Reviewed by BuyUnlistedShares Research Desk.
Qualiance International Limited, a Tiruppur-based manufacturer of specialised performance garments for overseas military, government, institutional, and branded customers, is opening its ₹45.11 crore initial public offering on September 4, 2026. The SME issue is a 100% fresh issue of equity shares and closes on September 8, 2026. This review covers the offer structure, financials, business model, and the strengths and risks disclosed in the offer documents, so you can form your own view before the issue closes.
Qualiance International IPO: Quick Overview
Issue Size | ₹45.11 crore (35,52,000 shares) |
Fresh Issue | 35,52,000 shares — ₹45.11 crore (100% of the issue) |
Price Band | ₹120 – ₹127 per equity share |
Face Value | ₹10 per equity share |
Lot Size | 1,000 equity shares |
Minimum Retail Investment | ₹2,54,000 (2 lots / 2,000 shares, at the upper price band) |
Open Date | September 4, 2026 |
Close Date | September 8, 2026 |
MUFG Intime India Private Limited is the registrar for the IPO and will manage allotment, refunds, and other investor-related processes. Hem Securities Limited is the lead manager coordinating the issue, with Hem Finlease Private Limited acting as market maker. The equity shares are proposed to be listed on the NSE SME platform, with a tentative listing date of September 11, 2026.
About Qualiance International
Qualiance International Limited manufactures specialised performance garments for overseas military, government, institutional, and branded customers. Its portfolio includes military uniforms, tactical outerwear, high-visibility workwear, protective clothing, and weather-resistant garments.
The company operates a manufacturing facility in Tiruppur, Tamil Nadu, with an installed capacity of 450,000 garment pieces per year. The facility is equipped for regular cut-and-sew manufacturing as well as specialised processes such as seam sealing, bonded construction, ultrasonic welding, laser cutting, and lamination. Qualiance primarily caters to customers in Europe and North America, with an export-oriented business that accounted for 98.82% of revenue from operations in FY26. The company follows international quality, safety, and sustainability standards and holds certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, GOTS, and GRS, along with SEDEX SMETA audit compliance. It also holds Two Star Export House status granted by the Government of India. As of June 30, 2026, the company had 255 payroll employees across its manufacturing and office operations. The promoters are Vipul Badani, Bhoomin R Badani, and Krupa Rajesh Badani.
Financial Performance of Qualiance International
Figures below are in ₹ crore, drawn from the company's offer document disclosures.
• Total Income: Grew from ₹38.14 Cr in FY24 to ₹55.06 Cr in FY25, and further to ₹80.95 Cr in FY26.
• Profit After Tax: Grew from ₹2.84 Cr in FY24 to ₹4.90 Cr in FY25, and further to ₹11.87 Cr in FY26.
• Interim performance: For the six months ended September 2025, the company reported income of ₹40.38 Cr and PAT of ₹5.49 Cr, already exceeding its entire FY25 profit.
Strengths of Qualiance International
• Niche, technical product focus. Specialisation in performance garments — military uniforms, tactical outerwear, protective clothing — involves technical processes like seam sealing and ultrasonic welding that are harder for generic apparel makers to replicate.
• Strong export orientation. 98.82% of FY26 revenue came from exports to Europe and North America, reflecting deep relationships with overseas government, institutional, and brand clients.
• Comprehensive certifications. Holds a wide set of quality, environmental, and social-compliance certifications (ISO 9001, ISO 14001, ISO 45001, SA 8000, GOTS, GRS) plus SEDEX SMETA audit compliance and Two Star Export House status, which can support credibility with institutional buyers.
• Sharp profitability improvement. PAT grew from ₹2.84 Cr in FY24 to ₹11.87 Cr in FY26, with H1 FY26 profit already surpassing all of FY25.
• Capacity investment underway. A significant part of the fresh issue (₹31.35 Cr) is earmarked for a new manufacturing facility in Tiruppur, aimed at supporting future growth.
Risks of Qualiance International
• High export concentration. With 98.82% of revenue from exports, the business is exposed to currency fluctuations, international trade policy, and demand cycles in Europe and North America.
• Customer concentration in institutional buyers. Reliance on military, government, and institutional clients means order flow can be tied to tender cycles and government procurement budgets.
• Single-facility manufacturing. Operations are currently concentrated at one facility in Tiruppur; any disruption there could affect production and delivery timelines.
• Execution risk on expansion. A large share of issue proceeds is directed towards a new manufacturing facility; delays or cost overruns in this expansion could affect projected capacity growth.
• SME listing characteristics. As an SME issue with a minimum lot value of over ₹2.5 lakh, the stock may see lower post-listing trading volumes compared with mainboard-listed companies.
How to Apply in Qualiance International IPO
1. Log in to your broker's platform or your bank's net banking application that supports ASBA.
2. Search for 'Qualiance International Limited' in the IPO section and open its detail page.
3. Review the price band, lot size, and dates one more time before applying.
4. Select the number of lots (minimum 2 lots, in multiples of 1,000 shares) and choose your bid price within the ₹120–₹127 band.
5. Submit the application using your registered UPI ID and approve the mandate request when it arrives, before the deadline on the closing date.
The application amount stays blocked in your bank account via ASBA/UPI and is debited only on allotment. You can also apply through net banking at ASBA directly.
Frequently Asked Questions
Ques 1: What is Qualiance International IPO?
Ans: Qualiance International IPO is a book-built SME issue worth ₹45.11 crore, priced at ₹120–₹127 per share. It opens on September 4, 2026, and closes on September 8, 2026, and is proposed to list on the NSE SME platform. MUFG Intime India Private Limited is the registrar.
Ques 2: What is the price band for Qualiance International IPO?
Ans: The price band is ₹120 to ₹127 per equity share, with a face value of ₹10 per share.
Ques 3: What is the lot size for Qualiance International IPO?
Ans: The lot size is 1,000 shares. Retail investors must apply for a minimum of 2 lots (2,000 shares).
Ques 4: What is the minimum investment required?
Ans: The minimum retail investment is ₹2,54,000, based on the upper end of the price band for 2 lots (2,000 shares).
Ques 5: When does Qualiance International IPO open and close?
Ans: The IPO opens on September 4, 2026, and closes on September 8, 2026.
Ques 6: When is the Qualiance International IPO allotment date?
Ans: The allotment is expected to be finalised on September 9, 2026.
Ques 7: When will the Qualiance International shares list?
Ans: Qualiance International is expected to list on September 11, 2026, on the NSE SME platform.
Ques 8: Is Qualiance International IPO a fresh issue or an offer for sale?
Ans: It is a 100% fresh issue of 35,52,000 equity shares aggregating up to ₹45.11 crore, with no offer-for-sale component.
Ques 9: What does Qualiance International do?
Ans: Qualiance International manufactures specialised performance garments, including military uniforms, tactical outerwear, high-visibility workwear, and protective clothing, for overseas military, government, institutional, and branded customers, primarily in Europe and North America.
Ques 10: How will the Qualiance International IPO proceeds be used?
Ans: A significant portion of the fresh issue proceeds, approximately ₹31.35 crore, is earmarked for setting up a new manufacturing facility in Tiruppur, with the remainder proposed for other purposes as detailed in the offer documents.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.