Clay Craft SME
Book Building issueSMENSE SME₹110 Cr issue
+3.94%
Listing gain over issue price
Price band
₹203
Issue size
₹110 Cr
1 lot at cut-off
₹1,21,800
Lot size
600shares
Open
17 Jun 2026
Close
19 Jun 2026
Allotment
22 Jun 2026
Listing
24 Jun 2026
Listing performance
Issue price
₹203
Listed at
₹211
Listing-day close
₹221.55
Latest price
₹184.60
Listing gain
+3.94%
Return since listing
-9.06%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹35 +17.24%
24 Jun, 09:35 am
18 Jun 2026 Range ₹0 – ₹48 over 7 days 24 Jun 2026
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Jun 2026 | ₹35 | +17.24% | ₹16,000 | ₹238 | ₹21,000 |
| 23 Jun 2026 | ₹35 | +17.24% | ₹16,000 | ₹238 | ₹21,000 |
| 22 Jun 2026 | ₹43.50 | +21.43% | ₹19,800 | ₹246.50 | ₹26,100 |
| 21 Jun 2026 | ₹45 | +22.17% | ₹20,500 | ₹248 | ₹27,000 |
| 20 Jun 2026 | ₹45 | +22.17% | ₹20,500 | ₹248 | ₹27,000 |
| 19 Jun 2026 | ₹42 | +20.69% | ₹19,200 | ₹245 | ₹25,200 |
| 18 Jun 2026 | ₹48 | +23.65% | ₹21,900 | ₹251 | ₹28,800 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 17 Jun 2026 – 19 Jun 2026
- Listing date
- 24 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹203
- Issue price
- ₹203 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- NSE SME
- Total issue size
- ₹110 Cr
- Market cap at offer price
- ₹418 Cr
- Promoter holding
- 100.00% → 73.63% pre-issue → post-issue
- ISIN
- INE1QGM01024
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- F-766 & F-766 A, Road No.1-D, Vishwakarma Industrial Area, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,43,800 | — | — |
| Market maker | 2,72,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹203
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,21,800 |
| S-HNI (min) | 2 | 1,200 | ₹2,43,600 |
| S-HNI (max) | 8 | 4,800 | ₹9,74,400 |
| B-HNI (min) | 9 | 5,400 | ₹10,96,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,43,800
Anchor portion
₹31.34 Cr
at ₹203 per share
Valuation and performance
Valuation at offer price
₹203 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.84 | 13.13 |
| P/E (×) | 11.38 | 15.46 |
| Price to book (×) | 1.85 | — |
| Market cap | — | ₹418 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.27%
- ROCE
- 18.26%
- Debt / equity
- 0.30
- PAT margin
- 15.02%
- EBITDA margin
- 23.33%
- NAV per share
- ₹109.64
- Price to book
- 1.85
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Clay Craft SME
Clay Craft India Limited is a ceramic tableware manufacturer incorporated in India in 1988, converted to a public company in 2025. The company produces ceramic tableware products marketed under its proprietary brands 'Clay Craft' and 'JCPL', which together account for over 90% of revenue. The company operates manufacturing facilities in Jaipur and Manda, Rajasthan, with an installed capacity of 6000 MTPA. Revenue for FY2026, FY2025, and FY2024 was ₹17,988.67 lakhs, ₹15,194.22 lakhs, and ₹14,542.55 lakhs respectively. The company earns revenue primarily through the sale of ceramic tableware to HORECA customers, multi-retail stores, and online platforms, with significant customer concentration among top 10 customers representing 33.73% of FY2026 revenue.
Company Analysis
from RHPClay Craft India manufactures ceramic tableware for the hotel, restaurant, catering (HORECA) sector and retail markets, operating through branded ceramics production.
Clay Craft India Limited is a ceramic tableware manufacturer incorporated in India in 1988, converted to a public company in 2025. The company produces ceramic tableware products marketed under its proprietary brands 'Clay Craft' and 'JCPL', which together account for over 90% of revenue. The company operates manufacturing facilities in Jaipur and Manda, Rajasthan, with an installed capacity of 6000 MTPA. Revenue for FY2026, FY2025, and FY2024 was ₹17,988.67 lakhs, ₹15,194.22 lakhs, and ₹14,542.55 lakhs respectively. The company earns revenue primarily through the sale of ceramic tableware to HORECA customers, multi-retail stores, and online platforms, with significant customer concentration among top 10 customers representing 33.73% of FY2026 revenue.
