Qualiance International IPO Analysis & Review

Quick Answers

What is the Qualiance International IPO GMP today? The Qualiance International IPO GMP is ₹55 as of 3/9/2026, 6:30:55 am. The IPO price band is ₹120 - ₹127. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Qualiance International IPO open? The Qualiance International IPO opens on 2026-09-04 and closes on 2026-09-08.

What is the Qualiance International IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Qualiance International IPO scored 61/100 (Moderate Risk) in our deep analysis.

Frequently Asked Questions

What does Qualiance International manufacture?

Qualiance International designs, engineers, manufactures and exports performance garments such as military uniforms, tactical outerwear, high-visibility workwear, weather-resistant apparel, police and border patrol uniforms, protective workwear, and performance activewear.

Where is the company's manufacturing facility located?

The company operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per annum.

What are the major export markets for Qualiance International?

The company primarily exports to clients in Europe and North America, with significant revenue from Switzerland and the United States.

What certifications does Qualiance International hold?

It holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, Global Organic Textile Standard, Global Recycle Standard certifications, and has undergone a Sedex Members Ethical Trade Audit, plus Two Star Export House status from the Government of India.

How will the IPO proceeds be utilized?

The net proceeds from the fresh issue will be used to fund capital expenditure for setting up a new manufacturing facility at Tiruppur (₹38 crore) and for general corporate purposes.

What are the key risks highlighted in the IPO prospectus?

Key risks include high customer concentration (top 10 customers contributing 99.65% of revenue), supplier concentration, foreign exchange and geopolitical risks, negative cash flows in recent years, outstanding debt of ₹28.50 crore, and ongoing tax proceedings involving promoters and directors.

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Home›India›Qualiance International ()
Qualiance International Logo

Qualiance InternationalNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team
Performance Garments ManufacturingIndiaFiled 2026-09-04Listing 2026-09-11Size ₹44.82Cr
Lot Size 1000
Live GMP
₹55 (+43.31%)
Check Allotment
Status Link

Is Qualiance International IPO Good? Quick Verdict

Qualiance International IPO scored 61/100 (Moderate Risk) in our deep analysis. The strongest pillar is Financial at 85/100, while Competition is the primary concern at 35/100. Qualiance International demonstrates strong revenue and profit growth backed by export-oriented niche manufacturing, but its high customer and supplier concentration, leverage, and tax contingencies present notable risks, leading to a cautious investment outlook.

IPO Score
61/100
Moderate Risk

Quick Verdict

In-house manufacturing facility with capacity of 450,000 garments per annum and multiple international certifications.
Consistent revenue and profit growth over FY24-FY26.
High export proportion with strong presence in Swiss government contracts.
Extreme customer concentration with top 10 customers contributing 99.65% of revenue.
Dependence on limited suppliers (top 5 account for 44.25% of purchases).
Negative cash flows from operating, investing, and financing activities in recent years.
Ongoing tax proceedings involving promoters and directors.

Company Snapshot

Revenue (TTM)
₹76.89Cr↑ 44.88% YoY
Profitability
PositiveNet Income ₹11.87Cr
Gross Margin
— 
Market Cap
—Pending Data
IPO Size
₹44.82Cr 
Industry
Performance Garments Manufacturing 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
60
Moderate
Financial
85
Excellent
Valuation
50
Expensive
Competition
35
High Risk
Dilution
70
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Qualiance International Ltd is a Tiruppur-based manufacturer of performance garments, serving institutional and government clients in Europe and North America. The company has demonstrated robust revenue and profit growth, driven by increasing orders from Swiss government departments and a strong export mix. However, its financial profile is marked by high customer concentration, supplier dependence, and ongoing tax proceedings, which pose notable risks. The IPO proceeds are earmarked for setting up a new manufacturing facility to support further expansion.

Overall Verdict: Qualiance International demonstrates strong revenue and profit growth backed by export-oriented niche manufacturing, but its high customer and supplier concentration, leverage, and tax contingencies present notable risks, leading to a cautious investment outlook.

Key Highlights

  • •Founded in 1994, engaged in design and manufacture of performance garments for institutional and government clients.
  • •Manufacturing facility in Tiruppur, Tamil Nadu with capacity of 450,000 garments per annum and capabilities like seam sealing, laser cutting, ultrasonic welding.
  • •Holds ISO 9001, ISO 14001, ISO 45001, SA 8000, GOTS, GRS certifications and Two Star Export House status.
  • •Revenue grew from ₹37.23 Cr in FY24 to ₹76.89 Cr in FY26; PAT increased from ₹2.84 Cr to ₹11.87 Cr over same period.
  • •Export revenue accounted for 98.8% of total revenue in FY26, with Switzerland contributing 80.7%.
  • •Top 10 customers contributed 99.65% of FY26 revenue, indicating high customer concentration.
  • •Use of IPO proceeds: ₹38 Cr for new manufacturing facility at Tiruppur and remainder for general corporate purposes.

Financial Performance

Revenue (Annual)

↑ +44.9% YoY

INR in Crores

Net Income (Annual)

↑ +142.2% YoY

INR in Crores

Cash Flow vs Profit

↑ +100.0% YoY

INR in Crores

CF
NP

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-04
IPO Closes2026-09-08
Basis of Allotment2026-09-09
Refunds & Demat2026-09-10
Listing Date2026-09-11

Valuation Analysis

IPO Price₹120 - ₹127
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
60
Governance
60
Profitability
85
Valuation
50
Competition
35
Execution
60

Pros vs Cons

Pros

  • In-house manufacturing facility with capacity of 450,000 garments per annum and specialized capabilities (seam sealing, laser cutting, ultrasonic welding).
  • Strong international certifications including ISO 9001, ISO 14001, ISO 45001, SA 8000, GOTS, GRS and Two Star Export House status.
  • Consistent financial growth: revenue increased 106.5% and PAT increased 318% from FY24 to FY26.
  • Significant export orientation with 98.8% of revenue from exports in FY26, including high-value Swiss government contracts.
  • Net proceeds from IPO to fund a new manufacturing facility (₹38 Cr) supporting capacity expansion.

Cons

  • Extreme customer concentration: top 10 customers accounted for 99.65% of FY26 revenue, creating reliance on few clients.
  • Supplier concentration: top five suppliers supplied 44.25% of raw material purchases in FY26, posing supply chain risk.
  • Exposure to foreign exchange and geopolitical risks due to high export dependence; adverse currency movements or trade policy changes could impact profitability.
  • Negative cash flows from operating, investing, and financing activities in recent years (e.g., operating cash flow -₹4.45 Cr in FY25).
  • Outstanding financial indebtedness of ₹28.50 Cr and ongoing tax proceedings involving promoters and directors.

Financial Health

Revenue Growth
Revenue grew from ₹37.23 Cr in FY24 to ₹76.89 Cr in FY26, a 106.5% increase over two years. (Excellent)
Debt Level
Total debt stood at ₹28.50 Cr as of FY26. (Moderate)
Cash & Equivalents
Cash flow from operating activities was negative at ₹4.45 Cr in FY25, indicating weak cash generation. (Weak)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
Undisclosed
Strategic Partners
Undisclosed

Qualiance International IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Qualiance International IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
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Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Qualiance International

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The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Qualiance International on our Live GMP Tracker.