Alpine Texworld IPO
Alpine Texworld LtdMainboard
This IPO has listed.
- Open date
- 14 Jul 2026
- Close date
- 16 Jul 2026
- Min. Investment
- ₹14,910
- Lot Size
- -
- Fresh Issue
- ₹126.25 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers1.09x
- Non-Institutional Investors1.09x
- Retail-Individual Investors1.54x
- Total1.40x
Schedule
- Completed: IPO open date14 Jul 2026
- Completed: IPO close date16 Jul 2026
- Completed: Allotment date17 Jul 2026
- Completed: Funds unblock or debit20 Jul 2026
- Completed: Tentative listing date21 Jul 2026
About
Promoter shareholding in Alpine Texworld Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Sumit Champalal Agarwal | 1,62,56,992 | 62.00% | 1,62,56,992 | 42.51% |
| Sandeep Santkumar Agrawal | 45,74,408 | 17.44% | 45,74,408 | 11.96% |
| Sachinkumar Santkumar Agrawal | 28,63,600 | 10.92% | 28,63,600 | 7.49% |
| Pooja Sumit Agarwal | 8,73,300 | 3.33% | 8,73,300 | 2.28% |
| Pallavi Sachinkumar Agrawal | 8,27,600 | 3.16% | 8,27,600 | 2.16% |
| Vinita Sandeepkumar Agrawal | 4,75,400 | 1.81% | 4,75,400 | 1.24% |
| Aarnav Fashions Limited | 3,51,600 | 1.34% | 3,51,600 | 0.92% |
| Sachi Amol Patel | 100 | 0.00% | 100 | 0.00% |
Financials of Alpine Texworld IPO
| Key Performance Indicators | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating Revenue | - | - |
| Other Income | - | - |
| Total Income | 237.32 | 342.71 |
| Total Expenses | 225.83 | 323.28 |
| Profit Before Tax | - | - |
| Total Profit | 8.58 | 21.46 |
Alpine Texworld IPO Strengths & Risks
- Strategic move to reduce yarn sourcing through backward integration in Manufacturing Unit 2.
- Experienced Promoters with execution capabilities.
- Offsetting power use with solar energy.
- Risks Relating to the Business: Substantial portion of the company's revenues has been dependent upon its top 10 customers for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 which amounted to Rs. 2,410.22 million, Rs. 1,665.85 million and Rs. 1,319.29 million which accounted for 70.33%, 70.19 % and 71.86 % of the company's revenue from operations for the respective years, with whom its does not has any firm commitments. The loss of any one or more of the company's top 10 customers would have a material adverse effect on its business, cash flows, results of operations and financial condition.
- Risks Relating to the Business: The Company's commenced operations at Manufacturing Unit II without obtaining Consolidated Consent and Authorization (CCA) from Gujarat Pollution Control Board (GPCB) and there is no assurance that similar non-compliances will not occur for its Proposed Manufacturing Unit III. The Company was subject to regulatory scrutiny for delays in obtaining CCA for Manufacturing Unit II and any future lapses, whether due to operational, administrative, or technical reasons, could have a material adverse effect on the Company's business, results of operations, and financial condition.
- Risks Relating to the Business: The Company and one of its Promoter Group / Group Companies, i.e. Alpine Weaving Private Limited, has extended corporate guarantees aggregating to Rs. 557.50 million to secure the debt facilities availed by the company's Subsidiary. The corporate guarantee constitutes a material contingent liability for the Company. While the Subsidiary has been regular in servicing its debt obligations, there can be no assurance that the Subsidiary will continue to service its debt obligations in a timely manner in the future. Any default by the Company's Subsidiary may result in invocation of the guarantees.
- Risks Relating to the Business: Any increase in interest rates would have an adverse effect on its results of operations and will expose the Company to interest rate risks.
