A Jaipur-based women’s apparel company plans to raise Rs 17.29 crore via the BSE SME platform
Rajnandini Fashion India Ltd., a designer and manufacturer of women’s ethnic and casual wear, opens for subscription on May 26 with the issue closing on May 29. The company is listing on the BSE SME platform.
What the Company Does
Incorporated in 2010 and headquartered in Jaipur, Rajnandini Fashion designs, manufactures, and sells women’s apparel across ethnic and casual wear categories. Its ethnic wear portfolio includes sarees, kurtis, kurta sets, and unstitched dress materials, while its casual wear range covers tops, tunics, dresses, and maternity gowns, all manufactured from fabrics including cotton, rayon, silk, and poly-cotton.
The company operates through two manufacturing facilities — one in Surat (90 sewing machines, established 2023) and one in Jaipur (50 sewing machines, established 2024) — and employs 146 permanent staff as of April 30, 2026. It sells through both B2C channels (Amazon, Flipkart, Myntra, Ajio, Nykaa, and its own website, processing 22.91 lakh orders as of December 2025) and B2B channels (wholesalers and retailers). The B2B contribution has risen from around 4% of revenue in FY23 to over 50% in 9M FY26 — a meaningful structural shift.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | May 26, 2026 |
| Issue Closes | May 29, 2026 |
| Listing | BSE SME (June 3, 2026) |
| Price Band | Rs 59 – Rs 63 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 17.29 crore (100% Fresh Issue) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,52,000 |
| BRLM | Seren Capital Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
From fresh proceeds: Rs 7 crore for working capital, Rs 5.50 crore for debt repayment, Rs 1.35 crore for new manufacturing capex, balance for general corporate purposes.
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | 28.02 | 23.60 | 31.27 | 31.22 |
| EBITDA | 1.03 | 3.79 | 7.48 | — |
| EBITDA Margin | 3.67% | 16.07% | 23.92% | 23.49% |
| PAT | 0.37 | 2.29 | 5.05 | 5.14 |
| PAT Margin | 1.32% | 9.71% | 16.14% | 16.46% |
Revenue shows inconsistency — it declined from Rs 28.02 crore in FY23 to Rs 23.60 crore in FY24, then recovered to Rs 31.27 crore in FY25. The 9M FY26 figure of Rs 31.22 crore is already nearly equal to the full FY25 number. More striking is the profit story: PAT grew from Rs 0.37 crore in FY23 to Rs 5.05 crore in FY25 on roughly similar revenue — a reflection of the shift to integrated manufacturing from a trading-heavy model, which dramatically reduced sourcing costs and expanded margins. EBITDA margins went from 3.67% in FY23 to nearly 24% in FY25, which is exceptional for apparel.
Risks to Consider
The revenue inconsistency between FY23 and FY24, and the dramatic margin improvement that coincided with setting up own manufacturing, are both worth monitoring carefully — the sustainability of these margins in subsequent years is the key question. The women’s apparel segment is highly competitive and fashion-sensitive, requiring constant design investment and inventory management. The company’s heavy reliance on third-party online marketplaces means commission changes or algorithmic shifts by Zomato or Swiggy— wait, this is apparel not food — platform changes on Amazon, Flipkart, or Myntra could impact revenue visibility. Working capital intensity is high given inventory-heavy apparel operations.
Analyst View
Analysts note that while the company has posted growth in its top and bottom lines, the sudden profit spurt from FY23 onwards raises questions about sustainability in a highly competitive women’s apparel segment. The small post-IPO equity base indicates a longer gestation period before the company would qualify for mainboard migration. The issue appears fully priced based on recent financial data, note analysts.