| Price | 29 |
|---|---|
| GMP Rumors | ₹0 |
| Lot size | 4000 |
| Issue size | ₹10.54 Cr |
| Allotment | 30-09-2026 |
| Refund | 01-10-2026 |
| Listing | 05-10-2026 |
| Stars |
★☆☆☆☆ |
| ISIN | INE1DLN01012 |
| Allotment Status | Maashitla |
| Video |  |
BSE List Price : ₹25.00
| Category | Times |
|---|---|
| QIBs | 0.00x |
| HNIs | 0.63x |
| Retail | 2.31x |
| Total : 1.47x | |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 8,000 | ₹232,000 |
| Retail Maximum | 2 | 8,000 | ₹232,000 |
| S - HNI Minimum | 3 | 12,000 | ₹348,000 |
Dudani Retail Limited, incorporated in 2015 and based in Jaipur, Rajasthan, is an apparel and lifestyle company engaged in designing, manufacturing, sourcing and supplying fashion products.
The company operates through a combination of own-brand operations, licensed manufacturing for Fashion & Lifestyle marketplaces, and supply arrangements with a Quick-Commerce platform.
Its own-brand women’s wear business operates under “Divena”, offering ethnic and fusion apparel. The company also trades men’s wear under “Millennial Men” and selectively trades personal care and lifestyle products under “Cosse”.
Dudani Retail also undertakes licensed manufacturing for marketplace labels, producing apparel according to specified designs, brand requirements and quality standards.
The company’s Jaipur facility handles key activities such as cutting, stitching, finishing, quality checks and dispatch, while processes such as dyeing, printing and embroidery are outsourced to third-party processors.
Divena – Women’s Wear: Ethnic and fusion wear including suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees and bottom wear.
Millennial Men: Men’s apparel operated through an asset-light trading model, with finished products sourced from external suppliers.
Cosse: Selective trading of personal care and lifestyle products based on sourcing opportunities and market demand.
Licensed Manufacturing: Manufacturing for labels including Kalini, Corsica, Roadster, Anouk Rustic, All about you, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu and Here & Now.
Quick-Commerce Supply: Supply of products to a Quick-Commerce platform under a sell-or-return arrangement, where payment is linked to actual end-customer sales.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹24.18 | ₹23.32 | ₹0.64 | ₹11.96 |
| 2024 | ₹25.13 | ₹23.77 | ₹0.99 | ₹10.59 |
| 2025 | ₹25.29 | ₹22.82 | ₹1.78 | ₹14.28 |
| Sep 2025 | ₹13.90 | ₹12.49 | ₹1.05 | ₹16.21 |
Mr. Akshay Dudani
Mrs. Charu Dudani
Diversified Business Model: Operates through own brands, licensed manufacturing, e-commerce and quick-commerce channels.
In-house Manufacturing: Key apparel manufacturing activities such as cutting, stitching, finishing and quality control are carried out at its Jaipur facility.
Established Marketplace Relationships: The company has manufacturing relationships with Fashion & Lifestyle marketplaces for licensed-label production.
Multi-Channel Distribution: Products are sold through major online platforms including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq and Snapdeal, along with own-brand websites.
Asset-Light Trading Model: Men’s wear and selected lifestyle categories are operated largely through sourcing and trading rather than extensive manufacturing infrastructure.
Experienced Promoters: The business is promoted by Akshay Dudani and Charu Dudani, who are also involved in its management.
High Customer Concentration: The top customer contributed 35.74% of domestic sales revenue in the six months ended September 30, 2025, while the top 10 customers contributed 76.13%. For FY25, the corresponding figures were 47.49% and 74.44%.
High Supplier Concentration: The top supplier accounted for 43.88% of purchases in the six months ended September 30, 2025, while the top five suppliers accounted for 79.54%. The company also does not have long-term supply agreements.
E-Commerce Dependence: The company relies significantly on digital platforms and does not operate a conventional physical retail-store network. Changes in platform policies or consumer behaviour could affect sales.
Quick-Commerce Model Risk: Supplies to the Quick-Commerce platform are under a sell-or-return arrangement, making sales dependent on actual consumer demand and platform operations.
Fashion & Inventory Risk: Changing fashion preferences can result in inventory becoming outdated or requiring discounts, which may affect margins and profitability.
Rented Premises: The registered office and manufacturing facility operate from rented premises in Jaipur, creating risks related to lease renewal, rent changes or relocation.
Geographical Concentration: A significant portion of operations is concentrated in Rajasthan, exposing the company to regional operational and infrastructure risks.
Promoter Dependence: The company is significantly dependent on promoters Akshay Dudani and Charu Dudani for management, strategic decisions and business operations.
Negative Cash Flow History: The company has experienced negative cash flows in the past and may continue to face cash-flow requirements, which could affect operations and expansion plans
Capital Expenditure – 0.79 crore: Purchase of machinery for expansion and upgradation of the existing manufacturing facility.
Repayment / Pre-payment of Borrowings – 3.00 crore: Repayment or pre-payment, fully or partly, of certain outstanding borrowings of the company.
Working Capital – 3.97 crore: To meet the company’s working capital requirements.
Dudani Retail Ltd.
F-93, 3rd Floor,
Kartarpura Industrial Area,
22 Godamjaipur, Station Road,
Jaipur, Rajasthan, 302006
Phone: +91 8690532399
Email: cs@dudaniretail.com
Website: https://divenaworld.com/
Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96
Email: investor.ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues