Fascinate Textiles

Founded in 2017, Fascinate Textiles has rapidly evolved into a prominent player in the Indian apparel manufacturing landscape. The company leverages over 30 years of collective craftsmanship and operational excellence to deliver garments that meet stringent global standards, positioning itself as a reliable partner for various fashion brands.

The company's business model is centered on an end-to-end manufacturing solution. Their facility integrates all critical stages of production, including stitching, finishing, printing, and packing under one roof, which ensures tighter quality control and operational efficiency.

Fascinate Textiles maintains a comprehensive product portfolio that caters to all age groups. This includes a wide variety of t-shirts, joggers, vests, leggings, shorts, and specialized infant wear, allowing the company to diversify its revenue streams across different consumer segments.

The company operates with a focus on precision and high-quality design, ensuring its products are competitive in the fashion market. Its operational scale has expanded significantly, as evidenced by the rapid growth in its asset base and revenue over the last three fiscal years.

The promoter group consists of Chirag Ahuja, Narinder Kumar Ahuja, Rishabh Nahar, Vishal Nahar, and Vishal Nahar (HUF), who provide the strategic leadership and industry experience necessary to navigate the competitive apparel manufacturing sector.

The Fascinate Textiles IPO is a book-built issue aimed at raising approximately ₹67 Crore. The issue structure is predominantly composed of a fresh issue of ₹53.94 Crore, with a smaller offer for sale (OFS) of approximately 8.36 lakh equity shares. The price band is set between ₹148 and ₹156 per share, with a minimum retail lot size of 1,600 shares requiring an investment of ₹2,49,600. The IPO was open from August 11 to August 19, 2026, with listing scheduled for August 24, 2026, on the NSE SME platform.

Proceeds from the fresh issue are earmarked for strategic growth and financial health. Specifically, ₹12.40 Crore is allocated for capital expenditure to set up an additional manufacturing facility, ₹19.03 Crore for working capital requirements, and ₹2.68 Crore for the prepayment and repayment of secured and unsecured loans.

Financial performance has shown an aggressive upward trajectory. Revenue grew from ₹28.90 Crore in FY24 to ₹60.28 Crore in FY25, and further surged to ₹117.23 Crore in FY26. Net Profit (PAT) followed a similar growth pattern, rising from ₹0.48 Crore in FY24 to ₹5.81 Crore in FY25, and reaching ₹15.07 Crore in FY26.

From a valuation perspective, the company demonstrates strong efficiency metrics with an ROE of 72.08% and an ROCE of 54.82%. The basic EPS for FY26 stands at ₹14.66. While a direct P/E comparison is limited, the growth in profitability suggests a strong momentum that may attract investors looking for high-growth SME stocks.

Key strengths include the company's integrated manufacturing capabilities and its rapid revenue scaling. However, potential risks include the inherent volatility of the fashion industry and the reliance on a small number of promoters. The limited OFS component suggests that promoters are maintaining a significant stake, which is generally viewed positively by the market.

Overall, for investors, the issue presents a blend of high growth and operational efficiency. While the SME segment carries higher liquidity risks, the strong institutional interest and fundamental growth make it a compelling case for those seeking exposure to the apparel manufacturing sector.