Qualiance International Ltd. IPO

Qualiance International 

• Qualiance International is coming out with an initial public offering (IPO) of 35,52,000 shares in a price band of Rs 120 - 127 per equity share.
• The issue will open for subscription on September 04, 2026 and will close on September 08, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 12.00 times of its face value on the lower side and 12.70 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance officer for the issue is Pradeep Devanand Prajapati.

Profile of the company

Qualiance International is engaged in the design, engineering, manufacture and export of performance garments for institutional, government and brand clients in international markets. It began operations as a partnership firm in 1994 and was incorporated as a company in 2006. Its product portfolio includes military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border patrol uniforms, protective workwear and performance activewear. It operates a manufacturing facility located in Tiruppur, Tamil Nadu with a total built up area of over 45,000 square feet over a land area of around 1,046.31 square meters and an installed capacity of 450,000 garment pieces per annum. The facility supports garment manufacturing activities from raw material sourcing and fabric development through external suppliers to the production of finished garments. Apart from the regular cut and sew operations in the manufacturing cycle, it also carries out specialized processes including seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination.

Over the past two decades, it has manufactured garments based on product specifications and compliance requirements of European military, government and institutional buyers. Its operations focus on the production of garments developed based on client specifications and performance requirements. It has maintained relationships with Swiss government and institutional clients. Its client base is located across Europe, including Switzerland, and North America, including the United States. It supplies garments to the various department of Government of Switzerland and European brands. For all stages of operations from sample development to shipment, it follows quality standards applicable in European markets. Its manufacturing facility includes a quality control system to monitor product standards. All fabrics and accessories used in production comply with international requirements, and test reports from recognized laboratories are obtained to support compliance. 

The designs for the technical garments manufactured by the company are provided by the customers. The company manufactures such garments in accordance with the designs, specifications, technical drawings, patterns and quality requirements communicated by its customers from time to time. Further, during the design finalization and pre-production stages, the company may provide design inputs and technical suggestions to its customers based on its knowledge of garment construction, manufacturing processes, and supply-chain and sourcing capabilities relating to fabrics, trims and accessories. However, the final design specifications and approvals remain with the respective customers.

Proceed is being used for:

• Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur, Tamil Nadu.
• 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 FY 25, 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 FY 25-26 growing at a pace of about 7% CAGR. The market for Indian textiles and apparel is projected to grow at an 11.98% CAGR to reach $646.96 billion by 2033. India has emerged as the second largest manufacturer of Personal Protective Equipment (globally it is expected to reach a projected revenue of $4.83 billion by 2033 with a CAGR of 10.4% from 2025-33.

India's textile exports have already reached Rs 3 lakh crore ($35.14 billion), and the goal is to triple this to Rs 9 lakh crore ($105.42 billion) by 2030 by strengthening domestic manufacturing and expanding global reach. During FY26 (April-December 2025), India's textile and apparel exports stood at $27,312.7 million, reflecting continued export performance across more than 100 global destinations. The global apparel market was valued at $1.9 trillion in 2025 and is expected to grow at a CAGR of 4.1% from 2026 to 2034. Growth is driven by rising demand for casualwear and athleisure, social media trends, higher disposable incomes, and e-commerce expansion. The Global Textile & Apparel trade is expected to grow at a CAGR of 4% to reach $1.2 trillion by 2030.

The Textile Ministry's allocation increased marginally, rising from Rs 5,272 crore ($623.46 million) in 2025-26 to Rs 5,279.01 crore ($597.34 million) in 2026-27, indicating continued government support toward strengthening the textile sector and sustaining growth momentum. An Integrated Programme for the Textile Sector has been introduced, comprising components such as the National Fibre Scheme, Textile, Expansion and Employment Scheme, initiatives for handloom and handicrafts, sustainability (Tex-Eco), and Samarth 2.0, aimed at improving productivity, employment generation, and competitiveness. The budget allocates Rs 256 crore ($28.97 million) for the National Technical Textiles Mission to promote innovation and indigenous development of technical textiles. The budget allocates Rs 405 crore ($45.83 million) for the Production-Linked Incentive (PLI) Scheme to boost large scale manufacturing and exports in MMF and technical textiles. The initiative promotes global agronomy best practices and clean cotton production to secure a steady raw material supply, reduce imports, enhance competitiveness, and improve farmer incomes.

Pros and strengths

In-house manufacturing facility with quality control mechanism: It is an ISO 9001:2015, 14001:2015 and 45001:2018 certified company for manufacturer and exporter of Knitted and Woven Garment. It presently carries all its manufacturing operations at its manufacturing facility located in Tiruppur, Tamil Nadu with a total built up area of over 45,000 square feet over a land area of around 1,046.31 square meters and an installed capacity of 450,000 garment pieces per annum, which is equipped with capabilities to develop and manufacture its product portfolio. In addition, it employs a quality control mechanism during the manufacturing of its products which includes washing fastness testing, rubbing fastness testing, Shrinkage testing, Seam Leakage testing, Button Pull Tester and other testing including final inspections as per customer specifications that are required to ensure that its finished product conforms with all the standard quality norms. The in-house manufacturing operations enable it to streamline inventory management and production process resulting in maintenance of high-quality production standards, minimizing production time and bringing cost effectiveness.

Qualified and experienced management team: The company is led by its Promoters, who are first- and second-generation entrepreneurs with extensive experience in the garment export industry and the technical garment segment. Its Promoter, Vipul Badani, Chairman and Managing Director, has more than 30 years of experience, and Bhoomin R Badani, Executive and Whole-Time Director, has more than 15 years of experience in the apparel manufacturing industry. Its board of directors is supported by a team of highly experienced and qualified professionals who guide the company in its pursuit of corporate excellence and technological innovation. The experience, expertise, and vision of its management team enable it to deliver superior customer value and capitalize on current as well as emerging market opportunities. 

