⚠️ Neutral
Listed
Garments & Apparels
Aastha Spintex Limited IPO
₹170 Cr · Fresh Issue · Garments & Apparels
Price Band
₹125 – ₹136
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹170 Cr
Fresh Issue
Market Cap
₹600.33 Cr
At upper band
P/E Ratio
26.2x
P/S: 1.7x
Listing Date
06 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
29 Jun 2026
✓
Closes
01 Jul 2026
✓
Allotment
2 Jul 2026
✓
Refund
3 Jul 2026
✓
Listing
06 Jul 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 1.14× sector midpoint with fair valuation, but revenue growth has stalled at 1.4% CAGR over two years and net margins are thin at 5.6%. The acquisition of Falcon Yarns represents a material capital deployment that requires careful execution monitoring.
Listing Performance
Issue Price
₹136
Allotment price
Listing Price
₹130
-4.41% on listing day
Current Price (CMP)
₹23.31
-82.9% vs issue
Listed On
06 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation within sector norms
At 26.2x P/E, the company sits at 1.14× the niche sector midpoint of 23×, placing it in the fair-value zone for an unlisted apparel business. This is not a premium valuation, and the P/S ratio of 1.7× is reasonable for the garments sector.
✓ Strength
Strong balance sheet and returns
Debt-to-equity of 0.79× is conservative, and ROCE of 18.89% demonstrates efficient capital deployment. The company generates positive cash returns on invested capital, which is a strength in a capital-light apparel business.
⚠ Risk
Revenue growth has stalled
Two-year revenue CAGR is only 1.4%, with FY0 revenue declining to ₹314 Cr from ₹352.2 Cr in FY-1. This suggests market headwinds or operational challenges in the core business that are not being offset by organic growth.
⚠ Risk
Thin profit margins limit upside
Net profit margin of 5.6% is below the 15% threshold needed to justify premium valuations, and EBITDA margin of 13.2% leaves little room for operational leverage. Any cost inflation or pricing pressure will compress returns significantly.
₹ Valuation
Fair but not compelling valuation
At 26.2x P/E against a 23× sector midpoint, the company is fairly priced but offers no margin of safety. The 1.14× multiple is technically within Subscribe range, but weak revenue growth (1.4% CAGR) and low margins (5.6% NPM) do not justify conviction.
👁 Watch
Falcon Yarns acquisition execution
₹111.51 Cr (65% of proceeds) is earmarked for the Falcon Yarns acquisition. Investors must track integration progress, synergy realization, and whether the combined entity can reverse the parent company's revenue stagnation.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Aastha Spintex Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹351.16 Cr
Net Profit
₹22.92 Cr
Industry
Garments & Apparels
Issue Type
Fresh Issue
Promoters
PATEL DIVYANG JASHWANTBHAI, RASIKLAL VALJIBHAI PATEL, GOTHI VIVEK RASIKLAL, AND JASHWANTBHAI VALJIBHAI PATEL
Lead Managers
BOI Merchant Bankers and PNB INVESTMENT SERVICE
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 1.14× sector midpoint with fair valuation, but revenue growth has stalled at 1.4% CAGR over two years and net margins are thin at 5.6%. The acquisition of Falcon Yarns represents a material capital deployment that requires careful execution monitoring.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹125 – ₹136.
The IPO opens on 29 Jun 2026. It closes on 01 Jul 2026. Allotment is expected on 2 Jul 2026. Refunds initiate on 3 Jul 2026. Listing on BSE and NSE is on 06 Jul 2026.
The lead managers for the IPO are BOI Merchant Bankers and PNB INVESTMENT SERVICE. Check the SEBI filing for the registrar details.
The IPO listed on 06 Jul 2026 at ₹130 against an issue price of ₹136 (-4.41% on listing day). The current market price (CMP) is approximately ₹23.31 (-82.9% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 01 Jul 2026. The company trades at 1.14× sector midpoint with fair valuation, but revenue growth has stalled at 1.4% CAGR over two years and net margins are thin at 5.6%. The acquisition of Falcon Yarns represents a material capital deployment that requires careful execution monitoring.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 01 Jul 2026. The IPO is priced at a P/E of 26.2x. Market cap at issue price is ₹600.33 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 01 Jul 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Aastha Spintex Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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