Manoj Ceramic
SME₹14.47 Cr issue
+32.26%
Listing gain over issue price
Issue size
₹14.47 Cr
1 lot at cut-off
₹1,24,000
Lot size
2,000shares
Open
27 Dec 2023
Close
29 Dec 2023
Allotment
01 Jan 2024
Listing
03 Jan 2024
Listing performance
Issue price
₹62
Listed at
₹82
Listing-day close
₹77.90
Latest price
₹57.20
Close on 23 Oct 2026
Listing gain
+32.26%
Return since issue
-7.74%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Dec 2023 – 29 Dec 2023
- Listing date
- 03 Jan 2024
- Face value
- ₹10 per share
- Issue price
- ₹62 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹14.47 Cr
- Market cap at offer price
- ₹51.67 Cr
- Promoter holding
- 99.55% → 71.67% pre-issue → post-issue
- ISIN
- INE0A6N01026
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Swaraj shares & securities Pvt.Ltd.
- Registered office
- 1, Krishna Kunj, 140 Vallabh Baugh Lane, Ghatkopar (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,18,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹62
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,24,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,48,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,92,000 |
| B-HNI (min) | 9 | 18,000 | ₹11,16,000 |
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.
Valuation and performance
Valuation at offer price
₹62 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 241.62 | — |
| P/E (×) | 0.26 | — |
| Market cap | — | ₹51.67 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.67%
- Debt / equity
- 3.86
- NAV per share
- ₹873.36
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Manoj Ceramic
Since 1991, Manoj Ceramic Limited has been actively engaged in the trading of Ceramic Tiles and Tiles Adhesive under its own brand 'MCL'. The company operates on an asset-light trading model, procuring finished products from third-party manufacturers and distributing them through a network of dealers, retail showrooms, and wholesalers. The company has established a dealer network and expanded its business to include B2B transactions and export activities. The company is incorporated in India under the Companies Act, 2013, with registered office in Mumbai, Maharashtra.
Company Analysis
from RHPManoj Ceramic Limited is a ceramic tiles and tiles adhesive trading company operating under its own brand 'MCL', engaged in B2B transactions, retail distribution, and export activities since 1991.
Since 1991, Manoj Ceramic Limited has been actively engaged in the trading of Ceramic Tiles and Tiles Adhesive under its own brand 'MCL'. The company operates on an asset-light trading model, procuring finished products from third-party manufacturers and distributing them through a network of dealers, retail showrooms, and wholesalers. The company has established a dealer network and expanded its business to include B2B transactions and export activities. The company is incorporated in India under the Companies Act, 2013, with registered office in Mumbai, Maharashtra.
Ceramic TilesBuilding MaterialsTiles AdhesiveRetail DistributionB2B Trading
Objects of the Issue
- Funding of working capital requirements ₹950.00 Lakhs p.21
- General Corporate Purposes ₹308.36 Lakhs p.21
- Working Capital Requirements 950.00 Lakhs p.82
- General Corporate Purpose 308.36 Lakhs p.82
- Not explicitly stated in this section of the document
Issue Structure
- Total Issue
- ₹1,447.08 Lakhs
- Fresh Issue
- 23,34,000 Equity Shares aggregating to ₹1,447.08 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹62.00 per Equity Share (Fixed Price)
- Lot Size
- 2,000 Equity Shares and in multiples of 2,000 thereafter
- Face Value
- ₹10.00 per Equity Share
Business Model
The company operates as a trader and distributor of ceramic tiles and tiles adhesive, procuring finished products from third-party manufacturers through spot-market arrangements and informal agreements, then marketing and selling these products through dealers, retail showrooms, wholesalers, and direct B2B channels. Revenue is generated through the sale of these products to customers.
Business Segments
Trading and distribution of ceramic tiles procured from third-party manufacturers, sold through dealers, retail showrooms, wholesalers, and direct B2B channels
Trading and distribution of tiles adhesive products
Trading of ceramic tiles through dealer networks, retail showrooms, B2B sales to contractors, builders and architects, and exports. The company engages with manufacturers, finalizes designs based on customer feedback, and supplies finished goods through multiple distribution channels. Products include wall tiles, floor tiles, vitrified tiles, and industrial tiles.
Supply of tiles adhesive under the 'MCPL' brand to end users through distributor networks in Maharashtra and direct B2B sales to architects, builders and contractors. The company sources adhesive from manufacturers who supply in branded bags.
