Kusumgar Limited IPO: The defence fabric maker with a complicated year
Kusumgar Limited has spent over five decades making parachute canopies, camouflage nets, and engineered fabrics for the Indian Army. It has pricing power, genuine entry barriers, and a 27% EBITDA margin. It is also going public in a year when revenue fell 10%, profit dropped 12%, and return ratios hit a three-year low. Every rupee of the 650 crore IPO is an offer for sale, meaning the company gets nothing and the promoters get everything. In this episode of Before You Bid, we go into the prospectus on Kusumgar, what the business actually does, what the numbers are saying, and the one central…
The skinny
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