Kusumgar Limited
Kusumgar Limited is a manufacturer of engineered technical textile fabrics serving aerospace, defence, industrial, automotive, and outdoor segments. The company is launching a ₹650 crore IPO entirely as an offer for sale, listing on both BSE and NSE.
Overview
About the Company
Incorporated in 1990, Kusumgar Limited manufactures woven, coated, and laminated synthetic fabrics—broadly categorised as engineered fabrics—primarily based on polyamide and polyester filaments with polyurethane chemistry. The company operates across four segments: Aerospace and Defence Fabrics (high-performance materials for parachutes, tactical gear, stealth systems), Aerospace and Defence Solutions (complete products such as parachute systems, camouflage nets, and deployable shelters), Industrial and Automotive Fabrics (materials for tapes, mechanical rubber goods, and inflatables), and Outdoor and Lifestyle Fabrics (performance fabrics for athleisure, rainwear, backpacks, and outdoor gear). As of March 31, 2026, the company had developed over 1,000 unique fabric SKUs and employed 2,077 people. Its manufacturing covers the full value chain—from yarn selection and weaving to coating, lamination, and finishing—using materials such as polyurethane, TPU, silicone, and PTFE. The company is headquartered in Mumbai, Maharashtra, with manufacturing facilities located in Gujarat.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Facilitate the offer for sale of equity shares by the Promoter Selling Shareholders, aggregating up to ₹6,500 million (₹650 crore)
- › Achieve the benefits of listing the equity shares on recognised stock exchanges, including enhanced brand visibility, liquidity for shareholders, and access to public capital markets
✅ Strengths
- ✓ Operates in markets characterised by high entry barriers, including specialised certifications, regulatory approvals, and lengthy customer qualification cycles
- ✓ Possesses strong technical capabilities to develop and supply unique, customised engineered fabric solutions for demanding applications
- ✓ Diversified presence across multiple end-use segments including aerospace, defence, automotive, industrial, and outdoor and lifestyle markets
- ✓ Has maintained long-standing relationships with key customers built on consistent product quality and technical expertise
- ✓ Led by experienced and visionary promoters backed by a professional management team
- ✓ Integrated manufacturing covering the complete value chain from yarn selection and weaving through coating, lamination, and finishing
- ✓ Developed a portfolio of over 1,000 unique fabric SKUs, reflecting deep product development capabilities
⚠️ Risks
- ! A significant portion of revenue is concentrated in the aerospace, defence, industrial, and automotive segments, making performance heavily dependent on conditions in these specific markets
- ! Revenue could be materially impacted by the loss of key customers, as the top 10 customers accounted for 59.52% of FY2026 revenue
- ! Dependence on a limited supplier base without long-term supply agreements creates potential raw material procurement risks
- ! Nearly all manufacturing operations are situated in Gujarat, which exposes the business to risks arising from regional disruptions or natural events
- ! The absence of long-term sales agreements with customers creates inherent uncertainty in demand planning and revenue visibility