Dudani Retail Ltd. IPO

Dudani Retail

• Dudani Retail is coming out with an initial public offering (IPO) of 36,36,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 29 per equity share.
• The issue will open on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 2.90 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance Officer for the issue is Ramgopal Sharma.

Profile of the company

Dudani Retail is engaged in the business of designing, manufacturing, sourcing and supplying apparel and related products through own-brand operations, licensed manufacturing arrangements with Fashion & Lifestyle marketplaces and a structured supply arrangement with a quick commerce platform. Its activities span manufacturing of women’s ethnic and fusion wear, trading of men’s wear and fulfilment of just-in-time basis orders for licensed labels under agreements with Fashion & Lifestyle marketplaces. The company operates from its rented premises at Jaipur, Rajasthan, where key manufacturing processes such as cutting, stitching, finishing, quality checks and dispatch are undertaken. Value-added processes including fabric dyeing, printing, embroidery and related operations are carried out through third-party processors.

Its own-brand business consists primarily of women’s wear sold under the brand ‘Divena’ covering categories such as suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees and bottom wear. These products are designed and manufactured by it using a combination of in-house production and outsourced value-addition. Its men’s wear portfolio, marketed under the name ‘Millennial Men’ operates entirely on a trading basis, wherein finished goods are procured from external suppliers and sold through online channels. It also engages in selective trading of personal care and lifestyle products under the name ‘Cosse’ depending on sourcing opportunities and demand patterns.

In addition to its own-brand activities, it manufactures products under licensed arrangements entered into with a Fashion & Lifestyle Marketplace/e-commerce. These arrangements permit it to use specified trademarks owned or managed by the respective entities for the limited purpose of manufacturing and supplying products in accordance with the design briefs, brand specifications, quality standards and operational requirements communicated by them. The labels covered under these arrangements include Kalini, Corsica, Roadster, Anouk Rustic, All about you, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu, Here & Now.

Proceed is being used for:

• Meeting working capital requirements
• Capital expenditure
• Re-payment of outstanding borrowings
• General corporate purposes

Industry Overview

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remains the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors.

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry now contributes around 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of August 2025. The textile industry in India is predicted to double its contribution to the GDP to around 5% by the end of this decade.

The future of India’s textiles industry looks promising, supported by rising domestic demand, growing exports, and policy interventions that are strengthening competitiveness. The sector, which already contributes around 2% to GDP and employs over 45 million people, is expected to see its share in the economy nearly double by the end of the decade. Technical textiles will play a pivotal role in this growth. The segment, valued at $29 billion in FY24, is projected to expand rapidly, reaching $45 billion by 2026 and continuing on a strong trajectory thereafter. Within this, mobiltech textiles for automotive use are expected to nearly double from $2.32 billion in FY25 to $4.57 billion by FY33, driven by the rise of electric vehicles and demand for advanced materials. Sustainability and innovation are emerging as defining themes for the industry. Companies are increasingly adopting ecofriendly processes and recyclable fibres to align with global trends, while government schemes like MITRA Parks and support for integrated textile hubs are encouraging value addition and modernisation.

Pros and strengths

Presence across multiple operating verticals: The company operates across own-brand manufacturing for women’s wear, trading of men’s wear and licensed manufacturing for Fashion & Lifestyle Marketplace companies, along with a sales-linked supply arrangement with a QuickCommerce Company. This multi-vertical structure provides access to diverse revenue streams driven by marketplace demand, just-in-time orders from Fashion & Lifestyle Platform entities and sales performance under institutional supply arrangements. The presence of multiple channels allows it to align production planning and sourcing activities with evolving order flows and market requirements.

Established working relationships with Fashion & Lifestyle Companies through licensed manufacturing arrangements: The company has entered into multiple licence and manufacturing agreements with Fashion & Lifestyle Platform Companies for the manufacture and supply of products under their specified managed labels. These arrangements define brand specifications, quality requirements, sampling processes and operational standards. Its ability to adhere to these requirements has supported continuity of these arrangements. These relationships provide a recurring source of manufacturing assignments, subject to just-in-time orders issued by the licensors.

Multi-channel distribution for own-brand products: Its own-brand products are sold across major e-commerce marketplaces, including Myntra, Amazon, Flipkart, Ajio and Nykaa Fashion, as well as through its own websites. This enables it to access a broad customer base across multiple platforms and geographic regions. Multi-channel distribution also supports visibility for its women’s wear portfolio and allows it to balance demand across platforms based on category performance.

Risks and concerns

Reliance on limited number of key suppliers: The company does not have long term agreements for supply of its raw materials. The Company’s top 10 suppliers accounted for 87.25%, 90.87%, and 90.36% of total purchases for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. If it is unable to procure raw materials of the required quality and quantity, at competitive prices, its business, results of operations and financial condition may be adversely affected. Majority of its raw materials are sourced from few key suppliers. Discontinuation of operations of such suppliers may adversely affect its ability to source raw materials at a competitive price.