Integrated expertise in high-performance technical garments: With over 20 years of experience of producing uniforms and outwear for the Government of Switzerland, including the military, Police and other national agencies. These products require high standards for strength, comfort and durability in demanding conditions. This experience supports the company’s work with international brands. All key manufacturing processes for engineered garment manufacturing are available in-house, including seam sealing, bonded and stitch-free assembly, laser cutting, ultrasonic welding, reflective fusing quilting and down filling keeping these processes under one roof allows better control of quality, production time, and cost when producing technical garments.

Risks and concerns

Significant revenue concentration in woven garments: It generates a significant portion of its revenue from woven garments, which contributed 71.55% of its revenue from product sales for the year ended March 31, 2026, amounting to Rs 5,458.49 lakh. Any decline in the sales of woven garments, due to factors such as increased competition, pricing pressures, or fluctuations in demand 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 level of sales of woven garments in the future. Any inability on its part to anticipate and adapt to technological changes or evolving consumer preferences, or any decrease in demand for its key products, may adversely impact its business prospects and financial performance. 

Key portion of revenue comes from major customers: It derives a significant portion of its sales from its major customers. The share of its top customer for the Fiscal year 2026, 2025, and 2024 was around 56.93% 51.51% and 38.13% respectively. It expects that such key customers will continue to represent a substantial portion of its revenue from sale of products in the foreseeable future. Its total sales (excluding other operating revenue) to its top 10 customers for the year ended March 31, 2026, March 31, 2025 and March 31, 2024 were 99.65%, 99.70% and 99.21% respectively. Its customers often undertake vendor rationalisation to reduce costs related to procurement from multiple vendors. Since it is largely dependent on certain key customers for a significant portion of its sales, the loss of any one of its key customers or a significant reduction in demand from such customers could have a material adverse effect on its business, financial condition, results of operations and future prospects.

Significant revenue reliance on export markets: It has historically derived a significant portion of its revenue from operations (excluding other operating revenue) from export to countries like: Switzerland, UK and USA. During the Fiscal 2026, Fiscal 2025 and Fiscal 2024, its revenues from its exports amounted to Rs 7,538.98 lakh, Rs 4,958.27 lakh and Rs 3,239.81 lakh respectively, which constituted 98.82%, 93.87% and 87.77% respectively, of its total revenues from operations. Switzerland has been its primary export destination, its contribution during Fiscal 2026, Fiscal 2025 and Fiscal 2024 stood at 80.67%, 58.87% and 56.44%, of its revenue from operations (excluding other operating revenue) respectively. Therefore, any adverse developments in the global economy or the industries in which its customers operate could have an impact on its sales from exports.

Outlook

Qualiance International is currently engaged in the manufacturing of garments (Textile and Apparel Industry). It has built a strong and reliable presence in the international markets, which remains its primary area of operation. Its deep understanding of customers’ needs and market trends has helped it to maintain consistent growth and trust across the geographies. On the concern side, it depends on a limited number of suppliers for raw materials. Any interruption in the availability of raw materials could adversely impact its operations. Further, any failure by its suppliers to provide raw materials to it on time or at all, or as per its specifications and quality standards could have an adverse impact on its ability to meet its manufacturing and delivery schedules.

The company is coming out with a maiden IPO of 35,52,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 120 - 127 per equity share. The aggregate size of the offer is around Rs 42.62 crore to Rs 45.11 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 44.88% from Rs 5,307.24 lakh in Fiscal 2025 to Rs 7,689.11 lakh in Fiscal 2026. Net profit after tax increased 142.30% from Rs 489.85 lakh in Fiscal 2025 to Rs 1,186.90 lakh in Fiscal 2026.

Meanwhile, to support future growth and increasing demand from premium international outdoor and performance wear brands, it plans to establish an additional manufacturing facility spread over around 1.41 acres in Tiruppur, dedicated to complex outerwear and high-performance products. The proposed facility is expected to enhance its technical capabilities, increase production capacity, and improve operational efficiencies, enabling it to undertake larger and more value-added programs while maintaining its high standards of quality and compliance. This expansion is expected to strengthen its position in the premium segment, provide greater production flexibility, reduce lead times, and generate economies of scale, thereby supporting the sustainable long-term growth of its business. Going forward, it plans to build relationships with outdoor and performance wear brands in Europe and North America. It intends to engage with brands that require engineered garment manufacturing services and supply products that meet their specifications. Its association with the various departments of Government of Switzerland and its experience in manufacturing garments for their Army, railways, Customs Police provide a reference for capability and compliance.

Pursuant to the Regulation 30(6), read with Part A of Schedule III to the SEBI Listing Regulations, RBL Bank has informed that it enclosed the schedule of investor meetings. No unpublished price sensitive information (UPSI) will be shared during the aforesaid meetings. Further, a copy of presentation to be made during the aforesaid meeting is enclosed and is also available on the website of the Bank at: https://www.rbl.bank.in/investor-relations/disclosuresregulation-46/financial-highlights. Further, in compliance with the Regulation 46(2) of SEBI Listing Regulations, the information is being hosted on the Bank’s Website at www.rbl.bank.in. 

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

Pursuant to Regulations 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Icon Facilitators has informed that it enclosed copies of newspaper advertisement published in Financial Express (All Edition, English Daily) and Jansatta (Delhi Edition, Hindi daily), pertaining to the completion of dispatch of Notice of the 13th Annual General Meeting of the Company scheduled to be held on Monday, September 28, 2026, at 03:30 PM (IST) through Video Conferencing/ Other Audio- Visual means.

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