February 19, 2026
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Manilam Industries IPO (SME) – Chanakya Review
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 65 – Rs. 69 |
| Lot Size | 2,000 shares |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | 57,90,000 shares (Rs. 40.00 Cr approx.) |
| Market Maker Portion | 2,92,000 shares (Rs. 2.00 Cr) – Nikunj Stock Brokers Ltd. |
| Net Offer to Public | 54,98,000 shares (Rs. 38.00 Cr approx.) |
| Issue Type | Book Building Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,71,50,000 shares |
| Shareholding Post-Issue | 2,18,48,000 shares |
| Market Cap (Pre-IPO) | Rs. 150.75 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,92,000 | 5.04% |
| QIB | 27,42,000 | 47.36% |
| − Anchor Investors | 16,38,000 | 28.29% |
| − QIB (Ex Anchor) | 11,04,000 | 19.07% |
| NII (HNI) | 8,28,000 | 14.30% |
| − bNII > Rs. 10L | 5,52,000 | 9.53% |
| − sNII < Rs. 10L | 2,76,000 | 4.77% |
| Retail Investors | 19,28,000 | 33.30% |
| Total | 57,90,000 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 4,000 | 2,76,000 |
| S-HNI (Min) | 3 | 6,000 | 4,14,000 |
| S-HNI (Max) | 7 | 14,000 | 9,66,000 |
| B-HNI (Min) | 8 | 16,000 | 11,04,000 |
Company Financials (Rs. crore – Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 159.99 | 158.98 | 149.56 | 133.55 |
| Total Income | 60.53 | 142.16 | 138.04 | 148.82 |
| Profit After Tax | 3.16 | 7.38 | 3.10 | 1.53 |
| EBITDA | 8.67 | 17.75 | 14.18 | 9.12 |
| Net Worth | 43.08 | 33.87 | 26.38 | 23.24 |
| Reserves & Surplus | 25.93 | 31.57 | 24.08 | 20.94 |
| Total Borrowings | 58.05 | 62.44 | 73.49 | 60.75 |
Important Business Crux
Manilam Industries operates in the decorative laminates and plywood segment, which is closely linked to real estate, interior design and infrastructure growth. The company manufactures laminates while trading plywood through a B2B distribution model. Its Bareilly-based manufacturing facility and experience centres across major cities support brand visibility and dealer engagement. Growth largely depends on housing demand, renovation trends and expansion of organised interior solutions in India.
Plus Points & Competitive Strength
• Presence in organised laminate segment with multiple product collections.
• B2B distribution model supports scalability with controlled retail exposure.
• Experience centres enhance branding and dealer network strength.
• Machinery upgrades and solar integration may improve operational efficiency.
• Increasing interior décor demand and housing activity support industry tailwinds.
Negative Points / Risk Factors
• Business is cyclical and dependent on construction and real estate demand.
• High borrowings compared to profitability levels remain a concern.
• PAT margins around 5% indicate limited pricing power.
• SME liquidity risk and post-listing volatility likely.
• P/E expansion post IPO suggests valuation becomes slightly stretched.
• Competition from established laminate brands and unorganised players.
Long Term Investment View
Manilam Industries offers exposure to the decorative laminates industry, which benefits from long-term housing and interior décor demand. However, moderate margins, leverage and cyclical exposure reduce conviction for aggressive long-term allocation. Investors should view it as a niche SME play rather than a structural compounding story.
Chanakya View (Long Term): NEUTRAL – selective participation only for moderate risk investors.
Listing Gain View – GMP Rs. 0 vs Offer Price Rs. 69
A GMP of around Rs. 0 suggests low listing interest but not strong speculative momentum. Considering SME liquidity risks and valuation near upper band, listing gains may remain limited or volatile.
Listing Gain Strategy: Apply selectively; avoid aggressive exposure purely for GMP.
CHANAKYA VERDICT BLOCK
IPO Verdict: NEUTRAL APPLY
Risk Meter: Medium–High Risk
Valuation Meter: Slightly Premium Post Issue
Listing Gain Outlook: Moderate
Long-Term Outlook: Cyclical Business, Selective Participation
Chanakya Insight:
The company operates in a competitive and cyclical laminate industry where growth visibility exists but margin expansion remains a challenge. Expansion initiatives and debt reduction plans may support future stability, but SME liquidity and valuation comfort should be carefully monitored.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Disclaimer
This IPO coverage is for informational and educational purposes only. Chanakya Ni Pothi does not recommend investments based on GMP data. Investors should read the RHP carefully and consult a SEBI-registered investment advisor before investing.
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