Kusumgar IPO

Kusumgar makes engineered fabrics — woven, coated and laminated synthetic cloth built from polyamide and polyester filaments using polyurethane chemistry — and, increasingly, the finished items sewn from them. The fabrics go into parachutes and other aerial systems, tactical clothing and specialty gear, camouflage nets, decoys and shelters, backing for tapes, mechanical rubber goods, inflatables, and outdoor gear such as backpacks, luggage, tents, rainwear and athleisure. The prospectus counts over 1,000 unique fabric configurations (SKUs) as at March 31, 2026. Customers are mostly other manufacturers who build the fabric into their own products, plus governments including the Indian government, which buy the finished defence systems directly. Production runs across six plants in Gujarat and one fabrication unit in Uttar Pradesh, covering weaving, dyeing, printing, finishing, coating, lamination and cut-and-sew.

Revenue is fabric and finished-product sales to industrial and government buyers: ₹692.00 crore from operations in FY26, down from ₹779.00 crore in FY25. FY26 sales split four ways — aerospace and defence fabrics 31.67%, industrial and automotive fabrics 24.43%, aerospace and defence solutions 22.97%, outdoor and lifestyle fabrics 18.57% — with 39.99% sold outside India. Cost sits in polyamide and polyester feedstock bought from a narrow supplier base (top 10 suppliers were 51.42% of materials consumed in FY26) and in a plant base running at 49.50% capacity utilisation. The structural constraints are concentration and working capital: top 10 customers were 59.52% of FY26 revenue and the working-capital cycle stretched to 90 days, against a 27.15% EBITDA margin.