Kusumgar Ltd(KUSUMGAR)

NSE: KUSUMGARBSE: 544821

₹ 543.7-4.02%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,708 crWebsite: www.kusumgar.comUpdated: 24 Oct 2026

About

Kusumgar Ltd is an Indian technical textiles manufacturer that has forward-integrated from supplying specialty fabrics into producing complete aerospace and defense systems including parachute systems, protective and camouflage solutions, and rapid deployment systems. The company also serves the outdoor and lifestyle fabrics segment. Consolidated revenue reached ₹247.2 crores in Q1 FY27.^[1]

Business segments

Aerospace and defense solutions (parachute systems, protective/camouflage solutions, rapid deployment systems) drove the majority of revenue growth in Q1 FY27, following forward integration from fabric supply into complete integrated systems.^[1]
Outdoor and lifestyle fabrics is a second segment, growing progressively as brand-by-brand and customer-by-customer product approvals are obtained; once approved, volumes typically increase each subsequent season.^[1]

Products and portfolio

Defense product range includes complete parachute systems, protective and camouflage solutions, and rapid deployment solutions - a shift from being a material supplier to a solutions provider across integrated systems.^[1]
New product areas under development include stealth/camouflage and lightweight carbon-based materials; partnerships are in place but products are still in development with no committed timeline.^[1]

Manufacturing capacity and utilisation

Capacity utilisation was 55 - 60% in Q1 FY27, following completion of a large capex programme that came fully online in FY26.^[1]
Maintenance capex for core operations is guided at 5 - 10% of gross block; no further large capex is planned for existing operations.^[1]

Key operating numbers

Consolidated revenue was ₹247.2 crores in Q1 FY27, up 102% YoY from ₹122.5 crores in Q1 FY26, driven by ramp-up in finished parachute contract execution.^[1]
EBITDA was ₹75.9 crores in Q1 FY27 at a margin of ~31%, expanding ~900 bps from ~22% in Q1 FY26, reflecting a richer higher-margin product mix.^[1]
Revenue declined 21% QoQ from ₹312.8 crores in Q4 FY26 to ₹247.2 crores in Q1 FY27; management attributed Q4 FY26 as an anomaly due to a concentrated pull-forward of export shipments after tariff uncertainties in the US market were resolved.^[1]

Customers and distribution

Outdoor and lifestyle segment growth is driven by progressive approvals from individual brands and customers; capacity is not a constraint - approval cycles are the gating factor.^[1]
The US market is an export destination for the outdoor and lifestyle segment; tariff-related uncertainties in the US market caused a pull-forward of Q4 FY26 export volumes.^[1]

Expansion and capex

The large capex programme that brought full manufacturing capacity online in FY26 is complete; no new large capex is planned, with ongoing spend guided at 5 - 10% of gross block for maintenance.^[1]
Management aspires to increase utilisation from 55 - 60% toward full utilisation; acknowledges that approval and business growth cycles mean the timeline is uncertain.^[1]

Recent developments

In Q1 FY27, parachute contract execution scaled meaningfully, becoming the primary driver of a 102% YoY revenue increase.^[1]
Management committed to developing and disclosing better order book visibility within a couple of quarters from Q1 FY27 results.^[1]
Operating cash flow is expected to be positive for the full year FY27.^[1]

Market Cap

₹5,708 Cr

High / Low

₹660 / 527

Promoter holding

75.0%

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