Dudani Retail Limited

Incorporated in December 2015, Dudani Retail Limited (formerly known as Dudani Retail Private Limited) is a Jaipur-based apparel design, manufacturing, sourcing, and retail enterprise. The company operates a multi-vertical business model that encompasses own-brand women’s and men’s apparel operations, licensed manufacturing arrangements with major fashion and lifestyle e-commerce marketplaces, quick-commerce supply arrangements, and B2B grey fabric trading. Its primary value proposition centers on delivering high-quality, contemporary ethnic and fusion wear by combining in-house garment construction with specialized outsourced value-addition processes.

The company's product portfolio is structured across distinct brand segments:

Divena: Its core in-house women's wear brand launched in 2015, offering suit sets, kurtas, ethnic dresses, tops, tunics, kaftans, co-ord sets, sarees, and bottom wear.

Millennial Men: A men's apparel brand operating on a pure trading basis, procuring finished goods from external suppliers for online distribution.

Cosse: Selective lifestyle and personal care trading (with cosmetic trading discontinued from FY24 onwards).

Licensed Manufacturing: Contractual manufacturing arrangements with e-commerce entities to produce apparel under managed labels such as Kalini, Corsica, Navyaazari, Chandbali, Baesd, Taavi, and Here & Now strictly on a just-in-time order basis.

Dudani Retail caters to a geographically diverse, fashion-conscious consumer base across domestic and export markets. Own-brand products are distributed across major online marketplaces—including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq, and Snapdeal—as well as proprietary brand websites. In FY26, e-commerce platforms generated 70.40% of total operational turnover (₹17.31 Cr), offline channels contributed 20.85% (₹5.13 Cr), and proprietary websites contributed 8.85% (₹2.18 Cr). Geographically, top domestic sales originate from Maharashtra, Rajasthan, Delhi, Karnataka, and Uttar Pradesh, alongside growing export demand from the Middle East. Customer concentration reflects a reliance on key marketplace buyers, with the top single customer contributing 37.37% and the top 5 customers accounting for 63.56% of FY26 revenue.

The company carries out core manufacturing operations—including pattern making, fabric cutting, stitching, finishing, quality inspection, and dispatch—from a rented processing facility situated in Kartarpura Industrial Area, Bais Godam, Jaipur, Rajasthan (spanning a total leased area of 18,714.92 sq. ft.). Installed infrastructure comprises 47 sewing machines, 6 overlock machines, and 5 cloth-cutting machines. Installed capacity and capacity utilization cannot be meaningfully quantified in conventional measurable units due to significant variations in garment designs, fabric specifications, product mix, the level of detailing, and a reliance on third-party job workers for value-added processes like dyeing, printing, and embroidery.

In-house operational capabilities are anchored by a dedicated product design and sampling team led by co-promoter Mrs. Charu Dudani, which oversees trend research, pattern engineering, and sample reviews prior to commercial production. Quality control protocols are enforced across raw fabric procurement, inline stitching, and final pre-dispatch inspections. As of August 31, 2026, the company employed a permanent workforce of 33 employees across management, design, cutting, stitching, finance, and order processing departments, supported by an external network of job workers.

Based on its historical financial data, Dudani Retail Limited posted total income and net profits of ₹25.10 Cr / ₹0.99 Cr in FY24, ₹25.28 Cr / ₹1.78 Cr in FY25, and ₹24.59 Cr / ₹1.90 Cr in FY26. The company experienced a slight top-line contraction of 2.77% in FY26 alongside net profit expansion at a 38.31% CAGR, driven by cost rationalization and EBITDA margin expansion from 7.20% to 12.07%. Total borrowings increased from ₹3.53 Cr in FY24 to ₹4.82 Cr in FY26 to fund working capital requirements. It boasts an average EPS of ₹2.53 and an average RoNW of 18.80% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.90 against a NAV of ₹15.26 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.44. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 30.31x (FY24), 16.93x (FY25), and 15.84x (FY26). According to the RHP, peer companies like Nandani Creation Limited and Purple United Sales Limited trade at P/E multiples of 26.20x and 29.80x respectively, making Dudani Retail Limited's post-issue P/E of 15.84x on FY26 earnings reasonably priced relative to profit-making industry peers while delivering superior return metrics including a 25.88% ROCE.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Finshore Management Services Limited, which has handled 24 public issues to date. Out of its last 10 managed IPOs, six listed below the issue price, while the remaining four listed at or above it. As of September 23, 2026, seven of these recent issues are currently trading below their issue price, while the remaining three are trading at or above it.

• 1 Mr. Akshay Dudani
• 2 Mrs. Charu Dudani