Qualiance International IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Qualiance International

Price band

₹120 – ₹127

Lot size

1000 shares

Min investment

₹1,27,000

Issue size

₹45.11 Cr

About the company

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.

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.

IPO details

Issue price: ₹127
Price band: ₹120 – ₹127
Face value: ₹10
Lot size: 1000
Min investment: ₹1,27,000
Issue size: ₹45.11 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: QUALIANCE
NSE symbol: QUALIANCE-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,000	₹1,27,000
Retail (Max)	1	1,000	₹1,27,000
HNI (Min)	2	2,000	₹2,54,000

Investor reservation

CATEGORY	RESERVED
QIB	16,83,000 shares (49.91% of the Offer)
NII	5,07,000 shares (15.04% of the Offer)
Retail	11,82,000 shares (35.05% of the Offer)

Objects of the issue

1Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu31.35

2General Corporate Purpose

Financials

Rs. Crore • restated

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

Key performance indicators

P/E Ratio

14.4

EPS (₹)

8.82

RoCE

21.16%

RoNW

35.44%

PAT Margin

9.23%

✓ 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 14.4 times earnings on an EPS of Rs 8.82.

• 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.

Promoters & holding

Vipul Badani, Bhoomin R Badani and Krupa Rajesh Badani

Pre-issue promoter holding

86.49%

Post-issue promoter holding

63.66%

Data refreshed 07 Nov 2026, 05:00 pm IST. GMP is unofficial market sentiment, not investment advice.