WTD & CEO
Remuneration
₹Up to ₹3.5 Lakh p.m. (salary, DA, perquisites & allowances); ₹42.00 Lakh paid in FY2025-26
Education
B.M.S. (Lala Lajpatrai College, University of Mumbai, 2006); LL.B. (University of Mumbai, 2013)
Prior Experience
Over 15 years in business development, legal practice, FMCG and apparel manufacturing; Director at Knox Agro Pvt Ltd since 2010; with Qualiance since 2007.
Saira Tabrez Khan
Age: 26
CFO
Remuneration
₹₹6.18 Lakh p.a.; ₹5.90 Lakh paid in FY2025-26
Education
Master of Commerce (M.Com)
Prior Experience
Around 5 years in finance and accounts; earlier at Monika Jain & Co.; appointed CFO w.e.f. November 1, 2025.
Registrar & Lead Managers
Registrar
MUFG Intime India
Lead Managers (1)
Company Details
Name: Qualiance International Limited
Address: 406 - B Wing, Knox Plaza, Next to Tangent Showroom, Mindspace, Malad West, Mumbai, Maharashtra, India - 400 064
Number: +91 22 42666003
Email: info@qualiance.com
Website: https://www.qualiance.com
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Frequently Asked Questions (FAQs)
What is Qualiance International IPO?
Qualiance International IPO is a SME IPO having an issue size of
₹45 Crs.
Qualiance International IPO is priced at
₹120 - ₹127 per
share.
The
issue opens on 04 Sep 26
and
closes on 08 Sep 26.
When will Qualiance International IPO open?
Qualiance International IPO opens on
04 Sep 26 and closes on
08 Sep 26.
What is the GMP of Qualiance International IPO?
The estimated Grey Market Premium of Qualiance International IPO is
₹56 per share (44.09%).
What is the lot size of Qualiance International IPO?
The minimum lot size of Qualiance International IPO is
1000 shares & the minimum application amount
is
Rs.
127000.
When is the allotment of Qualiance International IPO?
The allotment date of Qualiance International IPO is
09 Sep 26.
What is the listing date of Qualiance International IPO?
The listing date of Qualiance International IPO is
11 Sep 26.
What is the subscription of Qualiance International IPO?
Qualiance International IPO is subscribed
-.
What is the price band of Qualiance International IPO?
Qualiance International IPO is priced at
₹120 - ₹127 per
share.
How to check allotment status of Qualiance International IPO?
Click the allotment link on Qualiance International IPO page of IPO360.
How to apply Qualiance International IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Qualiance International IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Qualiance International IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Qualiance International IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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