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Brandman Retail IPO
Brandman Retail Ltd
₹2,67,200 /800 sharesMinimum Investment
Brandman Retail IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 4 Feb ‘26 - 6 Feb ‘26 | ₹2,67,200 | 800 | ₹167 - ₹176 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 86.09 Cr | RHP PDF | 09 Feb ‘26 | 11 Feb ‘26 |
| Face value |
|---|
| 10 |
Subscription rate
As of 06 Feb'26, 05:01 PM
| Qualified Institutional Buyers | 85.12x |
| Non-Institutional Investor | 150.90x |
| Retail Individual Investor | 92.46x |
| Total | 106.19x |
About Brandman Retail
Founded in
2021
MD/CEO
Mr Arun Malhotra
Parent organisation
Brandman Retail Ltd
Strengths & Risks of Brandman Retail
Strengths
Risks
Brandman Retail claims to operate through multiple sales channels, including EBOs, MBOs, e-commerce marketplaces, and its own website. This structure allows the company to sell products through both physical retail formats and online platforms, addressing different purchasing preferences.
The company claims to follow an asset-light trading model, with no manufacturing operations of its own. Inventory is managed through a central warehouse and store-level stock, which allows expansion without significant investment in production infrastructure.
The company claims to offer products across categories such as apparel, footwear, accessories, and equipment. It operates through non-exclusive distribution agreements with international brands, enabling access to global products in the Indian market.
Brandman Retail claims to have associations with certain international brands in the athleisure and footwear segments. The company states that it plans to align its operations with the growing demand for premium activewear and performance products in India.
The company claims to use social media platforms for product promotion and customer outreach. These activities are carried out to support visibility and engagement across both online and offline sales channels.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 46.31 crore (standalone) to Rs 123.33 crore (consolidated) in FY24 and Rs 135.29 crore (consolidated) in FY25. PAT increased from Rs 0.41 crore (standalone) in FY23 to Rs 8.27 crore (consolidated) in FY24 and Rs 20.95 crore (consolidated) in FY25.
Brand 1 accounted for Rs 43.54 crore (45.68 percent) (consolidated) of the company’s revenue for the period ended December 31, 2025; Rs 96.09 crore (72.05 percent) (consolidated) in FY25; Rs 115.67 crore (94.00 percent) (consolidated) in FY24, and Rs 46.13 crore (99.66 percent) (standalone) in FY23. Additionally, 16 out of the 19 retail stores operated by the company are exclusive brand outlets for Brand 1, indicating a high level of operational reliance on this relationship. Any adverse change in the relationship with Brand 1, including termination or non-renewal of agreements, could materially affect the company’s business, financial condition, and results of operations.
The top customer accounted for Rs 36.61 crore (38.41 percent) (consolidated) of the company’s revenue for the period ended December 31, 2025; Rs 58.55 crore (43.27 percent) (consolidated) in FY25; Rs 63.26 crore (51.29 percent) (consolidated) in FY24, and Rs 13.40 crore (28.94 percent) (standalone) in FY23. This dependence may limit the company’s ability to negotiate pricing and commercial terms, and any loss of this customer, deterioration in its financial condition, or demand reduction could adversely affect the company’s business, revenues, profitability, financial condition, and cash flows.
Footwear products accounted for Rs 68.42 crore (71.78 percent) (consolidated) of the company’s revenue for the period ended December 31, 2025; Rs 114.05 crore (84.30 percent) (consolidated) in FY25; Rs 117.97 crore (95.65 percent) (consolidated) in FY24, and Rs 40.25 crore (86.92 percent) (standalone) in FY23. Any adverse changes in consumer preferences, competitive intensity, supply chain disruptions, or regulatory developments affecting the footwear segment may not be sufficiently offset by other product categories and could materially affect the company’s business, financial condition, and results of operations.
The top supplier accounted for Rs 22.85 crore (36.40 percent) (consolidated) of the company’s total purchases for the period ended December 31, 2025; Rs 25.64 crore (45.14 percent) (consolidated) in FY25; Rs 23.32 crore (32.39 percent) (consolidated) in FY24, and Rs 33.18 crore (68.34 percent) (standalone) in FY23. As the company does not have long-term supply agreements with most suppliers other than brand owners, any disruption, delay, pricing pressure, or failure by this vendor to meet quality or delivery requirements could adversely affect the company’s business, results of operations, financial condition, and cash flows.
Brandman Retail’s business is dependent on contractual arrangements with B2C customers and e-commerce marketplace platforms. The B2C segment accounted for Rs 35.84 crore (37.60 percent) (consolidated) of the company’s revenue for the period ended December 31, 2025; Rs 29.81 crore (22.04 percent) (consolidated) in FY25; Rs 26.95 crore (21.85 percent) (consolidated) in FY24, and Rs 18.81 crore (40.62 percent) (standalone) in FY23. These contracts impose obligations related to delivery timelines, quality standards, and regulatory compliance, and include penalty and termination clauses, exposing the company to financial liabilities or loss of customer relationships in case of non-performance.
Delhi accounted for Rs 19.39 crore (20.34 percent) (consolidated) of the company’s revenue for the period ended December 31, 2025; Rs 85.18 crore (62.96 percent) (consolidated) in FY25; Rs 97.86 crore (79.34 percent) (consolidated) in FY24, and Rs 31.56 crore (68.16 percent) in FY23. This concentration heightens the company’s exposure to region-specific competitive pressures, regulatory changes, economic shifts, and demographic trends, and any adverse developments in Delhi could negatively impact its business, financial condition, and operating results.
The company reported negative cash flow from operating activities amounting to Rs 12.02 crore for the period ended December 31, 2025; Rs 0.69 crore in FY25, and Rs 1.30 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 4.72 crore for the period ended December 31, 2025; Rs 2.88 crore in FY25; Rs 3.19 crore in FY24, and Rs 0.41 crore in FY23. These negative cash flows have primarily arisen due to higher working capital requirements for inventory build-up, increased finance costs from borrowings, and expenditure on advertising and retail operations during its initial years. Continuation of such cash flow pressures could adversely affect the company’s liquidity, business operations, and growth plans.
As of December 31, 2025, the company had trade receivables of Rs 20.96 crore. Failure to collect these receivables on time or at all can negatively impact the company’s business and finances.
The company, its promoters, and group entities are involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
As of December 31, 2025, the company had outstanding financial indebtedness of Rs 15.68 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Brandman Retail Financials
*All values are in Rs. Cr
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Application Details of Brandman Retail IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹167 - 176 | ₹2 - 5 Lakh | 800 |
For Brandman Retail IPO, eligible investors can apply as Individual investor.