Qualiance International Limited
Open now4–8 Sep 2026
Updated 2026-09-04 (IST)
What Qualiance International Limited does
We are engaged in the design, engineering, manufacture and export of performance garments for institutional, government and brand clients in international markets. Our 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.
Qualiance International Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2023-24 | 2024-25 | 2025-26 | ||
|---|---|---|---|---|
| Sales | 37 | 53 | 77 | |
| Operating Profit | 5 | 8 | 17 | |
| OPM % | 13.1% | 15.0% | 21.7% | |
| Net Profit | 3 | 5 | 12 | |
| Total Debt | 19 | 30 | 28 |
Qualiance International Limited IPO offer structure
Fresh issue: ₹45 cr
The offer-for-sale component is not stated in what we extracted from the offer document, so the full issue size and the split between the two are unknown. This figure is the fresh issue alone, not the total raise. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Funding the capital expenditure requirements of our company towards setting up a new manufacturing facility at Tiruppur- Tamil Nadu: ₹38 cr
- General Corporate Purposes
Qualiance International Limited promoters and holding
- Vipul Badani: Chairman & Managing Director & Promoter
- Bhoomin R Badani: Whole Time Director, Chief Executive Officer & Promoter
- Krupa Rajesh Badani: Non-Executive Director & Promoter
Qualiance International Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- In-house manufacturing facility with quality control mechanism (p.106)
- Widespread reach in international markets (p.106)
- Integrated expertise in high performance technical garments (p.107)
- Qualified and Experienced Management Team (p.107)
- Export of Knitted and Woven garments constitutes a significant portion of our business for which we do not have long-term sales contracts. (p.20)
- Our dependency on a limited number of customers for significant portions of our export revenues. (p.20)
- We derive a majority portion of our revenues from exports and are subject to risk of international trade. (p.22)
- Our proposed expansion plans w.r.t. our new manufacturing facility being set up are subject to the risk of unanticipated delays in implementation and cost overruns. (p.23)
- We are subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect our results of operations. (p.23)
Qualiance International Limited peer comparison: DRHP median P/E 42.0x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Gokaldas Exports Limited | Rs 767.3 -0.5% | 54.6x | 17.1% | 11.0% | live |
| S P Apparels Limited | Rs 1,062.5 -1.4% | 25.4x | 17.5% | 11.6% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Qualiance International Limited market and competition
We face competition from apparel manufacturers across the globe. Within India, we compete with several apparel exporters targeting international markets, including established players such as Gokaldas Exports Limited and S P Apparels Limited.
Qualiance International Limited outlook, as the document states it
To support future growth and increasing demand from premium international outdoor and performance wear brands, we plan to establish an additional manufacturing facility spread over approximately 1.41 acres in Tiruppur, dedicated to complex outerwear and high-performance products.
Never miss an IPO like this
Every upcoming IPO analysed: subscription, GMP and a DRHP breakdown, in your inbox, free. One email when each one opens.
Qualiance International Limited IPO: common questions
When does the Qualiance International Limited IPO open and close?
The Qualiance International Limited IPO is open from 4 Sep 2026 to 8 Sep 2026.
What is the Qualiance International Limited IPO price band?
The price band is ₹120–₹127 per share.
What is the lot size and minimum investment for the Qualiance International Limited IPO?
One lot is 1000 shares, and a retail application must be at least one lot. That is about ₹2,54,000 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
What is the grey-market premium (GMP) for the Qualiance International Limited IPO?
As of 4 Sep 2026 the indicative GMP is +26.0%. GMP is unregulated and self-reported. Never decide on it alone.
When are the Qualiance International Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 9 Sep 2026, refund/unblock around 10 Sep 2026 and listing around 11 Sep 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Qualiance International Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 704 SME IPOs that have listed on the NSE since 2016, 558 (79%) opened above their issue price, at a median of +11%. That is the segment's own record, not a forecast for this issue.