Alpine Texworld Limited, incorporated in 2016, is a vertically integrated textile manufacturer based in Ahmedabad, Gujarat. The company's core value proposition lies in its comprehensive capabilities across both weaving and spinning processes. Its underlying business model involves procuring processed cotton, subjecting it to open-end spinning to produce yarns of varying thicknesses, applying sizing to improve durability, and ultimately weaving these yarns into Grey Fabric using high-speed looms. The company generates its revenue primarily through the manufacturing and trading of these core products, Grey Fabric and Yarn, alongside offering job work services like yarn sizing. The company's target demographics and key client segments primarily consist of process houses, garment manufacturers, and downstream players within the textile value chain. Geographically, the company's operations and sales are heavily concentrated in the textile hub of Gujarat, which accounted for 97.37% of its total revenue from operations in Fiscal 2026. While maintaining a dominant regional presence that enables reduced lead times and lower transportation costs, the company also caters to clients in other states, including Punjab, Uttar Pradesh, Delhi, and Haryana. Alpine Texworld's manufacturing infrastructure is primarily spread across two adjacent facilities in Ahmedabad. Manufacturing Unit 1 is a weaving facility equipped with 112 high-speed Toyota shuttleless air jet looms (180 lakh meters annual capacity) and a Karl Mayer sizing machine (6,650 metric tonnes annual capacity). Manufacturing Unit 2 is a spinning facility established in 2025, equipped with four Saurer open-end rotor spinning machines with an annual capacity of 6,000 metric tonnes. Additionally, its subsidiary, Alpine Cottweave LLP, operates 72 Picanol NV airjet looms contributing an extra 96 lakh meters of weaving capacity. In Fiscal 2026, the company reported exceptional capacity utilization, achieving 107.30% in its weaving units and 88.50% in its newly commenced spinning unit. A critical operational highlight for the company is its strategic transition towards renewable energy to offset power consumption costs. The company has aggressively installed solar power infrastructure, including an 820 KW rooftop plant (Solar Unit 1), a 475 KW rooftop plant (Solar Unit 3), and robust ground-mounted solar panels totaling 9.0 MW (Solar Unit 2). The generated electricity directly offsets the company's consumption from the state electricity board, drastically promoting cost efficiency and environmental sustainability. As per financial performance, Alpine Texworld Limited has posted total income / net profits of Rs 184.44 Cr / Rs 4.88 Cr (FY24), Rs 237.66 Cr / 8.63 Cr (FY25) and Rs 350.18 Cr / 21.72 Cr (FY26). So as per previous financials data, the company has shown aggressive top-line and bottom-line growth, while actively utilizing debt to fund its capital expenditure and acquisitions; notably, Rs 52.20 Cr of the fresh IPO proceeds is earmarked strictly for debt reduction. Company has an average EPS of Rs 5.49 and average RoNW of 22.22% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.78 as per NAV of Rs 27.79 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.02. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 82.28, 46.56, and 18.49 respectively. As per RHP, a comparison between listed peers is shown in above table. On BRLM's front, D and A Financial Services Private Limited are associated with this IPO, and this is first IPO by BRLM. (As on 09.07.26) As per financials, Alpine Texworld Limited has shown rapid margin expansion and an exceptional PAT CAGR of over 110% between FY24 and FY26, RoNW is 29.44% and the Post-Issue P/E is 82.28, 46.56, and 18.49 respectively as per FY24, FY25, and FY26 earnings. So the issue looks fully priced. The company is a vertically integrated, renewable-energy-backed textile enterprise offering products starting from Cotton Yarn to Grey Fabric, which is highly competitive business segment. So, we give a NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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