Ashutosh Fibre IPO

ListedSMEMaterialsNSE Emerge

Price band: ₹87 – ₹92
Issue size: ₹56.35 Cr
Lot size: 1200 sh
Bidding: 31 Aug – 2 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Ashutosh Fibre spins technical yarn at a plant in Petlad, Gujarat; the record describes the range as polypropylene spun yarn, para-aramid and meta-aramid yarn, modacrylic blends, flame-retardant viscose, high-tenacity polyester and poly-poly corespun yarns, sold to converters who make industrial filter media, protective clothing, home furnishings and automotive components, and groups it under the Indutech, Protech, Hometech and Mobiltech headings. Revenue was Rs 109.89 crore in FY24, Rs 114.97 crore in FY25 and Rs 117.43 crore in FY26, rises of 4.62% and then 2.14%; over the same three years EBITDA was Rs 16.14 crore, Rs 17.84 crore and Rs 31.07 crore, and profit after tax Rs 7.05 crore, Rs 8.51 crore and Rs 16.04 crore. The issue was Rs 56.35 crore, entirely fresh with no offer for sale, priced at Rs 87-92 against a face value of Rs 10, and the day-3 book records it subscribed 133.82 times. It listed on NSE Emerge at Rs 140 on 7 September 2026, closed the first day at Rs 147, and last traded at Rs 121.40 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

66Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Ashutosh Fibre, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1985 · Ahmedabad, Gujarat

Ashutosh Fibre Limited spins technical yarn at a plant in Petlad, Gujarat, with its registered office in Ahmedabad. Its output is not apparel yarn: it makes polypropylene spun yarn, para-aramid and meta-aramid yarn, modacrylic blends, flame-retardant viscose, high-tenacity polyester and poly-poly corespun yarns. These go to converters who weave or needle them into filter cloths and filter cartridges for industrial liquid and gas filtration, into clothing protecting against heat, flame, cut and abrasion, into home furnishings, and into automotive components. The offer documents group the range under four technical-textile categories: Indutech, Protech, Hometech and Mobiltech. The company was incorporated on 21 May 1985 as Ashutosh Fibre Private Limited and converted to a public limited company in April 2025, shortly before the issue.

Revenue comes from selling spun yarn by weight to industrial converters, so earnings track volume and the spread over fibre input cost rather than any branded pricing. That spread moved sharply in FY26: total income rose only to Rs 117.43 crore from Rs 114.97 crore in FY25, barely 2%, while EBITDA nearly doubled to Rs 31.07 crore from Rs 17.84 crore and profit after tax reached Rs 16.04 crore against Rs 8.51 crore. The structural constraint is capital intensity. Spinning is machinery-heavy: total borrowings stood at Rs 47.92 crore at 31 March 2026 against net worth of Rs 51.90 crore, and the issue earmarked Rs 25.51 crore for equipment and Rs 20.00 crore to repay debt.

The company on paper

Legal name: Ashutosh Fibre Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 21 May 1985
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U24299GJ1985PLC007831
Sector: Materials · Technical textile yarn — polypropylene and aramid-based spun yarn for industrial filtration and protective wear
Registered office: Ahmedabad, Gujarat
Promoters: Siddharth Prakash Patel, Abhishek Rajendrakumar Agarwal, Prabhas Fin-Stock Private Limited
Promoter holding, pre-issue: 59.8%
Promoter holding, post-issue: 43.0%
Website: ashutoshfibre.com

The numbers

Financial performance

Revenue has compounded at 3.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹56.35 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹56.35 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,07,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 16.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription133.82×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹92.00
Listed at: ₹140.00
Listing gain: up 52.2%
Since listing: down 8.5%
Against the issue price: up 39.2%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹92.00
Amount blocked: ₹2,20,800

One lot is 1200 shares at ₹1,10,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,20,800. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~1%

chance of one lot, per application

Retail subscription: 99.16×
Applicants per share available: 99.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹140.00

listed at, 52.2% against the issue price

Issue price: ₹92.00
Premium said: —
If allotted 1200 shares: ₹57,600

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA margin was 14.69% in FY24 (Rs 16.14 crore on Rs 109.89 crore), 15.52% in FY25 (Rs 17.84 crore on Rs 114.97 crore) and 26.46% in FY26 (Rs 31.07 crore on Rs 117.43 crore). The net margin follows the same three levels: 6.42%, 7.40% and 13.66%.
Total borrowings measured against net worth stood at 1.27x in FY24 (Rs 34.86 crore against Rs 27.55 crore), rose to 1.60x in FY25 (Rs 57.44 crore against Rs 35.85 crore) and fell to 0.92x in FY26 (Rs 47.92 crore against Rs 51.90 crore). Borrowings themselves fell Rs 9.52 crore, or 16.57%, between FY25 and FY26, while net worth rose from Rs 35.85 crore to Rs 51.90 crore.
Every recorded category of the day-3 book was above 99 times: non-institutional 201.21 times, qualified institutional 143.93 times and retail 99.16 times, for 133.82 times overall.
The whole Rs 56.35 crore was a fresh issue, with the offer-for-sale component recorded as Rs 0. Promoter holding is recorded at 59.79% before the issue and 43.05% after, a fall of 16.74 percentage points.

What to weigh against it

The FY26 step in profit came alongside the smallest revenue increase of the three years on record. Revenue rose 4.62% from FY24 to FY25 (Rs 109.89 crore to Rs 114.97 crore) and 2.14% from FY25 to FY26 (Rs 114.97 crore to Rs 117.43 crore), while FY26 EBITDA rose 74.16% (Rs 17.84 crore to Rs 31.07 crore) and profit after tax 88.48% (Rs 8.51 crore to Rs 16.04 crore).
Borrowings remain large beside the equity base: Rs 47.92 crore against net worth of Rs 51.90 crore at 31 March 2026. The record's business-model note calls spinning machinery-heavy and describes capital intensity as the structural constraint.
The price has fallen from both its listing marks. Against the listing price of Rs 140 the last recorded price of Rs 121.40 on 23 October 2026 is 13.29% lower, and against the first-day close of Rs 147 it is 17.41% lower. It remains 31.96% above the Rs 92 band top.
The record's business-model note states that revenue comes from selling spun yarn by weight to industrial converters, so earnings track volume and the spread over fibre input cost rather than any branded pricing, and that this spread moved sharply in FY26.

Easy to miss in the prospectus

The record's business-model note says the issue earmarked Rs 25.51 crore for equipment and Rs 20.00 crore to repay debt, together Rs 45.51 crore of the Rs 56.35 crore raised, or 80.76%. The Rs 20.00 crore is 41.74% of the Rs 47.92 crore of borrowings recorded at 31 March 2026, a balance dated before the issue opened on 31 August 2026.
No figure for cash flow from operations, total assets or total expenses is recorded for FY24, FY25 or FY26, so the profit figures cannot be checked against cash within this record. No valuation block and no peer set are recorded either.
Subscription is recorded for day 3 only (2 September 2026), with no day-1 or day-2 book. No anchor allocation and no grey-market series are recorded.

Straight from the filing

Read it yourself

No official copy of the offer document has been linked here yet.

The paperwork

Who is running the issue

Lead managers: Mefcom Capital Markets Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 12 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

Ashutosh Fibre — company website (product range, plant) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 31 Aug 2026
Closes: 2 Sep 2026
Allotment: 3 Sep 2026
Lists: 7 Sep 2026
Revenue (FY26): ₹117 Cr
Profit (FY26): ₹16.04 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.