Manilam Industries IPO will open for subscription on February 20, 2026 and will close on February 24, 2026. The allotment is expected to be finalised on February 25, 2026 and the shares are proposed to be listed on NSE SME on February 27, 2026.
The IPO is being launched by Manilam Industries India Ltd. as a book build issue with a price band of ₹65 to ₹69 per equity share. The company plans to raise about ₹39.95 crores through a mix of fresh issue and offer for sale. The issue is targeted at long-term investors, supported by improving profitability and a stable manufacturing-led business model in the decorative laminates and plywood segment.
Contents
Manilam Industries IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | February 20, 2026 |
| IPO Close Date | February 24, 2026 |
| Basis of Allotment | February 25, 2026 |
| IPO Listing Date | February 27, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹65 to ₹69 per share |
| Issue Size | Approx ₹39.95 crores |
| Fresh Issue | Approx ₹32.42 crores |
| Offer for Sale | Up to 10,92,000 equity shares |
| Issue Type | Book build issue |
| IPO Listing | NSE SME |
| Retail Quota | 35% |
| QIB Quota | 50% |
| HNI / NII Quota | 15% |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Manilam Industries IPO
Open: 20-24 Feb
Issue Size: ₹40 Cr.
Objective: To support capacity expansion and day-to-day corporate use.
Exchange: BSE NSE
Manilam Industries IPO Review
The Manilam Industries IPO is offered at a moderate valuation compared to its recent earnings growth. The company has reported a steady improvement in profit after tax and has strengthened its operational scale over the past two years.
However, the business remains sensitive to raw material prices and demand from the construction and interior décor sector. The relatively higher debt-to-equity ratio also requires monitoring. Considering the stable revenue base, expanding distribution network and focus on efficiency, the issue appears suitable mainly for long-term investors with moderate risk appetite.
Manilam Industries IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4,000 | ₹2,76,000 |
| Retail Maximum | 2 | 4,000 | ₹2,76,000 |
| S-HNI Minimum | 3 | 6,000 | ₹4,14,000 |
| S-HNI Maximum | 7 | 14,000 | ₹9,66,000 |
| B-HNI Minimum | 8 | 16,000 | ₹11,04,000 |
IPO Reservation
| Investor Category | Shares Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 16,38,000 | 28.29% |
| QIB (Ex. Anchor) | 11,04,000 | 19.07% |
| NII | 8,28,000 | 14.30% |
| Retail | 19,28,000 | 33.30% |
Manilam Industries IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | February 19, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | 16,38,000 shares |
| Anchor Size | ₹11.30 crores |
| Lock-in end date for 50% shares (30 days) | March 27, 2026 |
| Lock-in end date for remaining 50% shares (90 days) | May 26, 2026 |
Manilam Industries IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | February 20, 2026 |
| IPO Close Date | February 24, 2026 |
| Basis of Allotment | February 25, 2026 |
| Refunds | February 26, 2026 |
| Credit to Demat Account | February 26, 2026 |
| IPO Listing Date | February 27, 2026 |
| IPO Bidding Cut-off Time | February 24, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Manilam Retail India Private Limited, Mr. Umesh Kumar Nemani, Mr. Manoj Kumar Agrawal and Mr. Aman Kumar Nemani.
| Particulars | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,71,50,000 | 78.79% |
| Promoter Holding Post Issue | 2,18,48,000 | 61.85% |
Objects of the Issue
The company proposes to utilise the IPO proceeds primarily for capital expenditure towards purchase of equipment and machinery and installation of solar panels at its manufacturing plant amounting to ₹1.25 crores.
A portion of the funds of ₹2.20 crores will be used for repayment or prepayment of certain outstanding borrowings. The company also plans to deploy ₹3.50 crores towards meeting its working capital requirements, while ₹16.65 crores will be utilised for general corporate purposes.
About Manilam Industries IPO
Manilam Industries India was founded in 2015 and is engaged in the manufacturing and sale of decorative laminates and trading of plywood across various sizes and grades. Its laminate portfolio includes multiple design-focused collections such as Artistica, Vogue, Dwar, Magnificent, Chromatic Tales, Flute, ECP, Wood and Veneer, and Wall Cladding.
