Qualiance International IPO
Qualiance International IPO is an SME IPO raising ₹45 Cr at ₹120 – ₹127 a share. It listed on 11 Sept 2026 at ₹225, +77.1% against its issue price of ₹127, and trades at ₹168 today (+31.9% since issue). It was subscribed 534× in total.
533.9 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Qualiance International designs, engineers, manufactures and exports performance and technical garments — military uniforms, tactical outerwear, high-visibility workwear, weather-resistant outerwear, police/border patrol uniforms, protective workwear and activewear — for institutional, government and brand clients. The company runs a single manufacturing facility in Tiruppur, Tamil Nadu, and sells primarily to buyers in Switzerland, Europe and North America. Designs are typically provided by customers; the company then produces to their specifications using specialized processes such as seam sealing, ultrasonic welding, laser cutting, bonding and lamination.
How it earns
Revenue is earned by selling manufactured garments, almost entirely through exports — 98.82% of FY26 revenue from operations came from exports (text says FY26 figures; FY = year ended 31 March).
Who buys
Primary customer is the Government of Switzerland (departments including its army, police, customs, railways and municipal bodies) — 79.24% of FY26 revenue (₹6,045.48 lakh / ₹60.45 crore). Within Swiss government: 'Swiss Government' (general) 71.85% of govt-Switzerland revenue, Custom Department 22.89%, Railway Department 4.95%, Municipal Corporation 0.31%. Brand and other non-government clients contribute 20.76%. FY26 served ~15 customers total, 7 of which (including repeat Swiss government buyers) have been with the company for all three reported fiscals. Bids are won through public tenders — bid-to-win ratio was 100% in both FY26 (1 tender applied, 1 won) and FY25 (2/2).
Scale
One owned manufacturing facility in Tiruppur, Tamil Nadu — built-up area over 45,000 sq ft on ~1,046 sq m (~1.04 acres) of land; installed capacity 450,000 garment pieces per annum, FY26 utilisation 88%; total workforce 283 (including management) at 31 March 2026 (255 payroll employees at 30 June 2026); planned new Tiruppur facility of ~1.41 acres adding 10,80,000 pieces per annum of capacity. Note on units: figures stated in ₹ lakhs in the prospectus — 1 crore = 100 lakh.
What it says sets it apart
- In-house capability for complex technical processes — seam sealing, bonded/stitch-free construction, ultrasonic welding, laser cutting, reflective fusing, lamination and quilting — kept under one roof
- 20+ years of track record supplying Government of Switzerland departments (military, police, customs, railways) to demanding performance specifications
- Specialized quality control in-house: washing fastness, rubbing fastness, shrinkage, seam leakage and button-pull testing plus final inspection
- Multiple international certifications relevant to technical/ethical apparel supply: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, SEDEX/SMETA, GOTS, GRS, plus Two Star Export House status
- Single, owned 45,000 sq ft integrated facility in Tiruppur eliminating outsourcing of garment manufacturing and supporting direct quality/timeline control
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs127 / stated EPS Rs11.99 (FY 2025-2026 Basic & Diluted EPS, restated consolidated (face value ₹10)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone (single company, no consolidation)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹77 Cr+45% | ₹12 Cr+142% | 15.4% | ₹35 Cr | ₹28 Cr |
| FY2025 | ₹53 Cr+43% | ₹5 Cr+73% | 9.2% | ₹24 Cr | ₹30 Cr |
| FY2024 | ₹37 Cr | ₹3 Cr | 7.6% | ₹20 Cr | ₹19 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Hem Securities Limited — median +45.5% across the 48 of its issues we can price. All lead managers →
What happens when
What to watch
- Priced at 10.6× earnings — 75% below the median of the peers the issuer itself names.
- The register's top risk: Single-customer dependency at 56.93% of revenue (prospectus page 22).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track QUALIANCE INTERNATIONAL L
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.