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Qualiance International IPOLISTED
Qualiance International Limited designs, manufactures and exports performance and technical garments for government, institutional and brand clients across international markets.
Listing price
₹224.9
Listing gain
+77.09%
Current
₹224.9
Listed
11 Sept 26
Opens
04 Sept 26Closes
08 Sept 26Allotment
09 Sept 26Refund
10 Sept 26Demat
10 Sept 26Listing
11 Sept 26Listed at
₹224.9
+77.09% on 11 Sept 26
Overview
Price band
₹120-127
Lot size
1000 shares
Min. investment
₹2,54,000
Issue size
₹45.11 Cr
35.52 L shares
Fresh issue
₹45.11 Cr
35.52 L shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Market Maker | 1,80,000 | 5.07% |
| QIB | 6,74,000 | 47.38% |
| NII (HNI) | 5,07,000 | 14.27% |
| B-HNI | 3,36,000 | — |
| S-HNI | 1,71,000 | — |
| Individual | 11,82,000 | 33.28% |
| Total | 25,43,000 | 100% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,54,000 |
| Retail (Max) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,81,000 |
| S-HNI (Max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,16,000 |
Listing performance
NSE/BSE: QUALIANCEListing gain
+77.09%
Gain per retail lot
₹1,95,800
Latest vs issue
—
GMP was
₹75 (+59.06%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Qualiance International Live GMP
Latest GMP
₹75
All-time high
₹75
All-time low
₹50
Subscription
09 Sept, 12:00 amOversubscribed 459.29 times · 3,21,004 applications
Total applications
3,21,004
Total bid amount
₹13,783 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 6,74,000 | 20,19,29,000 | 299.60x | ₹2,564 Cr |
| NII (HNI) | 5,07,000 | 35,48,74,000 | 699.95x | ₹4,507 Cr |
| B-HNI | 3,36,000 | 28,60,34,000 | 851.29x | ₹3,633 Cr |
| S-HNI | 1,71,000 | 6,88,40,000 | 402.57x | ₹874 Cr |
| Retail | 11,82,000 | 52,85,10,000 | 447.13x | ₹6,712 Cr |
| Total | 23,63,000 | 1,08,53,13,000 | 459.29x | ₹13,783 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 112 | 34,716 | 309.96x |
| S-HNI | 57 | 21,871 | 383.70x |
| Retail | 591 | 2,64,255 | 447.13x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
61.56%
PAT Margin
15.44%
ROCE
37.33%
EBITDA Margin
21.74%
Debt to Equity Ratio
1.15
Price to Book Value
5.08
RoNW
47.98%
Valuation vs listed peers
EPS Pre IPO
₹11.99
EPS Post IPO
₹8.82
P/E Pre IPO
10.59
P/E Post IPO
14.4
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+112.2%
Profit growth FY24 → FY26
+318.0%
ROCE
37.33%
- PAT margin 15.4% and ROCE 37.3%.
Strengths & risks
- Strong export presence with 98.82% of FY2026 revenue from exports.
- Long-term Swiss Government relationship with over 20 years of experience.
- Specialized technical garment portfolio serving defence, police and industrial clients.
- Advanced manufacturing capabilities with multiple quality certifications.
- Strong financial performance with ₹76.89 crore FY2026 revenue and ₹11.87 crore PAT.
- Capacity expansion plans to support future growth.
Buzz score · Solid
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu. | 38 |
| General Corporate Purpose. | - |
Company & documents
Qualiance International Limited is engaged in the design, engineering, manufacture and export of performance and technical garments for government, institutional and brand clients across international markets. The company manufactures products including military uniforms, tactical outerwear, high-visibility workwear, protective workwear and performance activewear.
The Company operates a 45,000+ sq. ft. manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garments annually. It manufactures knitted and woven garments using processes including cut-and-sew, seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination.
The Company follows an export-focused business model, with exports contributing 98.82% of revenue in FY2026. Its key markets include Switzerland, the USA, and the UK, with Switzerland contributing the largest share at 80.67%.
The Company has over 20 years of experience supplying technical uniforms and outerwear to the Government of Switzerland, including military and police departments. In FY2026, Swiss Government departments contributed 79.24% of revenue, while the Company also serves international brands.
The Company’s product mix is led by woven garments, contributing 71.55% of product revenue in FY2026, while knitted garments contributed 28.45%. Its portfolio includes technical outerwear, tactical wear, high-visibility jackets, and performance apparel.
The Company maintains multi-stage quality controls and operates advanced machinery including automatic cutters, laser cutters, ultrasonic welders and garment sewing machines. In FY2026, the facility achieved 88% capacity utilisation, producing 394,044 garments against a capacity of 450,000 pieces.
The Company holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS and GRS, and follows SEDEX SMETA audit standards. It also holds the status of a Two Star Export House issued by the Government of India.
As of June 30, 2026, the Company had 255 payroll employees, supported by contractual labour as required. Its workforce covers production, quality, merchandising, finance, administration and logistics functions.
Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: qualiance.smeipo@in.mpms.mufg.com
Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company contact
Qualiance International Ltd.
406 - B Wing, Knox Plaza Next to Tangent Showroom Mindspace, Mal, ad West Mumbai, Maharashtra, 400064
Phone: +91 22 42666003
Email: cs@qualiance.com
Book running lead managers
- Hem Securities Ltd.
Promoters
- Vipul Badani
- Bhoomin R Badani
- Krupa Rajesh Badani