Alpine Texworld Limited
RHP · filed 09 Jul 2026
Alpine Texworld Limited is a textile manufacturer with a revenue of Rs 342.71 crore and a profit after tax of Rs 21.72 crore, having grown its revenue at a CAGR of 36.62% over the past three years. The company has a high debt-to-equity ratio of 2.35 and a return on equity of 28.8%. The draft prospectus highlights significant risks, including high customer concentration where the top 10 customers account for over 70% of revenue without firm commitments, and regulatory compliance issues regarding environmental clearances for its manufacturing units.
What stands out
Risk factor. The substantial portion of our revenues has been dependent upon our top 10 customers, which accounted for 70.33%, 70.19% and 71.86% of our revenue from operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, with whom we do not have any firm commitments.
Risk factor. The loss of any one or more of our top 10 customers would have a material adverse effect on our business, cash flows, results of operations and financial condition.
Strong revenue growth. Restated revenue CAGR of 36.6%.
Healthy return on equity. ROE of 28.8%.
How the offer is structured
- Proposing to finance the cost of setting up a new weaving unit at Proposed Manufacturing Unit 3 to expand its production capabilities to produce Grey Fabric at Ahmedabad, Gujarat, India₹307 Cr
- Prepayment or repayment, in part or full, of certain outstanding borrowings₹522 Cr
- General corporate purposes
Restated financials
Revenue
₹343 Cr
Latest fiscal year
Profit after tax
₹21.7 Cr
Revenue CAGR
36.6%
Return on equity
28.8%
Debt / equity
2.35
PAT CAGR
110.9%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹184 Cr | ₹4.9 Cr | ₹42.6 Cr | |
| 2025 | ₹237 Cr | ₹8.6 Cr | ₹52.9 Cr | |
| 2026 | ₹343 Cr | ₹21.7 Cr | ₹75.4 Cr |
Promoters, litigation & related parties
Promoter (pre)
90.4%
Related-party
2.6%
Share of revenue
Proceedings
397
397 Material civil proceedings filed against the Company. No criminal proceedings or outstanding actions by regulatory and statutory authorities.
Risks the company discloses
The substantial portion of our revenues has been dependent upon our top 10 customers, which accounted for 70.33%, 70.19% and 71.86% of our revenue from operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, with whom we do not have any firm commitments.(Customer Concentration)
The loss of any one or more of our top 10 customers would have a material adverse effect on our business, cash flows, results of operations and financial condition.(Customer Concentration)
A significant portion of our top customers operate within the same textile hub and end-market, exposing us to correlated credit risk.(Customer Concentration)
Adverse developments in the cluster such as demand slowdown, regulatory changes, or liquidity stress could lead to simultaneous delays or defaults across multiple customers, increasing receivable days and working capital pressures.(Customer Concentration)
Our Company commenced operations at Manufacturing Unit 2 without obtaining Consolidated Consent and Authorization (CCA) from Gujarat Pollution Control Board (GPCB) and there is no assurance that similar non-compliances will not occur for our Proposed Manufacturing Unit 3.(Regulatory Compliance)
The Company was subject to regulatory scrutiny for delays in obtaining CCA for Manufacturing Unit 2 and any future lapses, whether due to operational, administrative, or technical reasons, could have a material adverse effect on the Company’s business, results of operations, and financial condition.(Regulatory Compliance)
Any failure to obtain, renew or comply with such approvals, or any delay therein, may result in regulatory actions, including penalties, suspension or closure of operations, delays in commissioning of Proposed Manufacturing Unit 3, financial liabilities or reputational harm.(Regulatory Compliance)
We are exposed to payment delays and/or defaults by our major customers and our financial position and financial performance are dependent on the creditworthiness of our customers.(Credit Risk)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.