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Kusumgar Limited IPO Final Verdict Applying For Big Listing Gains (Long-term can be Evaluated later at a valuation comfort) Highlights of the Issue : Date : 8-10 July Price Band : 398-419 Size : 650 Crore (Full OFS) M.cap : 4,399 Crore Objects Of The Issue : ▪︎ To Carry out the Offer For Sale for Promoters and Existing Investors and achieving the benefits of listing the shares on the exchanges Key Pointers : ▪︎ Kusumgar is specialised player in the engineered fabrics industry with expertise in customised and high-performance fabric solutions ▪︎ The Company caters to high-performance sectors like aerospace and defence, industrial and automotive, and outdoor and lifestyle applications ▪︎ It produces high-performance fabrics using polyamide and polyester filaments along with polyurethane chemistry, the products provide features such as strength, durability, abrasion resistance, comfort, air permeability, and waterproofing ▪︎ Kusumgar uses specialised synthetic fibres such as nylon, polyester, and aramids for various industrial and defence applications. The company offers fabrics ranging from lightweight 15D fabrics to highly durable 1000D fabrics for heavy-duty applications ▪︎ Kusumgar is recognised as a pioneer in parachute fabrics and is among the major players outside the U.S. and China in military parachute fabrics ▪︎ It has strong expertise in aeronautical fabrics used in applications such as parachutes, paragliders, hot air balloons, sails, kites and aerostats. These fabrics are manufactured using high-tenacity yarns with specialized coatings and finishes to meet demanding aerospace and military standards ▪︎ Business Segments and Product Portfolio : – Aerospace & Defence Fabrics: • Parachute & aerial systems (Cargo drop, Tactical Assault, High Altitude Penetrator, Drogue, Recovery, Space Module Parachutes) • Tactical clothing & speciality gear (Rain wear, Cold weather clothing, Modular lightweight load carrying equipment, Ruck sacks, sleeping bags) • Stealth Systems and Rapid Deployment Systems (2D, 3D dimensional camouflage nets, Ghillie Suits, Decoys) – Aerospace & Defence Solutions : • Cargo Drop Parachutes • Tactical Assault Parachutes • High Altitude Penetrators • Drogue Parachutes • Recovery Parachutes • Entry Descent & Landing systems • Multi-spectral camouflage nets • Ghillie Suits • Decoys and Shelters – Industrial & Automotive Fabrics • Fabrics for Tapes • Mechanical Rubber Goods (MRG) Fabrics (Belts, Hoses) • Custom Fabric Solutions – Outdoor & Lifestyle Fabrics • Apparels • Backpacks • Sleeping Bags • Luggage • Tents • Workwear ▪︎ The Company has already undertaken a 2.7× Capex which is already operational, making it future ready to cater growth till FY29-30 ▪︎ Kusumgar is riding on the Make in India initiatives and the growing needs of specialised fabrics and robust growth in military grade solutions Financials and Personal Assumptions (In Crores) FY24 Revenue : 468 EBITDA : 131.8 PAT : 84.4 FY25 Revenue : 779 EBITDA : 188.4 PAT : 112 FY26 Revenue : 692 EBITDA : 187.8 PAT : 98.2 FY27E Revenue : 1,100 EBITDA : 300 PAT : 180 FY28E Revenue : 1,350 EBITDA : 350 PAT : 210 Crore Valuing Kusumgar at 20× FY28E EV/EBITDA, Anticipated Value Comes At 637, Implying An Upside Of 52% The Super high Growth in FY27 is expected due to shift of two significant orders, one from India and one from the US, FY28 should see normalization Positives: ▪︎ Super High Entry Barriers ▪︎ Strong Moat and Track Record requirements ▪︎ Stringent approvals and qualification criterion ▪︎ High Promoter Quality ▪︎ Well diversified portfolio ▪︎ Headroom for growth ▪︎ FTA Benefits ▪︎ Global Presence ▪︎ Good Scale of business Negatives: ▪︎ Limited TAM ▪︎ Growth normalization going forward ▪︎ Margin Volatility ▪︎ No Valuation Benchmark The Anchor Book was Fantastic! Just A Personal View, Only For Educational Purposes

ICICI Prudential AMC IPO : Expected Allotment Probability BIG HNI : 2 out of 9 || Small HNI : 1 out of 14 || Retail : 2 out of 3 Shareholders : Those applied for various lots will have below Probability Applied for 1 Lot or 6 Shares : 1 out of 9 Apps Applied for 2 Lot or 12 Shares : 2 out of 9 Apps Applied for 9 lots or 54 Shares : 1 Lot almost Confirmed Applied for 10 lots or 60 Shares : 6 Shares Confirmed Applied for 11 lots or 66 Shares : 7 or 8 Shares Applied for 12 lots or 72 Shares : 8 or 9 Shares Applied for 13 lots or 78 Shares : 8 or 9 Shares Applied for 14 lots or 84 Shares : 9 Shares Applied for 15 lots or 90 Shares : 9 or 10 Shares NOTE : If there is massive rejection or Eligible Retail who didn't applied in shareholder but being transferred to in it then Ratio may change