Minerva Capital Research Solutions

Qualiance International

ListedListed 11 Sep 2026NSE SMENSE: QUALIANCE-SMCheck allotment
Current price₹ 173.05+36.26% since issue
Listing day+77.09%
Issue price
₹ 127
Issue size
₹ 45.11 Cr.
Min. investment
₹ 1,27,000
Listing price
₹ 224.9
Subscribed
426.78x
Lot size
1,000 shares
P/E
14.4
RoNW
35.44%
RoCE
21.16%
PAT margin
9.23%
EPS
₹ 8.82
Promoter stake
63.66%

About

Qualiance International Limited designs, engineers, manufactures and exports performance garments. These are not ordinary clothes but technical garments made to a buyer's specification, and its customers are governments, institutions and brands in overseas markets. Its product range covers military uniforms, tactical outerwear, high visibility workwear, weather resistant and all weather outerwear, police and border patrol uniforms, protective workwear and performance activewear. It has made garments to the specifications and compliance requirements of European military, government and institutional buyers. The company runs one manufacturing facility at Tiruppur in Tamil Nadu. It has a built up area of more than 45,000 square feet on a land area of about 1,046.31 square metres, with an installed capacity of 4,50,000 garment pieces a year. It describes its strengths as in house manufacturing with quality control, reach in international markets and combined expertise in high performance technical garments.

Timeline

  1. Opens
    4 Sep
    done
  2. Closes
    8 Sep
    done
  3. Allotment
    9 Sep
    done
  4. Refunds
    10 Sep
    done
  5. Demat credit
    10 Sep
    done
  6. Listing
    11 Sep
    done

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
₹ 81 on 10 Sep 2026
Lowest
₹ 50 on 1 Sep 2026
First quoted
₹ 50 on 1 Sep 2026

Subscription

How many times each investor group bid for its share, as of 11 Sep 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.

Lots and amounts by investor type
Retail (Min)11,000₹ 1,27,000
Retail (Max)11,000₹ 1,27,000
HNI (Min)22,000₹ 2,54,000

Company overview

Financials

Financials by year
Assets72.3257.5343.1436.62
Total Income40.3855.0638.1436.16
Profit After Tax5.494.92.841.58
EBITDA7.487.974.862.98
NET Worth19.3113.828.92−2.32
Reserves and Surplus19.6714.5410.413.17

Strengths

  • Profit has grown every year, from Rs 1.58 crore in FY2023 to Rs 2.84 crore in FY2024 and Rs 4.90 crore in FY2025, and it earned Rs 5.49 crore in just the half year to 30 September 2025.
  • Sales grew strongly in FY2025, from Rs 38.14 crore to Rs 55.06 crore.
  • EBITDA improved from Rs 2.98 crore in FY2023 to Rs 4.86 crore in FY2024 and Rs 7.97 crore in FY2025.
  • Return ratios are good, with RoNW of 35.44% and RoCE of 21.16%, and the issue is priced at about 14.4 times earnings on an EPS of Rs 8.82.
  • This is a specialised area. Military, police and protective garments have to meet strict specifications and compliance tests, which keeps ordinary garment makers out.
  • It sells to European military, government and institutional buyers, which are demanding customers to qualify with and tend to stay once qualified.
  • Net worth has turned around completely, from minus Rs 2.32 crore in FY2023 to Rs 19.31 crore as on 30 September 2025.
  • The whole issue is fresh capital, and Rs 31.35 crore of it goes into a new manufacturing facility at Tiruppur, which will add capacity.

Risks

  • The financial data is old and incomplete for an issue opening in September 2026. The latest column is only a half year ending 30 September 2025, so there is no recent full year to judge the company on.
  • The FY2023 figures do not sit together. Net worth is shown as minus Rs 2.32 crore while reserves are shown as plus Rs 3.17 crore for the same year. This needs to be checked in the RHP.
  • There is no total borrowing row in the financial data available, so the debt level of the company cannot be assessed from here.
  • The company had negative net worth as recently as FY2023, so the recovery is recent and still short.
  • Almost the whole business depends on overseas government and institutional buyers. Such orders come through tenders, are lumpy and can be delayed or cancelled by budget decisions.
  • Export concentration brings currency risk and exposure to trade rules, duties and procurement policy changes in the buying countries.
  • The company runs a single facility at Tiruppur with an installed capacity of 4,50,000 pieces a year, which is modest, and any problem at that one location stops production.
  • Garment manufacturing is competitive and buyers can move orders to other countries on price, even in the technical segment.
  • Promoter holding will come down from 86.49% to 63.66% after the issue.
  • This is an SME issue. One lot is 1,000 shares, which is Rs 1.27 lakh at the upper band of Rs 127, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding the capital expenditure requirements of the company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu31.35
General Corporate Purpose—

Promoters

  • Vipul Badani
  • Bhoomin R Badani
  • Krupa Rajesh Badani
Promoter holding86.49%→63.66%before → after the issue · down 22.83 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Hem Securities Ltd.
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.