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◆ IPO SPOTLIGHT · MAINBOARD · JULY 2026
A vertically integrated textile manufacturer with a fast-scaling top line, a solar-powered cost edge, and a subsidiary that now drives over a third of group profit — heads to the mainboard on July 14, 2026.
PRICE BAND ₹100–₹105 ISSUE SIZE ₹120.24–126.25 Cr LISTING 21 Jul 2026, BSE/NSE
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01 Who's on the loom?
Incorporated in February 2016 as Alpine Spinweave Private Limited, the company began commercial production in April 2017 at Manufacturing Unit 1 in Ahmedabad, starting with 48 Toyota Shuttleless Airjet Looms — later scaled by 64 more looms in 2018. Today it runs a genuinely vertically integrated model, spinning yarn and weaving it into grey fabric under one roof.
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Capability
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Detail
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Spinning
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Manufacturing Unit 2 (Mar 2025) — four Open-End Rotor Spinning Machines, leased land adjacent to Unit 1
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Weaving
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High-speed airjet looms convert yarn to grey fabric at Unit 1 — sizing capacity 6,650 MTPA
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Backward Integration
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97% stake in Alpine Cottweave LLP (Oct 2024) — group weaving capacity now 96 lakh metres/yr
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Green Power
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820 KW + 5.4 MW + 475 KW + 3.6 MW solar stack — 9.0 MW total installed by Apr 2026
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The Cottweave acquisition isn't a footnote — it's now core to the story: the subsidiary contributed ₹122.99 crore (35.89%) of consolidated FY26 revenue and ₹8.38 crore (38.58%) of consolidated PAT excluding minority interest.
02 The numbers on the ledger
Revenue nearly doubled in two years, and PAT climbed from ₹4.88 crore in FY24 to ₹21.71 crore in FY26 — a run independent trackers peg at roughly 152% PAT growth year-on-year into FY26.
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Particulars (₹ Cr)
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FY26 Consol.
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FY25 Consol.
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FY24 Standalone
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Revenue from Operations
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342.71
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237.32
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183.60
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Revenue Growth
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44.41%
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29.26%
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—
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EBITDA
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47.45
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27.00
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19.91
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EBITDA Margin
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13.84%
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11.38%
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10.84%
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Net Profit (PAT)
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21.71
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8.63
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4.88
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PAT Margin
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6.34%
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3.63%
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2.66%
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EPS (Basic & Diluted, ₹)
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8.18
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3.27
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1.86
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RoNW
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29.44%
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16.78%
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11.47%
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Debt-to-Equity
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2.35
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3.14
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1.80
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Source: RHP (dated July 8, 2026) & Axis Capital IPO Note, July 2026.
03 Where the money's headed
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Objects of the Issue
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Amount (₹ Cr)
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New weaving unit — Proposed Manufacturing Unit 3, Ahmedabad
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30.71
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Prepayment / repayment of borrowings
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52.20
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General corporate purposes
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[•]
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04 Measured against the mill floor
Alpine is the smallest by revenue among its listed peer set — but leads comfortably on margins and return on equity. The trade-off: it also carries by far the highest leverage.
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Company
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Revenue (₹ Cr)
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EBITDA Mgn
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PAT Mgn
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RoE
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D/E
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Alpine Texworld
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342.71
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13.84%
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6.34%
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33.85%
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2.35
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United Polyfab Gujarat
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682.04
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7.74%
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3.56%
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21.13%
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0.80
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Ken Enterprises
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631.82
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4.75%
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2.44%
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12.92%
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0.42
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Pashupati Cotspin
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687.81
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3.78%
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1.51%
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6.52%
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0.60
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Independent trackers place the FY26 P/E at roughly 12.8x–18.5x depending on the equity base used — below several listed peers on earnings multiples, though the Cottweave LLP consolidation effect is worth a closer look before drawing conclusions.
05 Weave & tear — strengths and risks
�� Competitive strengths
● Gujarat-based grey-fabric specialist, close to raw cotton sourcing
● Automated machinery from global names — Toyota, Picanol, Itema, Karl Mayer
● Backward-integrated weaving subsidiary, less reliance on external yarn
● Meaningful renewable-energy footprint offsetting power costs
● Consistent multi-year top- and bottom-line growth
⚠️ Key risks
● High sensitivity to cotton and yarn price swings
● Capex-heavy growth model needing continuous funding
● Concentration risk in raw-material suppliers
● Partial reliance on state Net SGST subsidy income
● Elevated 2.35x debt-to-equity vs. listed peers
● Execution risk on the proposed Manufacturing Unit 3
06 IPO snapshot card
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ISSUE SIZE
₹120.24–126.25 Cr
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PRICE BAND
₹100 – ₹105
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LOT SIZE
142 shares
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MIN. RETAIL INVESTMENT
₹14,910
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ISSUE OPENS
14 Jul 2026
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ISSUE CLOSES
16 Jul 2026
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ALLOTMENT
17 Jul 2026
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LISTING
21 Jul 2026
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REGISTRAR
KFin Technologies
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LEAD MANAGER
D and A Financial Services
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The bottom line
Alpine Texworld arrives with a genuine growth story — rapid revenue expansion, improving margins, a backward-integrated base, and a real bet on renewable energy. But a fragmented industry, elevated debt, and subsidy dependence mean this isn't one to bid on blindly. Read the RHP, watch the subscription numbers and GMP trend closer to the issue date, and talk to a registered advisor before applying.
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Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any security. All figures are sourced from Alpine Texworld Limited's Red Herring Prospectus (dated July 8, 2026) and the Axis Capital IPO Note (July 2026), cross-checked against publicly available IPO-tracking sources as of July 2026. Grey Market Premium (GMP), where referenced, is informal and not exchange-published. Investors should conduct independent research and consult a SEBI-registered financial advisor before making any investment decision.
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