Kusumgar IPO Review 2026: GMP, Financials & Risks
Kusumgar IPO is a mainboard issue from a Mumbai-based engineered fabrics manufacturer that has spent over three decades supplying specialised technical textiles to the aerospace, defence, industrial and lifestyle sectors.
Kusumgar operates in a specialised manufacturing segment that the offer documents describe as having high entry barriers. The company recorded strong growth through FY25, although revenue and profit declined in FY26. The ₹650 crore IPO is entirely an Offer for Sale, so Kusumgar Limited will not receive any proceeds from the issue.
For live GMP, subscription numbers and the application link, visit the Kusumgar IPO page on IPO Ji.
Kusumgar IPO — Quick Overview
| Particulars | Details |
|---|---|
| IPO Name | Kusumgar Limited IPO |
| Price Band | ₹398 to ₹419 per equity share |
| Lot Size | 35 shares |
| Minimum Investment | ₹14,665 at the upper price band for retail investors (1 lot) |
| Total Issue Size | ₹650 crore — entirely an Offer for Sale |
| IPO Open Date | July 8, 2026 |
| IPO Close Date | July 10, 2026 |
| Listing Date | July 15, 2026 (tentative) |
The issue is entirely an Offer for Sale by the promoter group — Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar and the Siddharth Yogesh Kusumgar HUF. That means every rupee raised goes to these selling shareholders, and the company itself receives no fresh capital from the listing. Kusumgar has also set aside shares worth ₹3.5 crore for eligible employees, offered at a ₹39 discount to the final issue price. The net offer is split 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.Bigshare Services Pvt. Ltd. is the registrar, while Axis Capital Ltd., IIFL Capital Services Ltd. and Motilal Oswal Investment Advisors Ltd. are the lead managers for the Kusumgar IPO.
For the complete lot-size table, live subscription tracker and application link, see the Kusumgar IPO detail page on IPO Ji.
Kusumgar IPO GMP
(as of 3rd July 2026 1:00 PM IST)
Kusumgar IPO GMP today is around ₹130–₹135 per share, which implies an estimated listing price of ₹549 - ₹554 — roughly at 31% premium over the upper price band of ₹419.
Grey Market Premium is an unofficial, sentiment-driven number — not a forecast of listing gains, and not something to rely on by itself. Treat it as one data point alongside the company's financials and subscription demand.
Check the Kusumgar IPO GMP on IPO Ji for real-time updates as they show up.
About Kusumgar Limited
Kusumgar Limited, incorporated in 1990, manufactures woven, coated and laminated synthetic fabrics used across aerospace and defence, industrial and automotive, and outdoor and lifestyle applications. Its portfolio include more than 1,000 fabric SKUs, and various finished products such as parachutes, camouflage materials and rapid-deployment systems.
The company operates six manufacturing plants in Gujarat and one fabrication facility in Uttar Pradesh, with its headquarters in Mumbai. Its listed peers include Garware Technical Fibres, Arvind Limited and SRF Limited, although these companies are larger and more diversified than Kusumgar.
Kusumgar Financial Performance
- Kusumgar’s total income increased from ₹474.55 crore in FY24 to ₹790.21 crore in FY25, before declining by approximately 10% to ₹711.78 crore in FY26.
- Profit after tax rose from ₹84.40 crore in FY24 to ₹111.99 crore in FY25. However, it declined by about 12% to ₹98.20 crore in FY26.
- The company’s total assets increased from ₹584.74 crore in FY24 to ₹632.40 crore in FY25 and further rose significantly to ₹905.07 crore in FY26.
- Total borrowings rose sharply from ₹76.53 crore in FY24 to ₹246.50 crore in FY25. However, borrowings declined moderately to ₹223.58 crore in FY26.Source RHP Kusumgar limited
Kusumgar Key Strengths
- Strong FY25 growth: Total income increased from ₹474.55 crore in FY24 to ₹790.21 crore in FY25, while PAT rose from ₹84.40 crore to ₹111.99 crore.
- Strengthening net worth: Net worth grew from ₹140.36 crore in FY24 to ₹257.75 crore in FY25 and further to ₹502.95 crore in FY26.
- Expanding asset base: Total assets increased from ₹584.74 crore in FY24 to ₹632.40 crore in FY25 and ₹905.07 crore in FY26.
- Stable operating performance: EBITDA rose from ₹131.85 crore in FY24 to ₹188.39 crore in FY25 and remained stable at ₹187.85 crore in FY26.
- Specialised and diversified business: The company has over three decades of experience, more than 1,000 fabric SKUs and exposure across defence, aerospace, automotive, industrial and lifestyle segments.
