Dudani Retail IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Dudani Retail

Price band

₹29

Lot size

4000 shares

Min investment

₹1,16,000

Issue size

₹10.54 Cr

About the company

Dudani Retail Limited was started in December 2015. It designs, manufactures, sources and supplies apparel and related products, working in three ways at once. 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.

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.

IPO details

Issue price: ₹29
Price band: ₹29
Face value: ₹10
Lot size: 4000
Min investment: ₹1,16,000
Issue size: ₹10.54 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8006
NSE symbol: DUDANI.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	4,000	₹1,16,000
Retail (Max)	1	4,000	₹1,16,000
HNI (Min)	2	8,000	₹2,32,000

Investor reservation

CATEGORY	RESERVED
NII	17,24,000 shares (49.94% of the Offer)
Retail	17,28,000 shares (50.06% of the Offer)

Objects of the issue

1Funding Capital Expenditure towards purchase of machinery for expansion and upgradation of existing manufacturing facility0.79

2Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company.3.00

3To meet Working Capital Requirements3.97

4To be utilized towards Strategic initiatives, partnerships, joint ventures and acquisitions; Brand building and strengthening of promotional, marketing activities and advisory; On-going general corporate exigencies or any other purposes as approved by the Board subject to compliance with the necessary regulatory provisions etc.1.50

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	17.01	14.28	10.59
Total Income	24.59	25.29	25.13
Profit After Tax	1.90	1.78	0.99
EBITDA	2.97	2.86	1.81
NET Worth	10.30	8.40	6.62
Reserves and Surplus	3.55	1.65	4.62
Total Borrowing	4.82	4.03	3.53

Key performance indicators

P/E Ratio

15.85

EPS (₹)

1.83

RoE

18.46%

RoCE

25.88%

RoNW

18.46%

PAT Margin

7.73%

EBITDA Margin

12.07%

Debt / Equity

0.47

NAV (₹)

15.26

✓ Strengths

• Profit has grown every year, from Rs 0.99 crore in FY2024 to Rs 1.78 crore in FY2025 and Rs 1.90 crore in FY2026.

• EBITDA improved from Rs 1.81 crore in FY2024 to Rs 2.97 crore in FY2026, an EBITDA margin of 12.07%.

• Return on net worth is 18.46% and return on capital employed is 25.88%.

• Net worth has grown from Rs 6.62 crore in FY2024 to Rs 10.30 crore in FY2026.

• Debt is low at Rs 4.82 crore against a net worth of Rs 10.30 crore, a debt to equity ratio of 0.47.

• It 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.

• It earns in three ways, from its own brand, from licensed manufacturing and from supplying a quick commerce platform.

• Cutting, stitching, finishing, quality checks and dispatch are done in house, so it controls the core of production.

• The whole Rs 10.54 crore issue is fresh capital with no offer for sale, with Rs 3.97 crore for working capital, Rs 3.00 crore to repay borrowings and Rs 0.79 crore for machinery.

⚠ Risks

• Sales are not growing. Total income was Rs 25.13 crore in FY2024, Rs 25.29 crore in FY2025 and Rs 24.59 crore in FY2026, so the FY2026 profit of Rs 1.90 crore came from margin and not from selling more.

• The reserves row in the published table moves the wrong way, showing Rs 4.62 crore in FY2024 and only Rs 1.65 crore in FY2025 while net worth rose over the same year, so that line cannot be read at face value.

• The issue is priced at 15.85 times post issue earnings on an EPS of Rs 1.83, against 10.28 times on a pre issue EPS of Rs 2.82, so the dilution takes the multiple up by half.

• Rs 3.00 crore of the Rs 10.54 crore issue repays borrowings, which does not add to the business.

• Supplying 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.

• The 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.

• It works from rented premises and sends dyeing, printing and embroidery to third parties, so it controls only part of the process.

• The company is small, with a net worth of Rs 10.30 crore and an issue of Rs 10.54 crore.

• Apparel manufacturing is highly competitive with low entry barriers, and fashion demand shifts season to season.

• This 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 64.97%.

• This is an SME issue. One lot is 4,000 shares, which is about Rs 1.16 lakh at the upper band of Rs 29, and SME shares usually trade in low volume after listing.

Promoters & holding

Akshay Dudani and Charu Dudani

Pre-issue promoter holding

100%

Post-issue promoter holding

64.97%

Promoters hold 100% before the issue and will hold 64.97% after it.

Data refreshed 07 Nov 2026, 04:51 pm IST. GMP is unofficial market sentiment, not investment advice.