Manilam Industries India IPO
Manilam Industries India Limited · Decorative Laminates and Plywood
- Issue price
- ₹69per share
- Issue size
- ₹39.95 Cr57,90,000 shares
- Face value
- ₹10per equity share
- Lot size
- 2,000 sharesMin. ₹1.38 L at the upper price
- Anchor biddingThu, 2026
- OpensFri, 2026
- ClosesTue, 2026
- AllotmentWed, 2026
- ListingFri, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 46,98,000 shares (₹32.42 Cr)
- Offer for sale
- 10,92,000 shares (₹7.53 Cr)
- Total issue
- 57,90,000 shares (₹39.95 Cr)
- Market maker portion
- 2,92,000 shares
- Face value
- ₹10
- Listing at
- NSE Emerge
- Promoter holding
- 78.77% → 59.96%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail33.3%
- Anchor28.3%
- QIB ex-anchor19.1%
- NII14.3%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 19,28,000 | 35.07% | 35% |
| Non-institutional investors (NII) | 8,28,000 | 15.06% | 15% |
| Qualified institutional buyers (QIB) | 27,42,000 | 49.87% | 50% |
| QIB, excluding anchor | 11,04,000 | 20.08% | — |
| Anchor investors | 16,38,000 | 29.79% | — |
| Market maker | 2,92,000 | — | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹69 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 2 | 4,000 | ₹2.76 L |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹4.64
- EPS (basic) (Sep 30, 2025 (not annualised))
- ₹1.88
- P/E
- 14.87×
- RoNW
- 24.80%
- NAV per share (Sep 30, 2025)
- ₹25.12
- NAV per share (At Cap Price)
- ₹34.56
- NAV per share (At Floor Price)
- ₹33.7
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 60.26 | 140.03 | 137.90 | 148.10 |
| EBITDA | 8.67 | 17.75 | 14.18 | 9.12 |
| Profit after tax | 3.21 | 7.47 | 3.14 | 1.59 |
| Net worth | 43.08 | 33.87 | 26.38 | 23.24 |
| Reserves and surplus | 25.93 | 31.57 | 24.08 | 20.94 |
| Total borrowing | 58.05 | 62.44 | 73.49 | 60.75 |
FY 2024-25 vs FY 2023-24: revenue +1.5%, profit after tax +137.9%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company manufactures and sells decorative laminates in several thicknesses and design collections, and also trades in plywood. It sells mainly to distributors through a factory in Bareilly, Uttar Pradesh, with a depot in Bangalore.
- Incorporated
- 2015
- Industry
- Decorative Laminates and Plywood
- CIN
- U20296WB2015PLC208559
- Website
- manilam.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Umesh Kumar Nemani | Promoter | 38.53% | 30.25% | — |
| Manoj Kumar Agrawal | Promoter | 20.40% | 16.01% | — |
| Manilam Retail India Private Limited | Promoter | 19.84% | 13.70% | — |
| Sanjay Kumar Agarwal | Selling shareholder | 4.98% | 3.91% | 4,26,000 |
| Yogesh Kumar Agarwal | Selling shareholder | 3.17% | 2.48% | 2,22,000 |
| Hitesh Kumar Agarwal | Selling shareholder | 3.17% | 2.48% | 2,22,000 |
| Rajesh Kumar Agarwal | Selling shareholder | 3.17% | 2.48% | 2,22,000 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Purchase of plant and machinery (press plates) | 1.25 |
| Solar panel purchase and installation at manufacturing plant | 2.20 |
| Repayment of certain loans | 3.50 |
| Working capital requirements | 16.65 |
| General corporate purposes | 4.82 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Manilam Industries India LimitedIssuer | ₹1.88 | — | 8.35% | — |
| Archidply Industries Ltd | ₹1.62 | 52.41× | 3.05% | — |
| Rushil Decor Limited | -₹0.31 | — | -1.40% | — |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Established manufacturer of decorative laminates with several design collections and BIS and ISO certifications.
- Multiple distributor and dealer network across regions, with a Bangalore depot supporting South India.
- Owned manufacturing plant in Bareilly with additional leased land.
Risks
- Demand depends on changing design trends and customer preferences, which could leave inventory obsolete.
- Promoters and group entities run similar businesses, creating potential conflicts of interest.
- Significant related party transactions with promoters, directors and group companies.
- Large contingent liabilities from income tax and GST claims against the company.
- Company has no formal prior market for its shares; price may not sustain after listing.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹69) appear here after the shares list on NSE Emerge.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Manilam Industries India IPO open and close?
According to the Prospectus, the issue opens on Friday, 20 February 2026 and closes on Tuesday, 24 February 2026. These dates are tentative.
What is the Manilam Industries India IPO price band?
The final issue price is ₹69 per share.
What is the lot size of the Manilam Industries India IPO?
One lot is 2,000 shares, which is ₹1.38 L at ₹69 per share.
Where will Manilam Industries India shares list?
On NSE Emerge. The tentative listing date is Friday, 27 February 2026.
Who is the registrar of the issue?
MAS Services Limited (SEBI registration INR000000049). Allotment status is checked on the registrar's website.
How will the money raised be used?
₹1.25 Cr for purchase of plant and machinery (press plates), ₹2.2 Cr for solar panel purchase and installation at manufacturing plant, ₹3.5 Cr for repayment of certain loans, ₹16.65 Cr for working capital requirements, ₹4.82 Cr for general corporate purposes.
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