Dudani Retail IPO
Dudani Retail IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹29 |
| Face Value | ₹10 |
| Lot Size | 4000 Shares |
| Issue Size | ₹10.54 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| BSE Scrip Code | 8006 |
| Min Investment | ₹116,000 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4,000 | ₹116,000 |
| Retail (Max) | 1 | 4,000 | ₹116,000 |
| HNI (Min) | 2 | 8,000 | ₹232,000 |
Strengths & Risks
Strengths
- Profit has grown, from Rs 0.64 crore in FY2023 to Rs 0.99 crore in FY2024 and Rs 1.78 crore in FY2025, with Rs 1.05 crore earned in the half year to 30 September 2025.
- EBITDA has more than doubled over the same period, from Rs 1.27 crore to Rs 2.86 crore.
- It manufactures under licence for well known marketplace labels including Roadster, Anouk, All about you and Taavi, which brings volume without having to build a brand itself.
- Debt is low at Rs 3.95 crore against a net worth of Rs 9.45 crore, a debt to equity ratio of 0.42.
- It earns in three ways, from its own brand, from licensed manufacturing and from supplying a quick commerce platform.
- Cutting, stitching, finishing, quality checks and dispatch are done in house, so it controls the core of production.
- Net worth has grown steadily, from Rs 5.62 crore in FY2023 to Rs 9.45 crore as on 30 September 2025.
Risks
- Sales have been flat for three years, at Rs 24.18 crore in FY2023, Rs 25.13 crore in FY2024 and Rs 25.29 crore in FY2025. The profit growth has come from margin, not from selling more.
- Supplying the quick commerce platform is on a sell-or-return basis, so unsold stock comes back to the company and the inventory risk stays with it.
- The licensed manufacturing work depends on agreements with a marketplace that can be changed or ended, and those labels belong to the marketplace, not to the company.
- It works from rented premises and sends dyeing, printing and embroidery to third parties, so it controls only part of the process.
- The latest column in the offer document is a half year ending 30 September 2025, so the data is about a year old.
- The issue is small at Rs 10.54 crore and the company is small, with a net worth of Rs 9.45 crore.
- Apparel manufacturing is highly competitive with low entry barriers, and fashion demand shifts season to season.
- This is a fixed price issue at Rs 29 per share, so there is no price discovery through bidding, and promoter holding falls from 100% to 64.99%.
- This is an SME issue. One lot is 4,000 shares, which is Rs 1.16 lakh at the issue price, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16.21 | 14.28 | 10.59 | 11.96 |
| Total Income | 13.90 | 25.29 | 25.13 | 24.18 |
| Profit After Tax | 1.05 | 1.78 | 0.99 | 0.64 |
| EBITDA | 1.60 | 2.86 | 1.81 | 1.27 |
| NET Worth | 9.45 | 8.40 | 6.62 | 5.62 |
| Reserves and Surplus | 2.70 | 1.65 | 4.62 | 3.62 |
| Total Borrowing | 3.95 | 4.03 | 3.53 | 3.51 |
About The Company
Dudani Retail Limited was started in December 2015. It designs, manufactures, sources and supplies apparel and related products, working in three ways at once.
It makes women's ethnic and fusion wear under its own brand, trades men's wear, and manufactures under licence for fashion and lifestyle marketplaces. Under those licence arrangements it fulfils just-in-time orders for marketplace labels including Kalini, Corsica, Roadster, Anouk Rustic, All about you, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu and Here & Now. It also supplies a quick commerce platform, where goods are delivered to hubs on a sell-or-return basis, meaning unsold stock comes back to the company.
It works from rented premises in the Kartarpura Industrial Area of Jaipur, Rajasthan. Cutting, stitching, finishing, quality checks and dispatch are done in house. Fabric dyeing, printing and embroidery are handled by third-party processors.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 0× | 0 | — |
| Non-Institutional Investors (NII) | 0.06× | 1,908,000 | — |
| Retail Individual Investors (RII) | 0.5× | 1,728,000 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 0.27× | 3,636,000 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
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