Ashutosh Fibre IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Ashutosh Fibre

Price band

₹87 – ₹92

Lot size

1200 shares

Min investment

₹1,10,400

Issue size

₹56.35 Cr

About the company

Ashutosh Fibre Limited was started in 1985. It makes and trades technical textile products, mainly polypropylene spun yarns used in industry and in households. It works on a business to business basis, supplying yarn and fabric to industrial manufacturers, processors and institutional buyers rather than selling to the public. Its yarn range includes para aramid based spun yarn, high tenacity polyester yarn, meta aramid and FR viscose yarn, 100% polypropylene yarn, modacrylic based yarn and poly poly corespun yarn. The company works across four technical textile categories. In Indutech it makes polypropylene spun yarns used in filtration, geotextiles, ropes, webbings and process industry textiles. In Protech it makes yarns and fabrics with strength, flame retardancy and heat resistance for personal protective equipment, safety clothing and industrial thermal barriers. In Hometech it serves home furnishing textiles, carpets and home filtration media. In Mobiltech it makes friction resistant yarns used in automotive parts such as brake pads, clutch facings and transmission components. Its factory has five processing lines and three yarn making technologies, namely Ring Spun, DREF or friction spun, and Open-End spinning, and can make yarn in counts from 2 Ne to 50 Ne in single or multiple plies. It has also put up a 380 KW rooftop solar system at its Petlad unit for its own use.

Ashutosh Fibre Limited makes technical textile products, mainly polypropylene and specialty spun yarns, on a business to business basis. Running since 1985, it works across the Indutech, Protech, Hometech and Mobiltech segments, supplying filtration, safety apparel, home furnishing and automotive friction applications.

IPO details

Issue price: ₹92
Price band: ₹87 – ₹92
Face value: ₹10
Lot size: 1200
Min investment: ₹1,10,400
Issue size: ₹56.35 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: ASHUTOSH
NSE symbol: ASHUTOSH-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,10,400
Retail (Max)	1	1,200	₹1,10,400
HNI (Min)	2	2,400	₹2,20,800

Investor reservation

CATEGORY	RESERVED
QIB	29,06,400 shares (49.96% of the Offer)
NII	8,73,600 shares (15.02% of the Offer)
Retail	20,37,600 shares (35.02% of the Offer)

Objects of the issue

1Funding capital expenditure requirements towards funding of new equipment and machinery25.51

2Repayment/pre-payment, in full or in part, of certain borrowings availed by Company20.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	25.80	104.60	73.01
Total Income	117.43	114.97	109.89
Profit After Tax	16.04	8.51	7.05
EBITDA	31.07	17.84	16.14
NET Worth	51.90	35.85	27.55
Reserves and Surplus	36.15	34.10	25.80
Total Borrowing	47.92	57.44	34.86

Key performance indicators

P/E Ratio

12.55

EPS (₹)

7.33

RoCE

16.27%

RoNW

23.73%

PAT Margin

7.46%

✓ Strengths

• Profit nearly doubled in the last year, from Rs 8.51 crore in FY2025 to Rs 16.04 crore in FY2026, and has more than doubled since Rs 7.05 crore in FY2024.

• EBITDA improved sharply, from Rs 16.14 crore in FY2024 to Rs 17.84 crore in FY2025 and Rs 31.07 crore in FY2026.

• This is the cheapest of the current issues on earnings, at about 12.55 times on an EPS of Rs 7.33, with RoNW of 23.73%.

• The company reduced its borrowing while growing, from Rs 57.44 crore in FY2025 to Rs 47.92 crore in FY2026, and net worth rose from Rs 35.85 crore to Rs 51.90 crore.

• It has a long record of about 40 years, having started in 1985.

• The business is spread across four technical textile segments, covering filtration, protective equipment, home furnishing and automotive friction, so it is not tied to one end market.

• It makes specialty yarns such as para aramid, meta aramid and FR viscose, which earn better than plain commodity yarn.

• The plant has three different spinning technologies and can make counts from 2 Ne to 50 Ne, which allows a wide range of orders, and a 380 KW rooftop solar system cuts the power bill.

⚠ Risks

• The financial data contains an error that needs checking. Total assets for FY2026 are shown as Rs 25.80 crore, which is less than the net worth of Rs 51.90 crore for the same year and far below the Rs 104.60 crore of assets shown for FY2025. Total assets cannot be smaller than net worth, so this figure must be verified in the RHP.

• Sales are almost flat. Total income moved from Rs 109.89 crore in FY2024 to Rs 114.97 crore in FY2025 and Rs 117.43 crore in FY2026, which is about 2% growth in the last year. The profit jump came from margin, not from selling more.

• Borrowing is still high at Rs 47.92 crore, close to the net worth of Rs 51.90 crore.

• Promoter holding is already below 60% and falls to 43.05% after the issue, which is below half, so the promoters will not hold a majority.

• One of the promoters is a company, Prabhas Fin-Stock Pvt Ltd, rather than only individuals, so promoter continuity depends on that entity as well.

• Demand depends on industrial and automotive activity. Filtration, geotextiles and brake pad yarns are all bought by other manufacturers, so a slowdown passes straight through.

• Polypropylene is crude oil linked and aramid fibre is a costly specialty import, so raw material prices can move sharply.

• The manufacturing is concentrated at its Petlad unit, so there is single location risk.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.10 lakh at the upper band of Rs 92, and SME shares usually trade in low volume after listing.

Promoters & holding

Siddharth Prakash Patel, Abhishek Rajendrakumar Agarwal and Prabhas Fin-Stock Pvt.Ltd

Pre-issue promoter holding

59.79%

Post-issue promoter holding

43.05%

Data refreshed 07 Nov 2026, 05:01 pm IST. GMP is unofficial market sentiment, not investment advice.