- Risks Relating to the Business: The Company's long-term rating was downgraded by CRISIL Ratings Limited from `CRISIL BBB- /Stable' to `CRISIL BB/Stable' and its short-term rating from `CRISIL A3' to `CRISIL A4+' with a remark "Issuer Not Cooperating". Any adverse perception arising from such credit rating or any future downgrade of its credit ratings by a domestic or international credit rating agency may adversely affect the perception of the company's credit profile, increase its cost of borrowings, adversely affect the company's ability to borrow on a competitive basis and have a material adverse effect on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's Subsidiary, Alpine Cottweave LLP and Group Companies, Aarnav Fashions Limited, Aarnav Industries Private Limited, Alpine Weaving Private Limited, Sameep Fabrics Private Limited, Sameep Texfab LLP and One World Texofab Private Limited are in the same line of industry. Besides its Subsidiary, the Group Companies is engaged in different business activities than that of the Company and no non-compete agreements has been executed, which could create conflicts of interest and may also have an adverse effect on its business.
- Risks Relating to the Business: Potential Conflict of Interest and Related Party Considerations in Land Acquisition.
- Risks Relating to the Business: The Company has negative cash flows from its investing activity and financing activity, details of which are given below. Sustained negative cash flow could adversely impact the company's business, financial condition and results of operations.
- Risks Relating to the Business: The Company and its Subsidiary has unsecured borrowings, loans from related parties and loans from others which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect its cash flows.
- Risks Relating to the Business: The company is subject to restrictive covenants under its credit facilities that limit the company's operational flexibility.
- Risks Relating to the Business: There are certain discrepancies / errors noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent. There has also been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to RoC. Further, certain of the company's corporate records and filings are not traceable and may have inadvertent errors or inaccuracies. Its cannot assure that regulatory proceedings or actions will not be initiated against the company in the future, and its will not be subject to any penalty imposed by the competent regulatory authorities in this regard.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to does so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not has an adverse effect on the Company's financial condition and results of operations.
- Risks Relating to the Business: The Objects of the Issue for which funds are being raised has not been appraised by any bank or financial institution. Any variation between the estimation and actual expenditure as estimated by the management could result in execution delays or influence the company's profitability adversely.
- Risks Relating to the Business: The company's business is dependent on its manufacturing units which is critical to the company's business and its is subject to manufacturing risks like unplanned slowdowns, unscheduled shutdowns or prolonged disruptions in the company's manufacturing operations or under utilization of its manufacturing capacities, breakdown or failures of machinery, disruption to power sources which could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: There are outstanding dues owed by the Company to creditors, material creditors and micro, small and medium enterprises. The Company has made payments to MSME creditors which exceeds the statutory 45-day limit as per Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act"), however there has been no past instances of litigations or disputes with the MSME Creditors.
- Risks Relating to the Business: Inability to obtain or protect the company's intellectual property rights may adversely affect its business.
- Risks Relating to the Business: The company is primarily dependent upon top 10 suppliers for procurement of raw materials and purchase of traded goods for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 which amounted to Rs. 1,754.23 million, Rs. 1,589.44 million and Rs. 1,178.15 million and accounted for 64.26%, 82.76% and 81.43% of its total purchases of raw material and traded goods for the respective years, with whom the company does not has any firm commitments. Any disruption in the supply of these goods or fluctuations in their prices, inter alia, due to seasonality of cultivation of cotton could have a material adverse effect on its business operations and financial conditions.
- Risks Relating to the Business: For the Proposed Manufacturing Unit III, the company has placed an order for 48 airjet looms from Picanol NV (imported machinery) which its intend to fund through the company's Net Proceeds. Besides the purchase of imported machinery, its has not yet placed orders in relation to the capital expenditure for the purchase of domestic machineries, construction of building, electrification, which the company also intend to fund through its Net Proceeds and is subject to cost escalation based on quotations that may change or expire. In the event of any delay in placing the orders, or non-extension of machinery quotation validity or in the event the vendors are not able to provide the plant and machinery or services in a timely manner, or at all, may result in time and cost over-runs and the company's business, prospects and results of operations may be adversely affected.
- Risks Relating to the Business: The company will continue to be controlled by its Promoters after the completion of the Issue.
- Risks Relating to the Business: Changes in accounting policies and operating results may impact comparability of the company's financial performance.
