MI
Manilam Industries India
Book Building issueSMENSE₹39.95 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹39.95 Cr
1 lot at cut-off
₹1,38,000
Lot size
2,000shares
Open
20 Feb 2026
Close
24 Feb 2026
Allotment
25 Feb 2026
Listing
27 Feb 2026
Listing performance
Issue price
₹69
Listed at
₹55.20
Listing-day close
₹52.45
Latest price
₹55
Listing gain
-20.00%
Return since listing
-20.29%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 27 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹69 | ₹0 |
| 26 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹69 | ₹0 |
| 25 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹69 | ₹0 |
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
- 20 Feb 2026 – 24 Feb 2026
- Listing date
- 27 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹69 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹39.95 Cr
- Market cap at offer price
- ₹151 Cr
- Promoter holding
- 78.79% → 61.85% pre-issue → post-issue
- ISIN
- INE1ERK01013
- Registrar
- MAS Services Ltd.
- Lead managers
- NEXGEN Financial Solutions Pvt.Ltd.
- Registered office
- 46, B.B.Ganguly Street, 5th Floor, Room No-9, West Bengal
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 | 16,38,000 | — | — |
| Market maker | 2,92,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹69
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,38,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,76,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,66,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,04,000 |
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
16,38,000
Anchor portion
₹11.30 Cr
at ₹69 per share
Valuation and performance
Valuation at offer price
₹69 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.30 | 2.89 |
| P/E (×) | 16.05 | 23.88 |
| Price to book (×) | 0.47 | — |
| Market cap | — | ₹151 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.80%
- ROCE
- 36.68%
- PAT margin
- 5.33%
- EBITDA margin
- 12.67%
- NAV per share
- ₹147.27
- Price to book
- 0.47
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Manilam Industries India
Manilam Industries India Limited (formerly BP Industries (Plyboards) Private Limited) is engaged in the manufacturing and sale of decorative laminates with product ranges including 0.7 mm to 1 mm thicknesses across collections such as Artistica, Vogue, Dwar, and Magnificent Collections serving both residential and commercial sectors. The company also trades in plywood in different grades and sizes primarily for industrial and commercial sectors. Originally formed as a partnership firm M/s B P Industries in 2013, it was converted to a private limited company in 2015, renamed to Manilam Industries India Private Limited in 2023, and converted to a public company in 2024. The company derives approximately 83% of revenue from laminates with manufacturing operations in Bareilly, Uttar Pradesh.
Company Analysis
from RHPManilam Industries India Limited manufactures decorative laminates and trades in plywood for residential, commercial, and industrial applications.
Manilam Industries India Limited (formerly BP Industries (Plyboards) Private Limited) is engaged in the manufacturing and sale of decorative laminates with product ranges including 0.7 mm to 1 mm thicknesses across collections such as Artistica, Vogue, Dwar, and Magnificent Collections serving both residential and commercial sectors. The company also trades in plywood in different grades and sizes primarily for industrial and commercial sectors. Originally formed as a partnership firm M/s B P Industries in 2013, it was converted to a private limited company in 2015, renamed to Manilam Industries India Private Limited in 2023, and converted to a public company in 2024. The company derives approximately 83% of revenue from laminates with manufacturing operations in Bareilly, Uttar Pradesh.
Decorative laminatesPlywoodWooden furniture and interior decor
Objects of the Issue
- Capital Expenditure - Purchase of equipment/machineries 125.00 lakhs p.34
- Capital Expenditure - Purchase and installation of Solar Panel at our Manufacturing Plant 220.00 lakhs p.34
- Repayment in full or in part, of certain loans availed by our Company 350.00 lakhs p.34
- Working Capital Requirements of our Company 1,665.00 lakhs p.34
- General Corporate Purposes p.34
- Capital Expenditure - Purchase of equipment/machinery of our Company p.138
- Capital Expenditure - Purchase and installation of Solar Panel Panels at our manufacturing plant p.138
- Repayment in full or in part, of certain loans availed by our Company p.138
- Working Capital Requirements of our Company p.138
- General Corporate Purposes p.138
- Capital Expenditure - Purchase of equipment/machineries 125.00 lakhs p.139
- Capital Expenditure - Purchase and installation of Solar Panel at our Manufacturing Plant 220.00 lakhs p.139
- Repayment in full or in part, of certain loans availed by our Company 350.00 lakhs p.139
- Working Capital Requirements of our Company 1,665.00 lakhs p.139
- Expenses for General Corporate Purposes p.139
Issue Structure
- Total Issue
- 57,90,000 Equity Shares of Face Value of Rs. 10/- each aggregating to Rs. [●] lakhs
- Fresh Issue
- 46,98,000 Equity Shares of Face Value of Rs. 10/- each aggregating to Rs. [●] lakhs
- Offer for Sale
- 10,92,000 Equity Shares of Face Value of Rs. 10/- each aggregating to Rs. [●] lakhs (4,26,000 shares by Sanjay Kumar Agarwal, 2,22,000 shares by Yogesh Kumar Agarwal, 2,22,000 shares by Hitesh Kumar Agarwal, 2,22,000 shares by Rajesh Kumar Agarwal)
- Price Band
- [●] times to [●] times of the face value of Rs. 10/- each
- Lot Size
- 2,000 Equity Shares
- Face Value
- Rs. 10/- each
Business Model
The company earns revenue through manufacturing and selling decorative laminates and trading plywood. Revenue is primarily derived from decorative laminates (83.33% for FY 2025) sold to residential and commercial customers, with a secondary revenue stream from plywood trading. The business model relies on maintaining customer relationships with top 10 customers contributing 52.89% of revenue in FY 2025.
