Kusumgar

About the Company

Kusumgar Limited is a manufacturer of technical textile fabrics and solutions catering to diverse industrial applications. The company primarily operates across four market segments: Aerospace and Defence Fabrics, Aerospace and Defence Solutions, Industrial and Automotive Fabrics, and Outdoor and Lifestyle Fabrics. Its products are used across defence, aerospace, automotive, industrial, and outdoor applications, with revenue generated mainly from the manufacture and sale of these specialised fabrics and solutions. The company undertakes the complete value chain in-house, from yarn selection and weaving to coating, lamination and finishing, enabling it to manage quality, optimise costs and develop customised products for different customer requirements. It also has coating and lamination capabilities using materials such as polyurethane, thermoplastic polyurethane (TPU), silicone and PTFE to manufacture performance fabrics designed for demanding environments. The company serves a diversified customer base across multiple end-use industries through its specialised technical textile offerings.

Strengths

• Operates across multiple technical textile segments, including aerospace, defence, industrial, automotive, and outdoor fabrics.
• Has integrated manufacturing capabilities covering weaving, coating, lamination, and finishing processes.
• Develops customised engineered fabric solutions to meet specific customer requirements.
• Entry barriers in its industry include specialised certifications, regulatory approvals, and long customer qualification cycles.
• Focuses on research, product development, and introducing new products to support business growth.

Risks

• A large share of revenue comes from the aerospace, defence, industrial, and automotive fabric segments, making the business dependent on these markets.
• Loss of major customers could significantly impact revenue, as the top 10 customers contributed 59.52% of FY2026 revenue.
• The company depends on a limited number of suppliers and does not have long-term supply agreements.
• Most manufacturing facilities are located in Gujarat, exposing operations to regional disruptions.
• The company generally does not have long-term sales agreements with customers, creating demand uncertainty.