Kusumgar key Weaknesses
- Decline in FY26 performance: Total income fell by around 10% to ₹711.78 crore, while PAT declined by approximately 12% to ₹98.20 crore.
- Sharp rise in borrowings: Total borrowings increased from ₹76.53 crore in FY24 to ₹246.50 crore in FY25 and remained elevated at ₹223.58 crore in FY26.
- Entirely an Offer for Sale: The company will not receive any proceeds from the IPO, limiting the issue’s direct benefit for expansion or debt reduction.
- Dependence on defence contracts: Exposure to government procurement cycles, project delays and approval timelines may lead to revenue fluctuations.
- Competition from larger peers: Companies such as Garware Technical fibres , Arvind and SRF have greater scale and diversification, which may affect Kusumgar’s pricing and competitive position.
Kusumgar IPO Review: Our Take
Kusumgar operates in a specialised segment of the textiles industry and has expanded from engineered fabrics into finished aerospace and defence products. The company recorded strong growth through FY25, supported by long-standing promoter involvement and professional management experience.
However, revenue and profit declined in FY26, marking a change from the earlier growth trend. The IPO is also entirely an Offer for Sale, so the company will not receive any proceeds for expansion, debt reduction or working-capital needs. The valuation, subscription data, GMP and risk disclosures in the RHP should therefore be considered together.
Investors should review the financials, peer valuations, and their own risk appetite before making a decision. This content is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered investment advisor before applying.
Kusumgar IPO Allotment Status
Allotment is tentatively expected around July 13, 2026, with listing tentatively scheduled for July 15, 2026 on BSE and NSE. Once finalised, check your status via:
- The IPO Ji app or website
- BSE or NSE websites
You'll need your PAN, application number or Demat account details.
Check the Kusumgar IPO allotment status on IPO Ji for quick updates.
How to Apply for Kusumgar IPO on IPO Ji
- Open the IPO Ji App (Play Store/App Store) or visit ipoji.com.
- Search for Kusumgar IPO.
- Review the price band, lot size and dates.
- Select your Demat account and enter the number of lots.
- Submit using your registered UPI ID and approve the mandate before the deadline.
The application amount stays blocked in your account and is debited only on allotment. ASBA via net banking or a supported broker also works.
FAQs on Kusumgar IPO
Is Kusumgar IPO good or bad?
Kusumgar operates in a niche, high-entry-barrier engineered fabrics segment with a strong three-year growth history through FY25, though FY26 revenue and profit are reported to have declined. The issue is entirely an Offer for Sale, so no proceeds go to the company. Investors should assess the valuation, latest GMP and subscription demand based on their own risk appetite.
What is the Kusumgar IPO price band and lot size?
The price band is ₹398 to ₹419 per share, and the lot size is 35 shares. The minimum retail investment at the upper price band is ₹14,665, while the maximum retail investment is ₹1,90,645 for 13 lots.
Is Kusumgar IPO a fresh issue or an OFS?
The IPO is entirely an Offer for Sale of up to ₹650 crore by promoter selling shareholders Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar and the Siddharth Yogesh Kusumgar HUF. There is no fresh issue component, so the company will not receive any proceeds from the offer.
When does Kusumgar IPO open and close?
The IPO opens on July 8, 2026, and closes on July 10, 2026. Allotment is tentatively expected around July 13, 2026, while listing is tentatively scheduled for July 15, 2026, on BSE and NSE.
What is Kusumgar IPO GMP today?
As of 1:00 PM on July 3, 2026, Kusumgar IPO GMP is ₹130–₹135, indicating an estimated listing price of ₹549–₹554 and a premium of around 31%.
What does Kusumgar Limited do?
Kusumgar manufactures woven, coated and laminated synthetic engineered fabrics using polyamide and polyester filaments with polyurethane technology. It serves aerospace and defence, industrial and automotive, and outdoor and lifestyle markets. The company has also expanded into finished defence products such as parachutes, stealth fabrics and camouflage materials.
Who are Kusumgar's listed peers?
Kusumgar's listed peers include Garware Technical Fibres, Arvind Limited and SRF Limited, according to media reports citing the company's offer documents.
How will Kusumgar use the IPO proceeds?
Since the offer is entirely an Offer for Sale, the company will not receive any proceeds. The entire amount raised will go to the promoter selling shareholders.
Where can I check Kusumgar IPO subscription status?
Live QIB, NII and retail subscription data can be checked on the Kusumgar IPO page on IPO Ji or through the official BSE and NSE websites.