Business Segments
Manufacturing and sale of decorative laminates in various thicknesses (0.7 mm to 1 mm) across collections including Artistica Collection, Vogue Collection, Dwar Collection and Magnificent Collection for residential and commercial applications
Trading of plywood in different grades and sizes, primarily serving industrial and commercial sectors
Manufactures and sells decorative laminates, plywood, decorative veneers, compact laminates, and allied products
Manufacturing and sale of decorative laminates in various thicknesses ranging from 0.7 mm to 1 mm with multiple design collections (Artistica, Vogue, Dwar, Magnificent) for residential and commercial interior applications
Trading of plywood available in different grades and sizes, primarily serving industrial and commercial sectors
Manufacturing of decorative laminates including High Pressure Decorative Laminates (HPL), Medium Density Fiber (MDF) Boards, Pre-laminated MDF Boards, PVC Boards, and High-Density Fiber Water-Resistant (HDFWR) Boards in various thicknesses from 0.7 mm to 1 mm under collections such as Artistica, Vogue, Chromatic Tales, Fluted Surfaces, DWAR, Magnificent, and other designs.
Manufacturing of plywood products including Club 10X premium plywood, Gold BWP (Boiling Water Proof), UNAM BWP, and Shuttering Plywood in various thicknesses (12mm, 16mm, 19mm).
Trading of plywood and veneer products under the Manilam brand to meet customer demand. The company shifted from in-house plywood manufacturing to traded plywood in FY 2024–25 for operational efficiency and quality control of laminates.
Trading of chemicals, lamination services, papers, and miscellaneous items.
Manufacture and sale of plywood, blockboards, decorative laminates, veneers, and allied timber products including construction plywood, film faced plywood, MDF, particle boards, and related items.
Manufacturing and sale of plywood sheets and laminate products for furniture, construction, and interior applications
Manufacturing and sale of plywood, laminates and veneer products
Trading in plywood, laminates and veneer products
Sale of scrap and other miscellaneous operating revenue
Manufacturing and sale of decorative laminates in various thicknesses ranging from 0.7 mm to 1 mm with multiple collections including Artistica, Vogue, Dwar, Magnificent, Chromatic Tales, Flute, ECP, Wood & Veneer, and Wall Cladding
Trading of plywood available in different grades and sizes, primarily serving industrial and commercial sectors
SWOT Analysis
Strengths
- • Successful past execution of business and growth strategies(p.66)
- • Stringent internal checks and controls for regulatory compliance(p.66)
- • Experienced management team with technical expertise(p.72)
- • Established network of dealers and distributors(p.69)
- • Technical knowledge as significant competitive asset(p.67)
- • Capital expenditure investment in production enhancement(p.140)
- • Strategic investment in renewable energy infrastructure(p.143)
- • Debt reduction and improved leverage(p.146)
- • Strong working capital management and expansion capacity(p.148)
- • Diversified product portfolio with growing SKU range(p.150)
- • Diverse product portfolio with 1,000+ laminate designs and plywood options(p.271)
- • Strong distribution network ensuring wide market reach(p.271)
- • Advanced manufacturing technology with OCTA technology and Delite presses(p.271)
- • Strong collaboration with architects, designers, and carpenters(p.271)
- • Improved financial metrics and operational efficiency(p.237)
- • Quality certifications including ISO and BIS standards(p.241)
- • ISO certifications and CE marking for product quality and safety(p.306)
- • Experienced promoter management with 20+ years in plywood and laminates sector(p.339)
- • No labour disputes or unionization of workforce(p.308)
- • No defaults or rescheduling of borrowings with financial institutions(p.308)
- • Wholly owned subsidiary for integrated operations(p.347)
- • Manufacturing and sale capability in plywoods and laminates(p.443)
- • Wholly owned subsidiary with operational manufacturing facility(p.443)
- • Significant owned property assets securing borrowings(p.467)
- • Strong profit growth trajectory(p.469)
Weaknesses
- • Significant portion of raw material procurement concentrated in two states (Uttar Pradesh and Gujarat representing 63% of purchases)(p.50)
- • Manufacturing facility concentrated in single region (Bareilly, Uttar Pradesh)(p.47)
- • High dependence on top 10 customers for 43.88%-58% of revenue(p.57)
