Qualiance International IPO
Qualiance International IPO is a book-built SME issue of up to ₹45.11 crore, consisting entirely of a Fresh Issue of 35,52,000 equity shares. The price band is ₹120 to ₹127 per share, with a lot size of 1,000 shares.
Qualiance International IPO Details
Qualiance International IPO is scheduled to open for subscription on September 4, 2026 and close on September 8, 2026. The basis of allotment is expected on September 9, refunds and Demat credit are scheduled for September 10, and listing is scheduled for September 11, 2026. The company is offering up to 35,52,000 equity shares through a 100% book-built issue.
Qualiance International IPO GMP
The reported grey-market premium for Qualiance International IPO was approximately ₹50 on September 2, 2026 against the upper issue price of ₹127. This implies an unofficial estimated price of approximately ₹177. GMP is unofficial, unregulated and can change rapidly. It should not be considered a guaranteed indication of the actual listing price.
Qualiance International IPO Timeline (Tentative)
Qualiance International IPO is scheduled to open on September 4, 2026 and close on September 8, 2026. The basis of allotment is scheduled for September 9, followed by refund initiation and Demat credit on September 10. The proposed listing date on the NSE SME platform is September 11, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Sep 4, 2026 |
| IPO Close Date | Tue, Sep 8, 2026 |
| Basis of Allotment | Wed, Sep 9, 2026 |
| Initiation of Refunds | Thu, Sep 10, 2026 |
| Credit of Shares to Demat | Thu, Sep 10, 2026 |
| Listing Date | Fri, Sep 11, 2026 |
| IPO Opens | September 4, 2026 |
| IPO Closes | September 8, 2026 |
| Basis of Allotment | September 9, 2026 |
| Refund Initiation | September 10, 2026 |
| Credit of Shares to Demat | September 10, 2026 |
| Listing Date | September 11, 2026 |
Qualiance International IPO Lot Size
The market lot for Qualiance International IPO is 1,000 shares. Individual Investors must apply for a minimum of 2 lots, or 2,000 shares, at the upper price band of ₹127, requiring ₹2,54,000. Small HNI applicants can apply for a minimum of 3 lots, or 3,000 shares, while Big HNI applicants can apply for a minimum of 8 lots, or 8,000 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 2,54,000 |
| Retail (Max) | 2 | 2,000 | 2,54,000 |
| S-HNI (Min) | 3 | 3,000 | 3,81,000 |
| S-HNI (Max) | 7 | 7,000 | 8,89,000 |
| B-HNI (Min) | 8 | 8,000 | 10,16,000 |
Qualiance International IPO Reservation
The public issue comprises 35,52,000 equity shares, of which 1,80,000 shares are reserved for the Market Maker. After the Market Maker Reservation Portion, the Net Issue comprises 33,72,000 equity shares. Not more than 50% of the Net Issue is available for QIBs, not less than 15% for Non-Institutional Bidders and not less than 35% for Individual Bidders.
Qualiance International IPO Subscription
Qualiance International IPO has not opened for public subscription as of September 2, 2026. Therefore, category-wise and overall subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Qualiance International
Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments for government, institutional and brand customers in international markets. The company began its business as a partnership firm in 1994 and was incorporated as a private limited company in 2006 before being converted into a public limited company in December 2025.
The company manufactures technical apparel across woven and knitted categories. Its product range includes military uniforms, tactical outerwear, high-visibility workwear, protective workwear, weather-resistant outerwear, police and border patrol uniforms and performance activewear.
Qualiance International operates a manufacturing facility in Tiruppur, Tamil Nadu, with a built-up area of more than 45,000 square feet and an installed production capacity of approximately 4,50,000 garment pieces per annum. The company carries out specialized manufacturing processes including seam sealing, bonded and sew-free construction, ultrasonic welding, laser cutting and perforation, down filling and quilting.
The company has an export-oriented business model and supplies technical garments to government, institutional and brand customers. Its disclosed customer relationships include customers associated with Switzerland and other international markets. The company's official website states that it has supplied the Swiss Government for more than two decades and serves customers including Armasuisse, SBB, AMZ and EZV.
Qualiance International also maintains various quality, environmental, social and sustainability certifications. Its official investor information lists ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS and GRS certifications, along with SEDEX SMETA compliance.
Strengths
- Experience in technical and performance garment manufacturing.
- Established operating history dating back to 1994.
- Manufacturing facility located in Tiruppur, Tamil Nadu.
- Integrated capabilities covering multiple specialized garment processes.
- Product portfolio serving technical, institutional, government and brand requirements.
- Export-oriented business with established international customer relationships.
- Long-standing business relationship with Swiss Government-related customers.
- Presence across both woven and knitted garment categories.
- Multiple quality, environmental, social and sustainability certifications.
- Existing manufacturing facility has an installed capacity of approximately 4,50,000 pieces per annum.
- Planned new manufacturing facility is expected to substantially increase production capacity.
- Experienced promoters and management team.
Risks to Consider
- The company derives a significant portion of its revenue from woven garments.
- Woven garments contributed 71.55% of product sales revenue in FY2026.
- Revenue is highly concentrated among a limited number of customers.
