Kian-M Export IPO

Kian-M Export Limited IPO is a book building issue comprising a fresh issue of ₹500.00 crores and an offer for sale of up to 15.00 lakh equity shares.

The equity shares are proposed to be listed on NSE and BSE. Mirae Asset Capital Markets (India) Private Limited is the book running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details such as IPO dates, IPO price bands, and lot size are yet to be announced.

About Kian-M Export Limited

Kian-M Export Limited was originally incorporated as Kian-M Export Private Limited on January 17, 2020, under the Companies Act, 2013. The company was subsequently converted into a public limited company, and its name was changed to Kian-M Export Limited pursuant to a fresh certificate of incorporation dated May 26, 2026. The company is headquartered in Rajkot, Gujarat, with its registered and corporate office located at Bedi, Morbi Road. It is primarily engaged in the manufacturing, trading, processing, and job work of textile products. The company acquired the business of Mira India Fashion, a proprietorship firm of promoter Rajeshbhai Parshotam Malaviya, through a business transfer agreement dated July 1, 2024. It also acquired 100% shareholding in Usha Cotton Limited, its wholly owned subsidiary, on January 20, 2026.

The company operates in India's textile and apparel industry, with a focus on the manufacturing and processing of finished fabrics. Its operations involve converting raw, unfinished fabric, commonly known as grey or greige fabric, into finished textiles through various stages of preparation, dyeing, printing, and finishing.

Its product portfolio primarily comprises four categories: African print fabrics, modern apparel fabrics, sarees, and fabrics for South Asian ethnic and traditional dresses and suits. The company also manufactures Middle Eastern-style fabrics and undertakes job work by processing unfinished fabrics supplied by customers.

The company's product portfolio includes African print fabrics such as kitenge and kanga, which are widely used for traditional and contemporary clothing in African markets. Its modern apparel fabrics include viscose twill, viscose dobby, nylon, poly-viscose Lycra, linen-viscose, and cotton fabrics, available in embroidered, printed, and textured varieties.

The company also manufactures sarees under both white-label arrangements and its own brand, Revelo, which was launched in April 2026 and focuses on the premium market segment. Additionally, it manufactures fabrics for South Asian ethnic and traditional clothing, including salwar kameez, as well as contemporary, ethnic, and occasion wear for women under its Orcoss brand, which also targets the premium market segment.

The company operates two manufacturing facilities in Rajkot, Gujarat, India. These comprise the Kian-M Export Facility, leased by the company, and the Usha Cotton Facility, leased by its wholly owned subsidiary, Usha Cotton Limited. The facilities undertake various manufacturing processes, including preparation, dyeing, digital printing, rotary printing, sublimation printing, hot-table printing, and flatbed printing.

The company uses modern digital and rotary printing machinery imported from Italy, Austria, Germany, and China, with most of the machinery purchased during the financial years 2023 and 2024. Its integrated manufacturing setup enables it to maintain control over product quality and delivery timelines.

As of March 31, 2026, the company's consolidated annual installed manufacturing capacity stood at 95.04 million metres, compared with 88.25 million metres in the financial year 2024. During the financial year 2026, the company recorded actual production of 46.57 million metres, translating into a capacity utilisation of 49.00%, compared with 46.11% in the financial year 2025 and 41.60% in the financial year 2024.

The Kian-M Export Facility had installed capacities of 13.20 million metres for rotary printing, 13.23 million metres for digital printing, and 12.54 million metres for dyeing as of March 31, 2026. The Usha Cotton Facility undertakes hot-table and flatbed printing, along with rotary printing operations. The company proposes to increase its digital printing capacity by 9.90 million metres using a portion of the fresh issue proceeds.

The company's sales operations are supported by a customer base comprising wholesalers, garment manufacturers, and apparel brands. It sells fabrics to wholesalers, who subsequently supply them to garment manufacturers, directly to garment manufacturers, and directly to brands that require their garment manufacturers to source fabrics from the company.

