Manilam Industries India Limited is an established participant in the interior infrastructure sector, primarily focusing on the manufacturing and sale of decorative laminates and the trading of plywood. Founded in 2015, the company operates a manufacturing facility in Bareilly, Uttar Pradesh, and utilises a distribution-led Business-to-Business (B2B) model. Its product range includes various laminate thicknesses and specialised collections such as Artistica, Vogue, and Dwar, catering to both residential and commercial applications. The company has secured a presence in major urban markets through integrated experience centres and service depots in cities like Bangalore, Delhi, and Chennai. By offering a wide array of design options and utilising precision manufacturing technologies, the entity has positioned itself as a provider of surfacing solutions. This initial public offering is intended to support capital expenditure for machinery, renewable energy installation, and the strengthening of working capital, aimed at enhancing the corporate profile.
To apply for the IPO, investors may utilise the Applications Supported by Blocked Amount (ASBA) process through a bank account or a registered stockbroker. For retail investors, the process is streamlined via UPI; after submitting the bid, a mandate request is sent to the linked UPI application, which must be authorised before the issue closing time to block the application funds. Once the bidding period concludes, the basis of allotment is finalized according to the regulatory timeline, and shares are credited to the applicant’s demat account if the allotment is successful. In instances of non-allotment or partial allotment, the blocked funds are released back into the investor's bank account following the refund initiation date.
For more details, visit the Manilam Industries India Limited IPO page.
Manilam Industries India Limited IPO Details and Objectives
Details
| Information
|
IPO Date
| Feb 20, 2026 to Feb 24, 2026
|
Issue Size
| 57,90,000 shares (agg. up to ₹40 Cr)
|
Price Band
| ₹65 to ₹69 per share
|
Lot Size
| 2000 shares
|
Listing At
| NSE SME
|
Market Maker
| Nikunj Stock Brokers Ltd.
|
Purpose of the IPO
Capital Expenditure - Purchase of equipment/machineries & Purchase and installation of Solar Panel at the company’s Manufacturing Plant
Repayment in full or in part, of certain loans availed by the Company
Working Capital Requirements of the Company
Expenses for General Corporate Purposes
Timeline of Manilam Industries India Limited IPO
Event
| Date
|
IPO Open Date
| Fri, Feb 20, 2026
|
IPO Close Date
| Tue, Feb 24, 2026
|
Tentative Allotment
| Wed, Feb 25, 2026
|
Initiation of Refunds
| Thu, Feb 26, 2026
|
Credit of Shares to Demat
| Thu, Feb 26, 2026
|
Tentative Listing Date
| Fri, Feb 27, 2026
|
Cut-off time for UPI mandate confirmation
| 5 PM on Tue, Feb 24, 2026
|
Pricing & Lot Size of Manilam Industries India Limited IPO
Price Band for the IPO
Minimum Lot Size and Application Details
Application
| Lots
| Shares
| Amount
|
Individual investors (Retail) (Min)
| 2
| 4,000
| ₹2,76,000
|
Individual investors (Retail) (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
|
Manilam Industries India Limited IPO Application Process
The Manilam Industries India Limited IPO application process can be completed online through your trading platform. Below is a step-by-step guide to applying for the IPO:
Step 1: Login to Your Trading Platform
Access your trading account using the broker's app or website.
Step 2: Navigate to the IPO Section
Go to the IPO section to view active IPO listings.
Step 3: Select the Open IPO and Click Apply
Locate Manilam Industries India Limited IPO in the list of available IPOs and click the ‘Apply’ button.
Step 4: Enter the Quantity of Shares You Wish to Apply For
Specify the number of shares (lot size: 2000 shares) within the price band of ₹65 to ₹69 per share.
Step 5: Provide Your UPI ID
Enter your UPI ID for payment authorisation and ensure sufficient funds in your bank account.
Step 6: Confirm the Application
Review your application details and confirm the UPI mandate before 5 PM on the last application day.
