Maruti Interior SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- Listing date
- 16 Feb 2022
- Face value
- ₹10 per share
- Issue price
- ₹55 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹11 Cr
- Market cap at offer price
- ₹41.53 Cr
- Promoter holding
- 100.00% → 73.51% pre-issue → post-issue
- ISIN
- INE0JSJ01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- ISK Advisors Pvt.Ltd.
- Registered office
- Plot No.13,, Jay Krishna Industrial Estate, Taluka Kotda Sangani Veraval, Gujarat
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 | 1,00,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹55
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,10,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,20,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,90,000 |
| B-HNI (min) | 10 | 20,000 | ₹11,00,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.78 | — |
| P/E (×) | 19.78 | — |
| Market cap | — | ₹41.53 Cr |
Key performance indicators
- Return on net worth
- 15.26%
- NAV per share
- ₹18.25
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Maruti Interior SME
Maruti Interior Products Limited, incorporated in 1997 and converted to a public limited company in 2021, is engaged in the manufacturing and selling of kitchen storage systems & accessories, aluminium long wardrobe handles, and profile handles. The company offers two main categories of kitchen storage accessories: Solid Base Range and Wire Base Range, which include vertical storages, corner storages, drawer pull outs, mid-way accessories, drawer organisers, portable storage products, wardrobe storage accessories, and various types of handles. All manufacturing products are designed and developed in-house. The company operates through a pan-India distribution network of 300+ dealers and 25+ distributors, selling to OEMs, dealers, wholesalers, retailers, and end-users. The company generates revenue primarily from sales to OEM customers and dealers.
Company Analysis
from RHPMaruti Interior Products Limited manufactures and sells kitchen storage systems, accessories, and wardrobe handles for the modular kitchen and interior design industries.
Maruti Interior Products Limited, incorporated in 1997 and converted to a public limited company in 2021, is engaged in the manufacturing and selling of kitchen storage systems & accessories, aluminium long wardrobe handles, and profile handles. The company offers two main categories of kitchen storage accessories: Solid Base Range and Wire Base Range, which include vertical storages, corner storages, drawer pull outs, mid-way accessories, drawer organisers, portable storage products, wardrobe storage accessories, and various types of handles. All manufacturing products are designed and developed in-house. The company operates through a pan-India distribution network of 300+ dealers and 25+ distributors, selling to OEMs, dealers, wholesalers, retailers, and end-users. The company generates revenue primarily from sales to OEM customers and dealers.
Objects of the Issue
- To set up fully automatic Nickel/Chrome Plating Plant and Powder Coating Plant including shed ₹665 lakhs p.16
- Working Capital Requirement ₹285 lakhs p.16
- General Corporate Purpose ₹90 lakhs p.16
- To set up fully automatic Nickel/Chrome Plating Plant and Powder Coating Plant ₹665 lakhs p.72
- Working Capital Requirement ₹285 lakhs p.72
- General Corporate Purpose ₹90 lakhs p.72
- Expansion of manufacturing facility and installation of automatic chrome plating plant, automatic power coating plant, and other machinery to increase production capacity p.162
Issue Structure
- Total Issue
- ₹1100 lakhs (upto 20,00,000 Equity Shares of ₹10 each at ₹55 per share)
- Fresh Issue
- ₹1100 lakhs (upto 20,00,000 Equity Shares)
- Price Band
- ₹55 per share (including a Share premium of ₹45 per Equity Share)
- Lot Size
- 2,000 shares (Market lot) and in multiples of 2,000 thereafter; minimum allotment of 2,000 Equity Shares
- Face Value
- ₹10 each
Business Model
The company earns revenue through manufacturing and selling kitchen storage systems, accessories, and wardrobe handles. Products are sold through a pan-India distribution network consisting of dealers and distributors who sell to wholesalers, retailers, sub-dealers, and end-users. Additionally, the company manufactures products for other companies on an OEM (Original Equipment Manufacturer) basis.
Business Segments
SWOT Analysis
- • Established product portfolio across multiple categories(p.16)
- • In-house design and development capabilities(p.16)
- • Pan-India distribution network(p.24)
- • Experienced promoter leadership(p.28)
- • Established manufacturing facility with advanced capabilities(p.91)
- • In-house design and quality control capabilities(p.90)
- • Established distribution network with direct customer reach(p.92)
- • Multiple certifications and brand recognition(p.92)
- • Experienced promoters with long industry track record(p.92)
- • Dual brand portfolio serving different market segments(p.90)
- • Incomplete trademark registration(p.25)
- • Heavy dependence on third-party suppliers(p.23)
- • High concentration in OEM and dealer revenue(p.23)
- • Substantial working capital requirements and trade receivables(p.25)
- • Revenue volatility and order-to-order business model(p.24)
- • Dependence on leased property from related party(p.28)
- • Unsecured loans from promoters that can be recalled(p.32)
- • High dependence on few major customers(p.92)
- • Significant concentration in single geographical location(p.93)
- • Low export revenue contribution(p.97)
- • Limited online market presence(p.92)
- • Expansion through new automatic plating and coating plants(p.16)
- • Working capital expansion for growth(p.16)
- • Growth in modular kitchen market(p.16)
- • High growth potential in modular kitchen market(p.87)
- • Expansion into new product categories and segments(p.73)
- • Growing online distribution and e-commerce channels(p.88)
- • Rising middle-class population and premiumization trend(p.87)
- • Plan to expand dealer and distributor network(p.92)
- • Entry into bedroom and living room segments(p.89)
- • Capacity expansion through new manufacturing plants(p.73)
- • Intense competition from organized and unorganized players(p.26)
- • Labour-intensive operations vulnerable to strikes and disputes(p.24)
- • Rising transportation costs and infrastructure limitations(p.27)
- • Changing design preferences and market demand(p.26)
- • COVID-19 pandemic risks(p.38)
- • Growth of online retailers and pricing pressure(p.29)
- • Regulatory and compliance risks(p.40)
- • Political instability and economic policy changes(p.41)
- • Highly fragmented and competitive market landscape(p.88)
- • Entry of large MNCs into modular kitchen segment(p.87)
- • Global economic uncertainty and post-pandemic recovery risks(p.84)
- • India's economic slowdown and inflation pressures(p.85)
- • Import competition from China and other countries(p.89)
- • Vulnerability of informal sector and household incomes(p.85)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Paresh P. Lunagaria | Promoter | 26.67% | 19.60% |
| Mr. Purshotam R. Lunagaria | Promoter | 13.33% | 9.79% |
| Mr. Purshotam Rudabhai Lunagaria | Promoter | 13.33% | 9.80% |
| Mr. Paresh Purushotam Lunagaria | Promoter | 26.67% | 19.60% |
| Mr. Paresh Purshotam Lunagaria | Promoter | — | — |
| Mr. Purshotam Rudabhai Lunagaria | Promoter/Promoter Group | — | — |
| Mr. Nirbhay Paresh Lunagaria | Promoter | — | — |
| Mr. Nirmal Paresh Lunagaria | Promoter | — | — |
| Purshotam Rudabhai Lunagaria | Promoter | — | — |
| Paresh Purushotam Lunagaria | Promoter | — | — |
Leadership
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.