Dependence on top 5 customers: A portion of the company’s revenues has been dependent upon a top 5 customers. The company’s top 5 customers contributed 63.56%, 65.58%, and 75.56% of total revenue for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. The loss of any significant customer would have a material effect on its financial results. Its business from customers is dependent on its continuing relationship with such customers, the quality of its products and its ability to deliver on their orders, and there can be no assurance that such customers will continue to do business with it in the future on commercially acceptable terms or at all. However, in case of any change in the buying pattern of its end users or disassociation of major customers can adversely affect its business or if its customers do not continue to purchase products from the company, or reduce the volume of products purchased from it, its business prospects, results of operations and financial condition may be adversely affected.

High revenue concentration across certain states: Majority portion of its revenues are made in certain regions. Its top 10 states i.e. Rajasthan, Maharashtra, Karnataka, Uttar Pradesh, Delhi, Haryana, Telangana, West Bengal, Gujarat and Tamil Nadu cumulatively constitute 81.60%, 80.55% and 80.69% for the Fiscal 2026, 2025 and 2024 respectively. Such geographical concentration of its business in any of these regions heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which may adversely affect its business prospects, financial conditions and results of operations.

Outlook

The company is a fashion and lifestyle company engaged in the design, manufacturing, and selling of a wide range of apparel and trading of a few cosmetic products. It specializes in providing a diverse range of apparel for both women and men. Its women's clothing is marketed and sold under the brand ‘Divena,’ which focuses on ethnic and fusion wear, offering products such as kurtas, kurta set, ethnic dresses, and coord sets. For men's fashion, it operates under the ‘Millennial Men’ brand, which caters to the demand for contemporary and versatile styles. On the concern side, it currently operates without any physical retail stores. As a result, its customer reach is dependent primarily on online platforms. Any reduction in online demand, change in platform visibility or increased competition may affect sales of its own-brand products. Lack of offline presence may also limit its ability to serve customers who prefer physical retail channels. The financial implications of absence of offline retail cannot be quantified due to variability in consumer behaviour.

The company is coming out with an IPO of 36,36,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 29 per equity share to mobilize Rs 10.54 crore. On performance front, total income decreased from Rs 2,528.75 lakh in Fiscal 2025 to Rs 2,458.76 lakh in Fiscal 2026, representing a decrease of 2.77%. Profit after tax increased from Rs 177.92 lakh in Fiscal 2025 to Rs 190.13 lakh in Fiscal 2026, representing an increase of 6.86%.

Meanwhile, the company intends to strengthen its operations across own-brand manufacturing, trading activities and licensed manufacturing for Fashion & Lifestyle Marketplace Companies while maintaining a measured approach to capacity utilisation, procurement planning and fulfilment. Its strategy is designed to align its manufacturing and sourcing activities with the order flow from online marketplaces, the requirements of its licensors and the sales performance under its institutional supply arrangement. The company aims to pursue growth in a manner consistent with its operational capabilities, available resources, demand conditions and contractual frameworks. It also intends to continue executing its licensed manufacturing arrangements with Fashion & Lifestyle Marketplace Companies.

SJP Ultrasonics 

• SJP Ultrasonics is coming out with an initial public offering (IPO) of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share.
• The issue will open on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.70 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Khandwala Securities.
• Compliance Officer for the issue is Jamshed Kokab Khan.

Profile of the company

SJP Ultrasonics is an end-to-end plastic joining and automation solution providers, offering specialised solutions mainly in the Automotive industry and industries related to Medical, Electrical, Electronics, Textile, FMCG, Toys, Gift & Stationery, Food & Packaging, Defence & Educational Institutes. Its expertise lies in technical innovation by manufacturing machinery, tools and automated processes for its customers, offering targeted solutions in various industries. Owing to its customised offerings, the company has curated the following major revenue streams and business segments: i) Plastic joining solutions, ii) Industrial automation and iii) Laser technology solutions.

Over the years, it has designed a distinctive integrated procurement system, by developing association with international manufacturers engaged in manufacturing of ultrasonic plastic welding equipment. Through its association with renowned manufacturers, it has the capabilities of coordinating and procuring Ultrasonic welding machines & Vibration welding machines for its customers within the timeline prescribed. Its long-standing association with international manufacturers helps it in unlocking key competencies to deliver the project from conceptualization to completion, increases cashflow within the company and gives it control over the quality of the equipment that it manufactures and supplies to its customers. It has over the years employed and groomed design and engineering team to design tools and machinery and conduct a detailed feasibility study of the capex plan of its customers. Its design team has the ability of creating an adaptable design of the desired machinery that encompasses future production planning, while meeting the implementation and qualification requirement of its customers. Its designs also assist its customers in ensuring compliance with the requirements of the leading and renowned end users and achieve efficient and less rejection in their manufacturing operations.

