Qualiance International IPO

Qualiance International makes technical and performance garments to its customers' own drawings and exports almost all of them. The range covers military uniforms, tactical outerwear, high-visibility workwear, weather-resistant and all-weather outerwear, police and border-patrol uniforms, protective workwear and performance activewear. Buyers supply the designs, specifications and quality standards; Qualiance sources fabric and trims through outside suppliers and runs cutting, stitching and finishing along with specialised operations including seam sealing, bonded construction, ultrasonic welding, laser cutting and lamination. It works from a single plant at Tiruppur, Tamil Nadu of over 45,000 square feet with installed capacity of 450,000 garment pieces a year, and had 255 payroll employees at 30 June 2026. Customers sit in Europe and North America and include departments of the Swiss government. The registered office is at Malad West, Mumbai.

The company earns by manufacturing against individual customer purchase orders, with no long-term supply contracts. FY26 revenue from operations was Rs 76.89 crore, of which woven garments were Rs 54.58 crore and exports Rs 75.39 crore, or 98.82% of the total. The main production costs are materials, Rs 32.09 crore consumed in FY26, and labour, Rs 17.29 crore of employee benefit expenses, leaving EBITDA of Rs 16.72 crore and PAT of Rs 11.87 crore. The structural constraint is concentration: the single largest customer was 56.93% of FY26 sales, the top ten were 99.65%, and Switzerland alone accounted for 80.67% of revenue from operations. Capacity is one 450,000-piece plant; issue proceeds fund a second facility.