During the financial year 2026, the company supplied fabrics directly to several brands, including Killer (Kewal Kiran Clothing Limited). The company generally operates through purchase orders issued by customers rather than long-term supply agreements. It also sells products under its own brands, Orcoss and Revelo, through its established customer network and plans to expand their reach through its own online store and other e-commerce platforms.

The company caters to both domestic and international markets, with exports accounting for a significant share of its revenue. During the financial year 2026, exports contributed ₹1,962.67 million, representing 52.43% of its revenue from contracts with customers, while domestic sales contributed ₹1,780.57 million, accounting for 47.57%. Its major export markets include Nigeria, Guinea, Tanzania, and Senegal. Other export destinations include the Democratic Republic of Congo, Burkina Faso, Mali, Gambia, Côte d'Ivoire, and the United Arab Emirates. During the financial years 2024, 2025, and 2026, exports accounted for 73.74%, 61.97%, and 52.43% of revenue from contracts with customers, respectively.

Industry Outlook

• India's textile and apparel industry was valued at ₹13.24 trillion in Fiscal 2026, growing at a CAGR of 13.3% from ₹6.25 trillion in Fiscal 2020. The market is projected to reach ₹20.55 trillion by Fiscal 2031, registering a CAGR of 9.2% during Fiscal 2026–2031. Growth is expected to be driven by rising disposable incomes, expansion of organised retail, increasing e-commerce penetration, and growth in export-oriented garment manufacturing.
• The Indian fabrics market grew from ₹3.64 trillion in Fiscal 2020 to ₹5.23 trillion in Fiscal 2026, registering a CAGR of 6.2%. The market is projected to reach ₹7.17 trillion by Fiscal 2031, growing at a CAGR of 6.5%. Increasing penetration of branded apparel, expansion of organised retail and e-commerce, rising demand for value-added fabrics, and improving export competitiveness are expected to support market growth.
• Cotton remains the dominant fabric category in India, accounting for 69.7% of the domestic fabrics market in Fiscal 2020. Its share is projected to moderate to 68.3% by Fiscal 2031. Cotton fabrics are expected to grow at a CAGR of 6.3% during Fiscal 2026–2031, while blended fabrics are projected to grow at a CAGR of 6.6%, supported by demand across diverse end-use applications.
• Apparel represents the largest end-use segment of the Indian fabrics market, accounting for approximately 51% or ₹2.64 trillion in Fiscal 2026. Womenswear contributes 50–60% of apparel fabric demand, with ethnic categories such as sarees, salwar suits, and ethnic kurtas accounting for approximately 60% of womenswear fabric demand. Institutional applications account for around 30% of the market, home furnishing contributes 12%, and exports account for approximately 7%.
• The Indian apparel fabric market is expected to benefit from rising demand for traditional and contemporary ethnic wear, premium sarees, and versatile women's clothing. Growth in the saree segment is supported by festive and wedding demand, evolving fashion trends, and increasing availability through organised retail and digital channels. The salwar, dupatta, and kameez segment is also expected to benefit from affordability, frequent design changes, and growing penetration across semi-urban and rural markets.
• The African fabric market is witnessing increasing demand for culturally influenced print patterns, including Kitenge and Kanga fabrics, which are widely used across East and West African markets. The market was valued at US$24.25 billion in Calendar Year 2025 and is projected to reach US$33.45 billion by Calendar Year 2030, registering a CAGR of 6.6%. Demand is primarily concentrated in woven cotton fabrics used for everyday and occasion wear.

Kian-M Export IPO Objectives

The company proposes to utilise the net proceeds from the issue towards the following objectives:

• Funding capital expenditure for purchase of machinery and equipment for the company.
• Funding the working capital requirements of the company.
• Payment of consideration for the acquisition of 35.29% equity share capital in Ultra Denim Limited.
• Towards general corporate purposes.

Financial Performance of Kian-M Export Limited

Kian-M Export Limited Peer Details Comparison