Ceramic tableware manufacturingHORECA (Hotel, Restaurant, Catering) sectorConsumer productsRetail distribution
Objects of the Issue
- Funding capital expenditure for expansion of manufacturing facility p.32
- General corporate purposes
- To fund capital expenditure towards setting up an additional manufacturing facility at Manda, Rajasthan ₹9700.00 lakhs p.93
- General Corporate Purpose p.93
- To fund capital expenditure setting up an additional manufacturing facility at Manda, Rajasthan p.102
- General Corporate Purpose p.102
- Capacity expansion at manufacturing facility in Rajasthan by installing additional machinery ₹9,700 lakhs p.147
Issue Structure
- Total Issue
- Up to ₹[●] lakhs
- Fresh Issue
- Up to 54,24,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price: ₹[●]; Cap Price: ₹[●] (to be determined)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures and sells ceramic tableware products through a network of distributors, retailers, large-format retail stores, and online platforms. The company does not enter into exclusive distribution agreements. Revenue is generated from sales of ceramic tableware under its proprietary brands Clay Craft and JCPL, and from design, development, and manufacturing activities for customers under license agreements.
Business Segments
Ceramic tableware products marketed under the proprietary brand name Clay Craft
Ceramic tableware products marketed under the proprietary brand name JCPL
Design, development, production and sale of ceramic tableware including dinner sets, tea and coffee serving sets, mugs, tumblers, platters, bowls, and table top accessories for retail consumers, institutional buyers, and the hospitality industry
Small and medium-sized mugs (200–300 ml) used for coffee in households and HoReCa segment; milk mugs with capacities above 300 ml suitable for multiple beverages including coffee, tea, smoothies, and shakes.
Includes dinner plates, side plates, breakfast plates, soup bowls, dessert bowls, dip bowls, soup spoons, and related items. Available as individual pieces and complete dinner sets for families of 4, 6, 8, or 12 members. For HoReCa sector, supplied as individual pieces manufactured to order.
Comprehensive range including cup and saucer sets, tea sets, and coffee sets with various cup sizes, saucers, creamers, sugar pots, teapots, and coffee pots, enabling complete serving experience.
Broad spectrum of shapes, sizes, colours, and decorative finishes designed to complement table aesthetics while ensuring functionality and ease of use.
Table top accessories including salt and pepper sets, condiment sets, chopstick stands, tumblers, bowls, vacuum bottles, and gift items designed to enhance the dining experience.
Ceramic mugs sold to various customer segments
Ceramic dinnerware products including plates, bowls and related items
Ceramic tea and coffee serving sets
Ceramic platters and table accessories
Bowls, vacuum bottles, table top accessories, gift items
Manufacturing and sale of ceramic tableware products including dinner sets, tea sets, mugs, and other table top items for both household and hospitality use
Other division product sales, scrap sales, packing material sales, and raw material sales
Manufacturing and sale of ceramic mugs
Manufacturing and sale of dinnerware including dinner sets and plates
Manufacturing and sale of tea and coffee serving sets
Manufacturing and sale of platters and table top accessories
SWOT Analysis
Strengths
- • Established manufacturing and distribution network with facilities in Jaipur and Manda(p.94)
- • Significant installed production capacity with growth potential(p.94)
- • Strong financial performance with growing revenues and profitability(p.51)
- • Integrated manufacturing with ~6,000 MT/annum capacity across two facilities(p.141)
- • Diverse product portfolio of ~5,770 SKUs across multiple categories and brands(p.140)
- • Established distribution network with 132 distributors and 47 sales personnel(p.141)
- • In-house design and development team with laboratory and testing capabilities(p.140)
- • ISO 9001:2015 certification and sustainability practices including solar and water recycling(p.141)
- • Experienced promoter and management team with 16-36 years industry experience(p.141)
- • Experienced promoter and management team with deep industry expertise(p.144)
