Dudani Retail IPO

Dudani Retail Limited, incorporated in December 2015, designs, manufactures, sources and supplies apparel and related products. The company manufactures women’s ethnic and fusion wear, trades in men’s wear and fulfils just-in-time orders for licensed labels through fashion and lifestyle marketplace arrangements. Its operations include cutting, stitching, finishing, quality checks and dispatch, while dyeing, printing and embroidery are outsourced to third-party processors. The company follows an asset-light approach in selected categories and operates through multiple channels, including its own brand, licensed manufacturing arrangements and a quick-commerce supply arrangement. Its products are distributed through e-commerce marketplaces including Myntra, Amazon, Flipkart, Ajio and Nykaa Fashion, as well as through its own website. As of February 28, 2026, it had 35 employees, including directors.

Dudani Retail Limited IPO Overview

Dudani Retail Limited IPO is a fixed-price SME issue scheduled to open for subscription on 25 September 2026 and close on 29 September 2026. The issue comprises 36,36,000 shares at a fixed price of ₹29 per share, aggregating up to approximately ₹10.54 crore. The issue is entirely a fresh issue, with no offer for sale. Of the total issue, 1,84,000 shares are reserved for the market maker, while 34,52,000 shares constitute the net offer to the public. The allotment is expected to be finalised on 30 September 2026, followed by refunds and demat credit on 1 October 2026. The shares are proposed to be listed on the BSE SME platform on 5 October 2026. Investors can apply in lots of 4,000 shares, with retail investors required to apply for a minimum of two lots. Finshore Management Services Ltd. is the lead manager, while Maashitla Securities Pvt. Ltd. is the registrar.

Dudani Retail Limited IPO Details

Particulars	Details
IPO Date	25 September 2026 to 29 September 2026
Listing Date	5 October 2026
Face Value	₹10 per share
Issue Price	₹29 per share
Lot Size	4,000 Shares
Total Issue Size	36,36,000 shares (aggregating up to ₹10.54 Cr)
Fresh Issue	36,36,000 shares (aggregating up to ₹10.54 Cr)
Offer for Sale	NA
Issue Type	Fixed Price IPO
Listing At	BSE SME
Share Holding Pre Issue	67,50,000 shares
Share Holding Post Issue	1,03,86,000 shares
Market Maker Portion	1,84,000 shares

Dudani Retail Limited IPO Reservation

Investor Category	Shares Offered
NII (HNI)	17,24,000 shares (49.94% of Net Issue)
Retail	17,28,000 shares (50.06% of Net Issue)
Market Maker	1,84,000 shares (firm reservation)

Dudani Retail Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	8,000	₹2,32,000
Retail (Max)	2	8,000	₹2,32,000
HNI (Min)	3	12,000	₹3,48,000

Dudani Retail Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue	64.99%

Dudani Retail Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹2.64
Price/Earnings (P/E) Ratio	10.98x
Return on Net Worth (RoNW)	21.19%
Net Asset Value (NAV)	₹12.44
Return on Equity	21.19%
Return on Capital Employed (ROCE)	31.60%
EBITDA Margin	11.33%
PAT Margin	7.04%
Debt to Equity Ratio	0.48

Objectives of the Proceeds

• Capital expenditure of ₹0.79 crore towards purchasing machinery for expansion and upgrading the existing manufacturing facility.
• Repayment or pre-payment of ₹3.00 crore towards certain outstanding borrowings availed by the company.
• Working capital requirements of ₹3.97 crore to support the company’s operating and business requirements.
• Strategic initiatives and business development of ₹1.50 crore, including partnerships, acquisitions, brand building and marketing activities.

Key Financials (in ₹ crore)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024
Assets	16.21	14.28	10.59
Revenue / Total Income	13.90	25.29	25.13
Profit After Tax	1.05	1.78	0.99
Reserves and Surplus	2.70	1.65	4.62
Total Borrowings	3.95	4.03	3.53

IPO Strengths

• Presence across multiple operating verticals.
• Established working relationships with Fashion & Lifestyle Companies through licensed manufacturing arrangements.
• In-house manufacturing capability for women’s wear supported by outsourced processors.
• Asset-light approach in men’s wear and selective trading categories.
• Defined operational framework under the supply arrangement with a Quick-Commerce Company.
• Multi-channel distribution for own-brand products.
• Experience in handling marketplace-driven operations.
• Integrated workflow from design development to dispatch.
• Established supplier network for fabrics, trims and finished goods.

Peer Comparison

Company Name	EPS (Basic)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Dudani Retail Ltd.	2.64	12.44	11.00	21.19	2.42
Peer Group
Nandani Creation Limited	2.41	27.38	11.55	7.10	1.00
Purple United Sales Limited	13.59	62.99	19.89	17.30	4.35
Mish Designs Ltd	3.03	56.30	12.03	4.97	0.64