Spunweb is a leading manufacturer of PP (Polypropylene) spunbond nonwoven fabric based in Morbi, Gujarat. As one of the largest production houses in India, they operate five advanced production lines across two state-of-the-art manufacturing units. Their facilities are equipped with cutting-edge technology and laboratories designed to maintain the highest quality standards during production.
Spunweb Nonwoven, an Book Built Issue, amounting to ₹ 60.98 Crores, consisting entirelyan Fresh Issue of 63.51 Lakhs Shares. The subscription period for the Spunweb Nonwoven IPO opens on July 14, 2025, and closes on July 16, 2025. The allotment is expected to be finalized on or about Thursday, July 17, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Monday, July 21, 2025.
The Share Price Band of Spunweb Nonwoven IPO is set at ₹ 90 to₹ 96 per equity share. The Market Capitalisation of the Spunweb Nonwoven at IPO price of ₹ 96 per equity share will be ₹ 231.39 Crores. The lot size of the IPO is 1,200 shares. Individual investors are required to invest a minimum of 2 lots (2,400 shares), amounting to ₹ 2,30,400.
Vivro Financial Services Private Limitedis the book running lead manager of the Spunweb Nonwoven, while MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)is the registrar for the issue. Rikhav Securities Limited is the Market Maker for Spunweb Nonwoven IPO.
Spunweb Nonwoven LimitedIPO GMP Today
The Grey Market Premium of Spunweb Nonwoven IPO is expected to be ₹ 20 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Spunweb Nonwoven LimitedIPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 16 July, 2025, the Spunweb Nonwoven Limited IPO live subscription status shows that the IPO subscribed 233.35 times on its Final Day of subscription period. Check the Smartworks Coworking Spaces IPO Live Subscription Status Today at NSE.
Spunweb Nonwoven IPO Anchor Investors Report
Spunweb Nonwoven has raised ₹ 17.31 Crores from Anchor Investors at a price of ₹ 96 per shares in consultation of the Book Running Lead Managers. The company allocated 18,03,600 equity shares to the Anchor Investors. Check Full List of Spunweb Nonwoven Anchor Investor List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion. Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Spunweb Nonwoven LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
10 July 2025
₹ 96
₹ 116
₹ 20 (20.83%)
06:00 PM; 10 July 2025
Spunweb Nonwoven Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Spunweb Nonwoven IPO allotment date is 17 July, 2025, Thursday. Spunweb Nonwoven IPO Allotment will be out on 17th July, 2025 and will be live on Registrar Website from the allotment date. Check Spunweb Nonwoven IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Spunweb Nonwoven Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Spunweb Nonwoven LimitedIPO
Spunweb Nonwoven to utilise the Net Proceeds towards the following objects: 1. ₹ 2,900.00 Lakhs is required for funding the working capital requirements of the Company; 2. ₹ 1,000.00 Lakhs is required for investment in the wholly owned subsidiary, SIPL, for funding its working capital requirements; 3.₹ 800.00 Lakhs is required for repayment, in full or in part, of certain borrowings availed by the Company; and 4. General Corporate Purposes.
Spunweb Nonwoven is engaged in the manufacturing of polypropylene spunbond nonwoven fabrics, catering primarily to industries such as hygiene, healthcare, packaging, agriculture, and others including roofing, construction, industrial, and home furnishing. The company is one of the largest manufacturers in India in the spunbond nonwoven fabric segment, with an installed production capacity of 32,640 MT as of FY24.
The product portfolio includes hydrophobic, hydrophilic, super soft, UV treated, antistatic, and FR treated nonwoven fabrics, available in widths of 1.6m, 2.6m, and 3.2m, with GSM ranging from 7 to 150. These are offered in 20+ colour options, with customization and value-added services such as coatings, slitting, printing, sheet cutting, and wider-width formats. The company also supplies nonwoven fabric bags.
Key customers include manufacturers of hygiene products (diapers, sanitary pads, underpads), healthcare products (face masks, PPE kits, surgical gowns), packaging items (shopping and grocery bags, suit covers), and agricultural products (fruit and crop covers). Notable clients include RGI Meditech, Millenium Babycares, Sekhani Industries, Myra Hygiene, Poligof Micro Hygiene, Salus Products, Kwalitex Healthcare, JDS Nonwoven, and Vyom Nonwoven.