Since incorporation, it has been the company’s vision and focus to manufacture and supply superior quality products to its customers, which has enabled it to expand its business operations. It ensures quality checks through in-process inspections carried out by line operators and supervisors, monitoring critical parameters, identification of deviations and timely corrections. To ensure quality management of equipment and materials procured, the purchase department conducts assessment of vendors at regular intervals and inspections of equipment and materials on receipt from such vendors. The sale of its products and services is majorly made to manufacturers engaged in various industries, which makes its model business to business (B2B) in nature. Owing to the diverse application of its products and services, it has a track record of serving various industries, such as automotive, medical, electrical, electronics, gift and stationery, textile, food cutting, agriculture, defence, educational institution, furniture, among others. Its diverse customer base and product portfolio enables it to cater to multiple industries on a pan-India basis. 

Proceed is being used for:

• Funding capital expenditure towards the purchase of machineries 
• Funding working capital requirements of the company
• General corporate purpose

Industry Overview

India’s industrial automation solutions industry is expected to witness robust growth beyond FY 2026, driven by broader adoption across diverse sectors and increasing digital maturity among mid-sized enterprises. While core industries like automotive, electronics, and pharmaceuticals have already established automation as a strategic pillar, emerging sectors such as FMCG, textiles, food processing, and intralogistics are now accelerating adoption to enhance productivity and maintain competitiveness. The next phase of growth will be marked by demand for scalable and cost-effective automation platforms tailored for Indian manufacturing conditions, especially among MSMEs. India’s industrial automation solutions industry is projected to grow from $19.40 billion in FY 2026 to $29.43 billion by FY 2029, registering a strong CAGR of 14.9%. This robust growth reflects the accelerating adoption of automation technologies across manufacturing and infrastructure sectors, driven by digital transformation, rising demand for productivity, and increasing integration of smart systems. 

A key driver of this growth is the shift toward intelligent, decentralized systems that integrate AI, IoT, edge computing, and advanced analytics for real-time decision-making and predictive maintenance. As the country deepens its focus on electronics and semiconductor manufacturing, the need for high-precision automation tools like collaborative robots, vision systems, and motion controls - will intensify. Additionally, increased emphasis on sustainability and energy efficiency is pushing industries to invest in smart automation for monitoring resource consumption and reducing carbon footprints. Altogether, the market is expected to grow not only in size but also in sophistication, positioning India as a future-ready, automation-driven manufacturing hub. 

Meanwhile, Plastic Welding, also known as plastic joining, is a process of permanently bonding two thermoplastic parts by applying vibrations, heat, pressure or combination of any of them to their contact surfaces until they soften and fuse. Once the material cools and fuses, it forms a solid joint capable of withstanding physical stress, environmental exposure, and internal pressure, making it a reliable method for various engineering applications. The principle behind plastic welding relies on raising the temperature of the polymer just enough to enable the molecular chains from both parts to interlock without degrading the material’s integrity. A range of welding methods is available based on part geometry, material type, and production scale. Commonly adopted techniques include ultrasonic welding, laser welding, vibration welding, infrared welding, hot plate welding, and spin welding each tailored to different performance needs. For instance, laser and infrared welding allow for non-contact and precise joins, while vibration and hot plate welding are used for larger surface areas or thick-walled components.

Pros and strengths

Long standing relations with raw material and equipment suppliers: It has developed and maintained cordial relationships with raw material and equipment suppliers over the years. These long-standing associations have resulted in consistent supply and access to quality inputs. Its long-term associations reduce supply chain disruptions and ensure uninterrupted availability of raw materials and equipment, which is critical for smooth operations and meeting customer commitments. Its suppliers understand its business and quality standards, which ensures compliance with its specifications and performance benchmarks. Its established supplier network supports it in scaling up efficiently by ensuring the timely availability of increased quantities of materials resources. These longstanding relationships are built on mutual trust, sustained business volume, and consistent performance, and they play a critical role in enabling it to maintain operational efficiency, ensure product quality, and respond swiftly to market demand.

Provides a diverse range of specialised plastic products across varied industry segments: Its capacity to continuously diversify and develop its products, effectively supported by its strategically located manufacturing unit and branch offices, enables it to launch and market new products aligned to evolving consumer preferences. Its products broadly include plastics welding machines & tools, Industrial automation machines and laser technology machines, which cater to a diverse range of industries.