Trading, importing, exporting, marketing of ceramic tiles, porcelain tiles, vitrified tiles, and composite stones
Trading and supply of natural stones, natural marbles, granites, and engineered marbles for construction and interior applications
Trading in bathroom fittings and accessories including imported and indigenous products
Providing and fixing wet cladding and dry cladding of all types of tiles, marbles, glass, metal sheets, ACP sheets, natural stones and other tile or sheet materials
SWOT Analysis
Strengths
- • Established brand and long operational history since 1991(p.20)
- • Growing revenue with 70.39% growth FY2022 to FY2023(p.31)
- • Positive profitability trend with PAT of ₹362.43 Lakhs in FY2023(p.22)
- • Experienced promoter with 30+ years in tile distribution(p.109)
- • Multi-channel distribution network across India with strategic depot locations(p.110)
- • Proprietary AI-based software ('Studio') for customer product selection(p.112)
- • Multiple revenue streams including retail, dealer network, B2B, and exports(p.110)
- • Strong financial growth trajectory with 66% revenue growth in FY23(p.85)
- • Award recognition from major ceramic tile manufacturers(p.110)
- • Long-standing customer relationships with high retention rate(p.117)
- • High concentration of revenue from top customers indicates established market position(p.117)
- • Strong track record of consistent financial and revenue growth(p.117)
- • Experienced management team with deep industry expertise(p.117)
- • Senior management with significant tenure and ceramics industry expertise(p.118)
- • Improving profitability metrics(p.117)
- • Multiple awards and recognition in the industry(p.119)
- • Registered intellectual property with exclusive brand recognition(p.182)
- • Strong net tangible assets position exceeding statutory minimum requirement(p.184)
- • Positive and growing cash accruals from operations(p.184)
- • Established track record exceeding BSE SME minimum eligibility criteria(p.184)
- • 100% underwritten issue providing subscription certainty(p.200)
Weaknesses
- • Dependence on top 10 customers contributing >30% of revenue(p.30)
- • High debt-to-equity ratio of 3.86 as of FY2023(p.37)
- • Significant working capital requirements with trade receivables at 164 days(p.32)
- • Negative operating cash flows in FY2023 of ₹(1,188.40) Lakhs(p.38)
- • Reliance on third-party manufacturers without firm supply commitments(p.31)
- • High inventory holding of 112 days as of FY2023(p.35)
- • Historical non-compliances with Companies Act and GST filing requirements(p.39)
- • Brand and IP registered in promoter's personal name, not company name(p.33)
- • High leverage with debt-to-equity ratio of 3.64 as of September 2023(p.92)
- • Heavy dependence on a few major customers and dealers(p.111)
- • Limited geographic presence concentrated in Western and Southern regions(p.110)
- • High working capital intensity with significant inventory and receivables(p.84)
- • Promoter concentration with 71.67% shareholding post-IPO(p.75)
- • New to listed company status with lack of experience in regulatory compliance(p.51)
- • High financial leverage with debt-to-equity ratio of 3.86(p.115)
- • Heavy dependence on top 10 customers for 91.11% of revenues(p.117)
- • Significant concentration of revenue from top 5 customers at 78.73%(p.117)
- • No formal arrangements or agreements with key customers(p.115)
- • Significant finance costs reducing profitability(p.163)
- • Negative operating cash flows in recent periods(p.166)
- • Small market capitalization constrained to SME platform(p.184)
- • Reliance on user agreement for brand name use subject to third-party control(p.182)
- • Dependence on market-making arrangement for liquidity(p.201)
- • Limited issue size with minimal gross proceeds(p.203)
Opportunities
- • Expansion into B2B transactions and export activities(p.20)
- • Growing Indian ceramic tile industry at 15% CAGR(p.20)
- • India's strong position in global tile production (top 3)(p.20)
- • Massive housing shortage and affordable housing demand in India(p.104)
- • Low per capita consumption of ceramic tiles in India vs global standards(p.104)
- • Government initiatives like Pradhan Mantri Awas Yojana driving housing construction(p.104)
- • Growth in commercial real estate including hotels, malls and office spaces(p.104)
- • Expansion into export markets with growing global tile demand(p.106)
