Alpine Texworld
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.00×
- Big non-institutionalbNII · above ₹10 lakh
- 0.42×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.07×
- Retail individualRII · up to ₹2 lakh
- 0.24×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Jul 2026 | ₹1 | — | ₹100 | — | ₹142 |
| 20 Jul 2026 | ₹1 | — | ₹100 | — | ₹142 |
| 19 Jul 2026 | ₹1 | — | ₹100 | — | ₹142 |
| 18 Jul 2026 | ₹1 | — | ₹100 | — | ₹142 |
| 17 Jul 2026 | ₹1 | — | ₹100 | — | ₹142 |
| 16 Jul 2026 | ₹1 | — | ₹100 | — | ₹142 |
| 15 Jul 2026 | ₹5 | — | ₹500 | — | ₹710 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 14 Jul 2026 – 16 Jul 2026
- Listing date
- 21 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹100 – ₹105
- Issue price
- ₹105 per share
- Lot size
- 142 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Total issue size
- ₹126 Cr
- Fresh issue
- ₹126 Cr 1,20,24,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹402 Cr
- Promoter holding
- 90.36% → 61.95% pre-issue → post-issue
- ISIN
- INE1JCQ01037
- CIN
- U17120GJ2016PLC086259
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- D&A Financial Services Pvt.Ltd.
- Registered office
- Block No 614-1105, Village Paldi, Pirana Miroli Road, Paldi Kankaj, Ahmedabad, Dascroi, Gujarat, India, 382425
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 142 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 142 | ₹14,910 |
| Retail (max) | 13 | 1,846 | ₹1,93,830 |
| S-HNI (min) | 14 | 1,988 | ₹2,08,740 |
| S-HNI (max) | 67 | 9,514 | ₹9,98,970 |
| B-HNI (min) | 68 | 9,656 | ₹10,13,880 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹105 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.28 | 5.68 |
| P/E (×) | 12.68 | 18.49 |
| Price to book (×) | 3.78 | — |
| Market cap | — | ₹402 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 29.44%
- ROCE
- 18.00%
- Debt / equity
- 2.35
- PAT margin
- 6.34%
- EBITDA margin
- 13.84%
- NAV per share
- ₹27.79
- Price to book
- 3.78
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 350.18 | 237.66 | 184.44 |
| Revenue from operations | 342.71 | 237.32 | 183.6 |
| Other income | 7.47 | 0.34 | 0.83 |
| Total expenses | 323.28 | 225.82 | 177.76 |
| Operating profit | 26.9 | 11.84 | 6.68 |
| Operating margin | 7.68% | 4.98% | 3.62% |
| Profit before tax | 26.89 | 11.84 | 6.67 |
| Profit after tax | 21.72 | 8.63 | 4.88 |
| PAT margin | 6.20% | 3.63% | 2.65% |
| Balance sheet | |||
| Total assets | 305.31 | 294.86 | 149.82 |
| Current assets | 149.11 | 157.33 | 100.08 |
| Current liabilities | 116.72 | 137.9 | 77.98 |
| Total liabilities | 229.89 | 241.96 | 107.26 |
| Net worth | 75.41 | 52.9 | 42.55 |
| Current ratio | 1.28× | 1.14× | 1.28× |
| Return on equity | 28.80% | 16.31% | 11.47% |
| Cash flow | |||
| Operating cash flow | 33.99 | 13.01 | 31.52 |
| Investing cash flow | -32.37 | -94.5 | -8.06 |
| Financing cash flow | -3.09 | 82.35 | -22.78 |
| Net cash flow | -1.47 | 0.85 | 0.67 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Setting up a new weaving unit at Proposed Manufacturing Unit 3 ₹30.71 Cr
The company proposes to finance the cost of setting up a new weaving unit at Proposed Manufacturing Unit 3 to expand its production capabilities to produce Grey Fabric at Ahmedabad, Gujarat, India. This expansion will increase the installed capacity by lakhs meters per annum and is expected to commence production by March 2027.
2 Prepayment or repayment of certain outstanding borrowings ₹52.2 Cr
The company intends to utilize the net proceeds towards prepayment and/or repayment of full or part of the principal amount on cash credit facilities and term loans. This will help reduce outstanding indebtedness, maintain favorable debt-equity ratio, and reduce interest outflow.