- • Vertically integrated in-house design, manufacturing and packaging capabilities(p.144)
- • ISO 9001:2015 certification and strong quality assurance framework(p.144)
- • Diversified product portfolio across multiple categories and brands(p.144)
- • Strong financial performance with growing profitability(p.146)
- • Established distribution network with 132 distributors across major states(p.151)
- • Multi-channel presence with integrated offline and online platforms(p.145)
- • Modern manufacturing facilities with advanced equipment and sustainability features(p.144)
- • Experienced promoter group with deep industry knowledge(p.193)
- • Diversified and extensive manufacturing infrastructure(p.218)
- • Strong profitability and revenue growth trajectory(p.202)
- • Healthy equity and net worth position(p.200)
- • Solid cash generation and liquidity position(p.205)
- • Experienced management with deep industry expertise(p.264)
- • Strong financial performance with growing margins(p.264)
- • In-house design and product development capabilities(p.262)
- • Wide product portfolio and SKU diversity(p.262)
- • ISO certified manufacturing facilities(p.262)
- • Positive Return on Equity and Return on Capital Employed(p.264)
Weaknesses
- • Dependence on key suppliers with no long-term agreements(p.25)
- • High concentration of revenue from top customers(p.29)
- • Manufacturing facilities concentrated in single region(p.27)
- • Missing corporate records with ROC(p.30)
- • Directors lack experience managing listed companies(p.28)
- • Promoter personal guarantees on borrowings(p.40)
- • Unsecured recallable loans from promoters(p.36)
- • Restated financial statements prepared by non-statutory auditors(p.28)
- • High dependence on sales volumes to cover fixed costs(p.40)
- • Significant debt obligations with restrictive covenants(p.40)
- • Inadequate insurance coverage for manufacturing operations(p.40)
- • Significant contingent liabilities related to customs disputes(p.41)
- • Dependence on key management personnel(p.42)
- • Concentrated shareholding with limited minority protection(p.43)
- • Heavy dependence on distributor channel for sales(p.151)
- • High capacity underutilization at manufacturing facilities(p.150)
- • Significant reliance on limited number of raw material suppliers(p.151)
- • Declining export revenue over recent years(p.145)
- • No long-term contracts with logistics partners(p.152)
- • Significant dependence on bank borrowings(p.200)
- • High leverage from director and related party loans(p.219)
- • Customs duty dispute and contingent liabilities(p.248)
- • Material outstanding receivables aging(p.237)
- • High working capital requirements(p.236)
- • Litigation risk involving Managing Director and Company(p.273)
- • Revenue concentration among top customers(p.270)
- • Significant debt obligations(p.272)
- • Geographic concentration of manufacturing facilities(p.265)
Opportunities
- • Expansion of manufacturing capacity(p.35)
- • Growth in ceramic tableware market and HORECA sector(p.34)
- • International market expansion potential(p.37)
- • Large diversified product portfolio(p.26)
- • Expand production capacity to serve growing export markets(p.94)
- • Develop hard porcelain ceramic tableware for premium market segments(p.94)
- • Capitalize on growing domestic hospitality and institutional demand(p.94)
- • Expansion of ceramic tableware market driven by urbanization and rising disposable incomes(p.125)
- • Strong growth in hospitality sector expected to drive ceramic hotel ware demand(p.127)
- • EU trade deal reducing ceramic tariffs and improving market access to Europe(p.115)
- • Chinese anti-dumping duties and VAT rebate cancellation creating competitive advantage(p.114)
- • E-commerce penetration expanding market reach to Tier 2 and Tier 3 cities(p.128)
- • Indian ceramic tableware market projected to grow at 10% CAGR through 2029(p.135)
- • Significant market growth potential in Indian ceramic tableware sector(p.146)
- • Capacity expansion to capitalize on rising market demand(p.147)
- • Strong projected growth in ceramic tableware market through 2029(p.147)
- • Expanding global opportunities as buyers shift sourcing away from China(p.147)
- • Strategy to expand global footprint into new markets(p.147)
- • Growth through new product launches in kitchenware, tableware and hotel-ware(p.146)
