Panchatv Bharat Ltd. IPO

Panchatv Bharat

• Panchatv Bharat is coming out with an initial public offering (IPO) of 17,56,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 140 per equity share.
• The issue will open for subscription on September 10, 2026 and will close on September 15 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 14.0 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Mark Corporate Advisors.
• Compliance officer for the issue is Chanchal Khandelwal.

Profile of the company

Panchatv Bharat is engaged in the manufacturing of denim fabrics through arrangements with third-party manufacturers and also using its leased loom machineries. In addition to its manufacturing activities, it also procures finished denim fabric from various distributors and suppliers. It sells its finished denim fabric in bulk to garment manufacturers, distributors, dealers and wholesalers, across multiple states in India.

In line with the objective of business expansion and value chain integration, the company recently established a limited self-manufacturing set-up through taking on lease loom machineries for a duration of three years (commencing from March 01, 2025 and valid till February 28, 2028) for which commercial operations have commenced from July, 2025. This strategic step enables it to partially carry out self-production of denim fabrics while maintaining partnerships with the external manufacturers.

The company’s product offering comprises finished denim fabric only, which is distributed across key markets in Delhi, Uttar Pradesh, Gujarat and Rajasthan. It manufactures denim fabrics under its own brand name ‘NJD’ through manufacturing arrangements with third-parties and also using its leased loom machineries. In respect of its manufacturing arrangements with third-parties, it has partnered with manufacturing facilities located at Narol and Piplaj in Ahmedabad, which are capable of producing finished denim fabrics directly from cotton yarn using raw materials supplied by the company.

Proceed is being used for:

• Funding of capital expenditure towards purchase of property at Delhi and renovation, modernization and fit-out thereof
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

India is the world’s second-largest producer of textiles and garments. It is also the sixth-largest exporter of textiles spanning apparel, home and technical products. India has a 4.6% share of the global trade in textiles and apparel. In FY25, the textiles and apparel industry contribute 2.3% to the country’s GDP, 13% to industrial production and 12% to exports. The domestic textile and apparel market size is estimated at $157 billion in FY25-26, growing at a pace of about 7% CAGR. The market for Indian textiles and apparel is projected to grow at a 11.98% CAGR to reach $646.96 billion by 2033. India has emerged as the second largest manufacturer of Personal Protective Equipment (PPE) globally. It is expected to reach a projected revenue of $4.83 billion by 2033 with a CAGR of 10.4% from 2025-33.

The India textile market size was valued at $152.40 billion in 2025. The market is projected to reach $213.51 billion by 2033, exhibiting a CAGR of 3.83% from 2026-34. The textile industry in India is predicted to double its contribution to the GDP, rising from 2.3% to approximately 5% by the end of this decade. In February 2026, the Government of India reiterated its focus on strengthening the textile sector through initiatives such as PM MITRA Parks, the Cotton Mission, and technical textiles development, aimed at enhancing global competitiveness, promoting innovation, and supporting MSME-driven growth across the value chain. Incentives under the scheme will be available for five years from 2025 26 to 2029-30 on incremental turnover achieved from 2024-25 to 2028 29.

The central government has set a target to export Rs. 87,450 crore ($10 billion) worth of technical textiles under its National Technical Textiles Mission. Secretary of the Ministry of Textiles, Ms. Rachna Shah, announced that India's technical textiles market has great potential, with a notable growth rate of 10% and ranking as the 5th largest in the world. The technical textiles market for automotive textiles is projected to increase to $3.7 billion by 2027, from $2.4 billion in 2020. Similarly, the industrial textiles market is likely to increase at an 8% CAGR from $2 billion in 2020 to $3.3 billion in 2027. The India mobiltech textile market (a division of technical textiles for automotive use) is projected to grow from $2.32 billion in FY25 to US$ 4.57 billion by FY33, at a CAGR of 8.84%. This growth is driven by rising demand for advanced materials, electric vehicles, and sustainability focus.

Pros and strengths

Strong customer base including distributors & dealers: The company’s long-standing relationship with its customers has been one of the most significant factors contributing to its growth, having served over 89 active distributors across five states as of March 31, 2026. The company’s commitment to timely delivery and ensuring product standards have contributed to the development of its customer relationships. The company’s Promoters have developed a robust base of customers over the years, which has transitioned to the company post-March 2024, increasing from 83 distributors in FY 2023-24 to 89 distributors in FY 2025-26. Even though it does not have any long-term agreements with them, repeat customers of the Promoters’, Sanjay Gupta and Sooraj Gupta, past proprietorship concerns have continued to transact with the Company post transfer. In FY 2025-26, around 52.75% of the company’s revenue was generated from repeat customers, reflecting ongoing commercial engagement with existing clients. This has helped it to maintain a long-term working relationship with its customers and improve its customer retention.