The company primarily caters to industrial and commercial customers through a B2B distribution model. Its manufacturing facility is located at Manda, Bhojipura Nainital Road, Bareilly, Uttar Pradesh, and covers an area of about 20,650 square metres. The company also operates experience centres in major cities such as Bengaluru, Delhi and Chennai.
Manilam Industries IPO Company Financial Report
Amount ₹ in crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 148.82 | 146.64 | 1.53 | 133.55 |
| 2024 | 138.04 | 133.61 | 3.10 | 149.56 |
| 2025 | 142.16 | 131.71 | 7.38 | 158.98 |
| Sep 2025 | 60.53 | 56.13 | 3.16 | 159.99 |
Business Analysis and Financial Health
Manilam Industries operates in the decorative laminates and plywood segment, which continues to benefit from residential construction, renovation activity and rising interior design spending in urban markets. The company has demonstrated stable revenues with a sharp improvement in profitability in FY2025, supported by better capacity utilisation and cost optimisation.
Its B2B distribution-led model and experience centres help strengthen dealer relationships and product visibility. However, margins remain exposed to fluctuations in kraft paper, resins and energy costs. The planned investment in solar power may reduce operating expenses over time.
With expanding asset base, improving return ratios and focused working capital management, the company shows gradual improvement in financial resilience, though leverage levels remain relatively elevated compared to peers.
Manilam Industries IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 24.46% |
| ROCE | 34.58% |
| EBITDA Margin | 12.59% |
| PAT Margin | 5.27% |
| Debt to equity ratio | 1.84 |
| Earning Per Share (EPS) | ₹4.64 (Basic) |
| Price / Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 24.80% |
| Net Asset Value (NAV) | ₹147.27 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Archidply Industries Ltd | 1.62 | 52.41 | 3.05% | 52.71 | – Cr. |
| Rushil Decor Limited | (0.31) | Nil | (1.40%) | 53.72 | – Cr. |
IPO Lead Managers
| Merchant Banker |
|---|
| NEXGEN Financial Solutions Pvt. Ltd. |
Company Address
| Particulars | Details |
|---|---|
| Company Name | Manilam Industries India Ltd. |
| Address | 46, B. B. Ganguly Street, 5th Floor, Room No. 9 |
| City | Kolkata |
| State | West Bengal |
| PIN Code | 700012 |
| Phone | 03335076903 |
| info@manilam.com | |
| Website | https://www.manilam.com/ |
IPO Registrar
| Registrar | Details |
|---|---|
| Name | MAS Services Ltd. |
| Phone | (011) 2610 4142 |
| ipo@masserv.com | |
| Website | https://www.masserv.com/opt.asp |
Manilam Industries IPO FAQs
What is Manilam Industries IPO?
Manilam Industries IPO is an SME IPO. The company is planning to raise about ₹40 crores through the issue. The IPO price band is fixed at ₹65 to ₹69 per equity share and the shares will be listed on NSE SME.
When will Manilam Industries IPO open for subscription?
The IPO will open on February 20, 2026 and will close on February 24, 2026 for QIB, NII and retail investors.
What is Manilam Industries IPO investors’ portion?
The allocation for QIB is 50%, NII is 15% and retail investors is 35%.
How to apply for Manilam Industries IPO?
Investors can apply through ASBA using their bank account, through UPI via their stock broker platform, or by submitting an offline application form with their broker.
What is Manilam Industries IPO issue size?
The total issue size of Manilam Industries IPO is approximately ₹39.95 crores.
What is Manilam Industries IPO price band?
The price band for the IPO is ₹65 to ₹69 per equity share.
What is Manilam Industries IPO lot size?
The minimum bid is 4,000 shares with an application amount of ₹2,76,000.
What is the Manilam Industries IPO allotment date?
The basis of allotment is expected to be finalised on February 25, 2026.
What is the Manilam Industries IPO listing date?
The IPO is expected to be listed on NSE SME on February 27, 2026.
Expert Comment
Manilam Industries presents a steady manufacturing-led business with improving profitability and a clear focus on strengthening operational infrastructure. The utilisation of IPO proceeds towards working capital, capacity-related equipment and renewable energy reflects a balanced capital deployment strategy.
While the company’s revenue growth remains moderate, the sharp rise in earnings indicates improving efficiency. Investors should, however, track raw material volatility and the relatively higher leverage position. Overall, the issue is more suitable for long-term investors seeking exposure to the interior and building material segment with a medium risk profile.
