Kian-M Export Limited
DRHP · filed 01 Oct 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Kian-M Export Limited is a textile manufacturer that reported revenue of Rs 35.42 crore in Fiscal 2026, which represents a decline of 7.64% from the previous year. The company's operations are highly sensitive to fluctuations in raw material costs, which accounted for 68.66% of revenue, and it relies on a limited number of suppliers for materials. The business faces significant risks related to supply chain disruptions, intense competition from international players, and the dependency on two manufacturing facilities in Rajkot.
What stands out
Shrinking revenue. Restated revenue CAGR of -7.6%.
Risk factor. Reliance on a limited number of suppliers for raw materials, including Sandhya Fabrics, Shah Trading Co., and Shivam Black Rock, poses a risk of supply disruption if these suppliers cease selling or if alternative suppliers cannot provide materials at similar prices, quality, or timelines.
Risk factor. The cost of materials consumed and changes in inventories of finished goods and semi-finished goods represented 68.66% of revenue from contracts with customers in Fiscal 2026, making the business highly sensitive to fluctuations in material prices.
How the offer is structured
- Purchase of machinery and equipment₹70.8 Cr
- Investment in our Material Subsidiary, UCL, for capital expenditure for purchase of machinery and equipment₹36.8 Cr
Restated financials
Revenue
₹35.4 Cr
Latest fiscal year
Revenue CAGR
-7.6%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹41.5 Cr | |||
| 2025 | ₹34.2 Cr | |||
| 2026 | ₹35.4 Cr |
Risks the company discloses
Reliance on a limited number of suppliers for raw materials, including Sandhya Fabrics, Shah Trading Co., and Shivam Black Rock, poses a risk of supply disruption if these suppliers cease selling or if alternative suppliers cannot provide materials at similar prices, quality, or timelines.(Supply Chain)
The cost of materials consumed and changes in inventories of finished goods and semi-finished goods represented 68.66% of revenue from contracts with customers in Fiscal 2026, making the business highly sensitive to fluctuations in material prices.(Cost of Materials)
The business is structurally fragmented and faces intense competition from domestic small and medium-sized units as well as international players like China, Bangladesh, and Vietnam, which may have greater financial and marketing resources.(Competition)
A majority of statutory and regulatory approvals, including factory licenses, are granted for limited durations and require renewal; failure to renew these approvals on time or at all could lead to penalties or suspension of operations.(Regulatory)
Operations are significantly dependent on two manufacturing facilities in Rajkot, Gujarat, which are subject to risks such as equipment breakdown, shortage of electricity or water, industrial accidents, and labour disputes.(Manufacturing)
The business is working capital intensive, requiring significant capital to maintain stock of materials and cover the time lag between purchasing materials and receiving payment from customers.(Working Capital)
The supply and quality of primary raw materials, such as cotton greige fabric, are subject to weather conditions like adequate rainfall, and global and domestic supply-demand dynamics.(Supply Chain)
The ability to transfer increases in material costs to customers is dependent on market conditions and competitor pricing, and there may be a significant lag in doing so, which could adversely affect margins.(Cost of Materials)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.