- • 83.33% revenue from single product (laminates)(p.57)
- • Substantial indebtedness with debt-to-equity ratio of 1.84 times as of September 30, 2025(p.59)
- • High employee attrition rate of 36.48% in Fiscal 2025(p.60)
- • Non-owned manufacturing facilities dependent on lease/rent agreements(p.48)
- • Company has not yet placed orders for plant and machinery required for proposed modernization(p.51)
- • Contingent liabilities including GST and income tax claims of Rs 1,595.74 lakhs(p.47)
- • History of delayed GST, income tax and ESI filings with up to 300-day delays(p.54)
- • History of delayed statutory compliance filings(p.66)
- • Negative cash flows in prior fiscal years(p.68)
- • Outstanding unsecured loans subject to recall(p.69)
- • Dependence on dealers and distributors without long-term contracts(p.69)
- • No data security policy and no cyber insurance coverage(p.67)
- • Lack of board experience with listed companies(p.70)
- • Loss incurred by group entity(p.83)
- • Absence of formal contracts with logistics providers(p.75)
- • High working capital intensity and inventory requirements(p.148)
- • Significant outstanding debt burden(p.146)
- • Increased inventory holding periods(p.150)
- • Extended trade receivable collection cycles(p.150)
- • Inconsistent revenue growth with recent decline(p.237)
- • Negative operating cash flows in recent years(p.237)
- • Limited debt servicing capacity(p.237)
- • High reliance on short-term borrowings(p.237)
- • Absence of in-house research and development capability(p.259)
- • Promoter with lack of formal higher education(p.317)
- • High concentration of shareholding with promoters(p.347)
- • Significant debt obligations requiring management(p.319)
- • Promoter involvement in SEBI adjudication with penalty imposed(p.346)
- • High dependence on few major customers(p.412)
- • Significant outstanding dues from related parties(p.392)
- • High debt burden relative to equity(p.428)
- • Significant contingent liabilities for GST disputes(p.409)
- • Low profitability margins(p.428)
- • High dependence on few major customers(p.478)
- • Significant outstanding trade receivables with aging(p.462)
- • High leverage with debt-to-equity ratio of 1.35(p.491)
- • Contingent tax liabilities from GST and income tax demands(p.476)
- • Leasehold property title deeds not yet transferred to company name(p.460)
Opportunities
- • Indian wooden panel industry growth with decorative laminates market projected to reach Rs 22,108.50 crore by FY 2030(p.32)
- • Strong industry growth with Indian furniture market expected to grow by 12.91% annually until 2028(p.32)
- • Rising demand for laminates driven by ongoing urbanization and consumer preferences(p.32)
- • Post-COVID recovery in real estate and furniture segments boosting laminates consumption(p.32)
- • Plywood segment with approximately 54% market share and 265 Bn market size(p.33)
- • Growth in Indian real estate and urbanization(p.70)
- • Expansion through distribution network growth(p.69)
- • Enhanced brand visibility through listing(p.138)
- • Market tailwinds in interior infrastructure sector(p.70)
- • Growing decorative laminates market expansion(p.198)
- • Railway sector refurbishment and modernization contracts(p.201)
- • Increased government spending on infrastructure and housing(p.200)
- • Rising urbanization and expanding middle-class consumer base(p.188)
- • Healthcare sector demand for specialized laminates(p.202)
- • Growing demand in construction and interior design sectors(p.237)
- • Expansion into eco-friendly product segment(p.237)
- • Digital sales channels and online engagement expansion(p.237)
- • Capacity for debt reduction and capital optimization(p.237)
- • Market expansion through improved cash generation(p.237)
- • Capacity expansion and investment in manufacturing infrastructure(p.307)
- • Diversification into related wood and wood-based products(p.305)
- • Strategic business growth through subsidiary operations(p.355)
- • Non-Compete Agreements to prevent conflicts of interest and secure market position(p.351)
- • Preferential allotment and bonus share issuance for IPO(p.464)
- • Capital structure optimization through equity infusion(p.464)
- • Expansion of product portfolio through traded goods(p.470)
Threats
- • Supply disruption risk from geographic concentration of raw material suppliers in Uttar Pradesh and Gujarat(p.50)
- • High dependence on top 5 suppliers representing 34.61% of total purchases(p.62)