- Risks Relating to the Business: The Manufacturing Unit II of the Company, which also accommodates the Solar Unit III; and the weaving unit of its Subsidiary has been acquired on leasehold basis from one of the company's Promoter Group/Group Companies, Alpine Weaving Private Limited, and the Solar Unit II of the Company has been acquired on leasehold basis from third parties. There can be no assurance that the lease agreements will be renewed upon termination or that its will be able to obtain other premises on lease on same or similar commercial terms.
- Risks Relating to the Business: Majority of the company's revenue is dependent on single business segment i.e. manufacturing of Grey Fabric which amounted to Rs. 3,313.85 million, Rs. 2,139.97 million and Rs. 1,728.58 million and comprises of 96.69%, 90.17% and 94.15% for the Fiscal 2026, Fiscal 2025 and Fiscal 2024. Any adverse impact on sales of a product would adversely affect its operations and profitability.
- Risks Relating to the Business: The company is dependent on credit facilities from banks to fund its business operations. Any event where the company is unable to obtain, renew or enhance credit limits from the banks, repay the term loan, or the loans are recalled on a short notice, its may be required to arrange for funds to fulfil the necessary requirements. The occurrence of these events may have an adverse effect on its cash flow and financial conditions of the Company. Its has incurred indebtedness which exposes the company to various risks which may have an adverse effect on its business and results of operations.
- Risks Relating to the Business: There are outstanding proceedings involving the Company's, Director, Promoter(s) and Subsidiary, which if resulting in an adverse outcome may affect its reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's manufacturing facilities and its sales is concentrated in the State of Gujarat in India, where the company's revenues from operations from Gujarat amounted to Rs. 3,336.85 million, Rs. 2,310.04 million and Rs. 1,791.36 million which comprises of 97.37%, 97.34% and 97.57% of its revenues from operations in the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Th company's business operations and significant revenue is majorly concentrated in a particular geographical region and any adverse developments affecting its operations in this region could have a significant impact on the company's revenue and results of operations.
- Risks Relating to the Business: The company is heavily dependent on its Promoters for the continued success of the company's Business through their continuing services and strategic guidance and support. The company is also dependent on its management team, Key Managerial Personnel and Senior Management, the loss of or its inability to retain such persons could adversely affect the Company's Business, results of operations and financial condition.
- Risks Relating to the Business: One of the factors contributing to the growth of the Company is performance and operations of its Subsidiary, Alpine Cottweave LLP and any operational disruption or underperformance of the business of Alpine Cottweave LLP could adversely affect the company's revenue, profitability, cash flows, and financial condition.
- Risks Relating to the Business: The company is dependent on third party transportation providers for the supply and distribution of its products. Any failures or delay in such transportation and logistics arrangements could materially affect its business, the company operations and financial condition.
- Risks Relating to the Business: The company's historical performance is not indicative of its future growth or financial results, and the company may not be able to sustain its historical growth rates or effectively execute the company strategies, which may adversely affect its business and financial results.
- Risks Relating to the Business: The company's Promoters, two of whom also serve as Directors and one of its Promoter Group members has extended personal guarantees in connection with some of the company's loan facilities obtained by its Company, and any failures or default by the Company to repay such loans could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact the company's business and operations.
- Risks Relating to the Business: The company's operations is subject to high working capital requirements. Its inability to maintain an optimal level of working capital required for the company's business may impact its operations adversely.
- Risks Relating to the Business: The company has incurred significant capital expenditure in the past and will continue to incur significant capital expenditure in the future, and such expenditure may not yield the benefits its anticipate.
- Risks Relating to the Business: The company's Promoter Directors, Sumit Champalal Agarwal and Sandeep Santkumar Agrawal, together hold 2,08,31,400 of the Equity Shares of the Company's aggregating to 79.44% pre-Issue Share Capital of the Company and is therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue price.
- Risks Relating to the Business: The interests of the company's Directors, Key Management Personnel (other than Company Secretary and Compliance Officer and Chief Financial Officer) may cause conflicts of interest in the ordinary course of its business. Conflicts may arise in the ordinary course of decision-making by the company's Board.