Spunweb Nonwoven serves both domestic and international markets, catering to 400+ customers in FY23, 450+ in FY24, and 485+ in FY25 in India, and to 15–20 customers internationally across regions including the USA, UAE, Italy, Egypt, Saudi Arabia, Sri Lanka, Nepal, Kenya, and Nigeria.
The registered and corporate office is located in Rajkot, Gujarat. As of May 31, 2025, the Company had 199 employees. The Banker to the company is HDFC Bank Limited.
INDUSTRY ANALYSIS
Indian Non-Woven Fabric Market: Business Overview
The Indian non-woven fabric industry has witnessed remarkable growth in recent years, driven by expanding applications across sectors like healthcare, hygiene, agriculture, automotive, and packaging. The surge in health awareness, particularly post-COVID-19, has significantly boosted the demand for non-woven fabrics in medical textiles, face masks, diapers, and sanitary products.
Government initiatives promoting domestic manufacturing and the growing need for eco-friendly alternatives to plastics have also played a pivotal role in market expansion. Additionally, rising urbanization and increasing disposable incomes have contributed to the widespread adoption of non-woven fabrics in various end-use industries.
Industries such as agriculture and packaging are increasingly utilizing non-woven materials for their strength, durability, and cost-effectiveness. In agriculture, they are used for crop protection, weed control, and soil stabilization, while in packaging, they offer sustainable solutions like reusable bags and protective covers. Spunbond technology continues to dominate the Indian market due to its versatility, with polypropylene (PP) being the most commonly used raw material owing to its favorable properties.
India’s domestic consumption of non-woven fabrics rose sharply from 548 thousand tons in CY2019 to 989 thousand tons in CY2023, reflecting a robust CAGR of 15.9%. Simultaneously, market revenues grew from USD 1,469 million to USD 2,670 million, marking a CAGR of 16.1%. This growth has been largely driven by rising demand from healthcare, hygiene, packaging, and automotive sectors. The government’s Swachh Bharat Mission has also bolstered consumption by encouraging better sanitation practices.
The market outlook remains optimistic, with domestic consumption expected to grow at a CAGR of 11.2% from CY2024 to CY2029. Factors such as the expansion of healthcare infrastructure, heightened hygiene awareness, and rising usage in industrial applications like automotive, agriculture, and construction are expected to sustain this growth. As India continues its economic and urban development journey, the demand for high-performance and cost-efficient materials like non-woven fabrics is set to grow further, reinforcing India’s position in the global market.
Industry Outlook
Globally, the non-woven fabric industry is poised for consistent growth, with sales projected to rise at a CAGR of 5.1% between CY2024 and CY2029. This expansion is underpinned by increasing demand from sectors such as medical, hygiene, construction, and automotive, driven by consumer preferences for safe, high-quality, and eco-friendly products.
Technological innovations in manufacturing techniques and material science are enhancing product performance and expanding the scope of applications. The growing use of disposable hygiene products, particularly in response to health concerns like the COVID-19 pandemic, has also contributed to increased demand.
Sustainability is another critical growth driver, with a shift towards biodegradable and recyclable non-woven fabrics that align with global environmental goals. However, the industry faces challenges due to product homogeneity, which limits brand differentiation and competitive edge. Manufacturers often produce similar types of non-woven fabrics, which can make market penetration difficult for new entrants.
Despite this, the industry presents strong opportunities for players that invest in technological upgrades and product innovation. Competitive advantages such as economies of scale, established brand presence, and robust distribution networks favor larger players, while startups must differentiate their offerings to gain market traction.
In conclusion, the Indian and global non-woven fabric markets are on a clear growth trajectory. Rising consumer expectations for safety, hygiene, and sustainability, coupled with technological progress and evolving applications, are propelling the industry forward. Non-woven fabrics are becoming an integral part of the modern textile ecosystem—reflecting broader trends toward quality, safety, and environmental responsibility.
BUSINESS STRENGTHS
1. One of India’s Largest Spunbond Nonwoven Fabric Manufacturers
Spunweb Nonwoven ranks among the leading manufacturers of spunbond nonwoven fabrics in India, with an installed capacity of 32,640 MT as of FY24 (CareEdge Report). The company operates five dedicated production lines, supported by advanced machinery and spunbond technology, ensuring high-quality, efficient, and customized output for a variety of industries.
