Brandman Retail
February 4, 2026 – February 6, 2026
| Price | ₹167 - ₹176 |
| GMP Rumors * | ₹8.5 |
|---|---|
| Lot size | 800 |
| Issue size | ₹86.08 cr |
| Allotment | Feb 9, 2026 |
| Listing | Feb 11, 2026 |
Brandman Retail Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 1600 | 281600 | 1017 |
| sHNI | 3 | 2400 | 422400 | 97 |
| bHNI | 8 | 6400 | 1126400 | 194 |
Brandman Retail Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 2320000 | 47.43% |
| HNI | 699200 | 14.3% |
| INDIVIDUAL | 1627200 | 33.27% |
| Market Maker | 244800 | 5% |
| Total | 4891200 | 100% |
Brandman Retail About
IPO Details
| Total Issue Size | 48,91,200 shares (aggregating up to ₹86.08 Cr) |
| Fresh Issue | 48,91,200 shares (aggregating up to ₹86.08 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,35,65,986 shares |
| Share Holding Post Issue | 1,84,57,186 shares |
| Reserved for Market Maker | 2,44,800 shares (aggregating up to ₹4.30 Cr) |
| Market Maker | Gretex Share Broking Limited and Shree Bahubali Stock Broking Limited |
Key Performance Indicators (KPI)
| KPI | Dec-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 43.69% | 108.47% | 175.92% |
| ROCE | 36.92% | 75.08% | 93.22% |
| EPS (BASIC) | 15.20 | 16.43 | 6.49 |
| P/E Pre IPO | 11.39 | ||
| P/E Post IPO | 12.38 |
Company Financial (In ₹Crore)
| Period Ended | Dec-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 101.31 | 84.73 | 40.49 |
| Total Income | 97.21 | 136.3 | 123.49 |
| Profit After Tax | 19.67 | 20.95 | 8.27 |
| EBITDA | 27.02 | 31.15 | 12.01 |
| NET Worth | 60.26 | 29.79 | 8.84 |
| Reserves and Surplus | 46.7 | 17.04 | 8.59 |
| Total Borrowing | 15.68 | 11.87 | 3.53 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Brandman Retail Limited | 12.38 | 10.00 | |
| Redtape Limited | 47.39 | 145.96 | 2.00 |
| Bata India Limited | 47.41 | 1219.90 | 5.00 |
| Lehar Footwears Limited | 34.59 | 212.75 | 10.00 |
| Liberty Shoes Limited | 40.57 | 321.30 | 10.00 |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Brandman Retail Limited | 23.37 | 70.33 | 16.43 |
| Redtape Limited | 14.27 | 21.55 | 3.08 |
| Bata India Limited | 122.54 | 20.99 | 25.73 |
| Lehar Footwears Limited | 63.60 | 9.67 | 6.15 |
| Liberty Shoes Limited | 130.60 | 6.09 | 7.92 |
About Company
Brandman Retail Limited, incorporated in 2021, is engaged in the distribution of international sports and lifestyle brands in India.
The Company operates on a multi-channel business model built around four core pillars: distribution, licensing, retail, and e-commerce, with a focus on innovation, customer-centric operations, and sustainability.
Brandman Retail manages 11 Exclusive Brand Outlets (EBOs) across northern India, including Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow, and Noida. These stores operate in compliance with the License Grantee’s standards and primarily retail the New Balance brand under non-exclusive distribution agreements.
In addition, the Company operates two Multi-Brand Outlets (MBOs) under the brand name “Sneakrz”, located in Bathinda and New Delhi.
The Company also has a strong online presence, selling products through leading e-commerce platforms such as Flipkart, Ajio, and Tata Cliq, with regular monthly order fulfillment.
Strength
Experienced Promoters & Professional Management: The Company is led by promoters with strong experience in retail, brand management, and distribution, supported by a professional team skilled in merchandising, sales, supply chain, e-commerce, and multi-channel operations.
Omni-Channel Distribution Presence: Operations span across EBOs, MBOs, e-commerce marketplaces, and the Company’s own online platform, enabling wider customer reach and flexibility across offline and online channels.
Asset-Light & Scalable Business Model: The Company follows an asset-light trading model with centralized inventory management, allowing scalable expansion without significant capital investment in manufacturing infrastructure.
Weakness
Dependence on Non-Exclusive Brand Arrangements: The Company operates under non-exclusive supply, license, and distribution agreements with international brands. These brands may appoint other distributors, including competitors, leading to increased competition, pricing pressure, and potential loss of market share.
Uncertainty in Store Expansion Locations: The Company has not finalized locations for proposed EBOs and MBOs. Inability to secure suitable sites or higher-than-expected lease or license costs may adversely impact expansion plans, operations, and financial performance.
Reliance on E-Commerce Marketplace Contracts: The Company depends on contracts with e-commerce platforms that impose strict delivery, quality, and compliance obligations. Any delays, non-compliance, penalties, or contract termination could adversely affect operations, revenues, and profitability.
Brandman Retail Lead Manager(s)
Brandman Retail Address
Brandman Retail Ltd. Address
DPT 718-719,
7th Floor DLF Prime Tower
Okhla Industrial Area Phase-I,
South Delhi, New Delhi, 110020
Phone: 011-46052323
E-Mail: info@brandmanretail.com
Website: https://brandmanretail.com/