- Risks Relating to the Business: The company's business is dependent on the adequate and uninterrupted supply of electrical power at a reasonable cost. Unavailability of such adequate and uninterrupted supply of electrical power may significantly impact on its business and results of operation.
- Risks Relating to the Business: There has been certain instances of delays in payment of statutory dues by the Company. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.
- Risks Relating to the Business: The Company and its Subsidiary is dependent on government subsidies for electricity duty and consumption, interest and net SGST refund, the elimination or reduction of which may reduce the economic benefits of the company's existing business and its opportunities to develop or expand the company's business.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect its against certain operating hazards and this may have a material adverse effect on the company's business.
- Risks Relating to the Business: None of the Directors of the Company, except Sumit Champalal Agarwal and Piyush Ravishanker Bhatt have experience of being a director of a public listed company.
- Risks Relating to the Business: Any failures on the company's part to effectively manage its inventory may result in an adverse effect on the company's Business, revenue from manufacturing operations and financial condition.
- Risks Relating to the Business: If the company is unable to predict customer demands there may be an adverse effect on its results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company requires certain approvals, licenses, registrations and permits to operates its business, Manufacturing Unit I, Manufacturing Unit II and Proposed Manufacturing Unit III, and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company's business may adversely affect its operations and financial conditions.
- Risks Relating to the Business: The company operates in a competitive business environment. Competition from existing players and new entrants and consequent pricing pressures and its inability to compete effectively could have a material adverse effect on the company's operating margins, business growth and prospects, financial condition and results of operations and may lead to a lower market share.
- Risks Relating to the Business: Inability to effectively manage rapid growth and the associated operational and managerial challenges could adversely affect the company's business and results of operations.
- Risks Relating to the Business: The attrition rate of the company's employees for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 was 76.92%, 14.46% and 26.39%, respectively. High or increased attrition rate among its workforce could adversely affect the company's operational efficiency and business performance.
- Risks Relating to the Business: Any failures in the company's quality control processes may have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: In the past, Champalal Gopiram Agarwal, Satyabhama Champalal Agarwal, members of the company's Promoter Group and Sumit Champalal Agarwal, one of its Promoters, has been subject to regulatory actions initiated by the SEBI. Any future non-compliance with applicable securities laws, rules or regulations by the company's Promoters, Promoter Group members, Directors, or Key Managerial Personnel may expose its to regulatory actions, monetary penalties, restrictions or reputational risks, which could have an adverse effect on the Company's Business, financial condition and results of operations.
- Risks Relating to the Business: The Company's future funding requirements, in the form of further issue of capital or other securities and/or loans taken by its, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.
- Risks Relating to the Business: Adverse publicity regarding the company's products could negatively impact its.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: Failures to effectively manage labour or failures to ensure availability of sufficient labour could affect the business operations of the Company.
- Risks Relating to the Business: Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- Risks Relating to the Business: The Company has not paid dividends during the last three Fiscals and during the current Fiscal. There can be no assurance that the Company will be in a position to pay dividends in the future. Its ability to pay dividends in the future may be affected by any material adverse effect on the company's future earnings, financial condition or cash flows.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by CARE exclusively commissioned and paid for by the company for such purpose and reliance on such information for making an investment decision in the Issue is subject to certain inherent risks.
- Risks Relating to the Business: Certain Non-GAAP financial measures and certain other statistical information relating to the company's operations and financial performance like Gross Profit, Gross Profit Margin, EBITDA, EBITDA Margin, PAT Margin, Return on Equity, Return on Capital Employed and Debt to Equity ratio has been included in this Red Herring Prospectus. These Non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting Standards ("IFRS"), which may affect investor's assessment of the company's financial condition.
- Risks Relating to the Business: The company is heavily dependent on technology in carrying out its business activities and it forms an integral part of the company's business. If its faces failures of the company's technology systems, its may not be able to compete effectively which may result in lower revenue, higher costs and would adversely affect the company's business and results of operations.
- Risks Relating to the Business: The spinning and weaving industry in India faces several structural and operational challenges that may adversely affect the company's business operations, financial condition, and results of operations.