- • Increased branding and digital marketing investments(p.147)
- • Geographic and market expansion through established distribution(p.206)
- • Capacity expansion and modernization initiatives(p.230)
- • Export market development potential(p.240)
- • Product diversification and premium offerings(p.248)
- • Technology investment and infrastructure upgrades(p.229)
- • Expansion into HoReCa segment(p.262)
- • Growth in institutional and corporate demand(p.267)
- • Customized ceramic solutions for corporate and institutional clients(p.262)
- • International market expansion(p.263)
- • Capacity expansion through new manufacturing facility(p.271)
- • Growing domestic demand driven by lifestyle upgrades(p.262)
Threats
- • Intense competition from domestic and international firms(p.27)
- • Fluctuations in raw material prices(p.26)
- • Changes in consumer preferences and product demand(p.26)
- • Business seasonality and HORECA sector dependence(p.28)
- • Energy and power supply disruptions(p.37)
- • Environmental and regulatory compliance risks(p.37)
- • Limited liquidity on SME platform(p.29)
- • Absence of listed peer company for valuation benchmark(p.30)
- • Foreign exchange exposure from imports of raw materials(p.41)
- • Macroeconomic slowdown and global financial instability(p.45)
- • Infrastructure constraints affecting operations(p.45)
- • Natural disasters and infectious disease outbreaks(p.45)
- • Regulatory and compliance uncertainties(p.46)
- • Competition law enforcement and potential antitrust violations(p.46)
- • High dependency on imported raw materials (zirconium silicate, alumina) vulnerable to supply disruptions(p.136)
- • Volatile fuel and energy costs comprising 30-40% of manufacturing costs(p.137)
- • Stricter environmental regulations increasing operational costs and compliance burden(p.136)
- • Dumping of low-cost ceramic imports from China, Bangladesh, and Vietnam(p.136)
- • Intense competition from organized and unorganized manufacturers(p.151)
- • Significant import dependence for key raw materials(p.152)
- • Vulnerability to foreign exchange and input price fluctuations(p.151)
- • Exposure to logistics and supply chain disruptions(p.152)
- • Unfulfilled export obligations under EPCG authorization(p.148)
- • Raw material cost volatility and forex exposure(p.241)
- • High power and fuel consumption costs(p.243)
- • Regulatory and customs compliance risks(p.248)
- • Customer concentration in large institutional buyers(p.248)
- • Rising interest rate environment impact on borrowing costs(p.242)
- • Dependence on HoReCa sector performance(p.265)
- • Raw material supply disruptions(p.265)
- • Changes in consumer preferences and design requirements(p.265)
- • Regulatory and policy changes affecting ceramic tableware industry(p.265)
- • Macroeconomic factors affecting regional demand(p.265)
- • Technology obsolescence risk(p.265)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajesh Narain Agarwal | Promoter | — | — |
| Vikas Agarwal | Promoter | — | — |
| Bharat Agarwal | Promoter | — | — |
| Deepak Agarwal | Promoter | — | — |
| Rajesh Narain Agarwal | Promoter | 46.85% | 34.50% |
| Vikas Agarwal | Promoter | 16.83% | 12.39% |
| Bharat Agarwal | Promoter | 16.81% | 12.38% |
| Deepak Agarwal | Promoter | 16.83% | 12.39% |
| Usha Agarwal | Promoter Group | 2.63% | 1.94% |
| Ruchi Agarwal | Promoter Group | 0.04% | 0.03% |
| Crown Craft (India) Private Limited | Promoter Group | 0.00% | 0.00% |
| Vikas Agarwal | Promoter | — | — |
| Rajesh Narain Agarwal | Promoter | — | — |
| Bharat Agarwal | Promoter | — | — |
| Deepak Agarwal | Promoter | — | — |
| Rajesh Narain Agarwal | Promoter/Whole-Time Director | 46.85% | — |
| Vikas Agarwal | Promoter/Managing Director | 16.83% | — |
| Bharat Agarwal | Promoter/Whole-Time Director | 16.81% | — |
| Deepak Agarwal | Promoter/Whole-Time Director & CFO | 16.83% | — |
| Rajesh Narain Agarwal | Promoter | 46.85% | — |
| Vikas Agarwal | Promoter | 16.83% | — |
| Bharat Agarwal | Promoter | 16.81% | — |
| Deepak Agarwal | Promoter | 16.83% | — |
Leadership
Rajesh Narain Agarwal · Whole-Time Director/Promoter
Vikas Agarwal · Managing Director/Promoter
Bharat Agarwal · Whole-Time Director/Promoter
Deepak Agarwal · Chief Financial Officer/Promoter/Whole-Time Director
Anil Kumar Sharma · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.