3 General Corporate Purpose —
The company proposes to deploy balance net proceeds towards general corporate purposes including funding growth opportunities, meeting ongoing corporate expenses, investment in subsidiary, payment of salaries and administration costs, and prepayment of unsecured borrowings, subject to not exceeding % of gross proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Alpine Texworld
Alpine Texworld Limited (formerly Alpine Spinweave Limited) is an Indian textile company incorporated in 2016 and based in Ahmedabad, Gujarat. The company operates through multiple manufacturing units engaged in weaving and spinning activities. It produces grey fabric—unfinished woven textile—which is sold to customers who further process and finish the fabric for end-use applications. The company also manufactures yarn through open-end spinning processes. The company has grown from a private entity to a public limited company, establishing Manufacturing Unit 1 for weaving, Manufacturing Unit 2 for spinning (commissioned March 2025), and a subsidiary Alpine Cottweave LLP involved in weaving. Revenue has grown from ₹1,836 million (FY2024) to ₹3,427 million (FY2026, consolidated). The company generates revenue primarily through sales to approximately 10 major customers who collectively account for over 70% of revenue, with nearly 97% of revenue concentrated in Gujarat.
Management
Sandeep Santkumar Agrawal
MD
Ratansingh Jethusingh Rajpurohit
COO
Sumit Champalal Agarwal
Director
Piyush Ravishanker Bhatt
Director
Jayshree Vikram Patel
Director
Deepak Kumar Kewliya
Director
Hardik Chandrakantbhai Soni
CFO
Pooja Jogani
Director of Operations
Hardikkumar Maheshbhai Chauhan
Director of Operations
Nikhil Rasiklal Tikadia
Director
Strengths
As stated in the offer document
Strategic Location in Gujarat's Textile Hub
The company is strategically located in Ahmedabad, Gujarat, which is a prominent textile hub with favorable policies and access to high-quality cotton from Gujarat's cotton belt contributing approximately 73 lakh bales in 2025-26 season.
Automated Machinery from Global Brands
The company uses automated machineries from global brands including 112 high-speed Toyota shuttleless air jet looms, Karl Mayer sizing machine, and Saurer spinning machines with total weaving capacity of 180 lakh metres annually.
Vertical Integration Through Strategic Acquisition
The company acquired 97% stake in Alpine Cottweave LLP adding 96 lakh metres weaving capacity and established backward integration through Manufacturing Unit 2 with 6,000 MT annual spinning capacity.
Experienced Promoter Leadership
The company benefits from promoters with over 25 years of textile industry experience (Sumit Champalal Agarwal and Sandeep Santkumar Agrawal) and 14 years experience (Sachinkumar Santkumar Agrawal) collectively holding 90.36% equity.
Renewable Energy Infrastructure
The company has installed solar units totaling 9.895 MW capacity (820 KW + 475 KW rooftop + 5.4 MW + 3.6 MW ground-mounted) offsetting power consumption and reducing dependency on grid power.
Strong Financial Performance Track Record
The company demonstrated consistent growth with revenue from operations of ₹ 3,427.13 million, EBITDA of ₹ 474.48 million, and PAT of ₹ 217.16 million for Fiscal 2026, showing improving profitability margins.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company is heavily dependent on its top 10 customers, who accounted for 70.33%, 70.19% and 71.86% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively, with no firm commitments. The loss of any major customer would have a material adverse effect on business, cash flows and financial condition.
Regulatory Non-Compliance - Environmental Approvals
The company commenced operations at Manufacturing Unit 2 without obtaining Consolidated Consent and Authorization (CCA) from Gujarat Pollution Control Board and paid ₹1.98 million in penalties. Similar non-compliances for Proposed Manufacturing Unit 3 could result in regulatory actions, penalties, suspension or closure of operations.
Corporate Guarantee Exposure
The company has extended corporate guarantees aggregating to ₹557.50 million to secure debt facilities of its subsidiary. Any default by the subsidiary may result in invocation of guarantees, requiring substantial payments and adversely affecting liquidity, net worth and ability to service own indebtedness.
Interest Rate Risk
The company's secured debt is at floating interest rates. Any increase in interest rates would directly impact interest costs and reduce funds available for general business operations, adversely affecting results of operations and ability to obtain additional financing.