Scalable business model: The company is engaged in the manufacturing and trading of denim fabrics, with manufacturing operations conducted primarily through third-party arrangements and supplemented by limited self-manufacturing using leased loom machineries. This model enables operational flexibility and supports scalability without significant capital expenditure. The company has established sourcing relationships with approximately 18 raw material suppliers from Gujarat in FY 2025-26, facilitating consistent supply and cost efficiencies. By focusing exclusively on denim fabric, the company caters to various segments within the apparel industry. The nature of its manufacturing arrangement with third-parties allows for capacity adjustments in line with fluctuations in demand and market trends. Potential opportunities for expansion exist both in domestic and international markets, supported by the ability to adapt production volumes and respond to evolving customer requirements.

Leveraging the experience of its promoters and management team: The company is led by a team of experienced Promoters and management team, who possess extensive knowledge of the textile industry and strategic inputs aimed at supporting the growth and development of the company’s business operations. Since inception, its Promoters have played a key role in transitioning from proprietorships to corporate structure and expanding sales network across six states. In particular, Sanjay Gupta, one of its Promoters, brings with him over three decades of experience in the textile trading industry. His deep industry insight and leadership have been pivotal to the growth and development of the company.

Risks and concerns

Dependence on third-party suppliers: The company relies on third-party suppliers for raw materials required for its manufacturing activities, such as cotton yarn, polyester blend yarn, etc., and for purchase of finished denim fabrics for wholesale distribution. The company has not entered into any long-term supply agreements with them. Any shortage and cessation in supply could adversely affect its business and results of operations. Also, volatility in the prices and non-availability of these raw materials may have an adverse impact in its business.

Geographic concentration of suppliers: A significant portion of the company’s supply chain is concentrated in the state of Gujarat, with approximately 20.71% of its suppliers in FY 2025-26 located in this region. This concentration exposes the company to various risks, which could materially impact its operations. Any disruption to the supply of raw materials or components from this region, whether due to natural calamities, labour unrest, infrastructure failures, or other unforeseen circumstances, may lead to delays in production, increased costs, and an inability to meet market demand. Such disruptions could have an adverse effect on its overall operational efficiency and financial performance.

Customer retention and concentration risk: The company depends on the success of its relationships with its top customers, from whom it derives a significant portion of its revenue. It does not have long term contracts with such customers. If one or more of such customers choose not to source their requirements from it, its business, financial condition and results of operations may be adversely affected.

Outlook

Panchatv Bharat is a textile manufacturing company and it manufactures denim fabrics through third-party facilities and also wholesales denim fabrics across India, sourcing them from distributors for nationwide distribution. Its manufacturing process encompasses the entire fabric production cycle-from yarn procurement and warp dyeing to weaving, finishing, and quality inspection. The company has strong customer base with scalable business model. On the concern side, the company relies on third-party suppliers for key raw materials required for its manufacturing activities, including cotton yarn, polyester-blend yarn and other inputs. A significant portion of its supplier base is concentrated in Gujarat, which increases its exposure to regional supply chain risks. Any disruption arising from natural calamities, labour unrest, infrastructure issues or other unforeseen events could affect the availability and timely supply of raw materials. Such disruptions may result in production delays, higher procurement costs and difficulties in meeting customer demand.

The company is coming out with an IPO of 17,56,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 140 per equity share to mobilize Rs 24.58 crore. On performance front, the company’s revenue from operations increased by 16.04% from Rs 4,899.33 lakh in Fiscal 2025 to Rs 5,685.11 lakh in Fiscal 2026 on account of an increase in sales volume. Moreover, profit for the year was Rs 403.10 lakh in Fiscal 2026 compared to profit after tax of Rs 282.81 lakh in Fiscal 2025 which was primarily due to the increase in revenue from operation of the company.

Meanwhile, the company is operating in six states, viz. Delhi, Uttar Pradesh, Gujarat, Haryana and Rajasthan through its customers, Delhi leading in terms of turnover accounting for 67.59% of revenue for F.Y. 2025-26. Going forward, it intends to focus on current markets to increase its customer base and to tap into new market and increase its geographical reach and customer base. To augment its efforts in increase in sales of its product, the company intends to deploy additional field force consisting of sales and marketing representatives who shall meet its customers / prospective customers to market its product. Enhancing its presence in additional regions will enable it to reach out to larger population. Further, the company intends to create its presence in the retail chain segment by entering into formal supply relationships with such retail chains.

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