✅ Subscribe
Listed
Garments & Apparels
Kusumgar Limited IPO
₹650 Cr · Offer for Sale (OFS) · Garments & Apparels
Price Band
₹398 – ₹419
GMP (Grey Market)
—
No GMP data yet
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: Subscribe
Conviction
7/10
The company trades at 1.95× sector midpoint with strong ROCE of 24.76% and 27.15% EBITDA margin, offsetting the 44.8x P/E through operational efficiency. Key risk: revenue declined 9.9% YoY in FY0 despite 22.5% two-year CAGR, signaling recent market headwinds in garments.
Listing Performance
Issue Price
₹419
Allotment price
Listing Price
₹574
+36.99% on listing day
Current Price (CMP)
₹554.1
+32.2% vs issue
Listed On
15 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong capital efficiency and returns
ROCE of 24.76% and EBITDA margin of 27.15% demonstrate the company operates with disciplined capital deployment and pricing power in the garments sector. These metrics justify a premium valuation relative to peers and indicate the business generates substantial cash returns on invested capital.
✓ Strength
Promoter commitment and low leverage
Promoter holding remains elevated at 74.72% post-issue, signaling long-term alignment with minority shareholders. Debt-to-equity of 0.44x is conservative, providing financial flexibility for growth investments or shareholder returns.
⚠ Risk
Revenue contraction in latest year
Revenue fell 9.9% from ₹790.2 Cr (FY-1) to ₹711.8 Cr (FY0), despite a 22.5% two-year CAGR. This recent decline raises questions about market demand, competitive pressure, or execution challenges in the garments sector that warrant post-listing monitoring.
⚠ Risk
PAT growth lagging revenue growth
Net profit CAGR of 7.9% over two years significantly trails revenue CAGR of 22.5%, indicating margin compression or cost inflation. This divergence suggests operational leverage is not translating into bottom-line growth, a concern for earnings sustainability.
₹ Valuation
Valuation at sector midpoint premium
At 44.8x P/E, the company trades 1.95× the niche/unlisted sector midpoint of 23x (range 18–28x). While this exceeds the 1.0× threshold, the 27.15% EBITDA margin and 24.76% ROCE provide operational justification, though NPM of 13.8% falls below the 15% threshold that would fully support premium pricing.
👁 Watch
Monitor revenue stabilization post-listing
Investors should track quarterly revenue trends closely to confirm whether FY0's 9.9% decline represents a cyclical dip or structural weakness in the garments business. Sustained revenue recovery is critical to justify the current valuation multiple.
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
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 1.95× sector midpoint with strong ROCE of 24.76% and 27.15% EBITDA margin, offsetting the 44.8x P/E through operational efficiency. Key risk: revenue declined 9.9% YoY in FY0 despite 22.5% two-year CAGR, signaling recent market headwinds in garments.
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 ₹398 – ₹419.
The IPO opens on 08 Jul 2026. It closes on 10 Jul 2026. Allotment is expected on 13 Jul 2026. Refunds initiate on 14 Jul 2026. Listing on BSE and NSE is on 15 Jul 2026.
The lead managers for the IPO are Axis Capital, IIFL Capital & Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 15 Jul 2026 at ₹574 against an issue price of ₹419 (+36.99% on listing day). The current market price (CMP) is approximately ₹554.1 (+32.2% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 10 Jul 2026. The company trades at 1.95× sector midpoint with strong ROCE of 24.76% and 27.15% EBITDA margin, offsetting the 44.8x P/E through operational efficiency. Key risk: revenue declined 9.9% YoY in FY0 despite 22.5% two-year CAGR, signaling recent market headwinds in garments.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 10 Jul 2026. The IPO is priced at a P/E of 44.8x. Market cap at issue price is ₹4399.14 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 10 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 'Kusumgar Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
Explore More