QUALIANCE INTERNATIONAL LIMITED
About the company
Qualiance International Limited is engaged in the design, engineering, manufacturing, and export of performance garments for institutional, government, and global brand clients. The company specializes in catering to international markets with a focus on high-quality and compliant products. It has strong expertise in meeting stringent specifications required by overseas buyers.
Its product portfolio includes military uniforms, tactical outerwear, high-visibility workwear, weather-resistant garments, police and border patrol uniforms, and performance activewear. These products are designed to meet durability, safety, and functional requirements across various demanding applications.
The company operates a manufacturing facility in Tiruppur, Tamil Nadu, with a built-up area of over 45,000 sq. ft. and an installed capacity of 450,000 garments per annum. It has experience in manufacturing garments as per European military and institutional compliance standards, strengthening its position in export markets.
Qualiance International Limited demonstrated robust top-line and bottom-line growth from FY24 to FY26, with Total Revenue increasing from ₹37.23 Crs to ₹76.89 Crs. Operating efficiency improved substantially as EBITDA percentage expanded from 13.23% to 21.94%, driving Profit After Tax (PAT) upward from ₹2.84 Crs to ₹11.87 Crs. Driven by strong net profitability, Shareholders' Funds steadily strengthened from ₹20.31 Crs to ₹34.65 Crs, while EPS rebounded to ₹11.99 in FY26 after dropping to ₹4.95 in FY25.
The promoters of Qualiance International Ltd are Mr. Vipul Badani, Mr. Bhoomin R Badani and Mrs. Krupa Rajesh Badani. Mr. Vipul Badani serves as the Promoter, Chairman and Managing Director of the Company, Mr. Bhoomin R Badani serves as the Promoter, Whole Time Director and Chief Executive Officer, while Mrs. Krupa Rajesh Badani serves as the Promoter and Non-Executive Director of the Company.
Qualiance International Ltd is making a fresh issue of 35,52,000 shares of Rs 10 each aggregating to Rs 45 Crs. The net offer to the public is 33,72,000 shares offered at price band of Rs 120-127 per share. 11,82,000 shares to be offered to retail, while 5,07,000 shares will be offered to the Non-Institutional HNI category, 16,83,000 shares to QIBs & 10,09,000 shares to Anchor Investors & 1,80,000 shares to the market maker to the issue.
The shares will be listed on NSE Emerge platform of the National Stock Exchange (NSE).
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Qualiance International Ltd - Key Competitive Strengths
Promoter-Driven Leadership with Strong Ownership Alignment – With promoters holding a significant 82% stake, the company benefits from strong ownership alignment and long-term commitment toward business growth. Active involvement of experienced leaders in key roles ensures focused execution, strategic decision-making, and operational stability to drive expansion.
Export-Oriented Integrated Technical Garment Manufacturing Model – Qualiance International Ltd follows an integrated manufacturing model with in-house advanced processes and strict quality control systems, ensuring strong operational control from production to final delivery. Its focus on specialized, high-value garments and efficient sourcing enables better cost management while maintaining premium quality standards for global clients.
Export-Led Growth with Integrated Manufacturing Excellence – Qualiance International Ltd’s strategy focuses on leveraging its in-house manufacturing and strong quality control to deliver high-performance technical garments that meet global standards. It aims to drive growth by expanding its international presence while utilizing its integrated design and production capabilities.
Post the Public Issue Qualiance International Ltd targets long term growth – Qualiance International Ltd’s long-term growth plan focuses on expanding production capacity through a new advanced manufacturing facility while continuously investing in technology and quality enhancement. It also aims to drive export-led growth by targeting premium international brands, strengthening relationships, and improving cost efficiency to achieve scalable and sustainable operations.
Risks
Qualiance International Ltd faces intense global competition from low-cost manufacturing countries and geographically advantaged players, which can impact pricing and delivery competitiveness. Additionally, dependence on niche, high-specification garments expose it to risks of limited market size and high expectations for quality, precision, and timely execution.
Financial snapshot
Anchor investor allocation
PROMINENT INSTITUTIONAL/DOMESTIC INVESTORS, INCLUDE BHARAT VENTURE OPPORTUNITIES FUND, CARNELIAN AIF CATEGORY I TRUST-SCHEME I, HEM GROWTH OPPORTUNITIES FUND, FINAVENUE CAPITAL TRUST-FINAVENUE GROWTH FUND, 360 ONE LVF TREASURY SOLUTIONS FUND AND TATTVAM AIF TRUST-AANJAY AGELESS AIF FUND HAVE SUBSCRIBED TO QUALIANCE INTERNATIONAL LTD ANCHOR BOOK OF 10,09,000 SHARES.
Strengths & risks
Strengths / Operational Highlights
Qualiance International Ltd - Key Competitive Strengths
Promoter-Driven Leadership with Strong Ownership Alignment – With promoters holding a significant 82% stake, the company benefits from strong ownership alignment and long-term commitment toward business growth. Active involvement of experienced leaders in key roles ensures focused execution, strategic decision-making, and operational stability to drive expansion.
Export-Oriented Integrated Technical Garment Manufacturing Model – Qualiance International Ltd follows an integrated manufacturing model with in-house advanced processes and strict quality control systems, ensuring strong operational control from production to final delivery. Its focus on specialized, high-value garments and efficient sourcing enables better cost management while maintaining premium quality standards for global clients.
Export-Led Growth with Integrated Manufacturing Excellence – Qualiance International Ltd’s strategy focuses on leveraging its in-house manufacturing and strong quality control to deliver high-performance technical garments that meet global standards. It aims to drive growth by expanding its international presence while utilizing its integrated design and production capabilities.
Post the Public Issue Qualiance International Ltd targets long term growth – Qualiance International Ltd’s long-term growth plan focuses on expanding production capacity through a new advanced manufacturing facility while continuously investing in technology and quality enhancement. It also aims to drive export-led growth by targeting premium international brands, strengthening relationships, and improving cost efficiency to achieve scalable and sustainable operations.
Risks
Qualiance International Ltd faces intense global competition from low-cost manufacturing countries and geographically advantaged players, which can impact pricing and delivery competitiveness. Additionally, dependence on niche, high-specification garments expose it to risks of limited market size and high expectations for quality, precision, and timely execution.
Our verdict
Qualiance International Ltd which is tapping the capital market, enjoys a strong track record of ramping up its turnover in the last two years & building strong business relationships with its domestic customers which has helped it significantly scale up its operations.
Qualiance International Ltd follows an integrated manufacturing model with in-house advanced processes and strict quality control systems, ensuring strong operational control from production to final delivery. Its focus on specialized, high-value garments and efficient sourcing enables better cost management while maintaining premium quality standards for global clients.
Qualiance International Ltd’s strategy focuses on leveraging its in-house manufacturing and strong quality control to deliver high-performance technical garments that meet global standards. It aims to drive growth by expanding its international presence while utilizing its integrated design and production capabilities.
More importantly, Qualiance International Ltd promoters have significant industry experience and have been instrumental in the company's consistent growth. The management team's combined expertise and experience are also a significant asset going ahead
After the proposed IPO, the company’s net worth will total Rs 79.76 crore as on date after the IPO, & post-IPO, the equity capital will stand at Rs 9.9 crore.
We are confident that Qualiance International Ltd will deliver consistent performance and provide an excellent investment opportunity for investors with a long-term horizon.
Hence, we recommend SUBSCRIBE for long-term investment.
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