Updated on 19.02.2026|14:22 PM
Manilam Industries India Limited has announced its Initial Public Offering (IPO) on the NSE SME platform. It is a Uttar Pradesh-based manufacturer and trader of decorative laminates and plywood.
The subscription will open on February 20, 2026, and close on February 24, 2026, with a price band of ₹65 to ₹69 per share. You can track the details of all the upcoming and live IPOs of 2026 in our IPO section which is updated regularly.
The company operates a manufacturing facility in Bareilly, focusing on the premium laminates segment.
The IPO comprises a Fresh Issue of 46,98,000 shares and an Offer for Sale (OFS) of 10,92,000 shares by the promoter, aiming to raise approximately ₹39.95 Crores at the upper price band. Proceeds from the fresh issue are earmarked for working capital requirements and capital expenditure for plant modernisation.
In this article, you will find Manilam Industries IPO GMP today, price band, and a detailed review. Check the subscription details at our subscription section and allotment status at our IPO allotment status hub page which are updated regularly.
Briefs of Manilam Industries IPO Details:
- Price Band: ₹65 – ₹69 per equity share
- IPO Open / Close Dates: February 20, 2026 – February 24, 2026
- Lot Size: 2,000 Shares (Note: Retail Minimum Application is 2 Lots / 4,000 Shares)
- Issue Size: 57,90,000 Equity Shares / ~₹39.95 Crores
- Fresh Issue: 46,98,000 Shares
- Offer for Sale (OFS): 10,92,000 Shares
- Registrar: MAS Services Ltd.
- Listing Exchange: NSE SME
The investors who have queries about allotment, credit of share and refunds, you can check our quick guide on How to Check IPO Allotment Status at MAS Services Ltd (Step-by-Step Guide).
WHAT IS THE Manilam Industries IPO GMP Today?
You can check the GMP of this and other issues at our GMP section.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
What Are The Important Manilam Industries IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Friday, February 20, 2026
- IPO Close Date: Tuesday, February 24, 2026
- Basis of Allotment Date: Wednesday, February 25, 2026
- Refund Initiation Date: Thursday, February 26, 2026
- Credit of Shares: Thursday, February 26, 2026
- Listing Date: Friday, February 27, 2026
What Are The Objectives of Manilam Industries IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Working Capital: A significant portion of ₹16.65 Crores is earmarked for incremental working capital requirements, essential for managing inventory and receivables in the laminate business.
- Capital Expenditure:₹3.45 Crores will be invested in purchasing new machinery and installing solar panels to reduce power costs and modernise the facility.
- Debt Repayment: Approximately ₹3.50 Crores will be used to repay or prepay existing borrowings, aimed at reducing finance costs.
- General Corporate Purposes: To fund ongoing operational needs.
How is The Financial Performance of Manilam Industries?
The following table summarises the financial performance of the company based on restated consolidated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | Period Ended 31 Mar 25 | Period Ended 31 Mar 24 | Period Ended 31 Mar 23 |
Total Income | 60.65 | 142.16 | 138.04 | 148.82 |
Profit After Tax (PAT) | 3.21 | 7.47 | 3.14 | 1.59 |
EBITDA | 8.67 | 17.75 | 14.18 | 9.12 |
Total Borrowing | 58.05 | 62.44 | 73.49 | 60.75 |
Assets | 160.19 | 159.00 | 149.50 | 133.42 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹142.16 Crores in FY25, showing a recovery from the dip in FY24. The growth is driven by a surge in trading volumes and improved realization on manufactured goods, despite a strategic shift away from mass-market products.
Profit After Tax (PAT):
Profitability has seen a sharp increase, with PAT rising to ₹7.47 Crores in FY25 from ₹3.14 Crores in FY24. This 138% jump is attributed to better gross margins from premium products, reduced raw material costs, and lower freight expenses due to optimized logistics terms.
EBITDA:
Operational efficiency has improved markedly, with EBITDA margins expanding to 14.39% in the stub period of FY26 from just 6.16% in FY23. The absolute EBITDA of ₹17.75 Crores in FY25 indicates the company's growing ability to absorb fixed costs.
