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Manilam Industries IPO
Manilam Industries India Ltd
₹2,60,000 /4000 sharesMinimum investment
IPO details
Minimum investment
₹2,60,000
Price range
₹65 - ₹69
Lot size
2,000
Issue size
39.95 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
20 Feb 2026
IPO open date
24 Feb 2026
IPO close date
25 Feb 2026
Allotment date
25 Feb 2026
Funds unblock or debit
27 Feb 2026
Tentative listing date
About
Founded in
2013
MD/CEO
Mr. Umesh Kumar Nemani and Mr. Manoj Kumar Agrawal
Parent organisation
Manilam Industries India Ltd
Manilam Industries Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to adhere to BIS specifications for its plywood and laminate products. It also claims to use OCTA technology to enhance precision and durability. Manilam states that it operates one 16 Delite press and three 18 Delite presses, which enable continuous production and are intended to maintain uniformity and reduce the risk of warping or deformation.
Manilam claims to offer over 1,000 laminate designs along with multiple plywood options. Its product portfolio is intended to serve residential, commercial, and industrial applications. The range includes different textures, patterns, and finishes across categories.
The company claims to have a distribution network of over 50 distributors and more than 7,000 dealers across India. This network is intended to support product availability in multiple regions. It also operates a service depot in Bangalore.
Manilam claims to use machinery such as core composers and calibrators in its manufacturing process. These are intended to maintain dimensional stability and consistency in thickness. The company states that this supports strength and uniformity in its sheets.
The company claims to work with over 3,000 carpenters and more than 500 architects and interior designers. These associations are intended to support product application across construction and renovation projects.
The company holds ISO 9001:2015 certification for its quality management system, ISO 14001:2015 certification for environmental management, and ISO 45001:2018 certification for occupational health and safety management.
The company has witnessed a consistent increase in profit after tax (PAT). It increased from Rs 1.59 crore in FY23 to Rs 3.14 crore in FY24 and Rs 7.47 crore in FY25.
The company’s laminate products, particularly textured laminates, are subject to frequent changes in design, patterns, and customer preferences. Decorative paper, which is a key raw material, is also influenced by shifting design trends. Inability to anticipate these changes, introduce new designs on time, or manage obsolete inventory could result in dead stock and impact the company’s business and profitability.
As of September 30, 2025, the company had contingent liabilities of Rs 15.96 crore, up from Rs 15.32 crore in FY25 and Rs 15.32 crore in FY24. If any of these contingent liabilities materialise, the company’s financial condition could be adversely affected.
A significant portion of the company’s raw material purchases is sourced from Uttar Pradesh. Procurement from this region accounted for Rs 22.95 crore (43.06 percent) of the company’s revenue for the period ended September 30, 2025; Rs 36.38 crore (36.00 percent) in FY25; Rs 39.59 crore (35.09 percent) in FY24, and Rs 35.26 crore (29.28 percent) in FY23. Furthermore, the company’s manufacturing facility is also located in Bareilly, Uttar Pradesh. Any disruption in this state due to regulatory changes, transportation bottlenecks, labour unrest, or adverse climatic conditions could affect production schedules, cost structures, and overall operations.
As of September 30, 2025, the company had trade receivables of Rs 67.28 crore. Failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company, its promoters, and directors are involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
Laminates accounted for 83.33 percent of the company’s revenue in FY25, 86.50 percent in FY24, and 86.37 percent in FY23. Any decline in demand for laminates, increased competition, loss of key customers, or adverse changes in market dynamics could materially affect the company’s revenue, cash flows, and financial condition.
The top customer accounted for Rs 8.20 crore (13.60 percent) of the company’s revenue for the period ended September 30, 2025; Rs 20.48 crore (14.85 percent) in FY25; Rs 21.23 crore (15.40 percent) in FY24, and Rs 37.51 crore (25.33 percent) in FY23. Loss of this customer, reduction in order volumes, disputes, or adverse changes in the customer’s financial position could materially affect the company’s revenue, cash flows, and financial condition.
The top five suppliers accounted for 34.61 percent of the company’s total purchases in FY25. Any delay, failure, or inability of these suppliers to meet volume, quality, or delivery requirements could disrupt production schedules and affect order fulfilment.
The company reported negative cash flow from operating activities amounting to Rs 4.19 crore in FY24 and Rs 2.85 crore in FY23. This was primarily due to higher working capital requirements arising from increases in trade receivables and inventory. Additionally, negative cash flow from investing activities amounted to Rs 0.83 crore for the period ended September 30, 2025; Rs 1.22 crore in FY24, and Rs 5.05 crore in FY23, on account of capital expenditure and investment in fixed assets. The company also reported negative cash flow from financing activities amounting to Rs 1.67 crore for the period ended September 30, 2025, and Rs 17.34 crore in FY25. This was largely due to repayment of borrowings and related obligations. Sustained negative cash flows could require additional financing and may materially affect the company’s business, financial condition, and results of operations.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 58.05 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Application details
For Manilam Industries IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹65 - ₹69 | ₹2 - ₹5 Lakhs | 2000 |