Qualiance International Limited is engaged in the design, engineering, manufacture, and export of specialized performance garments for institutional, government, and brand clients in international markets. Originally established as a partnership firm under the name "M/s. Qualiance Exports" in 1994 and converted into a corporate entity in 2006, the company manufactures an extensive technical apparel portfolio comprising military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border patrol uniforms, protective clothing, UPF 50+ sun-protective apparel, and performance activewear. Its core value proposition is anchored on delivering complex, engineered garments adhering to stringent European technical drawings, patterns, and regulatory compliance standards. The underlying business model operates on a purchase-order and tender-driven basis, executing complete in-house manufacturing that integrates specialized processes such as seam sealing, stitch-free bonded assembly, ultrasonic welding, laser cutting, and multi-layer fabric lamination under one roof to maintain tight quality control, lead times, and cost efficiency.
The company's primary client segments encompass foreign government departments, defense forces, and institutional public-sector bodies, complemented by private outdoor and performance apparel brands. Over the past two decades, Qualiance has maintained a dedicated relationship with the Government of Switzerland, supplying functional uniforms and tactical clothing to its military, federal railways, customs, and police departments. Geographically, the company's revenue profile is overwhelmingly export-oriented, with exports contributing 98.82% in FY26, 93.87% in FY25, and 87.77% in FY24 of revenue from operations. Switzerland represents the company's primary destination, accounting for 80.67% of export revenues in FY26 (up from 58.87% in FY25 and 56.44% in FY24), followed by the United States (16.60% in FY26), the United Kingdom (1.54%), and domestic Indian sales (1.18%).
The company carries out its manufacturing operations from a single owned facility located at D. No. 5/491-R, Lakshmi Nagar, Vengamedu, Angeripalayam Road, Tiruppur – 641 603, Tamil Nadu. The plant spans a land area of approximately 1,046.31 square meters with a total built-up area exceeding 45,000 square feet. The manufacturing infrastructure is equipped with specialized automated garment machinery including computerized auto cutters and spreaders, fiber filling units, pattern quilters, laser cutting tables, and dedicated assembly lines for knitted and woven garments. For the financial year ended March 31, 2026, the factory operated at an installed capacity of 4,50,000 pieces per annum, achieving an actual production of 3,94,044 pieces, representing a capacity utilization of 88%. In FY25, capacity utilization stood at 78% (actual production of 3,51,698 pieces against an installed capacity of 4,50,000 pieces), and in FY24, capacity utilization was 78% (actual production of 2,97,548 pieces against an installed capacity of 3,80,000 pieces).
To support future volume growth and overcome near-optimal capacity constraints at its existing unit, the company is establishing a new manufacturing facility on an owned 1.41-acre industrial land parcel (5,706.07 square meters) at Pongupalayam Village, Avinashi, in Tiruppur District, Tamil Nadu. The proposed unit will consist of a multi-storey RCC building with approximately 1,43,370 square feet of built-up area across four floors, housing 600 sewing machines and modern processing equipment to add an estimated annual base capacity of 10,80,000 pieces.
Operationally, while formal garment design specifications and technical drawings are provided directly by institutional clients, the company maintains an in-house sampling cell for rapid prototyping and provides continuous design optimization, fabric engineering, and trims compatibility suggestions during the pre-production stage. The company is also developing a proprietary, Kanban-style in-house production tracking software to provide real-time digital visibility across job orders from pending to work-in-progress and finished inventory. The company operates under comprehensive international quality, environmental, and social compliance certifications, including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 14064-1:2018, SA 8000, SEDEX SMETA, Global Organic Textile Standard (GOTS), and Global Recycled Standard (GRS), alongside holding a Two Star Export House recognition from the Government of India.
As per financial performance, Qualiance International Limited has posted total income / net profits of Rs 38.14 Cr / Rs 2.84 Cr (FY24), Rs 55.06 Cr / Rs 4.90 Cr (FY25) and Rs 80.95 Cr / Rs 11.87 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and bottom-line expansion with total income registering a 2-year CAGR of 45.69% and PAT compounding at 104.46% CAGR, while total borrowings increased from Rs 19.17 Cr in FY24 to Rs 29.71 Cr in FY25 before stabilizing at Rs 28.50 Cr in FY26 (with debt-to-equity moderating from 2.15x to 1.15x). Company has an average EPS of Rs 9.51 and average RoNW of 41.11% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.08 as per NAV of Rs 24.99 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.45 based on the post-issue expanded NAV of Rs 51.92. 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 60.19, 34.89, and 14.39 respectively. As per RHP, a comparison between listed peers is shown in above table.
On BRLM's front, HEM Securities Limited is associated with this IPO, and has handled 49 IPOs in the past. From last ten IPO, that opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, two are trading below the issue price and the remaining eight are trading above the issue price or at par. (as on 01.09.26)
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