Credit Rating Downgrade
The company's long-term rating was downgraded by CRISIL from 'BBB-/Stable' to 'BB/Stable' and short-term rating from 'A3' to 'A4+' with remark 'Issuer Not Cooperating'. Any adverse perception may increase borrowing costs and adversely affect ability to borrow competitively.
Supplier Concentration Risk
The company is dependent on top 10 suppliers who accounted for 64.26%, 82.76% and 81.43% of total purchases in Fiscal 2026, 2025 and 2024 respectively, with no firm commitments. Any disruption in supply or price fluctuations could materially affect business operations and financial condition.
Manufacturing and Operational Risks
The company's business depends on manufacturing units which are subject to risks like unplanned shutdowns, equipment breakdown, power failure, and industrial accidents. Manufacturing units are located in the same industrial cluster, exposing operations to correlated risks affecting the entire region.
Geographic Revenue Concentration
The company derives 97.37%, 97.34% and 97.57% of revenues from Gujarat in Fiscal 2026, 2025 and 2024 respectively. This concentration exposes operations to local, regional and environmental factors like social unrest, natural disasters and other unforeseen events specific to Gujarat.
Working Capital and Cash Flow Risks
The company has negative cash flows from investing and financing activities and high working capital requirements (31.65% of total expenses in Fiscal 2026). Inability to maintain sufficient cash flow and credit facilities could adversely affect financial condition and operations.
Single Business Segment Dependence
The company derives 96.69%, 90.17% and 94.15% of revenue from manufacturing Grey Fabric in Fiscal 2026, 2025 and 2024 respectively. This concentration exposes the company to risks including demand reduction, increased competition, technology changes and raw material price fluctuations.
Company Analysis
from DRHPAlpine Texworld Limited is a vertically integrated textile manufacturer specializing in the production of grey fabric and yarn through weaving and spinning operations.
Alpine Texworld Limited (formerly Alpine Spinweave Limited) is an Indian textile company incorporated in 2016 and based in Ahmedabad, Gujarat. The company operates through multiple manufacturing units engaged in weaving and spinning activities. It produces grey fabric—unfinished woven textile—which is sold to customers who further process and finish the fabric for end-use applications. The company also manufactures yarn through open-end spinning processes. The company has grown from a private entity to a public limited company, establishing Manufacturing Unit 1 for weaving, Manufacturing Unit 2 for spinning (commissioned March 2025), and a subsidiary Alpine Cottweave LLP involved in weaving. Revenue has grown from ₹1,836 million (FY2024) to ₹3,427 million (FY2026, consolidated). The company generates revenue primarily through sales to approximately 10 major customers who collectively account for over 70% of revenue, with nearly 97% of revenue concentrated in Gujarat.
Objects of the Issue
- Financing the cost of setting up a new weaving unit (Proposed Manufacturing Unit 3) to expand production capabilities for grey fabric manufacturing at Ahmedabad, Gujarat ₹307.11 million p.130
- Prepayment or repayment, in part or full, of certain outstanding borrowings ₹522.00 million p.130
- General corporate purposes ₹303.86 million p.130
Issue Structure
- Total Issue
- ₹1,262.52 million (120,24,000 Equity Shares at ₹105 per share)
- Fresh Issue
- 1,20,24,000 Equity Shares of face value ₹10 each aggregating to ₹1,262.52 million
- Offer for Sale
- Not Applicable
- Price Band
- ₹100 (Floor Price) to ₹105 (Cap Price) per Equity Share
- Lot Size
- 142 Equity Shares (minimum bid lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company operates a vertically integrated textile manufacturing model. It procures processed cotton and man-made fibers, which undergo open-end rotor spinning at Manufacturing Unit 2 to produce yarn of varying counts and thicknesses. This yarn is then woven into grey (unfinished) fabric using shuttle-less air-jet looms at Manufacturing Unit 1 and its subsidiary's weaving unit. The grey fabric is sold to customers who undertake further processing, dyeing, printing, and finishing before distribution to end-consumers. The company generates revenue through the sale of grey fabric (96.69% of FY2026 revenue) and yarn.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sumit Champalal Agarwal | Promoter | 62.00% | 42.51% |
| Sandeep Santkumar Agrawal | Promoter | 17.44% | 11.96% |
| Sachinkumar Santkumar Agrawal | Promoter | 10.92% | 7.49% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.