Dudani Retail
- Issue price
- ₹ 29
- Issue size
- ₹ 10.54 Cr.
- Min. investment
- ₹ 1,16,000
- Listing price
- ₹ 25
- Subscribed
- 1.4x
- Lot size
- 4,000 shares
- P/E
- 15.85
- RoNW
- 18.46%
- RoCE
- 25.88%
- Debt / Equity
- 0.47
- PAT margin
- 7.73%
- EBITDA margin
- 12.07%
- RoE
- 18.46%
- EPS
- ₹ 1.83
- NAV
- ₹ 15.26
- Promoter stake
- 64.97%
About
Dudani Retail Limited was started in December 2015. It designs, manufactures, sources and supplies apparel and related products, working in three ways at once. It makes women's ethnic and fusion wear under its own brand, trades men's wear, and manufactures under licence for fashion and lifestyle marketplaces. Under those licence arrangements it fulfils just-in-time orders for marketplace labels including Kalini, Corsica, Roadster, Anouk Rustic, All about you, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu and Here & Now. It also supplies a quick commerce platform, where goods are delivered to hubs on a sell-or-return basis, meaning unsold stock comes back to the company. It works from rented premises in the Kartarpura Industrial Area of Jaipur, Rajasthan. Cutting, stitching, finishing, quality checks and dispatch are done in house. Fabric dyeing, printing and embroidery are handled by third-party processors.
Timeline
- doneOpens25 Sep
- doneCloses29 Sep
- doneAllotment30 Sep
- doneRefunds1 Oct
- doneDemat credit1 Oct
- doneListing5 Oct
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 3 on 24 Sep 2026
- Lowest
- ₹ 0 on 22 Sep 2026
- First quoted
- ₹ 0 on 22 Sep 2026
Subscription
How many times each investor group bid for its share, as of 05 Oct 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 4,000 | ₹ 1,16,000 |
| Retail (Max) | 1 | 4,000 | ₹ 1,16,000 |
| HNI (Min) | 2 | 8,000 | ₹ 2,32,000 |
Company overview
Financials
| Assets | 17.01 | 14.28 | 10.59 |
| Total Income | 24.59 | 25.29 | 25.13 |
| Profit After Tax | 1.9 | 1.78 | 0.99 |
| EBITDA | 2.97 | 2.86 | 1.81 |
| NET Worth | 10.3 | 8.4 | 6.62 |
| Reserves and Surplus | 3.55 | 1.65 | 4.62 |
| Total Borrowing | 4.82 | 4.03 | 3.53 |
Strengths
- Profit has grown every year, from Rs 0.99 crore in FY2024 to Rs 1.78 crore in FY2025 and Rs 1.90 crore in FY2026.
- EBITDA improved from Rs 1.81 crore in FY2024 to Rs 2.97 crore in FY2026, an EBITDA margin of 12.07%.
- Return on net worth is 18.46% and return on capital employed is 25.88%.
- Net worth has grown from Rs 6.62 crore in FY2024 to Rs 10.30 crore in FY2026.
- Debt is low at Rs 4.82 crore against a net worth of Rs 10.30 crore, a debt to equity ratio of 0.47.
- It manufactures under licence for well known marketplace labels including Roadster, Anouk, All about you and Taavi, which brings volume without having to build a brand itself.
- It earns in three ways, from its own brand, from licensed manufacturing and from supplying a quick commerce platform.
- Cutting, stitching, finishing, quality checks and dispatch are done in house, so it controls the core of production.
- The whole Rs 10.54 crore issue is fresh capital with no offer for sale, with Rs 3.97 crore for working capital, Rs 3.00 crore to repay borrowings and Rs 0.79 crore for machinery.
Risks
- Sales are not growing. Total income was Rs 25.13 crore in FY2024, Rs 25.29 crore in FY2025 and Rs 24.59 crore in FY2026, so the FY2026 profit of Rs 1.90 crore came from margin and not from selling more.
- The reserves row in the published table moves the wrong way, showing Rs 4.62 crore in FY2024 and only Rs 1.65 crore in FY2025 while net worth rose over the same year, so that line cannot be read at face value.
- The issue is priced at 15.85 times post issue earnings on an EPS of Rs 1.83, against 10.28 times on a pre issue EPS of Rs 2.82, so the dilution takes the multiple up by half.
- Rs 3.00 crore of the Rs 10.54 crore issue repays borrowings, which does not add to the business.
- Supplying the quick commerce platform is on a sell-or-return basis, so unsold stock comes back to the company and the inventory risk stays with it.
- The licensed manufacturing work depends on agreements with a marketplace that can be changed or ended, and those labels belong to the marketplace, not to the company.
- It works from rented premises and sends dyeing, printing and embroidery to third parties, so it controls only part of the process.
- The company is small, with a net worth of Rs 10.30 crore and an issue of Rs 10.54 crore.
- Apparel manufacturing is highly competitive with low entry barriers, and fashion demand shifts season to season.
- This is a fixed price issue at Rs 29 per share, so there is no price discovery through bidding, and promoter holding falls from 100% to 64.97%.
- This is an SME issue. One lot is 4,000 shares, which is about Rs 1.16 lakh at the upper band of Rs 29, and SME shares usually trade in low volume after listing.
What the money is for
| Funding Capital Expenditure towards purchase of machinery for expansion and upgradation of existing manufacturing facility | 0.79 |
| Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company. | 3 |
| To meet Working Capital Requirements | 3.97 |
| To be utilized towards Strategic initiatives, partnerships, joint ventures and acquisitions; Brand building and strengthening of promotional, marketing activities and advisory; On-going general corporate exigencies or any other purposes as approved by the Board subject to compliance with the necessary regulatory provisions etc. | 1.5 |
Promoters
- Akshay Dudani
- Charu Dudani
Registrar, lead managers and documents
- Listing on
- BSE SME
- Face value
- ₹ 10 a share
- Registrar
- Maashitla Securities Private Limited
- Lead managers
- Finshore Management Services Limited
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.