Alpine Texworld IPO
Alpine Texworld IPO — date, issue size, SEBI status & DRHP details 2025
Alpine Texworld filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to 1,50,00,000 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Alpine Texworld is an Ahmedabad textile maker that weaves Grey Fabric and, since March 2025, spins Yarn in-house. Revenue from operations was Rs 237.32 crore in FY2025, against Rs 183.60 crore in FY2024.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Alpine Texworld IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 09 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 9 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Alpine Texworld IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue only |
|---|---|
| Fresh issue | Up to 1,50,00,000 shares |
| Offer for sale | None |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | D and A Financial Services Private Limited |
| Registrar | KFin Technologies Limited |
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations rose from Rs 183.60 crore in FY2024 to Rs 237.32 crore in FY2025, after Rs 236.87 crore in FY2023.
- 02Profit after tax rose from Rs 1.51 crore in FY2023 to Rs 4.88 crore in FY2024 and Rs 8.63 crore in FY2025.
- 03EBITDA margin went from 7.33% in FY2023 to 10.84% in FY2024 and 11.38% in FY2025.
- 04The weaving unit ran at 89.56% utilisation in FY2025 on 180.00 lakh metres of capacity, so new capacity is needed for growth.
- 05The spinning unit of 6,000 metric tonnes began in March 2025 and supplies Yarn to the weaving unit in-house.
- 06Solar capacity of 820 KW on rooftops and a 5.4 MW ground project is installed. Power and fuel cost was 4.86% of revenue in FY2025.
- 07Net worth rose from Rs 37.67 crore at 31 March 2023 to Rs 51.13 crore at 31 March 2025.
Risks · 10
- 01The top 10 customers gave 70.19% of revenue from operations in FY2025, and there are no firm commitments from them.
- 02Customers in Gujarat gave 97.34% of revenue from operations in FY2025, so sales depend on one state.
- 03Grey Fabric gave 90.17% of revenue from operations in FY2025, so the business rests on one product.
- 04Total borrowings rose from Rs 76.47 crore at 31 March 2024 to Rs 166.09 crore at 31 March 2025. Debt to equity was 3.14 in FY2025.
- 05Operating cash flow fell from Rs 31.52 crore in FY2024 to Rs 13.01 crore in FY2025. Inventories rose by Rs 29.24 crore and trade receivables by Rs 22.78 crore.
- 06The top 10 suppliers gave 82.76% of purchases in FY2025, and there are no firm supply agreements.
- 07Rs 52.20 crore of the fresh issue goes to repay loans, and the amount for general corporate purposes is not yet fixed, with a cap of 25% of gross proceeds.
- 08The new weaving unit has not yet placed orders for machinery, and the Consent to Establish from the Gujarat Pollution Control Board is pending.
- 09Contingent liabilities include Rs 55.75 crore of corporate guarantees given for the subsidiary Alpine Cottweave LLP.
- 10Spinning and the subsidiary's weaving unit are on lease from Alpine Weaving Private Limited, a promoter group entity.
Alpine Texworld financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 237.32 | 183.60 | 236.87 |
| Total Income | 237.66 | 184.44 | 238.54 |
| EBITDA | 27.00 | 19.91 | 17.36 |
| Profit After Tax | 8.63 | 4.88 | 1.51 |
| Net Worth | 51.13 | 42.55 | 37.67 |
| Total Borrowing | 166.09 | 76.47 | 90.74 |
| Total Assets | 294.86 | 149.82 | 165.77 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹84.28 crore of the fresh issue is earmarked to named objects.
About Alpine Texworld
Grey Fabric is the main product. It gave 90.17% of revenue from operations in FY2025, 94.15% in FY2024 and 82.55% in FY2023. The weaving plant, Manufacturing Unit 1, has an installed capacity of 180.00 lakh metres a year. It produced 161.22 lakh metres in FY2025, a utilisation of 89.56%. In FY2024 utilisation was 95.41% and in FY2023 it was 81.81%.
The spinning unit, Manufacturing Unit 2, began operations on 28 March 2025. It has a capacity of 6,000 metric tonnes and supplies Yarn to the weaving unit. The company holds the unit and the weaving unit of its subsidiary Alpine Cottweave LLP on lease from Alpine Weaving Private Limited, a promoter group entity. The company also has rooftop solar panels of 820 KW and a 5.4 MW ground-mounted solar project, financed by a term loan, at Deodar, Banaskantha.
Sales are local. Customers in Gujarat gave 97.34% of revenue from operations in FY2025. The top 10 customers gave 70.19% in FY2025, 71.86% in FY2024 and 82.88% in FY2023. The top 10 suppliers gave 82.76% of raw material and traded goods purchases in FY2025. The company has no firm supply or purchase agreements with them.
The promoters are Sumit Champalal Agarwal, Sandeep Santkumar Agrawal and Sachinkumar Santkumar Agrawal. Sandeep Agrawal is the Chairman and Managing Director. The statutory auditor is Suresh Chandra & Associates. The audit reports carry no qualifications.
The industry
The industry report is by CARE Analytics and Advisory, dated 24 September 2025. It says the Indian textile and apparel industry will grow from USD 174 billion in FY24 to USD 350 billion in FY30, a CAGR of 12.4%. India's grey cloth market is projected to grow from 73,834 million square metres in CY2024 to about 99,016 million square metres by CY2030.
Customer concentration: Top 10 customers gave 70.19% of FY2025 revenue from operations (71.86% in FY2024 and 82.88% in FY2023).
Promoters & management
Promoters and promoter group hold all 2,62,23,000 equity shares before the issue, of which Sumit Champalal Agarwal holds 62.00%.
| Name | Role |
|---|---|
| Sandeep Santkumar Agrawal | Chairman and Managing Director |
| Ratansingh Jethusingh Rajpurohit | Whole Time Director |
| Sumit Champalal Agarwal | Non-Executive Non-Independent Director |
| Pooja Jogani | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
D And A Financial Services Private Ltd
1 issue handled1 of their issues has listed so far, and 0 opened above the issue price (average 0%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Alpine Texworld IPO: frequently asked
When will the Alpine Texworld IPO open?
The Alpine Texworld IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Alpine Texworld IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Alpine Texworld IPO?
Alpine Texworld filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to 1,50,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Alpine Texworld IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Alpine Texworld IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Alpine Texworld IPO GMP once the RHP and price band are out.
What will Alpine Texworld do with the IPO money?
As per the DRHP: Set up a new weaving unit (Manufacturing Unit 3) to make Grey Fabric at Ahmedabad (₹32.08 crore); Prepay or repay part of outstanding borrowings (₹52.2 crore); General corporate purposes.
Who are the lead managers of the Alpine Texworld IPO?
The book running lead managers are D and A Financial Services Private Limited. KFin Technologies Limited is the registrar.
Is Alpine Texworld profitable?
Yes. Profit after tax was Rs 8.63 crore in FY2025, Rs 4.88 crore in FY2024 and Rs 1.51 crore in FY2023.
How much debt does Alpine Texworld have?
Total borrowings were Rs 166.09 crore at 31 March 2025, against net worth of Rs 51.13 crore. Rs 52.20 crore of the fresh issue is meant to repay loans.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Alpine Texworld files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
