Minerva Capital Research Solutions

Fascinate Textiles

ListedListed 24 Aug 2026NSE SMENSE: FASCINATE-SMCheck allotment
Current price₹ 103.2−31.66% since issue
Listing day−20%
Issue price
₹ 151
Issue size
₹ 64.83 Cr.
Min. investment
₹ 1,20,800
Listing price
₹ 120.8
Subscribed
1.45x
Lot size
800 shares
P/E
13.79
RoNW
48.02%
RoCE
54.82%
PAT margin
12.89%
EPS
₹ 10.95
Promoter stake
68.4%

About

Fascinate Textiles Limited was started in February 2017. The company makes ready made garments for men, women and children, but its main focus is children's clothing. Its products include t-shirts, joggers, vests, leggings, shorts and infant wear made for different age groups and price segments. The product range is divided into infant wear, kids wear, women's wear and men's wear. The company has its own factory at Barasat in North 24 Parganas, West Bengal, where all the main production work is done. It holds an ISO 9001:2015 certificate for quality management. As on 31 March 2026 it had 254 people working with it, of which 106 were permanent employees and 148 were on contract.

Timeline

  1. Opens
    11 Aug
    done
  2. Closes
    19 Aug
    done
  3. Allotment
    20 Aug
    done
  4. Refunds
    17 Aug
    done
  5. Demat credit
    17 Aug
    done
  6. Listing
    24 Aug
    done

Subscription

How many times each investor group bid for its share, as of 26 Aug 2026, 08:58 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1800₹ 1,20,800
Retail (Max)1800₹ 1,20,800
HNI (Min)21,600₹ 2,41,600

Company overview

Financials

Financials by year
Assets92.7542.2625.45
Total Income117.2360.2828.9
Profit After Tax15.075.810.48
EBITDA24.1510.011.68
NET Worth31.4410.454.45
Reserves and Surplus21.149.043.05
Total Borrowing26.0218.2112.33

Strengths

  • Sales have grown very fast. Total income went from Rs 28.90 crore in FY2024 to Rs 60.28 crore in FY2025 and Rs 117.23 crore in FY2026, which is four times in two years.
  • Profit after tax improved from Rs 0.48 crore in FY2024 to Rs 5.81 crore in FY2025 and Rs 15.07 crore in FY2026.
  • EBITDA grew from Rs 1.68 crore in FY2024 to Rs 24.15 crore in FY2026, and the operating margin improved along with the size.
  • Net worth went up from Rs 4.45 crore in FY2024 to Rs 31.44 crore in FY2026.
  • The company has its own factory instead of getting everything made outside, which gives better control on quality and delivery time.
  • Children's wear is a repeat purchase segment because children outgrow clothes quickly, so demand is steady through the year.
  • Rs 12.40 crore of the issue money is for a new manufacturing facility and Rs 19.03 crore is for working capital, so most of it goes into growing the business.
  • The company holds an ISO 9001:2015 certificate for its quality management system.

Risks

  • The growth is from a very small base and is extremely fast. Profit went from Rs 0.48 crore to Rs 15.07 crore in just two years, and such a rate of growth is difficult to keep up.
  • The company is young. It was started only in February 2017, so it has not yet been tested through a full slowdown.
  • Borrowing rose from Rs 18.21 crore to Rs 26.02 crore, which is high against a net worth of Rs 31.44 crore.
  • Garment manufacturing is a low entry barrier business with very heavy competition, including from unorganised players who work at lower cost.
  • All production is at one facility in Barasat, West Bengal. Any problem at that single location will stop the whole business.
  • More than half the workforce is on contract, 148 out of 254, so labour availability during peak season is a risk.
  • Cotton and yarn prices keep changing and the company will not always be able to pass on a sharp rise to buyers.
  • This is an SME issue. One lot is 800 shares, which is about Rs 1.25 lakh at the upper band of Rs 156, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding Capital Expenditure requirement towards setting up additional manufacturing facility.12.4
Funding the working capital requirements19.03
Prepayment and repayment of all or a portion of certain secured and unsecured loan2.68
General Corporate Purposes—
To meet the offer related expenses—

Promoters

  • Vishal Nahar
  • Chirag Ahuja
  • Rishabh Nahar
  • Narinder Kumar Ahuja
  • Vishal Nahar (HUF)
Promoter holding99.46%→68.4%before → after the issue · down 31.06 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Cameo Corporate Services Limited
Lead managers
Affinity Global Capital Market Private 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.