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Clay Craft India Ltd IPO
Clay Craft India Ltd
₹2,31,600 /1200 sharesMinimum investment
IPO details
Minimum investment
₹2,31,600
Price range
₹193 - ₹203
Lot size
600
Issue size
110.11 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
17 Jun 2026
IPO open date
19 Jun 2026
IPO close date
22 Jun 2026
Allotment date
22 Jun 2026
Funds unblock or debit
24 Jun 2026
Tentative listing date
About
Founded in
1988
MD/CEO
Mr Vikas Agarwal
Parent organisation
Clay Craft India Ltd
Clay Craft India Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates two manufacturing facilities in Rajasthan with a combined installed capacity of approximately 6,000 metric tonnes per annum. It claims to have an integrated manufacturing setup that includes equipment such as automatic china machines, ball mills, kilns, ram press machines, screen printing machines, and other production machinery, enabling it to carry out in-house manufacturing and design activities.
The company claims to undertake product design, development, decal printing, manufacturing, and packaging within its own facilities. This integrated approach reduces dependence on third-party vendors and allows greater control over production timelines, customisation, and quality standards.
The company is ISO 9001:2015 certified for the manufacturing, trading, import, and export of tableware products, including dinner sets, coffee mugs, tea sets, and gift sets. It also claims to have an in-house quality assurance framework that monitors processes from raw material sourcing to final product inspection.
As of March 31, 2026, the company offered approximately 5,770 SKUs across multiple product categories, including dinnerware, mugs, tea and coffee serving sets, platters, bowls, tumblers, vacuum bottles, and tabletop accessories. This diversified product portfolio allows it to cater to retail consumers, institutional buyers, hospitality businesses, and corporate clients.
The company has built a distribution network of approximately 132 distributors across India as of FY26. In addition to distributors, it sells through modern retail chains, corporate channels, government supplies, HoReCa customers, e-commerce platforms, and its own online channels, providing multiple routes to market.
The promoters and senior management team bring significant industry experience. The promoter group collectively has over a century of experience in the ceramic tableware industry, with individual experience ranging from approximately 16 years to 36 years.
The company has reported growth in both revenue and profitability over the last three financial years. Revenue from operations increased from Rs 145.42 crore in FY24 to Rs 151.94 crore in FY25 and Rs 179.89 crore in FY26, while profit after tax rose from Rs 13.50 crore in FY24 to Rs 20.76 crore in FY25 and Rs 27.01 crore in FY26. The company has also reported positive operating cash flows during all three years.
The company’s supplier base is concentrated, with its top 3 suppliers accounting for 52.28%, 58.30%, and 54.43% of total raw material purchases in FY26, FY25, and FY24, respectively. The top 10 suppliers contributed 78.86%, 80.60%, and 80.04% of total purchases during the same period. Any disruption in supplies from these key suppliers or failure to identify alternative suppliers on favourable terms could adversely affect the company’s operations and profitability.
The company operates in a highly competitive ceramic tableware market and faces competition from domestic manufacturers, international brands, imported products, and unorganised players. In the HoReCa segment, it also competes with global brands that have established relationships with premium hotels and hospitality chains. The company additionally faces competition from substitute materials such as opal ware, melamine, and stainless steel products. The company's inability to effectively compete on pricing, product offerings, brand equity, distribution capabilities, or responsiveness to evolving consumer preferences may adversely affect its market position, sales performance, and profit margins.
The company’s business is subject to seasonality, with demand for its ceramic tableware products generally increasing during festive periods. Its sales are also influenced by consumer spending patterns and trends in the housing and home goods markets. Any slowdown in consumer demand, economic disruptions, political instability, or other unforeseen events during peak sales periods could adversely affect the company’s revenue and profitability. As a result, quarterly financial performance may fluctuate and may not accurately reflect the company’s performance for the full financial year.
The company, its promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgment, settlement, or regulatory action arising from these proceedings could result in financial liabilities, penalties, or reputational damage.
The company’s top 10 customers contributed 33.73%, 32.72%, and 36.84% of its total revenue in FY26, FY25, and FY24, respectively. This indicates a significant dependence on a relatively small group of customers for revenue generation. Any failure to retain these key customers, reduction in order volumes, changes in their procurement strategies, or loss of business to competitors could adversely affect the company’s revenue, profitability, and cash flows. The company may also face challenges in replacing lost business through new customer acquisition or increased sales to existing customers.
As of March 31, 2026, the company had total outstanding borrowings of Rs 52.19 crore, comprising secured borrowings of Rs 47.27 crore and unsecured loans of Rs 4.92 crore. A substantial portion of these borrowings is secured against the company’s inventories, receivables, plant and machinery, manufacturing facilities, and other movable and immovable assets, along with personal guarantees provided by the promoters. Any failure to service these borrowings, comply with loan covenants, or generate sufficient cash flows for repayment could enable lenders to enforce their security interests over the charged assets. This could adversely affect the company’s operations, financial condition, and future growth prospects.
Application details
For Clay Craft India IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹193 - ₹203 | ₹2 - ₹5 Lakhs | 600 |
About
Objective of Clay Craft India IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
To fund capital expenditure towards setting up an additional manufacturing facility at Manda, Rajasthan |
97.00 |
|
General Corporate Purposes |
[.] |
|
Total |
97.00 |
Book Running Lead Managers & Registrar of Clay Craft India IPO
|
Book Running Lead Manager |
HEM Securities Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
|
Market Maker |
Hem Finlease Private Limited |
Key Performance Indicators (KPIs)
|
KPI |
Value (For the Period ended March 31, 2026) |
|
ROE (%) |
17.71 |
|
ROCE (%) |
18.26 |
|
EBITDA Margin (%) |
23.33 |
|
PAT Margin (%) |
15.02 |
|
Debt/Equity Ratio |
0.30 |
|
EPS (Basic) (Post IPO) (₹) |
13.13 |
|
Return on Net Worth (RoNW) (%) |
16.27 |
Clay Craft India IPO Contact Details
|
Company Name |
Clay Craft India Limited |
|
Registered Office |
F-766 & F-766 A, Road No. 1-D, Vishwakarma Industrial Area, Jaipur, Rajasthan, India, 302013 |
|
Phone |
+91 1414107978 |
|
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|
Website |
Clay Craft India IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+9140-67162222 |
|
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Website |