Quality standard certifications & quality tests: It has obtained ISO 9001: 2015 certification for manufacture and supply of plastic welding machines. Its products undergo stringent quality tests to meet industry standards before they are delivered to its clients. It undertakes various tests on the raw materials, semi-finished products and finished products. Additionally, it also undertakes trial runs on the equipment procured or manufactured by it in its manufacturing unit. These tests ensure that its products meet the industry standards required by its clients for safety, durability and environment. Wherever required by its clients, it also obtains third party testing on the products or obtains industry standard tests certificates from its suppliers for the raw materials used by it for specific products.

Risks and concerns

Revenue reliance on plastic joining solutions and industrial automation segments: It generates a significant portion of its revenue from providing solutions under two business segments viz., Plastic Joining Solutions and Industrial Automation which have contributed Rs 1,235.53 lakh aggregating to 46.52% and Rs 1,340.52 lakh aggregating to 50.48%, respectively, of its revenue for financial year ended March 31, 2026. Any decline in the revenue generated from these two segments on account of any reason including increased competition, pricing pressures or fluctuations in the demand for or supply may adversely affect its business, results of operations and financial condition. It cannot assure that it will be able to maintain the same levels of revenue generated from providing Plastic Joining Solutions and Industrial Automation in the future. Any inability on its end to anticipate and adapt to technological changes or evolving consumer preferences and/or any decrease in the demand for these solutions may adversely impact its business prospects and financial performance.

High revenue concentration among limited number of customers: A significant portion of its revenue is generated from its limited number of large customers. Its significant portion of revenue comes from top ten customers which contributed 55.28%, 54.46%, and 42.57% of its revenue from operations for the Fiscal 2026, 2025 and 2024, respectively. If it is unable to maintain its relationship with such customers or if there is a reduction in their demand for its services/ products, its business, results of operations and financial condition will be materially and adversely affected. Further, these large customers exercise substantial negotiating leverage with it, which could adversely impact its results of operations. 

Exposure to raw material costs and procurement risks: Cost of Materials consumed and purchases in stock in trade aggregated to 50.19%, 38.34% and 48.48% of revenue from operations for Financial Year ended March 31, 2024, March 31, 2025 and March 31, 2026 respectively. It is vulnerable to the risk of rising and fluctuating prices of raw materials which are determined by demand and supply conditions in the global and Indian markets. Any unexpected price fluctuations after placement of orders, shortage, delay in delivery, quality defects, or any factors beyond its control may result in an interruption in the supply of such materials and adversely affect its business, financial performance and cash flows. 

Outlook

SJP Ultrasonics is engaged in manufacturing of ultrasonic plastic welding equipment. It provides comprehensive start to finish solution like design, selection of appropriate plastic raw material, manufacturing of suitable welding technology machine & tools, installation, testing, commissioning, management and operational support for a wide range of customers primarily in the automotive industry and secondary in Medical, FMCG, White Goods, Textile, Electrical and Electronics, Toys and Stationery, Gift and Packaging, Food, EMS and Agriculture industry. On the concern side, it generates its considerable portion revenue from the state of Maharashtra. For the financial year ended March 31, 2024, March 31, 2025, and March 31, 2026 it derived considerable portion of its revenue from the state of Maharashtra i.e. 31.60%, 53.90% and 44.05% of total revenue from operations, respectively. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

The company is coming out with an IPO of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share to mobilize Rs 23.45 crore. On performance front, its revenue from operations increased by 26.12% to Rs 2,655.77 lakh for FY 2026 from Rs 2,105.73 lakh for FY 2025. Profit after tax has increased by 25.65% from Rs 417.25 lakh for FY 2025 to Rs 524.26 lakh for FY 2026.

Meanwhile, it intends to enhance its in-house manufacturing capabilities and increasing production efficiency by purchasing Milling Machines, CNC Lathe Machine, Compressor, CNC Bandsaw Machine, Overhead Crane, 6 Axis Robot, Co2 Laser Cutting Unit, Computers, NX Softwares, Solid Works Software, Diesel Generator, CMM Machine, Vibration Welders, Laser Plastic Welder to improve production throughout, enhanced product quality and increased operational capacity. Going forward, its strategy for expanding its customer base in the Industry Automation and Plastic Joining Solutions focuses on leveraging its marketing expertise, industry relationships and comprehensive understanding of the industry in which it operates. Its marketing efforts are driven by the consistent efforts of its Promoters and marketing team who oversee the marketing and sales of its products and possess a deep understanding of its customers’ requirements and the customization they need.

Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, Thyrocare Technologies has informed that it enclosed copy of the Postal Ballot Notice published in Newspapers i.e. in ‘Business Standard’ (English) and ‘Navshakti’ (Marathi), intimating completion of sending of Postal Ballot Notices, E-voting period, etc. The above information shall also be available on the website of the Company at https://investor.thyrocare.com/.

The above information is a part of company’s filings submitted to BSE.