Sonaselection India IPO
Sonaselection India IPO is a mainboard IPO raising ₹142 Cr at ₹94 – ₹99 a share. It listed on 24 Sept 2026 at ₹102, +3.3% against its issue price of ₹99, and trades at ₹99 today (+0.3% since issue). It was subscribed 2.01× in total.
2.0 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.
Sonaselection India Limited is an integrated fabric manufacturing and processing company based in Bhilwara, Rajasthan. It converts greige fabric (procured or made from yarn via outsourced job-work) into finished fabrics including 100% cotton, cotton lycra (stretch), cotton blends and polyester blends. It also processes third-party-owned greige fabric on a job-work basis and has recently entered men's readymade garments (RMG) through a subsidiary incorporated in July 2025.
How it earns
Revenue comes from two main streams: (1) Manufacturing — buying greige fabric or yarn and converting it in-house into finished bleached/dyed/finished fabric under its own brand/specifications, and (2) Job Work — processing greige fabric supplied by customers to their quality and shade specifications. A small RMG stream began in Fiscal 2026 via subsidiary Sionnah Enterprises Private Limited.
Who buys
In Fiscal 2026 the company served 909 customers; 132 customers had a relationship of at least 3 reporting periods. Concentration (Fiscal 2026): Top 1 customer 4.65%, Top 5 = 17.75%, Top 10 = 29.44% of revenue from operations. Named FY26 top-10 customers include Tirumala Textile (₹240.24M / 4.65%), Bhagwan Enterprise Textiles Pvt. Ltd (₹3.30%) and M.R. Ramchand & Co Pvt Ltd (₹2.74%); the remaining top-10 slots are listed as 'Customer No. 2/4/5/7/8/9/10'. All top-10 customers were domestic in Fiscal 2026.
Scale
1 integrated manufacturing facility in Bhilwara, Rajasthan spread over ~49,540 sq. mtr. with installed processing capacity of 82.44 million metres per annum and warehousing capacity of ~5 million metres; rooftop solar aggregate installed capacity 1.20 MW as of March 31, 2026. (Note: figures stated in ₹ million in the prospectus have been converted to crore at 1 crore = ₹10 million.)
What it says sets it apart
- Single integrated plant in Bhilwara, Rajasthan — part of a cluster of 400+ spinning/weaving/dyeing units providing supplier, manpower and ancillary access (source: CareEdge Report)
- Integrated business model combining own fabric manufacturing with third-party job-work processing; capacity utilization was 82.71% in FY26, 78.24% in FY25 and 89.50% in FY24
- High customer retention — 132 customers had a 3+ reporting-period relationship; revenue from such customers was ₹1,041.33M (20.14%) in FY26, ₹1,083.77M (34.30%) in FY25 and ₹1,109.78M (91.73%) in FY24
- Rapid revenue scale-up at 106.71% CAGR FY24–FY26, with revenue from operations rising from ₹120.98 crore (FY24) to ₹316.00 crore (FY25) to ₹516.95 crore (FY26); PAT CAGR 61.19%
- Diversified product mix and process integration — 82.44 million metres/year installed processing capacity at one facility, with in-house singeing–desizing–scouring–bleaching–mercerizing–dyeing–stenter–sanforising chain plus zero-liquid-discharge effluent plant and 1.20 MW rooftop solar (0.26 MW + new 0.94 MW)
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs99 / stated EPS Rs8.09 (Fiscal 2026 diluted EPS, restated consolidated, weighted across FY26 (3), FY25 (2), FY24 (1) yielding weighted average 6.08). 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.
How its cohort has done
101 mainboard 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 →
How the book finished
The category split is the number worth reading, not the total.
Retail: 2.50× their allocation. QIB: 1.16×.
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.
Led by Choice Capital Advisors Private Limited — median +0.3% across the 13 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 2 Nov 2026.
What to watch
- The asking multiple is 12.2× earnings, and the issuer names no listed peers to compare it against.
- Its cohort's record: median +9.2% since issue price, 37.6% 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 SONASELECTION INDIA LTD
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