Qualiance International SME IPO Details
SME
Upcoming
Qualiance International Limited designs, makes and exports performance garments for government, institutional and brand buyers abroad, including military uniforms, tactical and all weather outerwear, high visibility workwear and police uniforms. Its Tiruppur plant covers over 45,000 square feet with capacity for 450,000 pieces a year.
Open
04 Sep
2026
Close
08 Sep
2026
Allotment
09 Sep
2026
Listing
11 Sep
2026
IPO Review
Coming Soon
IPO GMP
₹ 50
(39.37%)
IPO Subscription Subscription
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IPO Summary
IPO Dates
4 to 8 Sep, 2026
Price Band
₹120 to ₹127
Face Value
₹10
Lot Size
1000 Shares
Issue Size
₹45.11 Cr
Sale Type
Fresh capital only
Listing On
NSE SME
Min Investment
₹ 2,54,000
What is the Qualiance International IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 04 Sep, 2026 Fri | Friday |
| IPO Close Date | 08 Sep, 2026 Tue | Tuesday |
| Basis of Allotment | 09 Sep, 2026 Wed | Wednesday |
| Refunds Initiated | 10 Sep, 2026 Thu | Thursday |
| Credit to Demat | 10 Sep, 2026 Thu | Thursday |
| Listing Date | 11 Sep, 2026 Fri | Friday |
What is the Qualiance International IPO Lot Size?
Bidding in multiples of 1000 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2000 | ₹2,54,000 |
| Retail (Max) | 2 | 2000 | ₹2,54,000 |
| HNI (Min) | 3 | 3000 | ₹3,81,000 |
About Qualiance International
Qualiance International Limited designs, engineers, manufactures and exports performance garments. These are not ordinary clothes but technical garments made to a buyer's specification, and its customers are governments, institutions and brands in overseas markets.
Its product range covers military uniforms, tactical outerwear, high visibility workwear, weather resistant and all weather outerwear, police and border patrol uniforms, protective workwear and performance activewear. It has made garments to the specifications and compliance requirements of European military, government and institutional buyers.
The company runs one manufacturing facility at Tiruppur in Tamil Nadu. It has a built up area of more than 45,000 square feet on a land area of about 1,046.31 square metres, with an installed capacity of 4,50,000 garment pieces a year. It describes its strengths as in house manufacturing with quality control, reach in international markets and combined expertise in high performance technical garments.
Its product range covers military uniforms, tactical outerwear, high visibility workwear, weather resistant and all weather outerwear, police and border patrol uniforms, protective workwear and performance activewear. It has made garments to the specifications and compliance requirements of European military, government and institutional buyers.
The company runs one manufacturing facility at Tiruppur in Tamil Nadu. It has a built up area of more than 45,000 square feet on a land area of about 1,046.31 square metres, with an installed capacity of 4,50,000 garment pieces a year. It describes its strengths as in house manufacturing with quality control, reach in international markets and combined expertise in high performance technical garments.
Qualiance International Key Performance Indicators (KPIs)
Pe
15.56
Eps
8.16
Roce
21.16%
Ronw
35.44%
Pat margin
9.23%
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu | ₹31.35 Cr. |
| General Corporate Purpose |
Issue Object
Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu
Estimate Amount
₹31.35 Cr.
Issue Object
General Corporate Purpose
Estimate Amount
Strengths & Risks
Strengths
- ✓ Profit has grown every year, from Rs 1.58 crore in FY2023 to Rs 2.84 crore in FY2024 and Rs 4.90 crore in FY2025, and it earned Rs 5.49 crore in just the half year to 30 September 2025.
- ✓ Sales grew strongly in FY2025, from Rs 38.14 crore to Rs 55.06 crore.
- ✓ EBITDA improved from Rs 2.98 crore in FY2023 to Rs 4.86 crore in FY2024 and Rs 7.97 crore in FY2025.
- ✓ Return ratios are good, with RoNW of 35.44% and RoCE of 21.16%, and the issue is priced at about 15.56 times earnings on an EPS of Rs 8.16.
- ✓ This is a specialised area. Military, police and protective garments have to meet strict specifications and compliance tests, which keeps ordinary garment makers out.
- ✓ It sells to European military, government and institutional buyers, which are demanding customers to qualify with and tend to stay once qualified.
- ✓ Net worth has turned around completely, from minus Rs 2.32 crore in FY2023 to Rs 19.31 crore as on 30 September 2025.
- ✓ The whole issue is fresh capital, and Rs 31.35 crore of it goes into a new manufacturing facility at Tiruppur, which will add capacity.
Risks
- ⚠ The financial data is old and incomplete for an issue opening in September 2026. The latest column is only a half year ending 30 September 2025, so there is no recent full year to judge the company on.
- ⚠ The FY2023 figures do not sit together. Net worth is shown as minus Rs 2.32 crore while reserves are shown as plus Rs 3.17 crore for the same year. This needs to be checked in the RHP.
- ⚠ There is no total borrowing row in the financial data available, so the debt level of the company cannot be assessed from here.
- ⚠ The company had negative net worth as recently as FY2023, so the recovery is recent and still short.
- ⚠ Almost the whole business depends on overseas government and institutional buyers. Such orders come through tenders, are lumpy and can be delayed or cancelled by budget decisions.
- ⚠ Export concentration brings currency risk and exposure to trade rules, duties and procurement policy changes in the buying countries.
- ⚠ The company runs a single facility at Tiruppur with an installed capacity of 4,50,000 pieces a year, which is modest, and any problem at that one location stops production.
- ⚠ Garment manufacturing is competitive and buyers can move orders to other countries on price, even in the technical segment.
- ⚠ Promoter holding will come down from 86.49% to 63.66% after the issue.
- ⚠ This is an SME issue. One lot is 1,000 shares, which is Rs 1.27 lakh at the upper band of Rs 127, and SME shares usually trade in low volume after listing.
Company Financials
The Qualiance International company's financial performance (in ₹ Cr.) is summarized below:
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 72.32 | 57.53 | 43.14 | 36.62 |
| Total Income | 40.38 | 55.06 | 38.14 | 36.16 |
| Profit After Tax | 5.49 | 4.90 | 2.84 | 1.58 |
| EBITDA | 7.48 | 7.97 | 4.86 | 2.98 |
| NET Worth | 19.31 | 13.82 | 8.92 | -2.32 |
| Reserves and Surplus | 19.67 | 14.54 | 10.41 | 3.17 |
IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
Promoters and Shareholding Details
Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 86.49% |
| Promoter Holding Post Issue | 63.66% |
Frequently Asked Questions
What is the GMP of Qualiance International?
The current Grey Market Premium (GMP) of Qualiance International is ₹ 50.
What is the Qualiance International IPO Price Band?
The price band for Qualiance International IPO is ₹120 to ₹127.
When is the Qualiance International IPO Allotment?
The allotment date for Qualiance International IPO is September 9, 2026.
How to check Qualiance International IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (MUFG Intime India Private Limited).
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