| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 37.23 | 53.07 | 76.89 |
| Expenses | 34.74 | 48.77 | 64.90 |
| Other Income | 0.91 | 1.98 | 4.06 |
| Total Revenue | 38.14 | 55.06 | 80.95 |
| Profit Before Tax | 3.40 | 6.29 | 16.06 |
| Net Profit | 2.84 | 4.90 | 11.87 |
Qualiance International
Qualiance International IPO
₹2,40,000
55.89 xOver-subscribedBidding Dates 04 Sept, 26 -08 Sept, 26
Min Investment ₹2,40,000
Lot Size1,000
Price Range ₹120 – ₹127
Issue Size ₹45.11 Cr.
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IPO Subscription Details
Retail Subscription Details
76.36 x
Non-Institutional Buyers (sHNI)
56.27 x
Non-Institutional Buyers (bHNI)
87.58 x
Qualified Institutional Buyers (QIB)
4.11 x
Total55.89 x
55.89 x IPO Timeline
IPO Offer Start
04 Sept,26
IPO Offer Ends
08 Sept,26
Allotment Finalisation
09 Sept,26
Refund Initiation
10 Sept,26
Listing of Shares
11 Sept,26
IPO Analysis
Strengths
The company operates an ISO 9001:2015, 14001:2015 and 45001:2018 certified manufacturing facility in Tiruppur with 45,000 square feet built-up area and installed capacity of 450,000 garment pieces per annum, equipped with quality control mechanisms including washing fastness testing, rubbing fastness testing, shrinkage testing, and seam leakage testing.
The company has built a strong presence in international markets with revenue from exports accounting for 98.82% in FY 2026, 93.87% in FY 2025 and 87.77% in FY 2024, serving clients across Europe including Switzerland, and North America including the United States.
The company has over 20 years of experience producing uniforms and outerwear for the Government of Switzerland, with all key manufacturing processes available in-house including seam sealing, bonded construction, laser cutting, ultrasonic welding, reflective fusing quilting and down filling.
Risks
The company derives 71.55% of its revenue from woven garments (₹5,458.49 lakhs in FY2026). Any decline in sales of this key product due to increased competition, pricing pressures, or demand fluctuations could adversely affect business operations and financial condition.
The company's top customer represents 56.93% of total sales in FY2026, while top 10 customers account for 99.65% of sales. The loss of any key customer or significant reduction in demand could have a material adverse effect on business and financial performance.
Export revenues constitute 98.82% of total revenues in FY2026 (₹7,538.98 lakhs), with Switzerland alone accounting for 80.67%. The company is exposed to risks from trade barriers, geopolitical developments, and adverse changes in global economic conditions.
Objectives
The company proposes to establish a new manufacturing facility at Survey No. 55/1, Pongupalayam Village, Avinashi, Tiruppur District, Tamil Nadu. The facility will be a multi-storey RCC building with approximately 143,370 sq. ft. across four floors, equipped with plant and machinery for apparel manufacturing with an estimated annual production capacity of 10,80,000 pieces.
The company intends to deploy the balance proceeds towards general corporate purposes to drive business growth, including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 43.14 | 57.53 | 68.99 |
| Current Assets | 22.82 | 35.53 | 46.56 |
| Fixed Assets | 20.33 | 22.00 | 22.43 |
| Total Equity & Liabilities | 43.14 | 57.53 | 68.99 |
| Total Liabilities | 22.83 | 33.10 | 34.34 |
| Current Liabilities | 17.54 | 22.00 | 28.35 |
| Non Current Liabilities | 5.29 | 11.09 | 5.99 |
| Total Equity | 20.31 | 24.44 | 34.65 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.81 | -1.12 | 0.24 |
| Investing Activities | -0.44 | -4.38 | -2.61 |
| Operating Activities | 2.85 | -4.45 | 7.84 |
| Financing Activities | -1.60 | 7.71 | -4.99 |
About Qualiance International
The company is engaged in the design, engineering, manufacture and export of performance garments for institutional, government and brand clients in international markets. The company began operations as a partnership firm in 1994 and was incorporated as a company in 2006. The product portfolio includes military uniforms, tactical outerwear, high-visibility...more
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Managing DirectorVipul Badani
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