GMP IPO Watch
Kusumgar IPO 2026: Latest GMP, Subscription Status, Price Band, Financials and Complete IPO Analysis
Kusumgar IPO has become one of the most talked-about mainboard IPOs of July 2026. The comp...
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K
Mainboard IPO
LISTED
BSE, NSE
KUSUMGAR
Kusumgar IPO
Kusumgar IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Live GMP Today
₹161
+38.4%
Est. Listing: ₹580.00
Price Band
₹398 - ₹419
Per equity share
Lot Size
35 Shares
Min Invest: ₹14,665
Issue Size
₹650 Cr
Total Public Offering
Issue Dates
7 July 2026 – 9 July 2026
Bidding period
Subscription
128.85x
Total overall demand
Kusumgar IPO Details
Key facts at a glance| IPO Open Date | 7 July 2026 | IPO Close Date | 9 July 2026 |
|---|---|---|---|
| Basis of Allotment | 12 July 2026 | Listing Date | 14 July 2026 |
| Price Band | ₹398 - ₹419 per share | Face Value | ₹10 per share |
| Market Lot Size | 35 Shares | Min Investment (Retail) | ₹14,665 |
| Total Issue Size | ₹650 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | — | Offer for Sale (OFS) | — |
| Listing At | BSE, NSE | Issue Category | Mainboard Issue |
| Registrar | TBA | ||
Kusumgar IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 7 July 2026 | Confirmed |
| IPO Close Date | 9 July 2026 | Confirmed |
| Basis of Allotment | 12 July 2026 | Tentative |
| Initiation of Refunds | 14 July 2026 | Tentative |
| Credit of Shares to Demat | 14 July 2026 | Tentative |
| IPO Listing Date | 14 July 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 5:00 PM on Closing Day | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Kusumgar IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 1 Lot | 35 Shares | ₹14,665 |
| Retail (Max) | 13 Lots | 455 Shares | ₹1,90,645 |
| S-HNI (Min) | 14 Lots | 490 Shares | ₹2,05,310 |
| S-HNI (Max) | 68 Lots | 2,380 Shares | ₹9,97,220 |
| B-HNI (Min) | 69 Lots | 2,415 Shares | ₹10,11,885 |
Kusumgar IPO Live GMP & Movement History
Daily unofficial grey market trends
Current Grey Market Premium
₹161 +38.4%
Estimated Listing Price
₹580.00
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 10 Jul 2026 | ₹158 | ₹577.00 | +37.71% |
| 7 Jul 2026 | ₹171 | ₹590.00 | +40.81% |
| 6 Jul 2026 | ₹171 | ₹590.00 | +40.81% |
Disclaimer: Grey Market Premium (GMP) figures are purely unofficial and indicative rates traded in the unregulated grey market. GMP is highly volatile and does not guarantee the actual listing price. Always consult a SEBI registered investment advisor before bidding.
Kusumgar IPO Subscription Status
Demand breakdown by investor category
Retail
26.47x
QIB
284.10x
NII / HNI
—
Total
128.85x
Kusumgar Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2023 | — | ₹184.81 | ₹154.97 | — |
| 2024 | — | ₹206.45 | ₹175.85 | — |
| 2025 | — | ₹322.58 | ₹261.43 | — |
| Dec 2025 | — | ₹236.50 | ₹186.96 | — |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Kusumgar IPO Valuation & KPIs
Key metrics pre-issue
EPS
9.68 (Basic)
P/E Ratio
N/A
RoNW
25.82%
NAV per share
₹49.56
RoCE
24.76%
RoE
25.82%
Debt to Equity
0.93
PAT Margin
13.80%
EBITDA Margin
27.15%
Kusumgar Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Powerica Limited | — | 15.26 | — | — | — |
| Cummins India Limited | — | 72.15 | — | — | — |
| Kirloskar Oil Engines Limited | — | 33.71 | — | — | — |
| NTPC Green Energy Limited | — | 0.67 | — | — | — |
| Acme Solar Holdings Limited | — | 4.55 | — | — | — |
| Adani Green Energy Limited | — | 8.37 | — | — | — |
About Kusumgar
Kusumgar Limited manufactures technical textile fabrics and solutions for aerospace, defence, automotive, industrial, and outdoor applications. It operates across four segments: Aerospace and Defence Fabrics, Aerospace and Defence Solutions, Industrial and Automotive Fabrics, and Outdoor and Lifestyle Fabrics. The company manages the entire manufacturing process in-house, from yarn selection to coating, lamination and finishing. It also uses materials such as polyurethane, TPU, silicone and PTFE to produce specialised performance fabrics for demanding applications.
Key Strengths
- Operates across multiple technical textile segments, including aerospace, defence, industrial, automotive, and outdoor fabrics.
- Has integrated manufacturing capabilities covering weaving, coating, lamination, and finishing processes.
- Develops customised engineered fabric solutions to meet specific customer requirements.
- Entry barriers in its industry include specialised certifications, regulatory approvals, and long customer qualification cycles.
- Focuses on research, product development, and introducing new products to support business growth.
Key Risks
- A large share of revenue comes from the aerospace, defence, industrial, and automotive fabric segments, making the business dependent on these markets.
- Loss of major customers could significantly impact revenue, as the top 10 customers contributed 59.52% of FY2026 revenue.
- The company depends on a limited number of suppliers and does not have long-term supply agreements.
- Most manufacturing facilities are located in Gujarat, exposing operations to regional disruptions.
- The company generally does not have long-term sales agreements with customers, creating demand uncertainty.
