Alpine Texworld Ltd IPO

Alpine Texworld Ltd IPO closed on 16 Jul 2026. Allotment 17 Jul 2026, listing 21 Jul 2026. Price band ₹100–₹105, lot 142 shares, GMP +₹0 (0%). Track allotment on Allotly.

About Alpine Texworld Ltd

Alpine Texworld Limited is a textile manufacturing company engaged in the manufacturing and trading of grey fabric and yarn. The company also provides yarn sizing services and operates as a vertically integrated manufacturer with capabilities across spinning and weaving. It manufactures yarn through open-end rotor spinning and uses the yarn to produce grey fabric, while also sourcing yarn from third-party suppliers to meet production requirements. Incorporated in 2016, the company operates two manufacturing units located at Paldi Kankaj, Ahmedabad, Gujarat. Manufacturing Unit 1 houses its weaving and yarn sizing operations, while Manufacturing Unit 2, commissioned in 2025, is dedicated to spinning. The company also operates rooftop and ground-mounted solar power facilities to support its manufacturing operations. In addition, Alpine Texworld has a subsidiary, Alpine Cottweave LLP, which…

Strengths

• The company claims to operate a vertically integrated textile manufacturing business. It has weaving, yarn sizing, and spinning capabilities under one group, with the spinning unit commissioned in 2025 to support in-house yarn production and reduce dependence on external suppliers.
• The company claims to have an automated manufacturing setup with machinery sourced from global manufacturers. Its facilities include 112 Toyota shuttleless air jet looms, Karl Mayer sizing machinery, Saurer rotor spinning machines, and its subsidiary operates 72 Picanol air jet looms, together providing substantial weaving and spinning capacity.
• The company has strategically expanded its manufacturing capacity through backward integration and acquisition. It acquired a 97% stake in Alpine Cottweave LLP, adding 96 lakh metres of annual weaving capacity, while its new spinning unit with a capacity of 6,000 metric tonnes per annum supports in-house yarn production.
• The company’s manufacturing units are located adjacent to each other in Ahmedabad, Gujarat. It claims this setup enables direct transfer of yarn from the spinning unit to the weaving unit, reducing transportation requirements and improving operational efficiency.
• The company has invested in captive solar power infrastructure to support its manufacturing operations. It operates rooftop solar plants with a combined capacity of 1.295 MW and ground-mounted solar plants with a total capacity of 9 MW, which are used to offset electricity consumption through the state power utility.
• The promoters have significant experience in the textile industry. According to the prospectus, two promoters have over 25 years of industry experience each, while another promoter has over 14 years of experience in textile manufacturing, business development, procurement, and operations.
• The company has reported consistent growth in its financial performance over the last three fiscal years. Revenue from operations increased from Rs 183.60 crore in FY24 to Rs 237.32 crore in FY25 and Rs 342.71 crore in FY26. Profit after tax also grew from Rs 4.88 crore in FY24 to Rs 8.63 crore in FY25 and Rs 21.72 crore in FY26.

Risks

• The company’s top 10 customers contributed Rs 241.02 crore (70.33%), Rs 166.58 crore (70.19%), and Rs 131.93 crore (71.86%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, secure repeat orders, or replace lost business could adversely affect the company’s revenue, cash flows, and financial performance. Additionally, the company does not have long-term agreements with these customers, making its business dependent on continuing customer relationships.
• The company’s long-term credit rating was downgraded by CRISIL from ‘CRISIL BBB-/Stable’ to ‘CRISIL BB/Stable’ and its short-term rating from ‘CRISIL A3’ to ‘CRISIL A4+’ with the remark “Issuer Not Cooperating” in June 2026. Although the company states that the downgrade followed a commercial dispute over surveillance fees and its request to withdraw CRISIL’s services, any adverse perception arising from this downgrade or any further rating downgrade could increase its borrowing costs, affect its ability to raise funds, and adversely impact its financial condition and operations.
• The company recorded negative cash flows from investing activities of Rs 32.37 crore, Rs 94.50 crore, and Rs 8.06 crore in FY26, FY25, and FY24, respectively. It also reported negative cash flows from financing activities of Rs 3.09 crore in FY26 and Rs 22.78 crore in FY24. These cash outflows were primarily due to capital expenditure on its spinning unit and solar power projects, along with loan repayments and interest payments. If the company continues to incur significant capital expenditure without generating sufficient cash flows, it may face liquidity constraints, which could adversely affect its business, financial condition, and future operations.
• The company’s top 10 suppliers accounted for purchases worth Rs 175.42 crore (64.26%), Rs 158.94 crore (82.76%), and Rs 117.82 crore (81.43%) in FY26, FY25, and FY24, respectively. Any disruption in the supply of cotton, yarn, or traded goods from these suppliers, or any sharp increase in raw material prices, could adversely affect the company’s production, profit margins, and financial performance. The company also does not have long-term supply agreements with its key suppliers, increasing its dependence on continuing supplier relationships.
• The company’s business is heavily dependent on the manufacturing of grey fabric, which contributed Rs 331.39 crore (96.69%), Rs 214.00 crore (90.17%), and Rs 172.86 crore (94.15%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any decline in demand for grey fabric, increase in competition, fluctuation in raw material prices, or change in industry regulations could adversely affect the company’s revenue, operations, and profitability.
• The company, its promoters, directors, and subsidiary are involved in certain outstanding legal proceedings. Any adverse outcome in these proceedings could hurt the company’s reputation, business operations, cash flows, financial condition, and results of operations.
• The company’s manufacturing facilities and sales are heavily concentrated in Gujarat, which contributed Rs 333.69 crore (97.37%), Rs 231.00 crore (97.34%), and Rs 179.14 crore (97.57%) to its revenue from operations in FY26, FY25, and FY24, respectively. This creates geographic concentration. Any adverse political, economic, social, environmental, or regulatory developments in Gujarat, or any disruption affecting the region, could significantly impact the company’s manufacturing operations, revenue, and financial performance.
• As of March 31, 2026, the company had total outstanding borrowings of Rs 183.39 crore, including fund-based borrowings of Rs 177.76 crore and non-fund-based borrowings of Rs 5.62 crore. Any failure to service or repay these borrowings, or any increase in financing costs, could adversely affect the company’s cash flows, financial condition, and ability to fund its future operations and expansion plans.

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