- • Listing will enhance brand visibility and facilitate expansion into new geographies(p.82)
- • Expansion of international presence through dealer and distributor networks(p.118)
- • Favorable market conditions for ceramic tiles exports post-COVID(p.118)
- • Client base expansion through targeted marketing and sales initiatives(p.118)
- • Enhancement of scope of engagement with existing customers(p.118)
- • Strengthening supply chain and operational efficiency(p.118)
- • Digital marketing and brand visibility expansion(p.118)
- • Migration path to BSE main board upon capital growth(p.200)
- • Capital access for expansion through public equity markets(p.203)
- • Enhanced corporate governance and transparency requirements(p.197)
- • Access to broader investor base through dematerialized trading(p.197)
Threats
- • Risk of customer cancellations without penalty(p.30)
- • Inability to source alternative suppliers at competitive terms(p.31)
- • Regulatory approval and licensing dependencies(p.31)
- • Cyclical and seasonal nature of customer demand(p.47)
- • Inflation and wage cost increases(p.48)
- • FX volatility and trade policy changes(p.48)
- • Global economic slowdown risk, especially in Europe, US, China(p.47)
- • Future equity dilution from additional issuances could affect share price(p.51)
- • Intense competition from larger organized players in ceramic tile industry(p.103)
- • Dependence on foreign suppliers and exposure to forex fluctuations(p.85)
- • Foreign investment restrictions under Indian law limiting foreign investor participation(p.52)
- • Inability of foreign shareholders to exercise pre-emptive rights due to jurisdictional restrictions(p.52)
- • Cyclicality and dependence on real estate and construction sector performance(p.108)
- • Highly competitive and fragmented ceramic tiles industry(p.121)
- • Competition from organized ceramic companies(p.121)
- • Business seasonality affecting revenue consistency(p.170)
- • Customer concentration risk with top 10 customers representing 91.11% of revenues(p.117)
- • Vulnerability to input price, foreign exchange and monsoon volatility(p.160)
- • Regulatory changes affecting business operations(p.160)
- • Minimum shareholder threshold requirement for IPO validity(p.184)
- • Listing and trading permission dependency on stock exchange discretion(p.190)
- • Post-issue capital dilution constraints limiting operational flexibility(p.234)
- • Market making arrangement expiry creating potential liquidity risks(p.201)
- • Regulatory compliance and disclosure burden post-listing(p.197)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Manoj Dharamshi Rakhasiya | Promoter | 27.50% | 19.80% |
| Mrs. Anjana Manoj Rakhasiya | Promoter | 46.13% | 33.21% |
| Mr. Dhruv Manoj Rakhasiya | Promoter | 9.64% | 6.94% |
| Mr. Aakash Manoj Rakhasiya | Promoter | 8.37% | 6.02% |
| Mrs. Manasvi Dhruv Rakhasiya | Promoter | 4.00% | 2.88% |
| Manoj D Rakhasiya HUF | Promoter Group | 3.90% | 2.81% |
| Mr. Manoj Dharamshi Rakhasiya | Promoter | 27.50% | 19.80% |
| Mrs. Anjana Manoj Rakhasiya | Promoter | 46.13% | 33.21% |
| Mr. Dhruv Manoj Rakhasiya | Promoter | 9.64% | 6.94% |
| Mr. Aakash Manoj Rakhasiya | Promoter | 8.37% | 6.02% |
| M/s Manoj D Rakhasiya HUF | Promoter Group | 3.90% | 2.81% |
| Mrs. Manasvi Dhruv Rakhasiya | Promoter Group | 4.00% | 2.88% |
| Mr. Manoj Dharamshi Rakhasiya | Promoter | 27.50% | — |
| Mrs. Anjana Manoj Rakhasiya | Promoter | 46.13% | — |
| Mr. Dhruv Manoj Rakhasiya | Promoter | 9.64% | — |
| Mr. Aakash Manoj Rakhasiya | Promoter | 8.37% | — |
| Mrs. Manasvi Dhruv Rakhasiya | Promoter | — | — |
| Manoj D Rakhasiya HUF | Promoter Group | — | — |
| Manoj Dharamashibhai Rakhasiya | Promoter | — | — |
Leadership
Mr. Dhruv Manoj Rakhasiya · Chairman and Managing Director
Mrs. Anjana Manoj Rakhasiya · Non-Executive Director (Woman Director)
Mr. Aakash Manoj Rakhasiya · Executive Director
Mr. Pankaj Rakhasiya · CFO
Ms. Krupa Thakkar · 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.
Manoj Ceramic IPO FAQs
What is the lot size of Manoj Ceramic IPO?
The minimum lot size of Manoj Ceramic IPO is 2,000 shares. One lot costs ₹1,24,000 at the cut-off price.
When does Manoj Ceramic IPO open and close?
Manoj Ceramic IPO opened for subscription on 27 Dec 2023 and closed on 29 Dec 2023.
What is the listing date of Manoj Ceramic IPO?
Manoj Ceramic IPO listed on 03 Jan 2024.