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Madhur Knit Crafts

· NSE open
Closes in 2 days · 27 Aug 2026
₹16
GMP* · 25 Aug, 10:20 pm
Price Band
₹95 – ₹100
Issue Size
₹53.27 Cr
1 lot at upper band
₹1,20,000
Lot Size
1,200
Open
24 Aug 2026
Close
27 Aug 2026
Allotment
—
Listing
01 Sept 2026

Scheduled dates

  1. Open
    24 Aug 2026
  2. Close
    27 Aug 2026
  3. Refund
    31 Aug 2026
  4. Demat credit
    31 Aug 2026
  5. Listing
    01 Sept 2026

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹16 8 sessions

Subscription (times)

Latest per-category subscription · as of 25 Aug, 06:12 pm IST.

QIB 1.01x
NII 0.23x
BHNI 0.49x
SHNI 0.08x
RII 0.55x
Total 0.42x

About Madhur Knit Crafts

Madhur Knit Crafts Limited is a textile manufacturing company incorporated in 1997, operating from Ludhiana, Punjab. The company has transitioned from minimal processing to a fully integrated yarn-to-cloth manufacturing model, producing knitted fabrics, blankets, anti-pilling fabrics, sherpa fabrics, and garments. The company operates state-of-the-art manufacturing facilities with advanced machinery imported from Korea, Taiwan, and China, supporting processes including knitting, dyeing, printing, brushing, polishing, sueding, and stentering.

www.mkcpl.in ↗

Strengths

  • Vertically Integrated Manufacturing Operations
    "The company operates an integrated facility covering knitting, dyeing, printing, stentering, brushing, raising and finishing, reducing external vendor dependence and supporting customized production.
  • Advanced Machinery and Infrastructure
    The company has invested in advanced textile machinery sourced from Germany, Japan, South Korea, Taiwan and China, supported by a manufacturing area exceeding 300,000 sq. ft.
  • Strategic Location Advantage
    The company benefits from its Ludhiana location, providing access to raw materials, skilled labour, ancillary industries and logistics, with just-in-time procurement and lower freight costs.
  • Diversified Product Portfolio
    The company offers mink, woolen, fleece and flannel blankets, knitted winterwear fabrics, garments and technical textiles, enabling coverage of consumer and industrial markets.
  • Order-Based and Demand-Driven Production Model
    The company follows a made-to-order model based on confirmed customer orders, minimizing overproduction and excess inventory while optimizing raw material utilization and working capital.
  • Robust Supplier and Distribution Network
    The company has established suppliers across Ludhiana and other textile-producing states and maintains a broad B2B network of dealers, wholesalers and institutional customers, supporting geographical reach and revenue diversification.
  • Experienced Promoters and Skilled Workforce
    The company is supported by promoters with decades of textile industry experience and a professionally trained workforce and technical staff, supporting productivity, innovation and quality compliance.
  • Emphasis on Quality Assurance and Customization
    The company conducts quality checks at critical manufacturing stages and provides customized fabrics based on weight, blend, design and finish; ISO 9001:2015 certification reinforces its quality standards.

Risk Factors

  • High geographical concentration in Punjab exposing the company to region-specific risks
    The company derives more than 90% of its revenue from Punjab, exposing it to regional economic conditions, regulatory developments, political events, natural calamities, and other localized disruptions. Any adverse developments in Punjab may materially affect the company's business, financial condition and operational performance.
  • Major portion of revenue depends upon few customers
    The company derives significant revenue from a limited customer base, with top 10 customers contributing 34.14% of total revenue in February 2026. The loss of any major customers would have a material adverse effect on business operations and profitability.
  • Negative cash flows from operations in previous years
    The company has reported negative cash flows from operating activities in FY 2025 (-255.82 lakhs), FY 2024 (-367.70 lakhs), and FY 2023 (-4.78 lakhs). Any such negative cash flows in the future could affect the company's business, results of operations and prospects.
  • Dependence on limited number of suppliers for raw materials
    The company sources significant portion of raw materials from limited suppliers, with top 10 suppliers accounting for 52.37% of total procurement in February 2026. Any disruption, price increase, or inability of these suppliers to meet quality or delivery requirements could materially affect operations and profitability.
  • High geographical concentration of raw material sourcing from Punjab
    The company sources 99.26% of total procurement from Punjab as of February 2026. This high geographical concentration exposes the company to risks from regional economic, political, or environmental developments that could materially impact operations and financial performance.
  • Dependence on short-term rental agreements for operational premises
    The company operates from premises on 11-month rental agreements that do not provide long-term security of tenure. Non-renewal or termination could result in business disruption, increased relocation costs, operational delays, and temporary loss of productivity.
  • Significant working capital requirements
    The company has substantial working capital needs driven by inventory and trade receivables. Working capital requirement as percentage of revenue stood at 43.09% in February 2026. Inability to manage working capital efficiently may necessitate additional funding and adversely affect profitability and operational flexibility.
  • Dependence on single manufacturing facility
    The company's business is primarily dependent on its sole manufacturing facility located in Punjab. Any prolonged disruption, equipment breakdown, machinery failure, or regulatory non-compliance at this facility could have a material adverse effect on business, financial condition, and results of operations.
  • Lenders have charges over company's movable and immovable properties
    The company has secured borrowings by creating charges on current assets, movable plant and machinery, fixed deposits, and equitable mortgage over immovable properties. In case of default, lenders may enforce their rights and take possession of secured properties and assets, materially affecting operations and financial condition.
  • Seasonal nature of business affecting revenue patterns
    The company's business is significantly influenced by seasonal demand, particularly due to focus on winter wear garments and fabrics. Sales are typically higher during winter months and lower during off-season periods, which could adversely affect revenue, inventory management, and overall financial performance.

Objects of the Issue

  • Capital Expenditure
    Funding capital expenditure for the purchase of Solar panel
    3.67 crores
  • Working Capital
    Working Capital Requirement of the Company.
    15.92 crores
  • Debt Repayment
    Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company
    20.85 crores
  • General Corporate Purposes

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/2025171.76+58.4%11.03+548.8%122.5929.49-2.56
31/03/2024108.41-44.3%1.70-86.2%90.6016.24-3.68
28/02/2026194.79—12.35—159.9743.614.44
Units: crores

Issue Details

Face Value
₹10
P/E
12.15
ROCE
33.49%
Shares / Lot
1,200
Minimum Bid
2,400 shares
Refund
31 Aug 2026
Credit to Demat
31 Aug 2026
ISIN
INE1P5601010
CIN
U17301PB1997PLC020381
Registrar
Skyline Financial Services Pvt.Ltd.
Lead Managers
SKI Capital Services Ltd.
Registered Office
Village - Seera, Sattowal Road, Rahon Road, Eros Bajra Road, Ludhiana, Punjab, India, 141007
RHP ↗DRHP ↗

Management

Arun GuptaMD
Piyush GuptaDirector & CFO
Chirag GuptaWhole Time Director
Avinash RaiIndependent Director
Sanjay KapoorIndependent Director
Gurpreet KaurIndependent Director

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.