Kusumgar Limited — trading under the brand line "Unusual is usual" — is a specialised manufacturer of woven, coated and laminated synthetic "engineered fabrics." Originally formed as a private limited company on June 15, 1990, the Kusumgar family-promoted business has built a niche across four segments: Aerospace & Defence Fabrics, Aerospace & Defence Solutions, Industrial & Automotive Fabrics, and Outdoor & Lifestyle Fabrics. The company is positioning itself as one of the few players outside the U.S. and China with meaningful capability in military parachute fabrics.

"Recognised as a pioneer in parachute fabrics — among the major players outside the U.S. and China in military parachute fabrics." — Axis Capital IPO Note, July 2026

Beyond fabrics, the company has moved up the value chain into finished defence products — parachute systems, stealth solutions, camouflage nets, shelters and rapid-deployment systems — and holds an authorised-partner role supplying fabrics and parachute systems for the re-entry module of India's Gaganyaan human spaceflight programme.

2.  IPO Issue Snapshot

▸ Category-wise Issue Break-up (at Upper Price Band)

Minimum retail application: 35 shares ≈ ₹14,665 at the upper price band; the issue needs roughly 1,54,296 applications at 1x subscription in the retail category to be fully subscribed.

3.  Business Overview: Four Segments, One Technical Core

▸ Aerospace & Defence Fabrics

● Aeronautical fabrics for parachutes, paragliders, hot-air balloons, sails, kites and aerostats using high-tenacity yarns with specialised coatings.

● A major manufacturer of parachute fabrics in India — used in cargo-drop, tactical-assault, high-altitude and recovery parachute systems, including space-module recovery.

● Tactical clothing & defence gear: rainwear, cold-weather clothing, rucksacks, sleeping bags and load-carrying systems.

● Stealth-systems fabrics engineered to reduce visibility across radar, infrared and visual spectrums — camouflage nets, ghillie suits, decoys.

▸ Aerospace & Defence Solutions

● Finished products: parachute systems (tactical assault, cargo-drop, drogue, drone/aircraft recovery), stealth systems (multispectral camouflage nets, ghillie suits, infrared-reflective uniforms) and rapid-deployment systems (inflatable decoys and shelters).

● Authorised partner for Gaganyaan re-entry module fabrics and parachute systems; manufacturing facilities are AS9100D certified for aerospace-grade quality.

▸ Industrial & Automotive Fabrics

● Four sub-segments: fabrics for tapes (wire-harness/insulation tapes, footwear & leather tapes), custom fabric solutions (convertible tops, sunroof blinds, railway gangways, medical use), mechanical rubber-goods reinforcement fabrics, and inflatable fabrics (rafts, rescue boats, aircraft evacuation slides).

▸ Outdoor & Lifestyle Fabrics

● Fabrics for athleisure, winter jackets, rainwear, track suits, workwear, backpacks, luggage, tents and sleeping bags — supplied to global brands including Decathlon, benefiting from the "China+1" supply-chain shift toward India.

Fig 1: FY2026 revenue mix across the four business segments (₹ Cr, % of revenue from contracts with customers).

With more than 1,000 unique SKUs developed as of March 31, 2025, the company operates six manufacturing facilities in Gujarat plus one fabrication unit in Uttar Pradesh, spanning preparatory, weaving, dyeing, printing, finishing, coating, lamination and fabrication — a vertically integrated setup designed to protect quality control and delivery timelines.

▸ Capacity Utilisation Snapshot (FY2026)

4.  Financial Performance (FY2024–FY2026, Restated Consolidated)

*FY2024 NAV reflects the pre-split face value of ₹100/share; the equity was later subdivided to ₹1 face value (Oct 2024) and bonus shares issued in Jan 2025 (3:1) and Mar 2025 (11:40), which explains the sharp change in per-share metrics across the years.

Fig 2: Revenue dipped 11.2% in FY2026 after a sharp 66.5% jump in FY2025, while net profit moderated to ₹98.2 Cr from ₹112.0 Cr.

▸ Revenue Concentration — Customers & Geography

11.13% of FY2026 revenue from contracts with customers; the top 10 customers together made up 59.52%.

39.99% of contract revenue in FY2026 (vs. 23.22% in FY2025), with the European Union — led by Germany at 11.22% — and the United States (9.31%) as key destinations.

5.  Offer Structure & Shareholding Pattern

▸ Who Is Selling? (Offer for Sale, ₹650 Cr)

Since the entire ₹650 Cr issue is a pure Offer for Sale by promoter entities, no fresh capital flows into the company — proceeds go entirely to the selling shareholders, net of issue expenses.

