India’s technical textiles industry is emerging as one of the fastest growing segments of the manufacturing sector, driven by increasing demand from aerospace, defence, automotive, industrial, and outdoor applications. Rising investments in defence modernisation, infrastructure development, and high performance materials have accelerated the adoption of engineered fabrics with specialised functional properties. The government’s focus on self reliance in defence manufacturing and the growth of technical textile exports continue to create long term opportunities for manufacturers of advanced synthetic fabrics.
Against this backdrop, Kusumgar Limited is set to open its IPO on July 8, 2026. The company is one of India’s established manufacturers of engineered fabrics, catering to aerospace, defence, industrial, automotive, and outdoor lifestyle applications. Here is a detailed insight into Kusumgar Limited, its IPO, and the industry outlook.
About Kusumgar Ltd.
Incorporated in 1990, Kusumgar Limited is engaged in the manufacturing of woven, coated, and laminated synthetic engineered fabrics. The company specialises in high performance fabrics manufactured primarily using polyamide and polyester filaments combined with polyurethane chemistry.
As of March 31, 2026, the company had developed over 1,000 unique fabric types (SKUs), establishing a strong presence in the synthetic functional and performance fabric market.
Kusumgar operates across four major business segments:
Aerospace and Defence Fabrics: Manufactures high performance fabrics used in parachutes, tactical clothing, speciality gear, stealth systems, and rapid deployment systems.
Aerospace and Defence Solutions: Designs and manufactures complete products including parachute systems, camouflage nets, deployable shelters, along with maintenance and repair services.
Industrial and Automotive Fabrics: Produces specialised fabrics for automotive applications, tapes, mechanical rubber goods (MRG), inflatables, and customised industrial applications.
Outdoor and Lifestyle Fabrics: Supplies performance fabrics used in activewear, rainwear, winter wear, backpacks, luggage, tents, and sleeping bags for domestic and global markets.
The company has built long standing relationships with customers across multiple industries while leveraging its strong technical capabilities and product development expertise. As of March 31, 2026, Kusumgar employed 2,077 personnel.
Kusumgar Ltd. IPO Details
The Kusumgar IPO is entirely an Offer for Sale (OFS) aggregating to ₹650 crore. Since the issue comprises only an Offer for Sale, the company will not receive any proceeds from the IPO. The proceeds from the issue will be received by the selling shareholders after deducting applicable offer related expenses.
The IPO aims to provide liquidity to the existing shareholders while facilitating the company’s listing on the stock exchanges.
Important IPO Timeline
| Particulars | Details |
|---|---|
| IPO Open Date | July 8, 2026 |
| IPO Close Date | July 10, 2026 |
| Allotment Date (Tentative) | July 13, 2026 |
| Initiation of Refunds | July 14, 2026 |
| Credit of Shares to Demat | July 14, 2026 |
| Listing Date (Tentative) | July 15, 2026 |
Key IPO Details
Here is the table on the Kusumgar IPO Review:
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Price Band | ₹398 to ₹419 per share |
| Lot Size | 35 Shares |
| Total Issue Size | 1,55,13,126 shares (aggregating up to ₹650 Cr) |
| Offer for Sale | 1,55,13,126 shares (aggregating up to ₹650 Cr) |
| Issue Type | Bookbuilding IPO |
| Sale Type | Offer for Sale Only |
| Listing At | BSE, NSE |
| Market Capitalisation (Pre IPO) | ₹4,399.14 Cr |
| Shareholding Pre Issue | 10,49,91,810 shares |
| Shareholding Post Issue | 10,49,91,810 shares |
| Book Running Lead Managers | Axis Capital Ltd., IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
Lot Size of Kusumgar IPO
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹14,665 |
| Retail (Max) | 13 | 455 | ₹1,90,645 |
| S-HNI (Min) | 14 | 490 | ₹2,05,310 |
| S-HNI (Max) | 68 | 2,380 | ₹9,97,220 |
| B-HNI (Min) | 69 | 2,415 | ₹10,11,885 |
Kusumgar Ltd. Financials
The Kusumgar IPO has a pre IPO market capitalisation of ₹4,399.14 crore. The company has maintained a diversified presence across multiple end use industries supported by its extensive portfolio of engineered fabrics and technical capabilities.
However, during the financial year ended March 31, 2026, the company’s revenue declined by 10% while Profit After Tax (PAT) decreased by 12% compared to the previous financial year. The decline was primarily attributed to changes in its order book and ongoing capital expenditure towards expansion initiatives.
Other financial details of the company include the following:
Key Company Financials
Refer to the Red Herring Prospectus for the complete restated financial statements, as the detailed financial table is not included in the available information.
Kusumgar Ltd.: Industry Outlook
• India’s technical textiles industry is witnessing strong growth due to increasing demand from defence, aerospace, automotive, industrial, and outdoor applications.
• Government initiatives promoting indigenous defence manufacturing and the Make in India programme are creating opportunities for manufacturers of specialised engineered fabrics.
• Increasing adoption of high performance materials across industrial and automotive applications is driving demand for coated and laminated synthetic fabrics.
• Growing global demand for functional textiles used in outdoor gear, sportswear, and protective equipment is expanding export opportunities for Indian manufacturers.
• Continuous innovation in lightweight, durable, and multifunctional textile materials is expected to support long term industry growth.
• Kusumgar’s strong technical expertise, diversified product portfolio of over 1,000 SKUs, long standing customer relationships, and presence across multiple high entry barrier industries position the company to benefit from the long term growth of the engineered fabrics market.
Conclusion
Kusumgar Ltd. presents an interesting investment opportunity because of its established presence in the engineered fabrics and technical textiles industry. The company serves multiple high value sectors, including aerospace, defence, automotive, industrial, and outdoor lifestyle markets through its diversified portfolio of specialised synthetic fabrics and finished solutions.
Its strong technical capabilities, diversified end use segments, extensive product portfolio, and long standing customer relationships provide a solid platform for long term growth as demand for high performance fabrics continues to increase.
However, potential investors should also consider factors such as the recent decline in revenue and profitability, relatively high debt levels, dependence on specialised industrial demand, and the fact that the IPO is entirely an Offer for Sale, with no fresh capital being raised by the company. As with any IPO, investors should carefully evaluate their investment objectives and risk appetite before making an investment decision.
