Kusumgar IPO is a book-built issue worth ₹650.00 crore. The IPO consists entirely of an offer for sale (OFS) of 1.55 crore equity shares.
Axis Capital Limited is the book-running lead manager to the issue, and Bigshare Services Private Limited is the registrar. For detailed information on the company's financials, business operations and associated risks, investors are advised to refer to the Kusumgar IPO RHP.
About Kusumgar Limited
Kusumgar Limited was originally incorporated as Kusumgar Finstocks Private Limited on June 15, 1990. The company subsequently changed its name to Kusumgar Corporates Private Limited in November 2008, then to Kusumgar Private Limited in March 2024, before being converted into a public limited company and renamed Kusumgar Limited on January 28, 2025.
Kusumgar Limited is a vertically integrated manufacturer of engineered fabrics and specialised textile-based solutions catering to diverse end-use sectors. The company operates across four major business segments, namely Aerospace and Defence Fabrics, Aerospace and Defence Solutions, Industrial and Automotive Fabrics, and Outdoor and Lifestyle Fabrics.
The company manufactures a broad portfolio of technical textile products and has developed capabilities across weaving, processing, dyeing, finishing, printing and coating operations. Its operations are supported by multiple manufacturing facilities located in Gujarat, enabling integrated production and quality control throughout the value chain.
Kusumgar serves a mix of government-owned entities, defence customers, industrial manufacturers, automotive players and international buyers. The company exports its products to several global markets and derived nearly 40% of its revenue from exports in FY2026.
The company focuses on product innovation, specialised fabric development and customised solutions for demanding applications. Through continuous investment in manufacturing capabilities, technical expertise and customer-specific product development, Kusumgar aims to strengthen its position within India's growing engineered and technical textiles industry.
Industry Outlook
- India's engineered and technical textiles industry is witnessing strong growth, supported by rising demand from aerospace, defence, automotive, industrial and outdoor lifestyle applications.
- The Indian engineered fabrics market was estimated at approximately ₹990 billion in FY2026 and is expected to grow at a CAGR of around 13.5% in the coming years.
- The global engineered fabrics market was estimated at approximately US$67.8 billion in 2025, driven by increasing demand for high-performance and specialised fabric solutions.
- Growing defence modernisation programmes and increasing focus on indigenous manufacturing are creating significant opportunities for aerospace and defence fabric manufacturers.
- Expansion in automotive production and industrial applications is supporting demand for engineered fabrics used across mobility and industrial sectors.
- Government initiatives such as technical textile promotion programmes and support for domestic manufacturing are expected to strengthen industry growth prospects.
- The China+1 sourcing strategy and increasing global preference for diversified supply chains are creating export opportunities for Indian technical textile manufacturers.
Kusumgar IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- The IPO is entirely an Offer for Sale (OFS) and does not include any fresh issue of shares.
- Kusumgar Limited will not receive any proceeds from the IPO.
- The proceeds from the Offer for Sale will be received by the selling shareholders after deduction of applicable offer-related expenses and taxes.
- As there is no fresh issue component, the IPO is primarily aimed at providing a partial stake sale opportunity to the promoter selling shareholders.
Financial Performance of Kusumgar Limited
| Particulars (₹ Million) | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | 4,679.08 | 7,789.97 | 6,920.03 |
| Revenue from Contracts with Customers | 4,556.94 | 7,700.95 | 6,748.14 |
| EBITDA Margin (%) | 28.18 | 27.15 | 27.15 |
| Profit After Tax (PAT) | 843.96 | 1,306.55 | 982.00 |
| Return on Equity (%) | 86.13 | 40.47 | 25.82 |
| Net Debt / EBITDA (x) | N.A. | N.A. | 0.93 |
Strengths and Opportunities of Kusumgar IPO
- Diversified presence across four engineered fabric segments.
- Strong positioning in aerospace and defence applications.
- Vertically integrated manufacturing operations.
- Multiple manufacturing facilities with specialised capabilities.
- Established export business with global customer base.
- More than 1,000 product SKUs.
- Growing opportunities from defence indigenisation initiatives.
- Healthy profitability and EBITDA margins.
- Beneficiary of the expanding technical textiles market in India.
Risks and Threats of Kusumgar IPO
- Entire IPO is an Offer for Sale with no fresh capital infusion.
- Revenue is dependent on large defence and aerospace orders.
- High customer concentration risk.
- Significant supplier concentration.
- No long-term agreements with major customers.
- Exposure to export market volatility and global tariffs.
- Manufacturing facilities are concentrated in Gujarat.
- Exposure to fluctuations in raw material prices.
- Ongoing legal and regulatory proceedings could impact operations.
Kusumgar IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | 77,10,511 (49.70%) |
| − Anchor Investor Shares Offered | 46,28,877 (29.84%) |
| − QIB (Ex. Anchor) Shares Offered | 30,81,634 (19.86%) |
| NII (HNI) Shares Offered | 23,13,153 (14.91%) |
| Retail Shares Offered | 53,97,357 (34.79%) |
| Employee Shares Offered | 92,105 (0.59%) |
| Total Shares Offered | 1,55,13,126 (100.00%) |
Kusumgar IPO Promoter Holding
The promoters of the company are Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar (HUF).
| Share Holding Pre-Issue | 90.48% |
| Share Holding Post Issue | 74.71% |
How To Apply for Kusumgar IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Kusumgar IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Kusumgar IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
