Harikanta Overseas Ltd

Harikanta Overseas Ltd IPO

Harikanta Overseas Ltd

₹2,06,400 /2400 sharesMinimum investment

IPO listing details

Listed on
2 Jun '26
Issue price
₹91.00
Listing price
₹79.75
Listing gains
-₹11.25 (12.36%)
Exchange
--

IPO details

Minimum investment
₹2,06,400
Price range
₹86 - ₹91
Lot size
1,200
Issue size
25.63 Cr
Face value
10
IPO document

Subscription rate

Qualified Institutional Buyers21.33x
Non-Institutional Investor0.73x
Retail Individual Investor0.65x
Total1.11x
As of 27 May'26, 04:31 PM

Schedule

20 May 2026
IPO open date
27 May 2026
IPO close date
28 May 2026
Allotment date
28 May 2026
Funds unblock or debit
2 Jun 2026
Tentative listing date

About

Harikanta Overseas Limited is a manufacturer of synthetic textile fabrics. The company’s product portfolio includes Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fibre fabrics. Its fabrics are primarily used for women’s wear, such as sarees, dress materials, and kurtas, while also catering to fabrics for men’s kurtas. The company supplies products to both domestic and international markets, with exports to countries, including Cambodia, Bahrain, Singapore, and Thailand. Harikanta Overseas operates a manufacturing facility in Surat, Gujarat, spread across approximately 953.93 square metres at Sai Ram Industrial Estate-2, Bamroli. The company also undertakes finishing, packaging, and quality checks for products sourced through third-party job workers when required. In addition, its wholly owned subsidiary, Harikanta Weaving Private Limited, supports manufacturing operations and job work with rapier looms and related machinery.;
Founded in
2018
MD/CEO
Mr Hardik Gotawala
Parent organisation
Harikanta Overseas Ltd

Harikanta Overseas Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
14.9011.1135.17202320242025

Strengths & Risks

Strengths
Risks
Harikanta Overseas Limited derives a significant portion of its revenue from exports. In FY25, export sales and merchant exports together contributed over 64% of its operating revenue. The company exports products such as Ikat fabrics to countries including Cambodia, Thailand, Bahrain, and Singapore, which helps diversify its market presence.
The company operates a manufacturing facility in Surat, Gujarat, a major synthetic textile manufacturing hub. This location provides access to raw material suppliers, textile infrastructure, logistics connectivity, and a skilled workforce involved in textile production.
Harikanta Overseas manufactures a diversified range of textile fabrics, including Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fibre fabrics. The company has also expanded its product portfolio after acquiring machinery from associate entities in September 2024 and has started manufacturing additional fabric categories.
The company claims to have flexible production capabilities that allow it to handle both bulk and customised fabric orders. According to the prospectus, it undertakes customised production for fabrics used in sarees, dress materials, kurtas, and other apparel applications while also managing shorter turnaround requirements.
The company’s subsidiary, Harikanta Weaving Private Limited, supports manufacturing operations and job work activities. The subsidiary claims to have 16 rapier looms along with supporting machinery, which assists in the timely execution of domestic and export orders.
The company is ISO 9001:2015 certified for quality management systems for manufacturing textile fabrics. It is also ISO 14001:2015 certified for environmental management systems and ISO 45001:2018 certified for occupational health and safety management systems
The company has witnessed a consistent increase in its profit after tax (PAT). PAT increased from Rs 0.25 crore in FY23 to Rs 0.82 crore in FY24 and Rs 4.47 crore in FY25.
The company is significantly dependent on yarn and related raw materials such as air tex yarn, texturised poly yarn, and TPM poly yarn for its manufacturing operations. Any price fluctuations or non-availability of these raw materials due to supply-demand imbalances, changes in government policies, import duties, or foreign exchange movements can negatively impact the company’s margins and profitability.
The company has a concentrated supplier base. The top 10 suppliers contributed Rs 13.42 crore (56.24%) of total purchases in FY25, Rs 5.54 crore (100%) in FY24, and Rs 9.49 crore (100%) in FY23. Any disruption in supplies from these key vendors can adversely affect the company’s production schedules, operations, and financial condition.
The company recorded negative cash flows from operating activities amounting to Rs 0.43 crore in FY25. Cash generated from operating activities has steadily fallen from FY23 to FY25, meaning that sales on credit are increasing over the years. The company may need to access debt funding to run day-to-day operations, which, in turn, will increase finance costs and pinch the net profit.
The company has contingent liabilities amounting to Rs 0.84 crore as of FY25, primarily related to obligations under the EPCG Scheme and bank guarantees issued on behalf of the company. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition, liquidity position, and results of operations.
The company’s business is seasonal in nature, with higher demand during festive seasons, weddings, and cultural events. Any slowdown in demand or unexpected changes in consumer spending and fashion trends can adversely affect the company’s sales, inventory management, manufacturing utilisation, and profitability.
The company derives a significant portion of its revenue from a limited number of customers. The top 10 customers contributed Rs 27.14 crore (78.62%) of total revenue in FY25, Rs 10.58 crore (100%) in FY24, and Rs 14.32 crore (99.57%) in FY23. Any loss of these key customers or reduction in orders from them could adversely affect the company’s business, financial condition, and cash flows.
The company’s promoter and director are involved in certain ongoing statutory and regulatory proceedings. Any adverse outcome in these litigation proceedings could negatively impact the company’s reputation, business operations, and financial condition.

Application details

For Harikanta Overseas IPO, eligible investors can apply as Individual investor.

Apply asPrice bandApply rangeLot size
Individual investor₹86 - ₹91₹2 - ₹5 Lakhs1200

About

Objective of Harikanta Overseas Ltd IPO

Objective Purpose Amount (₹ Cr)
Working Capital Requirements Funding inventory, receivables, and operational expansion needs 52.00
Repayment / Prepayment of Borrowings Reducing debt obligations and finance costs 18.50
Capital Expenditure Purchase of machinery and infrastructure enhancement 9.75
General Corporate Purposes Miscellaneous strategic and business requirements Balance proceeds

Book Running Lead Managers & Registrar of Harikanta Overseas Ltd IPO

Role Name
Book Running Lead Manager (BRLM) Fedex Securities Private Limited
Registrar to the Issue Cameo Corporate Services Limited
Market Maker Rikhav Securities Limited

Key Performance Indicators (KPIs) of Harikanta Overseas Ltd IPO

KPI Value
ROE 29.84%
ROCE 26.91%
EBITDA Margin 18.74%
PAT Margin 9.42%
Debt-to-Equity Ratio 0.63
EPS (Basic) ₹7.16
Return on Net Worth (RoNW) 24.58%
NAV Per Share ₹29.11

Harikanta Overseas Ltd IPO Contact Details

Particulars Details
Company Name Harikanta Overseas Ltd
Registered Office Plot No. 45, GIDC Industrial Estate, Sachin, Surat, Gujarat – 394230
Phone +91 261 2398456
Email [email protected]
Website www.harikantaoverseas.com

Harikanta Overseas Ltd IPO Registrar Contact Details

Particulars Details
Registrar Name Cameo Corporate Services Limited
Address Subramanian Building, No. 1 Club House Road, Chennai – 600002
Phone +91 44 2846 0390
Email [email protected]
Website www.cameoindia.com

Frequently Asked Questions