Dudani Retail Ltd IPO

Dudani Retail Ltd IPO closed on 29 Sept 2026. Allotment 30 Sept 2026, listing 5 Oct 2026. Price band ₹29–₹29, lot 4000 shares, GMP +₹0.5 (1.72%). Track allotment on Allotly.

About Dudani Retail Ltd

Dudani Retail is engaged in designing, manufacturing, sourcing and supplying apparel and related products through its own-brand operations, licensed manufacturing arrangements, and supply arrangements with a quick commerce platform. Its own-brand portfolio includes women’s ethnic and fusion wear sold under “Divena,” covering suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees and bottom wear. The company also trades men’s wear under “Millennial Men” and selectively trades personal care and lifestyle products under "Cosse." It manufactures products under licensed arrangements for labels including Kalini, Corsica, Roadster, Anouk Rustic, All About You, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu and Here & Now. The company operates from rented premises in Kartarpura Industrial Area, Jaipur, Rajasthan, where cutting, stitching, finishing, quality checks, and…

Strengths

• The company operates across multiple business verticals, including women’s wear manufacturing under its own brand, men’s wear trading, licensed manufacturing for Fashion & Lifestyle Marketplace companies, and supply arrangements with a quick commerce company. This provides the company with different operating and revenue channels.
• The company has entered into multiple licensed manufacturing and supply arrangements with Fashion & Lifestyle Marketplace companies. These agreements cover manufacturing and supply under specified managed labels, including requirements related to brand specifications, quality standards, sampling, and operational processes.
• The company has in-house manufacturing capabilities for women’s apparel at its Jaipur facility. Its operations include cutting, stitching, finishing, and quality checks, while dyeing, printing, embroidery, and other value-added processes are handled through third-party processors.
• The company follows an asset-light model for its menswear business and selected trading categories. Menswear is sourced as finished goods from external suppliers, allowing the company to operate this category without maintaining manufacturing infrastructure for these products.
• The company has a multi-channel distribution network for its own-brand products. Its products are sold through marketplaces including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq, and Snapdeal, as well as through its own websites.
• The company has an integrated workflow covering design development, fabric sourcing, sampling, manufacturing, finishing, quality checks, and dispatch. It also has in-house teams handling functions such as design, stitching, quality checks, and e-commerce operations.
• The company has a supplier network across Jaipur and other textile hubs for fabrics, trims, materials and finished goods. These suppliers support procurement requirements across its own-brand manufacturing, licensed manufacturing, and trading activities.
• The company has witnessed a consistent increase in its profit after tax (PAT). PAT increased from Rs 0.99 crore in FY24 to Rs 1.78 crore in FY25 and Rs 1.90 crore in FY26.

Risks

• The company, its promoters and directors are involved in certain ongoing legal proceedings before various courts and forums. Any adverse decisions in these proceedings could have a material adverse effect on the company’s business, results of operations and financial condition.
• The company is dependent on a limited number of suppliers for raw materials, particularly fabric used in manufacturing. Its top 10 suppliers accounted for Rs 7.30 crore (87.25%), Rs 8.51 crore (90.87%), and Rs 6.33 crore (90.36%) of total purchases in FY26, FY25, and FY24, respectively. Any disruption in supplies from these suppliers, or inability to replace them on commercially acceptable terms, could affect the company’s sales volumes, profit margins, and results of operations.
• The company is dependent on a limited number of customers for a substantial portion of its revenue. Its top 10 customers contributed Rs 18.48 crore (75.17%), Rs 18.81 crore (74.44%), and Rs 20.80 crore (82.82%) of revenue in FY26, FY25, and FY24, respectively. Loss of any significant customer, reduction in purchase volumes, or inability to secure new orders could adversely affect the company’s revenues, cash flows, and results of operations.
• The company’s sales are subject to seasonal fluctuations, with business typically increasing before festive seasons and during end-of-season sales. Any decline in sales during these periods could cause fluctuations in revenue, profits, and cash flows and adversely affect the company’s business and financial condition.
• The company does not operate any physical retail stores and is primarily dependent on online channels for customer acquisition and sales of its own-brand products. So, a decline in online demand, changes in platform visibility or increased competition, along with limited access to customers who prefer physical stores, could adversely affect its sales and business operations.
• The company has reported negative cash flows from operating activities of Rs 0.46 crore and Rs 0.16 crore in FY26 and FY25, respectively, and negative cash flows from investing activities of Rs 0.03 crore, Rs 0.07 crore, and Rs 0.04 crore in FY26, FY25, and FY24, respectively. The negative operating cash flows were mainly due to changes in working capital, including increases in trade receivables and inventories. Continued negative cash flows could affect the company’s ability to meet its cash requirements, operate its business and implement its growth plans.
• The company had outstanding financial indebtedness of Rs 4.82 crore as of March 31, 2026. Any failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
• The company had trade receivables of Rs 3.74 crore as of March 31, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.

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