▸ Shareholding Pattern: Pre vs Post Issue

6.  Leadership Behind the Loom

● Siddharth Yogesh Kusumgar — Promoter, Chairman & Managing Director; 25+ years in technical textiles.

● Sapna Siddharth Kusumgar — Promoter & Joint Managing Director; 21+ years across HR, IT and technical textiles.

● Ankur Kothari — Executive Director & CEO; 15+ years, previously with Boston Consulting Group and Arvind Limited.

● Kinnar Dhansukhlal Mehta — CFO, associated with the company since November 2009; 16+ years in accounting and compliance.

● Independent Directors — Kaushal Jaysingh Sampat (general management & analytics), Deepti Gupta (Professor, Textile & Fibre Engineering, IIT Delhi), and Nihar Ajay Parikh (strategy & finance) round out the board.

7.  How Does Kusumgar Stack Up Against Listed Peers?

Kusumgar's P/E cannot be computed (N.A.) since the company has not been listed previously; peer P/E is based on NSE closing prices as of June 19, 2026. Notably, Kusumgar's FY2026 RoNW of 25.82% is the highest among the four, though it has moderated sharply from 56.26% (FY2025) and 86.13% (FY2024) as the equity base expanded.

Fig 3: Kusumgar's FY2026 EBITDA margin of 27.15% is the highest among its listed technical-textile peer set.

8.  Competitive Strengths

● High entry barriers: Over 1,000 engineered fabrics developed since 1970; long qualification/approval cycles reduce customer switching risk.

● Technical depth: Expertise in fine-denier fabrics, Nylon 6 & 66 processing, and polyurethane/TPU/silicone/PTFE coating & lamination.

● Diversified end-markets: Four segments spanning defence, industrial-automotive and consumer-lifestyle applications with independent growth drivers.

● Sticky customer relationships: Top six customers contributed 49.35% of FY2026 revenue; continuous multi-year supply relationships, including with an Indian government customer.

● Strategic partnerships: A licensing tie-up with a U.S. airborne-solutions company for patented camouflage fabrics, and a government-led 90-litre rucksack fabric project.

● Experienced promoter-led management: Combined decades of sector experience across the promoter and senior leadership team.

9.  Growth Strategy Going Forward

● "Build, retain, extend" playbook in Aerospace & Defence — deepen existing relationships while riding rising domestic defence procurement, global defence spending and "China+1" supply diversification.

● Deepen relationships with global outdoor/lifestyle brands (e.g., Decathlon) as sourcing shifts toward India.

● Grow wallet share in Industrial & Automotive Fabrics via long qualification cycles and export-oriented cost competitiveness.

● Stay focused on high-margin, high-entry-barrier products (aerospace & defence fabrics, Nylon 6/66-based products, parachute solutions) to sustain EBITDA margins.

● Continued investment in R&D, talent and automation to improve conversion rates and operating efficiency.

10.  Key Risk Factors Investors Should Note

● Revenue concentration: Aerospace & Defence Fabrics (31.67%), Industrial & Automotive Fabrics (24.43%) and Aerospace & Defence Solutions (22.97%) together drive the bulk of FY2026 revenue — a slowdown in any one segment could hurt overall performance.

● Customer concentration: Top customer = 11.13% and top 10 customers = 59.52% of FY2026 revenue from contracts with customers.

● Supplier concentration: Top 10 suppliers account for 51.42% of FY2026 material costs, with no long-term supply agreements in place.

● Geographic concentration of manufacturing: All facilities are located in Gujarat, exposing operations to regional/natural-calamity risk.

● IP protection: Failure to safeguard proprietary technical know-how could erode competitive advantage.

● Raw-material price volatility: Exposure to input-cost fluctuations for polyamide, polyester and polyurethane-based raw materials.

● This is an Offer for Sale — the company itself receives no primary issue proceeds; all money raised goes to the three promoter-sellers.

11.  Bottom Line

A niche, high-margin manufacturer in a hard-to-replicate segment of technical textiles — but one where FY2026 revenue and margins have already cooled from a blockbuster FY2025, and where the IPO itself adds no fresh capital to the business.

Kusumgar Limited offers investors exposure to India's growing engineered-fabrics and defence-textiles theme, underpinned by high entry barriers, a diversified four-segment model and improving export traction (up to 39.99% of FY2026 contract revenue). At the same time, FY2026 revenue fell 11.17% year-on-year after a 66.49% surge in FY2025, customer and supplier concentration remain meaningful, and — because the ₹650 Cr issue is entirely an Offer for Sale — the IPO will not inject growth capital into the company. As always, the decision to apply should rest on a full reading of the Red Herring Prospectus and the risk factors, not on this summary alone.