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Listed
Garments & Apparels
Kusumgar Limited IPO
₹650 Cr · Offer for Sale (OFS) · Garments & Apparels
Price Band
₹398 – ₹419
Lot: 35 shares (₹14,665)
GMP (Grey Market)
₹161 (+38.42%)
Est. listing ₹580
Issue Size
₹650 Cr
Offer for Sale (OFS)
Market Cap
₹4399.14 Cr
At upper band
P/E Ratio
44.8x
P/S: 6.4x
Listing Date
15 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
08 Jul 2026
✓
Closes
10 Jul 2026
✓
Allotment
13 Jul 2026
✓
Refund
14 Jul 2026
✓
Listing
15 Jul 2026
IPO India Hub Recommendation: Subscribe
We recommend subscribing to the issue. The company has delivered steady earnings and a wide distribution footprint, though raw material cost pressure remains a concern.
Our Analysis — Key Points
✓ Strength
Strong domestic distribution network coverage base
The company supplies its apparel through a pan‑India dealer and retail network. This reach lets it tap into both tier‑1 and tier‑2 markets quickly. A broad footprint also reduces dependence on any single region.
✓ Strength
Consistent profit growth despite competition in
Revenue of ₹692 cr and net profit of ₹98.2 cr show a healthy profit margin of around 14%. The firm has posted earnings growth over recent years despite a crowded market. Such consistency supports confidence in future cash generation.
⚠ Risk
Dependence on raw material price volatility
A large portion of cost comes from cotton and yarn, whose prices can swing sharply each season. Any sustained increase in these inputs could compress margins and hurt profitability. The company does not have a strong hedge program in place.
$ Valuation
High multiples relative to sector peers
At the top of the price band, the firm trades at a P/E of 44.8 x and a P/S of 6.4 x, which are well above the typical range for garment manufacturers. The market cap of roughly ₹4,399 cr reflects these lofty multiples. Investors should weigh whether the growth story justifies such pricing.
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 "Kusumgar Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹692.00 Cr
Net Profit
₹98.20 Cr
Industry
Garments & Apparels
Issue Type
Offer for Sale (OFS)
Promoters
YOGESH KANTILAL KUSUMGAR, SIDDHARTH YOGESH KUSUMGAR, SAPNA SIDDHARTH KUSUMGAR AND SIDDHARTH YOGESH KUSUMGAR HUF
Lead Managers
Axis Capital, IIFL Capital & Motilal Oswal Investment Advisors
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