Harikanta Overseas Limited
Harikanta Overseas Limited is a Surat-based SME manufacturer of synthetic textile fabrics — including Ikat, saree, polyester garment, and natural fiber fabrics — listing on BSE SME with a ₹25.63 crore fresh-issue IPO priced at ₹91–₹96 per share.
Overview
About the Company
Founded in 2018 and headquartered in Surat, Gujarat, Harikanta Overseas Limited specialises in manufacturing synthetic textile fabrics. The company offers a wide product range including Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber fabrics. Its primary market is women's wear — especially sarees, dress materials, and kurtas — with an additional product line for men's kurtas. The business traces its origins to Mr. Harivadan Gangaram Gotawala, who originally ran manual power looms from home; the enterprise was subsequently scaled by his son Mr. Kamlesh Gotawala and later carried forward by Mr. Nilesh Gotawala after Kamlesh's passing in 1997. The current generation of promoters — Mr. Hardik Gotawala and Mr. Abhishek Gotawala — introduced modern production methods, operational efficiency, and product diversification. The manufacturing facility spans 953.93 sq. meters at Sai Ram Industrial Estate-2, Bamroli, Surat. Products are exported to Bahrain, Singapore, and Thailand, while domestic sales cover Delhi, Bangalore, Karnataka, Maharashtra, Uttar Pradesh, Punjab, and Rajasthan. As of February 28, 2026, the company employs 111 permanent staff.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Capital expenditure towards expanding or upgrading the company's factory premises, with an estimated allocation of u20b95.40 crore.
- › Capital expenditure for the purchase of new machinery to enhance production capacity, with an estimated allocation of u20b99.33 crore.
- › Meeting incremental working capital requirements of the business, with an estimated allocation of u20b94.75 crore.
- › General corporate purposes, including routine business expenses and any other permissible uses as determined by the company.
✅ Strengths
- ✓ The company maintains a strong focus on product quality across its entire synthetic textile fabric range, ensuring consistent standards that support customer retention and brand reputation.
- ✓ An efficient and streamlined production process enables the company to optimize output and manage costs effectively within its Surat manufacturing facility.
- ✓ The company offers customization and flexibility in its product offerings, allowing it to cater to diverse client requirements across different fabric types and end-use applications.
- ✓ Established export relationships with markets in Bahrain, Singapore, and Thailand demonstrate meaningful global reach and international sales capability.
- ✓ A broad and diversified portfolio u2014 spanning Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber fabrics u2014 reduces dependence on any single product category.
⚠️ Risks
- ! As a relatively young company incorporated in 2018, Harikanta Overseas has a limited operational track record compared to established peers in the synthetic textile sector.
- ! Dependence on the textile fabric segment, particularly women's wear, exposes the company to demand fluctuations driven by fashion trends and seasonal buying patterns.
- ! The company's single manufacturing facility in Surat makes it vulnerable to localised disruptions such as natural disasters, labour disputes, or regulatory changes affecting the facility.
- ! Export operations to select international markets such as Bahrain, Singapore, and Thailand introduce foreign exchange risk and exposure to global trade policy changes.
- ! The textile manufacturing sector is highly competitive with numerous established domestic and international players, which may put pressure on pricing and margins.