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1. At a Glance
Quarterly sales of ₹242 crore against ₹125 crore a year earlier — a 93.6% jump. Net profit of ₹41.86 crore against ₹4.26 crore, which Screener records as an 883% variation and which is the kind of number that makes a percentage sign look overworked.
Operating profit came in at ₹73.61 crore on a 30% operating margin, against 15% in the June 2025 quarter. Sequentially, sales moved from ₹307.44 crore in March 2026 to ₹241.91 crore. Other Income was ₹1.67 crore for the quarter, having been ₹13.26 crore in the March quarter — the line item took the quarter off.
The company listed on BSE and NSE on 15 July 2026, in an offer for sale of 1,55,21,350 equity shares at ₹419 (₹380 for employees), from which the company itself received nothing, this being the nature of an OFS. Screener puts the market capitalisation at ₹6,016 crore.
Since then the calendar has been busy in the way only a newly listed company’s calendar can be: a CFO resignation and a CFO appointment on consecutive days, an earnings presentation, a concall, a postal ballot notice and a newspaper publication, all inside three weeks of August. For a company whose products take, by management’s own account, over a decade to materialise, the corporate secretarial function is operating on a rather different clock.
Full-year FY26 sales were ₹675.71 crore, against ₹805.73 crore in FY25.
2. Introduction
Kusumgar Ltd was incorporated in 1990 by Yogesh Kusumgar, who per CARE’s April 2026 report has over four decades of experience in technical textiles, and the company is currently managed by his son Siddharth Kusumgar as Managing Director. CARE notes the promoters are supported by professional management for daily operations, which is the credit-rating way of saying the founder no longer personally checks the looms.
The company was previously Kusumgar Corporates Private Limited, and per CARE changed its name to the present one in January 2025. Management told the August 2026 earnings call that the decisive pivot from trading into manufacturing began around 2009–10, with materially faster growth after FY20 — a company that spent nineteen years deciding it would rather make the thing than move it.
Management framed the listed entity on that call as having evolved from a fabric supplier into “a specialized engineering fabrics and aerospace and defense solutions company.” That is a considerable distance to travel for an outfit whose founding document says “synthetic fabrics.”
The listing came on 15 July 2026 through an entirely secondary offer. Screener records that ₹650 crore was raised through the IPO. Before that, per the filing, 35,01,372 compulsorily convertible preference shares allotted in September 2025 were converted into an equal number of equity shares in June 2026, and CARE records a fresh equity raise of ₹127 crore in 9MFY26 through those CCPS to private equity investors.
Annual sales moved from ₹192.48 crore in FY21 to ₹805.73 crore in FY25, then to ₹675.71 crore in FY26. Screener records a five-year compounded sales growth of 29% and a five-year profit growth of 37%, alongside a TTM sales change of -16% — a growth chart with one distinctly editorial year in it.
CARE reaffirmed CARE A; Stable and CARE A1 in April 2026 on ₹18.05 crore and ₹23.50 crore of facilities respectively, having upgraded from CARE A- in March 2025. In January 2026, CRISIL placed the company’s ratings under its non-cooperation category, citing non-availability of information.
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3. Business Model: WTF Do They Even Do?
They weave, dye, coat and laminate synthetic fabric, and then — increasingly — they sew that fabric into things that fall out of aircraft on purpose.
The technical version: high-performance fabrics built on polyamide (Nylon 6 and 66), polyester filaments and polyurethane chemistry, engineered for tensile strength, tear strength, abrasion resistance, air permeability, waterproofing and flame resistance. The portfolio runs to 1,000-plus unique SKUs. One thousand fabrics. Somewhere there is a person whose job is naming them, and that person has run out of adjectives.
Four segments, per the FY26 revenue split: Aerospace & Defence Fabrics 32%, Industrial & Automotive Fabrics 24%, Aerospace & Defence Solutions 23%, Outdoor & Lifestyle Fabrics 19%, Other Sales 2%.
The Solutions segment is the forward integration — complete parachute systems, 2D and 3D multispectral camouflage nets, ghillie suits, decoys, inflatable shelters, and a product the presentation lists, entirely straight-faced, as “Invisibility Cloaks.” The same catalogue also offers “Regular Inspection and Testing,” which is reassuring when the product is a parachute and considerably funnier when it is a decoy.
Meanwhile, Outdoor & Lifestyle makes fabric for athleisure, rainwear, backpacks, tents and sleeping bags. The same coating lines that keep a paratrooper dry also keep a Decathlon customer dry, and only one of them will complain on the internet about it.
Manufacturing is vertically integrated across preparatory and weaving, processing, coating and lamination, and fabrication: six facilities in Gujarat plus one fabrication unit in Uttar Pradesh, per Screener’s key points, with the presentation naming Kosamba and Kothwa for weaving, Karanj and Valsad for coating, and Vapi for processing and coating. Total workforce, 2,077.
FY26 installed capacity: processing at 127.80 million metres running at 49.5% utilisation, weaving at 34.17 million metres at 62.5%. Management told the call that utilisation is roughly 55–60% and declined to give