Kusumgar IPO Reservation & Share Quotas
Kusumgar Limited has allocated shares among different investor categories in accordance with SEBI regulations governing book-built IPOs. The reservation structure is designed to ensure balanced participation from institutional investors, non-institutional investors, and retail investors.
As per the issue structure, a major portion of the issue is reserved for Qualified Institutional Buyers (QIBs), while separate quotas have been earmarked for Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs). No separate allocation has been disclosed for Anchor Investors at this stage.
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Kusumgar IPO Anchor Investors
Kusumgar Limited has reserved a portion of its IPO for Anchor Investors under the book-built issue process. Anchor investors typically include qualified institutional investors such as mutual funds, insurance companies, banks, and foreign portfolio investors who participate before the IPO opens for public subscription.
Anchor participation is often considered an important indicator of institutional confidence in the public issue. The shares allotted to anchor investors are subject to mandatory lock-in requirements as prescribed under SEBI regulations.
| Particular | Details |
|---|---|
| Anchor Bidding Date | July 7, 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date for 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date for Remaining 50% Shares (90 Days) | 2026 |
Note: The final anchor investor allocation, anchor issue size, and investor list will be disclosed by the company after the completion of the anchor book allocation process and regulatory filings.
Kusumgar IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 08 Jul 2026 |
| IPO Close Date | 10 Jul 2026 |
| Basis of Allotment | 13 Jul 2026 |
| Refunds | 14 Jul 2026 |
| Credit to Demat Account | 14 Jul 2026 |
| IPO Listing Date | 15 Jul 2026 |
Note: The timeline for Kusumgar IPO is tentative and subject to change.
Kusumgar Promoters and Shareholding Pattern
The promoters of Kusumgar Limited are Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF. The promoter group has played a key role in the company's growth and development, contributing significantly to its long-standing presence in the textile and technical fabrics industry.
Since the IPO is entirely an Offer for Sale (OFS), the promoter shareholding will not increase after the issue. The final post-issue shareholding percentage will be determined after completion of the offer and allotment process as per the company's offer documents.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 10,49,91,372 | 90.48% |
| Promoter Holding Post Issue | 10,49,91,372 | -% |
Note: The post-issue promoter shareholding percentage will be finalized after the completion of the Offer for Sale (OFS) and the successful listing of the company's equity shares.
Kusumgar Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | Crores |
| Carry out the Offer for Sale of [●] Equity Shares of face value of Rs 1 each, aggregating up to Rs 6,500 million by the Promoter Selling Shareholders | ₹- |
| Achieve the benefits of listing the Equity Shares on the Stock Exchanges | ₹- |
Note: Objectives are as specified in the DRHP/RHP documents of Kusumgar.
Kusumgar About the IPO
Kusumgar Limited, founded in 1990, is one of the leading manufacturers of woven, coated, and laminated synthetic fabrics, also known as engineered fabrics. Its fabrics are made using polyamide and polyester filaments using polyurethane technology.
The firm has developed over 100 types of fabrics as of March 2025, building a strong reputation in the synthetic fabric space. Its products serve a wide range of industries, such as aerospace, defence, industrial, automotive, outdoor, and lifestyle. Moreover, the firm also recently expanded into the military and aerospace sectors with parachute systems, stealth materials, and rapid deployment systems. Kusumgar’s main aim is to design fabrics that stay intact in critical conditions like high strength, tear resistance, durability, comfort, air flow, and waterproof protection, among others.
Kusumgar Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹184.81 | ₹154.97 | - | - |
| 2024 | ₹206.45 | ₹175.85 | - | - |
| 2025 | ₹322.58 | ₹261.43 | - | - |
| Dec 2025 | ₹236.50 | ₹186.96 | - | - |
Note: Financial numbers for Kusumgar are in ₹ Crores unless stated otherwise.
Kusumgar Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 25.82% |
| ROCE | 24.76% |
| EBITDA Margin | 27.15% |
| PAT Margin | 13.80% |
| Debt to Equity Ratio | 0.93 |
| Earning Per Share (EPS) | 9.68 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 25.82% |
| Net Asset Value (NAV) | 49.56 |
Note: Valuation KPIs for Kusumgar are computed for FY2026.
Kusumgar Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Powerica Limited | 15.26 | - | - | - | - |
| Cummins India Limited | 72.15 | - | - | - | - |
| Kirloskar Oil Engines Limited | 33.71 | - | - | - | - |
| NTPC Green Energy Limited | 0.67 | - | - | - | - |
| Acme Solar Holdings Limited | 4.55 | - | - | - | - |
| Adani Green Energy Limited | 8.37 | - | - | - | - |
Note: Peer group comparisons for Kusumgar are sourced from DRHP filings.
Kusumgar Lead Managers & Merchant Bankers
- Axis Capital Ltd.
- IIFL Capital Services Ltd.
- Motilal Oswal Investment Advisors Ltd.
Kusumgar IPO FAQs
Kusumgar IPO opens for subscription on 7 July 2026 and closes on 9 July 2026.
The price band for Kusumgar IPO is set at ₹398.00 to ₹419.00 per share.
The minimum market lot size is 35 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 35 Shares (₹14,665).
The latest Grey Market Premium (GMP) for Kusumgar IPO is ₹161. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Kusumgar IPO is tentatively scheduled for 12 July 2026, and shares are expected to list on the stock exchanges on 14 July 2026.
The registrar details will be confirmed in the official prospectus.
Kusumgar IPO Analysis & Articles
