KUSUMGAR IPO

About KUSUMGAR

Kusumgar is a specialised manufacturer of high-performance technical textiles, serving critical sectors such as defence, aerospace, industrial engineering, and geotextiles. Founded by the Kusumgar family and now led by promoters Divyang, Hemlata, and Mihir Kusumgar, the company blends long-standing industry experience with modern, research-driven operations. Its integrated facility houses weaving, coating, lamination, and finishing capabilities, supported by equipment such as 112 looms, advanced testing systems, and a sustainable ETP setup. The company’s business model focuses on B2B supply, customer-led product development, and long-term institutional relationships. By leveraging strong R&D, consistent quality, and application-specific expertise, Kusumgar delivers engineered textile solutions tailored to demanding technical environments.

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Financials of KUSUMGAR

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Issue size

Funds Raised in the IPO	Amount
Total issue size	650
Offer for sale – Proceeds go to the existing investors	650

Strengths

• Strong presence in aerospace, defence, industrial, and outdoor technical textiles.
  
• Integrated operations with advanced weaving, coating, lamination, and finishing capabilities.
  
• High gross-margin products backed by strong R&D and technical expertise.
  
• Long qualification cycles create sticky customer relationships and high entry barriers.
  
• Experienced promoters supported by a professional management team.
  

Risks

• High revenue concentration, with the top customer at 28.9% and the top 10 at 84.7%.
  
• Dependence on a few suppliers without long-term agreements increases sourcing risk.
  
• All manufacturing units located in Gujarat create geographic concentration risk.
  
• Exposure to export-related regulatory and tariff changes affecting demand.
  
• Competitive industry environment with pressure to continually innovate.