2. Industry-Specific Fabric Solutions
Offers a comprehensive range of polypropylene spunbond nonwoven fabrics tailored for healthcare, hygiene, packaging, agriculture, roofing, construction, and home furnishing sectors. Products support applications such as sanitary pads, diapers, masks, surgical gowns, PPE kits, eco-friendly shopping bags, and agricultural crop protection, enabling a diversified product portfolio and revenue stream.
3. Diversified and Loyal Customer Base
Maintains long-standing relationships with over 485 domestic customers and 20 international customers across USA, UAE, Italy, Egypt, Saudi Arabia, Sri Lanka, Nepal, Kenya, and Nigeria. Key clients include Uniclan Healthcare (Wowper, Wowpad), Millenium Babycares (Bumtum), Myra Hygiene (Luvlap, Karein, Evereve), and RGI Meditech (Dignity, Romsons). This wide base reduces customer concentration risk and ensures stable revenue flow.
4. Advanced Spunbond and Cleanroom Technology
Utilizes SS and SSS spunbond configurations for 2-layer and 3-layer fabric production, allowing flexibility in weight, color, and breathability. Equipped with energy-efficient cleanroom HVAC systems, insect control measures, and epoxy-coated floors, ensuring contamination-free production—particularly crucial for healthcare and hygiene segments.
5. In-House Quality Assurance Laboratory
Equipped with advanced testing machinery such as rewet, strike-through, hydrostatic head, GSM, tensile strength, and MFI testers, enabling stringent quality checks across all production stages. Ensures defect-free products and low rejection rates, maintaining consistency in quality and service delivery.
6. Experienced Leadership and Skilled Management
Led by Chairman & MD Jay Dilipbhai Kagathara, with over 9 years of domain experience, and Whole-Time Director Kishan Dilipbhai Kagathara, holding global academic credentials and leading international sales and marketing efforts. Strong execution team ensures strategic oversight and operational excellence.
7. Robust Financial Growth
Recorded strong financial performance with revenue growth from ₹11,591.82 lakh in FY23 to ₹22,635.03 lakh in FY24, achieving a CAGR of 39.74% over three years. EBITDA increased from ₹1,080.16 lakh in FY23 to ₹3,122.59 lakh in FY25 (CAGR: 70.03%), and PAT surged from ₹112.68 lakh to ₹1,079.22 lakh (CAGR: 209.48%), driven by higher-margin product sales and new product introductions.
BUSINESS STRATEGIES
1. Expansion Across End-User Industries, Customers, and Geographies
With the global non-woven fabric market projected to grow at a CAGR of 5.1% (CY24–29) and domestic demand expected to rise at a CAGR of 11.2%, Spunweb aims to capitalize on this growth by expanding its presence across diverse end-user industries such as healthcare, hygiene, automotive, construction, and agriculture, while also broadening its customer base and international footprint.
2. Product Portfolio Diversification
Plans are in place to strengthen market position by expanding the product range through new lamination coatings and entering niche segments like roofing and construction with products such as house wraps and roof underlayments.
3. Capacity Optimization at Existing Facilities
Operates two manufacturing facilities in Rajkot, Gujarat, with a combined installed capacity of 32,640 MTPA. Capacity utilization has steadily increased—from 34.37% in FY23 to 73.24% in FY25 at the main facility and from 27.20% to 67.21% at subsidiary SIPL—indicating strong focus on optimizing existing infrastructure.
4. Strengthening Marketing Capabilities and Customer Engagement
Marketing efforts are driven through a multi-channel strategy involving B2B platforms, digital outreach, trade exhibitions, and promoter-led networking. Strong industry relationships and tailored customer engagement enable deeper market penetration and international growth.
5. Efficient Working Capital Management
Maintains robust banking relationships (e.g., HDFC Bank) and utilizes a mix of cash credit facilities, promoter loans, and bank guarantees to manage working capital needs. Net working capital rose from ₹1,454.95 lakh in FY23 to ₹4,983.17 lakh in FY25, enabling better financial efficiency and utilization of unutilized production capacity.
BUSINESS RISK FACTORS & CONCERNS
1. Dependence on Limited Raw Material Suppliers
Spunweb Nonwoven and SIPL rely on a limited number of third-party suppliers for critical raw materials such as polypropylene granules, masterbatches, and additives. The absence of long-term supply agreements increases exposure to supply disruptions and pricing volatility, which could adversely impact operations and profitability.