- The top customer contributed approximately 56.93% of total product sales in FY2026.
- The top 10 customers contributed approximately 99.65% of total product sales in FY2026.
- The company has significant dependence on export markets.
- Changes in international trade conditions could affect business operations.
- Foreign exchange movements may affect export revenue and profitability.
- Dependence on international customers exposes the company to overseas economic and regulatory conditions.
- Government and institutional orders may be subject to tendering and procurement processes.
- The company operates its existing manufacturing activities from a facility in Tiruppur.
- Expansion of manufacturing capacity involves execution, cost and commissioning risks.
- Changes in raw-material prices can affect manufacturing costs and margins.
- The technical garment industry is competitive and customer requirements may change.
- Loss of key customers or reduction in orders could materially affect revenue.
- The company does not have long-term purchase commitments with all customers and works substantially on purchase orders.
Qualiance International Financials (₹ Cr)
Qualiance International recorded strong growth in revenue and profitability during FY2024 to FY2026. Revenue from operations increased from ₹37.23 crore in FY2024 to ₹76.89 crore in FY2026, while PAT increased from ₹2.84 crore to ₹11.87 crore. Total assets increased from ₹43.14 crore to ₹68.99 crore and net worth increased from ₹8.92 crore to ₹24.74 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 37.23 | 2.84 | 43.14 | 8.92 |
| FY2025 | 53.07 | 4.90 | 57.53 | 13.82 |
| FY2026 | 76.89 | 11.87 | 68.99 | 24.74 |
KPIs & Valuation
At the upper issue price of ₹127, Qualiance International reported FY2026 pre-issue EPS of ₹11.99 and post-issue EPS of ₹8.82. The corresponding P/E ratios are approximately 10.59x and 14.40x. FY2026 RoNW was 47.98%, ROE was 61.56%, ROCE was 37.33%, EBITDA margin was 21.74% and PAT margin was 15.44%.
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue primarily towards funding capital expenditure for establishing a new manufacturing facility at Tiruppur, Tamil Nadu. The remaining amount is proposed to be used for general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding capital expenditure requirements for setting up a new manufacturing facility at Tiruppur, Tamil Nadu – ₹38.00 crore.
- General corporate purposes – balance amount as permitted under applicable regulations.
- Meeting issue-related expenses from the issue proceeds.
Promoters, Lead Managers & Registrar
Qualiance International Limited is promoted by Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani. Hem Securities Limited is the Book Running Lead Manager to the Issue and MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| qualiance.smeipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Qualiance International IPO Review
Qualiance International reported revenue from operations of ₹37.23 crore in FY2024, ₹53.07 crore in FY2025 and ₹76.89 crore in FY2026. PAT increased from ₹2.84 crore in FY2024 to ₹4.90 crore in FY2025 and ₹11.87 crore in FY2026.
EBITDA increased from ₹4.86 crore in FY2024 to ₹7.97 crore in FY2025 and ₹16.72 crore in FY2026. The company's EBITDA margin improved from 13.06% in FY2024 to 15.02% in FY2025 and 21.74% in FY2026.
Net worth increased from ₹8.92 crore in FY2024 to ₹13.82 crore in FY2025 and ₹24.74 crore in FY2026. This indicates a substantial improvement in the company's equity base during the reported period.
The company's business is focused on technical and performance garments, which require specialized manufacturing capabilities. Its existing facility includes processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, down filling and quilting.
The company is planning a new manufacturing facility at Tiruppur with an estimated built-up area of approximately 1,43,370 square feet across four floors. The proposed facility is planned with an annual base production capacity of approximately 10,80,000 pieces and 600 sewing machines.
The estimated project cost for the proposed manufacturing facility is ₹39.14 crore, excluding GST on plant and machinery. Of this amount, ₹38.00 crore is proposed to be funded from the IPO proceeds, with the balance proposed to be met through internal accruals, borrowings and available cash and bank balances.
At the upper price band of ₹127, the reported FY2026 EPS is ₹11.99 on a pre-issue basis and ₹8.82 on a post-issue basis. The corresponding P/E ratios are approximately 10.59x and 14.40x respectively.
For FY2026, the company reported RoNW of 47.98%, ROE of 61.56%, ROCE of 37.33%, EBITDA margin of 21.74% and PAT margin of 15.44%. Debt-to-equity was approximately 1.15x and NAV was approximately ₹24.99 per share.
The company's financial performance has improved considerably over the reported periods, but investors should also consider its high customer concentration, export dependence, concentration in woven garments, foreign-exchange exposure and the execution risks associated with the proposed manufacturing expansion.
How to Apply
Qualiance International IPO applications can be made through the applicable ASBA and UPI-supported IPO application process. Individual Investors are required to apply for a minimum of 2 lots, or 2,000 shares, at the upper price band of ₹127, requiring ₹2,54,000.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Qualiance International IPO.
- Enter the required number of lots.
- Enter the bid price or select the Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Qualiance International Limited has published its IPO-related documents through its official investor-relations section. The company's official website provides access to the RHP, Draft Abridged Prospectus, Abridged Prospectus, issue advertisements and other regulatory documents.
Last updated Sep 3, 2026.