Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

Kusumgar Limited, incorporated 1990 and headquartered in Mumbai, is India's leading manufacturer of woven, coated and laminated synthetic engineered fabrics using polyamide/polyester filaments and polyurethane technology — serving Aerospace & Defence (77% of FY25 revenue, including parachutes, stealth materials, rapid deployment systems, camouflage nets), Industrial & Automotive (tapes, hoses, mechanical rubber goods), and Outdoor & Lifestyle (performance sportswear, rainwear). Authorised partner for Gaganyaan re-entry module (India's first manned space mission). 1,000+ fabric SKUs across 4 verticals. Revenue ₹790.21 Cr (FY25) vs ₹474.55 Cr (FY24) (+67%); PAT ₹111.99 Cr (FY25) vs ₹84.40 Cr (FY24) (+33%); EBITDA margin 24.18%. DRHP filed Sep 27, 2025; SEBI approval received Jan 7, 2026. IPO is 100% OFS of ₹650 Cr by promoters Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar and Siddharth Yogesh Kusumgar HUF — no fresh issue, company receives no proceeds. Anchor allocation: July 7, 2026 (₹193.95 Cr from anchors incl. Blackrock, Goldman Sachs, SBI MF). Final subscription: 135.80x overall, QIB ~299.51x, retail ~27.97x, employee 11.09x. Listed Jul 15, 2026: BSE ₹574 (+36.99%), NSE ₹569 (+35.80%).