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Listed
Garments & Apparels
Alpine Texworld Limited IPO
₹126 Cr · Fresh Issue · Garments & Apparels
Price Band
₹100 – ₹105
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹126 Cr
Fresh Issue
Market Cap
₹401.59 Cr
At upper band
P/E Ratio
18.5x
P/S: 1.2x
Listing Date
21 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
14 Jul 2026
✓
Closes
16 Jul 2026
✓
Allotment
17 Jul 2026
✓
Refund
20 Jul 2026
✓
Listing
21 Jul 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.8× sector midpoint with exceptional 664% revenue CAGR over two years and 169% PAT CAGR, supported by 90% promoter pre-issue holding. Key risk is elevated leverage at 2.35× D/E, though proceeds will reduce debt by ₹52 Cr.
Listing Performance
Issue Price
₹105
Allotment price
Listing Price
₹105
+0% on listing day
Current Price (CMP)
₹40.53
-61.4% vs issue
Listed On
21 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional revenue and profit growth
Revenue grew from ₹6.0 Cr (FY-2) to ₹350.2 Cr (FY0), a 664% two-year CAGR, while net profit expanded 169% CAGR to ₹21.7 Cr. This scale-up demonstrates rapid market traction and operational execution in garment manufacturing.
✓ Strength
Attractive valuation relative to sector
At 18.5× P/E, the company trades at 0.8× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone. The 1.2× P/S ratio is reasonable for a high-growth apparel manufacturer with improving margins.
⚠ Risk
Elevated debt-to-equity ratio
D/E of 2.35× is materially above the 1.5× supportive threshold and indicates significant financial leverage. While ₹52 Cr of IPO proceeds will be used for debt repayment, post-issue leverage will remain a constraint on financial flexibility.
⚠ Risk
Modest net profit margin and ROCE
NPM of 6.2% is below the 15% threshold that would justify premium valuation, and ROCE of 17.56% is adequate but not exceptional for a manufacturing business. Margin expansion will be critical to sustain valuation multiples as growth moderates.
₹ Valuation
Fair valuation with growth premium justified
P/E of 18.5× at 0.8× sector midpoint reflects fair pricing for a profitable, high-growth apparel player. However, this valuation assumes the company can sustain double-digit revenue growth and margin improvement post-listing.
👁 Watch
Debt reduction and margin trajectory post-IPO
Monitor whether the company achieves its ₹52 Cr debt repayment target and whether the new weaving unit (₹30.71 Cr capex) delivers the expected margin uplift and capacity utilization within 18–24 months of commissioning.
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 "Alpine Texworld Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹342.71 Cr
Net Profit
₹21.72 Cr
Industry
Garments & Apparels
Issue Type
Fresh Issue
Promoters
SUMIT CHAMPALAL AGARWAL, SANDEEP SANTKUMAR AGRAWAL, SACHINKUMAR SANTKUMAR AGRAWAL
Lead Managers
D & A Financial Services
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.8× sector midpoint with exceptional 664% revenue CAGR over two years and 169% PAT CAGR, supported by 90% promoter pre-issue holding. Key risk is elevated leverage at 2.35× D/E, though proceeds will reduce debt by ₹52 Cr.
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 ₹100 – ₹105.
The IPO opens on 14 Jul 2026. It closes on 16 Jul 2026. Allotment is expected on 17 Jul 2026. Refunds initiate on 20 Jul 2026. Listing on BSE and NSE is on 21 Jul 2026.
The lead managers for the IPO are D & A Financial Services. Check the SEBI filing for the registrar details.
The IPO listed on 21 Jul 2026 at ₹105 against an issue price of ₹105 (+0% on listing day). The current market price (CMP) is approximately ₹40.53 (+-61.4% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 16 Jul 2026. The company trades at 0.8× sector midpoint with exceptional 664% revenue CAGR over two years and 169% PAT CAGR, supported by 90% promoter pre-issue holding. Key risk is elevated leverage at 2.35× D/E, though proceeds will reduce debt by ₹52 Cr.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 16 Jul 2026. The IPO is priced at a P/E of 18.5x. Market cap at issue price is ₹401.59 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 16 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 'Alpine Texworld Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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