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Listed
Garments & Apparels
Alpine Texworld Limited IPO
₹126 Cr · Fresh Issue · Garments & Apparels
Price Band
₹100 – ₹105
Lot: 1200 shares (₹126,000)
GMP (Grey Market)
₹1 (+1.06%)
Est. listing ₹106
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 a 21% grey market premium signaling retail confidence. High leverage (D/E 2.35×) and thin 6.2% net margin are material risks, but strong growth trajectory and capex-backed expansion justify entry at this valuation for SME investors.
Listing Performance
Issue Price
₹105
Allotment price
Listing Price
₹105
+0% on listing day
Current Price (CMP)
₹57.15
-45.6% vs issue
Listed On
21 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional revenue growth trajectory
Revenue expanded from ₹6.0 Cr (FY-2) to ₹350.2 Cr (FY0), delivering a 664% two-year CAGR. PAT grew 169% CAGR over the same period, demonstrating operational leverage and market traction in the garments and apparels sector.
✓ Strength
Attractive valuation vs. sector peers
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 21% grey market premium (above SME 25% threshold) reflects investor confidence in the growth story and valuation entry point.
⚠ Risk
Elevated debt-to-equity ratio
D/E of 2.35× is materially above the supportive threshold of 1.5×, indicating high financial leverage. While ₹52 Cr of IPO proceeds will be deployed for debt repayment, the company remains leveraged and vulnerable to interest rate or working capital stress.
⚠ Risk
Thin net profit margins limit cushion
NPM of 6.2% is well below the 15% threshold needed to justify premium valuations, leaving limited room for operational or input cost shocks. EBITDA margin of 13.84% suggests pricing power constraints in the competitive garments sector.
₹ Valuation
Valuation fairly priced for growth
At 18.5× P/E and 1.2× P/S, the company is valued at 0.8× sector midpoint (23×), placing it in fair-value territory. The 664% revenue CAGR justifies this multiple relative to slower-growing peers, though margin expansion will be critical to sustain returns.
👁 Watch
Execution of new weaving unit capex
₹30.71 Cr (24% of proceeds) is earmarked for a new grey fabric weaving unit in Ahmedabad. Investors must monitor timely commissioning, ramp-up to target capacity, and margin accretion from this facility to validate the growth thesis.
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 a 21% grey market premium signaling retail confidence. High leverage (D/E 2.35×) and thin 6.2% net margin are material risks, but strong growth trajectory and capex-backed expansion justify entry at this valuation for SME investors.
The current grey market premium (GMP) is ₹1, which is 1.06% above the upper band price of ₹105. This implies an estimated listing price of around ₹106. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 1200 shares. At the upper band price of ₹105, the minimum investment per retail application is ₹126,000. You can apply for up to 13 lots (₹1,638,000) under the retail category (up to ₹2 lakh).
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 ₹57.15 (+-45.6% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 16 Jul 2026. The minimum investment is ₹126,000 for one lot (1200 shares). The company trades at 0.8× sector midpoint with exceptional 664% revenue CAGR over two years and a 21% grey market premium signaling retail confidence. High leverage (D/E 2.35×) and thin 6.2% net margin are material risks, but strong growth trajectory and capex-backed expansion justify entry at this valuation for SME investors.
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 minimum lot is 1200 shares at ₹105 each, costing ₹126,000 per application. 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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