Severeconcentrationpage 22
Single-customer dependency at 56.93% of revenue
The share of our top customer for the Fiscal year 2026, 2025, and 2024 was approximately 56.93% 51.51% and 38.13% respectively
Bidding closedSMETextileQUALIANCE
Qualiance International IPO
Qualiance International IPO is an SME IPO raising ₹45 Cr at ₹120 – ₹127 a share. The smallest application you can make is 1000 shares, costing ₹1,27,000 at the top of the band. Bidding has closed; the shares list on 11 Sept 2026. So far it has been subscribed 534× in total.
₹120 – ₹127
Price band
₹1,27,000
Minimum to apply (1000 shares)
₹45 Cr
Issue size
8 Sept 2026
Bidding closes
534×Subscribed · all exchanges
533.9 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 299-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 147 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 22
Top 10 customers account for 99.65% of sales
Our total sales (excluding other operating revenue) to our top 10 customers for the year ended March 31, 2026, March 31, 2025 and March 31, 2024 were 99.65%, 99.70% and 99.21% respectively
Severemarketpage 22
Export concentration in Switzerland at 80.67% of revenue
Switzerland has been our primary export destination, its contribution during Fiscal 2026, Fiscal 2025 and Fiscal 2024 stood at 80.67%, 58.87% and 56.44%, of our revenue from operations
Severefinancialpage 31
Trade receivables surged 7.7x to ₹1,599 lakhs in FY26
During the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 our trade receivables were ₹ 1,599.21 lakhs, ₹206.78 lakhs and ₹363.44 lakhs.
Severefinancialpage 35
PAT margin more than doubled in FY26; sustainability risk
The Company PAT margin increased from 7.63% in Fiscal 2024 to 9.23% in Fiscal 2025 and 15.44% in Fiscal 2026.
Severefinancialpage 33
Group company Silvertraq had negative net worth three years running
Our Group Company i.e., Silvertraq International Private Limited, incorporated on June 14, 2021 had incurred loss and had negative net worth in FY 2022-23, 2023-24 and 2024-25
Highconcentrationpage 21
Heavy reliance on woven garments (71.55% of product sales)
woven garments, which contributed 71.55% of our revenue from product sales for the year ended March 31, 2026, amounting to ₹ 5,458.49 lakhs
Highoperationalpage 25
Imported raw materials 60-71% of purchases; 92% domestic sourced from Tamil Nadu
Imported raw materials constituted 63.89%, 71.47% and 60.31% of the Company's total raw material purchases during Fiscal 2024, Fiscal 2025 and Fiscal 2026, respectively. Further, Tamil Nadu accounted for 62.58%, 86.24% and 92.00% of the Company's domestic raw material purchases
Highoperationalpage 29
Logo and QUALIANCE trademarks not yet registered
We have not yet registered the trademarks that we are using for the business
Highoperationalpage 23
New manufacturing facility on agricultural land; IPO is sole funding source
any delay in the conversion of the status of land from agricultural use to Industrial use, statutory and other regulatory approvals
Highregulatorypage 25
Promoter group company has not filed annual returns since 2018
the promoter group company has not filed its annual filings since 2018
Highpromoterpage 30
Promoter group entity Winsel Aquas bank default still reflecting on portal
In our promoter group, Winsel Aquas Private Limited is showing a bank default of ₹ 244.12 Lakhs as of September 30, 2024.
Highpromoterpage 37
No director has prior experience on a listed company board
None of our Directors have previously served on the board of a listed company and, accordingly, may not be fully familiar with the governance, compliance, and reporting requirements or industry practices applicable to listed entities.
Highoperationalpage 35
No order book; revenue dependent on periodic purchase orders
We do not have an order book and our business depends on receipt of orders from time to time. Our operations are based on purchase orders received from customers, and we do not have contracts or an order book to ensure future revenue.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹1.4 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 6 | 0 | ₹1.2 Cr |
| Promoters | 0 | 2 | 0 | ₹0.2 Cr |
| Directors | 0 | 2 | 0 | ₹0.2 Cr |
| Group companies | 0 | 0 | 0 | ₹0.0 Cr |
case₹1.0 Crpage 218
TNGST dept vs Company — SCN/DRC-01 dated 04.05.2026 for FY 2022-23 alleging discrepancies in GSTR-3B returns (output turnover, ITC); ₹98.73 lakhs pending adjudication
case₹0.2 Crpage 220
IT dept vs Promoter/Director Vipul Badani — reassessment for AY 2019-20 on alleged fictitious loan of ₹13.76 lakhs from Rati Diamonds; table amount ₹21.69 lakhs; appeal pending before ITAT (filed 20.07.2026)
case₹0.2 Crpage 219
TNGST dept vs Company — scrutiny notice Form GST ASMT-10 dated 08.05.2026 for FY 2022-23 intimating discrepancies in returns; ₹17.84 lakhs; ₹0.46 lakhs paid, balance pending adjudication
case₹0.0 Crpage 217
Income Tax dept vs Company — demand under Section 168 raised 27.03.2021 for AY 2019; ₹0.15 lakhs; reportedly paid but still reflected as outstanding on portal
Amounts originally stated in ₹ lakhs; converted to ₹ crore (1 crore = 100 lakhs). Source aggregates Promoters & Directors in a single section (Section B), and the only individual involved — Vipul Badani — is both a Promoter and a Director, so the ₹21.69 lakhs tax figure appears under both 'promoters' and 'directors' buckets and must not be summed twice; grand total of ₹1.3841 crore reflects Company ₹1.1672 cr + Promoter/Director ₹0.2169 cr only. No criminal proceedings, regulatory/statutory actions, SEBI disciplinary actions, or other material civil litigations disclosed against the Company, Promoters, Directors, Group Company (Silvertraq International Pvt Ltd), KMP/Senior Management, or any subsidiaries. The Company has no subsidiaries. Three of the six company tax cases show 'Nil'/'Negligible' or unquantifiable amounts in the source; only quantifiable amounts are totalled. A non-tax criminal/bogus-entry allegation of ₹1.24 crores against the director is mentioned narratively but not quantified in the tax table and is excluded from the amounts shown.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.