MA
UpcomingSMETextiles & Apparel · Apparel Manufacturing
Momai Apparels Limited
MOMAI
★★★☆☆3/5
🔗 Official WebsitePrice Band: —
Min. Investment: 200000
Issue Size: 300.192
About the Company
What does this company do?
Momai Apparels Limited is engaged in the manufacturing of women's intimate apparel including innerwear and loungewear. The company manufactures intimate apparel products and sells through both institutional and retail channels.
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
300.192
3846400
Fresh Issue
300.192
3846400
Proceeds go to company
Reservation Structure
Market Maker Reservation
5.03%
193600
Reserved for market maker
Products & Brands
Key offerings and brand portfolio of the company.
Women's Intimate Apparel: Manufacturing of women's innerwear and loungewear products including bras, panties, and other intimate apparel
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|---|---|---|---|---|
| Revenue from Operations | 0 | 0 | 3152.99 | 9954.83 | 11728.58 |
| Other Income | 0 | 0 | 0 | 1.00 | 16.78 |
| EBITDA | — | — | 88.42 | 136.25 | 452.48 |
| EBITDA Margin | — | — | 2.8% | 1.4% | 3.9% |
| Depreciation & Amortisation | — | — | 0.21 | 7.15 | 40.42 |
| EBIT | — | — | 88.21 | 129.10 | 412.06 |
| Finance Costs (Interest) | — | — | 0.01 | 121.70 | 361.87 |
| PBT (Profit Before Tax) | — | — | 88.20 | 7.40 | 50.19 |
| PAT (Net Profit) | — | — | 88.20 | 7.40 | 50.19 |
| PAT Margin | — | — | 2.8% | 0.1% | 0.4% |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
0.06
FY2014
EPS — Diluted (₹)
0.06
FY2014
P/E Ratio
1500.00
At upper band Rs 90
RoNW (%)
2.92
FY2014
NAV per Share (₹)
1.19
Pre-issue
Debt/Equity
1.94
FY2014
EBITDA Margin (%)
3.86
FY2014
PAT Margin (%)
0.43
FY2014
Revenue CAGR
92.62
FY2012-FY2014
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Established brand in women's intimate apparel segment
Growing market share and revenue growth of 92.62% CAGR
Located in Bhiwandi textile hub with access to skilled workforce
Expansion plans with new manufacturing facility capacity of 1.62 Cr pieces per annum
⚠️Weaknesses
Minimal profitability with PAT margin of only 0.43% in FY2014
High leverage with Debt/Equity ratio of 1.94
Single manufacturing facility concentration risk
First-time IPO on SME platform with no prior market valuation
🚀Opportunities
Large domestic market for intimate apparel with growing demand
Capacity expansion through new facility to tap growing demand
Potential for exports to international markets
Growing middle-class consumer base with increasing purchasing power
🔥Threats
Intense competition from established players in intimate apparel segment
Fluctuation in raw material costs affecting margins
Labour-intensive operations subject to wage inflation
Dependence on third-party contractors for facility construction
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Established brand presence in women's intimate apparel with growing market share
✓
Experienced management team with deep expertise in textile and apparel manufacturing
✓
Strategic location in Bhiwandi, a major textile hub with access to skilled workforce and suppliers
✓
Plans for capacity expansion through new manufacturing facility with 1.62 Crores pieces per annum capacity
✓
Strong financial growth with revenue increasing from Rs 3,152.99 Cr in FY2012 to Rs 11,745.36 Cr in FY2014
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
22.23%
0%52.32%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
First-time listing on SME platform with no prior market valuation reference
⚠
Concentration risk with single manufacturing facility in Bhiwandi
⚠
Labour-intensive operations subject to wage pressures and labour disputes
⚠
Exposure to raw material price fluctuations particularly cotton and polyester fabrics
⚠
Dependence on third-party contractors for construction of new manufacturing facility
⚠
High debt levels relative to equity with total debt of Rs 3,330.36 Cr as of March 2014
◆ Neutral
Should You Apply?
Momai Apparels Limited is an apparel manufacturer focused on women's intimate wear with operations in Bhiwandi, Maharashtra. The company has shown strong revenue growth of 92.62% CAGR from FY2012-FY2014 (Rs 3,153 Cr to Rs 11,745 Cr), driven by capacity expansion and market demand. However, profitability remains minimal with PAT margin of only 0.43% and the company carries high leverage (Debt/Equity 1.94). While the company has secured a CARE SME Fundamental Grade 4 and plans to expand capacity with a new manufacturing facility, investors should note the first-time IPO status, single-location concentration risk, and significant debt burden. The issue is sized at Rs 300.19 Cr with an issue price band of Rs 78-90.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (1)
Pantomath Capital Advisors (P)
Registrar to the Issue
📋
Link Intime India (P) Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Momai Apparels Limited
CIN
U18109MH2010PLC199178
Registered Office
Shop No 305-309, 3rd Floor, Pacific Plaza Plot No 570 TPS IV Off B.S. Road Mahim Division Dadar West, Mumbai 400028
Contact Person
Ms Bhoomi Mewada
Phone
+91 022 24331551
Website
www.momaiapparels.com