Fractal Industries IPO is a BSE SME issue of ₹49 Cr (fresh issue only), opening February 16–18, 2026, for a garment manufacturing and e-commerce supply chain company serving Myntra, Ajio, and Flipkart.

Fractal Industries IPO – Key Details

Parameter	Details
Issue Size	₹49 Cr (22,68,600 shares @ ₹205–₹216)
Type	100% fresh issue
Open/Close	16–18 Feb 2026
Allotment	19 Feb 2026
Listing	23 Feb 2026 (BSE SME)
Price Band	₹205–₹216 (FV ₹10)
Lot Size	600 shares (₹1,29,600–₹1,29,600 upper)
Retail Min	1,200 shares (₹2,59,200 upper)
Market Cap	₹169.54 Cr (pre-IPO)
Lead Manager	Finaax Capital Advisors
Registrar	Kfin Technologies
Face Value	₹10 per share
Market Cap (Pre-IPO)	₹169.54 Cr
Sale Type	Fresh Capital
Total Issue Size	₹49 Cr

IPO Reservation :-

QIB 47.42% (incl. 28.43% anchor), NII 14.28%, Retail 33.27%, MM 5.03%.

Business & Financials

Fractal Industries Ltd – Full-stack garment maker and supply chain partner for e-commerce platforms (Myntra, Ajio, Flipkart). Designs, manufactures, warehouses, and logistics for fast-fashion apparel.

• Operations: Mumbai facility (3 lakh garments/month); warehouses in Gujarat, MH, Haryana, WB, Karnataka.
• Services: Product/order management, inventory/returns, logistics, data analytics, multi-channel sales, anomaly detection.
• Financials (₹ Cr):

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	62.03	51.42	42.27	41.21
Total Income	47.33	85.51	50.01	88.91
Profit After Tax	6.78	7.54	2.27	2.66
EBITDA	9.29	11.15	4.05	4.13
NET Worth	23.59	15.70	8.16	5.89
Reserves and Surplus	18.01	15.20	7.66	5.39
Total Borrowing	24.63	27.61	21.88	14.05
Amount in ₹ Crore

Objective of the IPO :

• Working capital
• Balance general corporate.

Strengths

• End-to-end e-commerce partner: Integrated manufacturing + supply chain for fast-fashion platforms like Myntra/Ajio.
• Strong profitability metrics: ROE 63.2% (FY25), PAT margin 8.82–14.34%, improving debt/equity (1.76→1.04).
• Revenue rebound: FY25 revenue ₹85.51 Cr (+71% YoY from FY24), H1 FY26 ₹47.33 Cr shows momentum.
• Scalable capacity: 3 lakh garments/month Mumbai plant + multi-state warehousing supports growth.
• Attractive valuation: P/E ~12.5–16x, P/B 7.57x; SME listing potential for liquidity.

Risks

• Revenue volatility: FY24 dip to ₹50 Cr from FY23 ₹89 Cr signals client/order concentration risk.
• Debt dependence: Debt/equity 1.04–1.76x; working capital funding needs post-IPO.
• Client concentration: Heavy reliance on few e-commerce platforms (Myntra, Ajio, Flipkart).
• SME liquidity risk: Thin trading volumes post-listing; GMP/valuation swings common.
• Fashion/apparel cycles: Fast-fashion sensitive to trends, inventory, competition from China imports.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

1. When does Fractal Industries IPO open?
16 Feb 2026 (Mon) to 18 Feb 2026 (Wed).

2. What is the price band and lot size?
₹205–₹216/share; lot 600 shares; retail minimum 1,200 shares (~₹2.59 lakh upper band).

3. Listing details?
BSE SME on 23 Feb 2026 (tentative).

4. How to apply?
Via ASBA/UPI through brokers (Zerodha, Upstox etc.); Kfin registrar for allotment status.

5. Issue proceeds usage?
Primarily ₹36.5 Cr for working capital; balance general corporate purposes.

6. FY25 financial highlights?
Revenue ₹85.51 Cr, PAT ₹7.54 Cr, EBITDA ₹11.15 Cr (ROE 63.2%).

7. Suitable investors?
Risk-tolerant investors eyeing e-commerce supply chain growth; SME high-beta play.