- • Vulnerability to changes in raw material design and customer preferences for decorative laminates(p.42)
- • Intense competition in laminates industry with both organized and unorganized players(p.57)
- • Regulatory proceedings and potential penalties for GST, Income Tax and ESI non-compliance(p.54)
- • Intense competition from organized and unorganized players(p.69)
- • Competitive pricing pressure from unorganized sector(p.69)
- • Macroeconomic slowdown affecting real estate demand(p.70)
- • Volatility in raw material prices and availability(p.70)
- • Dependence on third-party logistics with no formal contracts(p.75)
- • Environmental regulatory evolution and compliance costs(p.76)
- • Power supply interruptions and tariff increases(p.82)
- • Labour shortage and potential unionization(p.79)
- • Downturn in Indian economy and macroeconomic conditions(p.84)
- • Natural disasters, pandemics, and unforeseen events(p.84)
- • Raw material price volatility and supply chain disruptions(p.216)
- • Competition from low-cost substitutes and alternative materials(p.216)
- • High GST taxation impact on pricing competitiveness(p.216)
- • Stringent environmental compliance requirements(p.216)
- • Cyclical real estate and furniture industry demand(p.217)
- • Revenue fluctuation vulnerability to demand cycles(p.237)
- • Rising finance costs and interest rate sensitivity(p.237)
- • Raw material price volatility and supply chain dependence(p.237)
- • Regulatory shifts in environmental compliance(p.237)
- • Substitution threat from alternative materials(p.237)
- • Highly competitive and fragmented market(p.219)
- • Widening trade deficit indicating import reliance(p.219)
- • Potential conflicts of interest from promoters' involvement in similar businesses(p.351)
- • Unascertained diminution in value of foreign joint venture investment(p.365)
- • Trade receivable confirmation and reconciliation risk(p.366)
- • Restrictive covenants may limit dividend payment capacity(p.361)
- • GST regulatory and compliance risks(p.409)
- • Foreign exchange rate volatility(p.417)
- • Interest rate fluctuation risk(p.417)
- • Disturbances impacting joint venture investment(p.386)
- • Significant GST and income tax regulatory challenges(p.476)
- • Exposure to floating interest rate borrowings(p.482)
- • Foreign exchange risk from currency fluctuations(p.482)
- • Concentration risk with three customers representing 24.89% of revenue(p.478)
- • Inventory management challenges with significant finished goods holding(p.462)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manilam Retail India Private Limited | Corporate Promoter | 19.84% | — |
| Umesh Kumar Nemani | Promoter | 38.53% | — |
| Manoj Kumar Agrawal | Promoter | 20.40% | — |
| Aman Kumar Nemani | Promoter | — | — |
| Anubhav Kumar Nemani | Promoter | — | — |
| Sreyas Agrawal | Promoter | — | — |
| Umesh Kumar Nemani | Promoter | 38.53% | 30.25% |
| Manoj Kumar Agrawal | Promoter | 20.40% | 16.01% |
| Manilam Retail India Private Limited | Corporate Promoter | 19.84% | 15.58% |
| Aman Kumar Nemani | Promoter | — | — |
| Anubhav Kumar Nemani | Promoter | — | — |
| Sreyas Agrawal | Promoter | — | — |
| Umesh Kumar Nemani | Promoter | — | — |
| Manoj Kumar Agarwal | Promoter | — | — |
| Umesh Kumar Nemani | Promoter/Managing Director | 38.53% | — |
| Manoj Kumar Agrawal | Promoter/Managing Director | 20.40% | — |
| Aman Kumar Nemani | Promoter/Whole-time Director | 0% | — |
| Anubhav Kumar Nemani | Promoter/Non-Executive Director | 0% | — |
| Sreyas Agrawal | Promoter/Non-Executive Director | 0% | — |
| Manilam Retail India Private Limited | Promoter Group | 19.84% | — |
| Umesh Kumar Nemani | Promoter | 41.05% | 38.53% |
| Manoj Kumar Agrawal | Promoter | 21.73% | 20.40% |
| Manilam Retail India Pvt Ltd | Promoter Group | 21.14% | 19.84% |
| Umesh Kumar Nemani | Promoter/Managing Director | 41.05% | 38.53% |
| Manoj Kumar Agrawal | Promoter/Managing Director | 21.73% | 20.40% |
| Manilam Retail India Pvt Ltd (Formerly known as Manilam Industries Pvt Ltd) | Promoter Group | 21.79% | 19.84% |
| Sanjay Kumar Agarwal | Promoter | 5.31% | 4.98% |
| Umesh Kumar Nemani | Promoter | — | — |
| Manoj Kumar Agarwal | Promoter | — | — |
Leadership
Umesh Kumar Nemani · Managing Director
Manoj Kumar Agrawal · Managing Director
Aman Kumar Nemani · Whole Time Director
Sanjay Kumar Agarwal · Non-executive Director
Anubhav Kumar Nemani · Non-executive Director
Sreyas Agrawal · Non-executive Director
Ms. Nidhi Dhelia · Company Secretary and 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.