2. Intense Industry Competition and Pricing Pressure
The nonwoven fabric industry is highly competitive, with both domestic and international players operating with larger capacities, advanced technologies, and diverse product offerings. Competitive pricing from these players may lead to margin pressure and affect business growth and financial performance.
3. Sectoral Concentration Risk
A significant portion of revenue is generated from clients in the hygiene and packaging sectors. Any downturn, regulatory shift, or demand slowdown in these sectors may negatively affect business operations and financial stability.
4. Regulatory Compliance Risk in Healthcare and Hygiene Products
Products such as diapers, sanitary pads, PPE kits, face masks, and other medical disposables are subject to strict hygiene and quality standards. Failure to meet these standards may result in product recalls, penalties, or reputational damage.
Spunweb Nonwoven faces key risks from supplier concentration, industry competition, sectoral reliance, and regulatory compliance. These factors could materially impact its operational continuity, profitability, and market position if not effectively managed.
Spunweb Nonwoven Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
2,729.76
1,576.76
1,032.58
Total Assets
18,275.81
10,658.04
9,314.71
Total Borrowings
9,115.84
4,832.97
4,950.40
Fixed Assets
5,620.65
4,584.62
5,029.95
Cash
70.71
17.09
9.69
Net Borrowing
9,045.13
4,815.88
4,940.71
Revenue
22,713.95
15,424.12
11,768.01
EBITDA
3,201.51
2,063.49
1,256.35
PAT
1,079.22
544.18
112.68
EPS
6.28
3.2
0.66
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Offer, given inFINANCIAL EXPRESS.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 6.28
EPS Post IPO (Rs.)
₹ 4.48
P/E Pre IPO
15.28
P/E Post IPO
21.44
ROE
31.63 %
ROCE
33.66 %
P/BV
2.22
Debt/Equity
2.11
RoNW
31.63 %
Spunweb Nonwoven Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Spunweb Nonwoven Limited
₹ 4.48
33.66 %
31.63 %
21.44
2.22
2.11
31.63 %
There are no Listed Peer Companies in India which can be compared with Spunweb Nonwoven Limited.
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Spunweb Nonwoven Limited Contact Details
SPUNWEB NONWOVEN LIMITED
Survey No.109(2), N.H. 27, Near Wankaner Boundry Post at Jalida, Village Rangpar, Rajkot, Wankaner – 363 621, Gujarat, India. Contact Person : Romit Ajaykumar Shah Telephone : +91-87 5894 4844 Email : cs@spunweb.in Website : https://www.spunweb.com/
Spunweb Nonwoven IPO Registrar and Lead Manager(s)
Spunweb is a leading manufacturer of PP (Polypropylene) spunbond nonwoven fabric based in Morbi, Gujarat. As one of the largest production houses in India, they operate five advanced production lines across two state-of-the-art manufacturing units. Their facilities are equipped with cutting-edge technology and laboratories designed to maintain the highest quality standards during production.
The Promoters, Jay Dilipbhai Kagathara and Kishan Dilipbhai Kagathara, have been instrumental in expanding our business operations. Their experience and efforts have enabled the company to implement an efficient manufacturing process and build strong customer relationships coupled with a diversified product portfolio. Their General Manager – Operations, Yashpalsinh Ghanshyamsinh Dasondi, has an experience of over eighteen years in production of nonwoven fabrics, and the Chief Financial Officer, Abhaykumar Narshibhai Fadadu, has an experienced over nine years the experience in the field of accountancy.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 22,713.95 Lakh, ₹ 15,424.12 Lakh and ₹ 11,768.01 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 3,201.51 Lakh, ₹ 2,063.49 Lakh and ₹ 1,256.35 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,079.22 Lakh, ₹ 544.18 Lakh and ₹ 112.68 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹6.28and post-issue EPS of ₹ 4.48 for FY24.The pre-issue P/E ratio is 15.28x, while the post-issue P/E ratio is 21.44x. The company's ROCE for FY24 is 33.66%, ROE for FY24 is 31.63% and RoNW is 31.63%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Spunweb Nonwoven showing listing gains of 20.83 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Spunweb Nonwoven Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