Total Borrowing:
The company carries substantial debt, with total borrowings at ₹58.05 Crores as of September 2025. While the Debt-to-Equity ratio has improved to 1.35, the business remains capital intensive. The IPO proceeds allocated for repayment (₹3.50 Crores) are relatively small compared to the total debt pile.
Assets:
The asset base stood at ₹160.19 Crores as of September 2025, heavily weighted towards inventories and trade receivables. This reflects the working-capital-heavy nature of the laminate industry where holding stock and offering credit terms are standard practices.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹4.64, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 14.87x at the upper end of the price band (₹69).
P/E Ratio = ₹69(Price) / ₹4.64(Earnings Per Share)
P/E Ratio ≈ 14.87x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | EPS (₹) |
Manilam Industries | 14.87 | 24.80 | 4.64 |
| Archidply Industries | 52.41 | 3.05 | 1.62 |
| Rushil Decor Limited | N/A (Loss) | -1.40 | (0.31) |
Analysis:
Manilam Industries is entering the market at a P/E multiple of approximately 14.87x based on its FY25 EPS. When compared to listed peers like Archidply Industries (52.41x) and Rushil Decor (loss-making), the issue appears to be priced very attractively. Additionally, Manilam has a Return on Net Worth (RoNW) of nearly 25%, indicating far better efficiency in generating profits from shareholder capital compared to its competitors.
What is the Industry Outlook For Manilam Industries?
Growth Potential:
The Indian decorative laminates market is expected to grow at a CAGR of 6-8%, driven by residential and commercial real estate demand. The shift towards organised players post-GST is a structural tailwind.
Market Trends:
Consumers are increasingly opting for premium, textured, and scratch-resistant laminates. Manilam's strategic shift towards premium products aligns well with this trend, helping improve margins.
What Are The Strengths and Risks of Manilam Industries IPO?
Strengths:
- Improving Margins: The strategic pivot to premium manufacturing and trading has resulted in a significant expansion of EBITDA and PAT margins over the last two years.
- High Efficiency: A RoNW of roughly 25% is best-in-class among comparable listed peers, showcasing management's ability to utilize capital effectively.
- Valuation Comfort: At a P/E of ~15x, the IPO leaves room for potential upside given the industry average is significantly higher.
Risks:
- Working Capital Intensity: The business requires heavy investment in inventory and receivables. Negative operating cash flows in the past highlight the liquidity risk if the cycle is not managed well.
- Geographic Concentration: Manufacturing is concentrated in a single location (Bareilly, UP), exposing operations to regional risks.
- Litigation: Outstanding criminal and tax proceedings against promoters and the company are a governance concern that investors should monitor.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 2,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (4,000 Shares), amounting to ₹2,76,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, essentially treating retail applicants as Small-HNI.
- Valuation: At ~15x P/E, the pricing is attractive.
- Risk Profile: While profitable, the high debt and working capital needs make this a bet on execution capabilities.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹69 per share (Upper Band).
- Min Investment: ₹2,76,000 (4,000 Shares).
- Allotment: February 25, 2026
- Listing: NSE SME platform on February 27, 2026.
FAQs on Manilam Industries IPO
What is Manilam Industries IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news portals or our dedicated GMP section for the latest updates.
What is Manilam Industries IPO price band?
The price band is fixed at ₹65 to ₹69 per equity share.
What is Manilam Industries IPO allotment date?
The allotment status is expected to be finalized on Wednesday, February 25, 2026.
How to check Manilam Industries IPO allotment status?
Investors can check the status on the website of MAS Services Ltd. (the Registrar) or via the NSE IPO allotment portal.
What is Manilam Industries IPO listing date?
The shares are tentatively scheduled to list on Friday, February 27, 2026.
Investment Perspective on Manilam Industries IPO
Manilam Industries offers a value play in the building materials sector with impressive return ratios and improving profitability. However, the high ticket size for retail investors, working capital intensity, and litigation risks are factors that require careful consideration before investing.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
