Dudani Retail SME IPO
Dudani Retail IPO — date, price band, GMP & allotment 2026
Dudani Retail Limited designs, manufactures and supplies apparel from Jaipur, making women's ethnic and fusion wear under its own brand and under licence for fashion marketplace labels including Roadster, Anouk, All about you and Taavi, and supplying a quick-commerce platform.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 22 September.
- Open 25 Sep 2026
- Close 29 Sep 2026
- Allotment 30 Sep 2026
- Refund/credit 01 Oct 2026
- Listing 05 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 29 Sep, 2026 |
|---|---|
| Price Band | ₹29 |
| Face Value | ₹10 |
| Lot Size | 4000 Shares |
| Issue Size | ₹10.54 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | Maashitla Securities Private Limited |
| Min Investment | ₹ 2,32,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 4000 shares at the ₹29 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 8,000 | ₹2,32,000 |
| Retail (max) | 2 | 8,000 | ₹2,32,000 |
| HNI (min) | 3 | 12,000 | ₹3,48,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01Profit has grown, from Rs 0.64 crore in FY2023 to Rs 0.99 crore in FY2024 and Rs 1.78 crore in FY2025, with Rs 1.05 crore earned in the half year to 30 September 2025.
- 02EBITDA has more than doubled over the same period, from Rs 1.27 crore to Rs 2.86 crore.
- 03It manufactures under licence for well known marketplace labels including Roadster, Anouk, All about you and Taavi, which brings volume without having to build a brand itself.
- 04Debt is low at Rs 3.95 crore against a net worth of Rs 9.45 crore, a debt to equity ratio of 0.42.
- 05It earns in three ways, from its own brand, from licensed manufacturing and from supplying a quick commerce platform.
- 06Cutting, stitching, finishing, quality checks and dispatch are done in house, so it controls the core of production.
- 07Net worth has grown steadily, from Rs 5.62 crore in FY2023 to Rs 9.45 crore as on 30 September 2025.
Risks · 9
- 01Sales have been flat for three years, at Rs 24.18 crore in FY2023, Rs 25.13 crore in FY2024 and Rs 25.29 crore in FY2025. The profit growth has come from margin, not from selling more.
- 02Supplying the quick commerce platform is on a sell-or-return basis, so unsold stock comes back to the company and the inventory risk stays with it.
- 03The licensed manufacturing work depends on agreements with a marketplace that can be changed or ended, and those labels belong to the marketplace, not to the company.
- 04It works from rented premises and sends dyeing, printing and embroidery to third parties, so it controls only part of the process.
- 05The latest column in the offer document is a half year ending 30 September 2025, so the data is about a year old.
- 06The issue is small at Rs 10.54 crore and the company is small, with a net worth of Rs 9.45 crore.
- 07Apparel manufacturing is highly competitive with low entry barriers, and fashion demand shifts season to season.
- 08This is a fixed price issue at Rs 29 per share, so there is no price discovery through bidding, and promoter holding falls from 100% to 64.99%.
- 09This is an SME issue. One lot is 4,000 shares, which is Rs 1.16 lakh at the issue price, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Dudani Retail offer document.
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16.21 | 14.28 | 10.59 | 11.96 |
| Total Income | 13.90 | 25.29 | 25.13 | 24.18 |
| Profit After Tax | 1.05 | 1.78 | 0.99 | 0.64 |
| EBITDA | 1.60 | 2.86 | 1.81 | 1.27 |
| NET Worth | 9.45 | 8.40 | 6.62 | 5.62 |
| Reserves and Surplus | 2.70 | 1.65 | 4.62 | 3.62 |
| Total Borrowing | 3.95 | 4.03 | 3.53 | 3.51 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Dudani Retail RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Dudani Retail IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹2.64 | ₹2.02 |
| P/E Ratio (x) | 10.98 | 14.36 |
| Market Cap at Offer Price (₹ Cr) | ₹11.53 | ₹30.12 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹29 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹9.26 Cr of the issue is earmarked to named objects.
About the company
It makes women's ethnic and fusion wear under its own brand, trades men's wear, and manufactures under licence for fashion and lifestyle marketplaces. Under those licence arrangements it fulfils just-in-time orders for marketplace labels including Kalini, Corsica, Roadster, Anouk Rustic, All about you, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu and Here & Now. It also supplies a quick commerce platform, where goods are delivered to hubs on a sell-or-return basis, meaning unsold stock comes back to the company.
It works from rented premises in the Kartarpura Industrial Area of Jaipur, Rajasthan. Cutting, stitching, finishing, quality checks and dispatch are done in house. Fabric dyeing, printing and embroidery are handled by third-party processors.
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The bankers & the filings
Who is running the book, and the 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.
Finshore Management Services Limited
6 issues handledBest listing: Grover Jewells (+9.1%). Weakest: Leapfrog Engineering Services (-4.3%).
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.
Company contact
Frequently asked
What is the GMP of Dudani Retail?
The current Grey Market Premium is ₹0.
What is the Dudani Retail IPO price band?
₹29, on a face value of ₹10.
When is the allotment?
The basis of allotment is 30 September 2026, with listing on 5 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Maashitla Securities Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
