Fascinate Textiles Limited was originally incorporated as a private limited company on February 09, 2017, in Kolkata, West Bengal, under the name "Fascinate Textiles Private Limited". The company transitioned to a public limited company on May 21, 2025, adopting its current name. The company’s core value proposition revolves around its fully integrated manufacturing capabilities, providing "complete control from design to dispatch". Operating on an order-driven production model, Fascinate Textiles focuses on optimizing capacity utilization and delivering on-time shipments primarily to B2B wholesale buyers, who accounted for Rs 11,679.23 lakhs (99.75%) of its total operating revenue in Fiscal 2026.
The company's primary client segments are B2B wholesale distributors and retailers, with B2C retail sales representing a marginal Rs 29.46 lakhs (0.25%) of total sales in Fiscal 2026. Target demographics encompass menswear, womenswear, and childrenswear, with a substantial portion of the output focused on garments for kids and infants. In Fiscal 2026, kids' garments contributed Rs 4,497.53 lakhs (38.41%), infant garments contributed Rs 2,572.52 lakhs (21.97%), menswear generated Rs 3,362.13 lakhs (28.71%), and womenswear brought in Rs 1,026.01 lakhs (8.76%) of total revenue. Geographically, the company's primary reach is concentrated in West Bengal, India, where domestic sales in the state comprised Rs 7,846.39 lakhs (69.27% of domestic sales) in Fiscal 2026. However, the company has also expanded its geographic reach globally, executing exports of Rs 381.47 lakhs (3.26% of total revenue) to Saudi Arabia and the UAE in Fiscal 2026.
Manufacturing operations are centralized at a single, automated production facility located in Barasat, West Bengal, which handles cutting, stitching, finishing, and quality control. Knitting and dyeing are the only core processes outsourced to third-party providers. While exact numerical capacity utilization rates are not specified in the RHP, the company has transitioned to high-speed automated equipment to elevate overall efficiency and support its rapid revenue scale-up. To meet anticipated rise in demand, the company has purchased 6.47 acres of land in Village Salani, Barasat, where it plans to set up an additional manufacturing facility utilizing net proceeds from this IPO.
A major operational highlight is the company's dedicated product development and quality engineering team, which focuses on continuous innovation and has enabled the successful launch of high-margin segments such as menswear and yarn. Quality control is highly prioritized, with total quality expenditures growing from Rs 5.60 lakhs (0.20% of total expenses) in Fiscal 2024 to Rs 15.30 lakhs (0.16% of total expenses) in Fiscal 2026. Additionally, the company benefited from the strategic takeover and consolidation of two partnership businesses—S R Creation and Raiment Lifestyle Co.—completed towards the end of Fiscal 2024, which brought in raw material inventory consolidation and full-year synergistic earnings benefits in Fiscal 2025. The facility is SEDEX compliant and holds an ISO 9001:2015 certification for readymade garment manufacturing valid through October 14, 2027.
As per financial performance, Fascinate Textiles Limited has posted total income / net profits of Rs 28.90 Cr / Rs 0.48 Cr (FY24), Rs 60.28 Cr / Rs 5.81 Cr (FY25) and Rs 117.23 Cr / Rs 15.10 Cr (FY26). So as per previous financials data, the company has shown exceptional top-line and bottom-line growth, with total outstanding borrowings increasing to Rs 26.02 Cr in FY26 from Rs 18.21 Cr in FY25 to support working capital requirements. Company has an average EPS of Rs 6.94 (weighted average of Rs 9.30) and average RoNW of 38.13% (weighted average of 44.34%) for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.11 as per NAV of Rs 30.52 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.51. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue (~1.38 Cr shares), then the asking price is at a Post-Issue P/E of around 445.71, 36.97, and 14.22 respectively. As per RHP, a comparison between listed peers shows Iris Clothings Limited trading at a P/E of 54.92 and Kewal Kiran Clothing Limited trading at a P/E of 21.71, demonstrating that Fascinate Textiles is valued at an attractive discount relative to its industry peers at the upper price band.
On BRLM's front, Affinity Global Capital Market Private Limited is associated with this IPO, and the Lead BRLM has handled at least 9 IPOs in the last three fiscal years. (Data as on current date in document).
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