Incorporated in 2010, Rajnandini Fashion designs, manufactures, and sells women’s apparel across ethnic and casual wear categories through both online and offline channels.
Its ethnic wear range includes sarees, kurtis, kurta sets, and unstitched dress materials, while casual wear range covers tops, tunics, dresses, and maternity gowns made from fabrics such as cotton, rayon, silk, and poly-cotton.
We operate in two segments:
Its products are sold under four brands – Merira, Monira, Roly Poly, and Rajnandini, catering to different price segments. Product prices generally range between ₹250 and ₹2,000, depending on the category.
The company set up first manufacturing unit in Surat in 2023 and expanded to Jaipur in 2024. The Surat unit has 90 sewing machines, and the Jaipur unit has 50. As of April 30, 2026, the company had a total workforce of 146 permanent employees.
Competitive Strengths:
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 35.80 | 25.35 | 15.74 | 11.71 |
| Total Income | 31.22 | 31.27 | 23.60 | 28.02 |
| Profit After Tax | 5.14 | 5.06 | 2.29 | 0.37 |
| EBITDA | 7.11 | 7.48 | 3.79 | 1.03 |
| NET Worth | 14.42 | 9.31 | 4.24 | 1.95 |
| Reserves and Surplus | 6.94 | 9.09 | 4.02 | 1.73 |
| Total Borrowing | 13.96 | 8.84 | 7.01 | 6.19 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of capital expenditure for setting up a new manufacturing facility | 1.35 |
| 2 | Repayment of a portion of certain borrowings availed by Company | 5.50 |
| 3 | Utilization towards working capital requirements | 7.00 |
| 4 | General Corporate Purposes | |
| Total | 13.85 |
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 43.32% | 74.74% |
| ROCE | 24.39% | 40.00% |
| Debt/Equity | 0.97 | 0.95 |
| RoNW | 35.64% | 54.41% |
| PAT Margin | 16.99% | 16.50% |
| EBITDA Margin | 23.49% | 24.38% |
| Price to Book Value | 3.27 | 5.06 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.77 | 6.61 |
| P/E (x) | 9.31 | 9.53 |
| IPO Date | 26 May, 2026 |
| Listing Date | Wed, Jun 3, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹59 to ₹63 |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 28,90,000 shares (agg. up to ₹18 Cr) |
| Reserved for Market Maker | 1,46,000 shares (agg. up to ₹0.9198 Cr) |
| Fresh Issue (Ex Market Maker) | 27,44,000 shares (agg. up to ₹17 Cr) |
| Net Offered to Public | 27,44,000 shares (agg. up to ₹17 Cr) |
| Share Holding Pre Issue | 74,80,000 shares |
| Share Holding Post Issue | 1,03,70,000 shares |
Vikesh Sushil Lunawat, Sushil Kumar Lunawat and Priyanka Chopra.
| Share Holding Pre Issue | 97.19% |
| Share Holding Post Issue |
As per our analysis and Based on the information we have, this is the output.
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