Brandman Retail IPO

Brandman Retail Limitedbrandmanretail.com

ListedSMEConsumer DiscretionaryNSE Emerge

Price band: ₹167 – ₹176
Issue size: ₹86.09 Cr
Lot size: 800 sh
Bidding: 4 – 6 Feb
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.

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.

88Exceptional

IPOVista score

Broadly well-balanced

55% of the scoring model was backed by disclosed data for Brandman Retail, giving low 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 2021 · New Delhi, India · 168 employees

Brandman Retail sells premium international footwear, apparel and accessories in India. Its Exclusive Brand Outlets retail New Balance under a non-exclusive mono-brand reseller agreement dated 11 January 2024, which runs three years and is renewable every three years up to nine. The company operated 14 such outlets as at 31 December 2025 — in Delhi, Gurugram, Noida, Lucknow, Ahmedabad, Ambala, Dehradun, Jalandhar and Bathinda — plus two multi-brand stores under its own Sneakrz mark carrying On, Rockport, Salomon and Anta. It also supplies dealers, exports, and sells through Amazon, Tata Cliq, Nykaa and its own website. Footwear was 71.78% of revenue in the nine months to December 2025, apparel 25.14%. Arun and Kavya Malhotra set the business up in 2021.

Brandman buys finished branded goods and resells them, so the margin is the spread over purchase cost: FY26 shows Rs 126.50 Cr of stock-in-trade purchased against Rs 162.41 Cr of revenue. The channel mix moved sharply — export B2B was 48.84% of revenue in the nine months to December 2025 against 14.18% in FY25, while domestic B2B fell from 56.23% to 2.88%. Stores are company-owned and company-operated, so rent, staff and inventory sit on Brandman's own books; EBO and MBO sales were 21.26% of FY25 revenue. The constraint is concentration: the EBO brand was 72.05% of FY25 revenue, the top ten customers 69.31%, and those brand rights are non-exclusive.

The company on paper

Legal name: Brandman Retail Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 7 Jul 2021
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: L52399DL2021PLC383350
Sector: Consumer Discretionary · Retail and distribution of premium international footwear, apparel and accessories
Employees: 168
Registered office: New Delhi, India
Promoters: Arun Malhotra, Kavya Malhotra, Kashika Malhotra
Promoter holding, pre-issue: 93.9%
Promoter holding, post-issue: 69.0%
Website: brandmanretail.com

The numbers

Financial performance

Revenue has compounded at 51.9% a year across the 4 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: ₹86.09 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹86.09 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: 2,44,800

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.9% 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 subscription114.48×

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: ₹176.00
Listed at: ₹183.00
Listing gain: up 4.0%
Since listing: down 18.0%
Against the issue price: down 14.8%

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: 1,600
At cut-off price: ₹176.00
Amount blocked: ₹2,81,600

One lot is 800 shares at ₹1,40,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,81,600. 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: 93.12×
Applicants per share available: 93.1× 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.

₹183.00

listed at, 4.0% against the issue price

Issue price: ₹176.00
Premium said: —
If allotted 800 shares: ₹5,600

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

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

Easy to miss in the prospectus

The FY23 column in the prospectus series is STANDALONE; FY24 onward are CONSOLIDATED. The jump from Rs 46.31 Cr to Rs 123.33 Cr of revenue spans that consolidation break.
EBITDA in the FY23-FY25 rows uses the prospectus's own definition: profit before tax + depreciation + finance cost MINUS other income. Other income was material (Rs 4.89 Cr in FY25, Rs 9.26 Cr in FY26, largely 'discount received'), so these figures are lower than a conventionally computed EBITDA and are not comparable with it.
Net worth rising from Rs 29.79 Cr (FY25) to Rs 141.92 Cr (FY26) is mostly the IPO itself, not retained earnings — Rs 86.09 Cr was raised in February 2026. The annual report attributes the fall in return on equity from 109.02% to 29.46% to the same fresh issue.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Gretex Corporate Services Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Built from 10 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.

Brandman Retail Limited — Annual Report FY2025-26, filed with NSE (ISIN, CIN, listing date, FY26 audited accounts, employees, promoter Note 2C) · 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: 4 Feb 2026
Closes: 6 Feb 2026
Allotment: 9 Feb 2026
Lists: 11 Feb 2026
Revenue (FY26): ₹162 Cr
Profit (FY26): ₹25.29 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.