Step 7: Complete the Process and Wait for Allotment
Submit the application and monitor the allotment status to check if shares have been allocated to you.
Shares Offered in Manilam Industries India IPO
The allocation of shares in the Manilam Industries India IPO is structured across investor categories in line with applicable regulatory requirements. The issue provides defined reservations for qualified institutional buyers, non-institutional investors, and retail individual investors, with each category allotted a specified proportion of the net issue. This allocation framework outlines how the shares offered are distributed among different classes of investors.
Investor Category
| Shares Offered
|
Market Maker Shares Offered
| 2,92,000 (5.04%)
|
QIB Shares Offered
| 27,42,000 (47.36%)
|
− Anchor Investor Shares Offered
| 16,38,000 (28.29%)
|
− QIB (Ex. Anchor) Shares Offered
| 11,04,000 (19.07%)
|
NII (HNI) Shares Offered
| 8,28,000 (14.30%)
|
− bNII > ₹10L
| 5,52,000 (9.53%)
|
− sNII < ₹10L
| 2,76,000 (4.77%)
|
Retail Shares Offered
| 19,28,000 (33.30%)
|
Total Shares Offered
| 57,90,000 (100.00%)
|
This reservation structure reflects the categorisation and allocation approach disclosed for the issue, indicating the proportion of shares available to each investor segment.
Financial Health and Performance
Key Financial Metrics
Total Assets: Grew from ₹133.55 crore in FY23 to ₹159.99 crore as of Sept 2025.
Total income: Recorded at ₹60.53 crore in Sept 2025, as compared to ₹148.82 crore in FY23.
Profit After Tax (PAT): Reported at ₹3.16 crore in Sept 2025, and ₹1.53 crore in FY23.
Net Worth: Recorded at ₹43.08 crore in Sept 2025 in comparison to ₹23.24 crore in FY23.
Reserves and Surplus: Stood at ₹25.93 crore in Sept 2025, as compared to ₹20.94 crore in FY23.
EBITDA: Stood at ₹8.67 crore in Sept 2025 in comparison to ₹9.12 crore in FY23.
Recent Performance and Growth Prospects
The company has demonstrated a consistent increase in its total asset base, reflecting an expansion in its operational scale and infrastructure since the 2023 fiscal year.
There has been a notable improvement in the Profit After Tax (PAT), indicating enhanced operational efficiency and a positive bottom-line trajectory over the reported periods.
The enterprise has successfully built its net worth, suggesting a more robust capital position and improved financial stability.
The accumulation of reserves and surplus highlights the company’s ability to retain earnings, which can be utilised for future organic growth or strategic contingencies.
The EBITDA figures reflect the core operational earnings of the business, maintaining a steady contribution to the overall financial structure despite market fluctuations.
The total income recorded, while fluctuating across the periods, signifies active market participation and consistent demand for the company’s product portfolio in the wooden panel and laminate sectors.
Investment Risks and Opportunities
Potential Risks of Investing in the IPO
Utilisation of Net Proceeds: A portion of the funds raised is designated for the repayment of existing loans and meeting working capital requirements, which may impact the allocation of capital toward direct revenue-generating activities.
SME Listing Considerations: The shares are proposed to be listed on the NSE SME platform, which generally involves different liquidity profiles and regulatory frameworks compared to the mainboard exchanges.
Opportunities and Growth Potential
Infrastructure Enhancement: The company intends to utilise the issue proceeds for the acquisition of new machinery and the installation of solar panels, which is expected to improve production capacity and operational sustainability.
Market Presence and Distribution: With established experience centres in urban hubs like Bangalore, Delhi, and Chennai, the entity is positioned to capture demand from the growing residential and commercial interior sectors through its diversified B2B network.
Key Performance Indicator (KPI)
KPI
| Sept 30, 2025
| Mar 31, 2025
|
ROE
| 8.35%
| 24.80%
|
ROCE
| 13.50%
| 36.68%
|
RoNW
| 8.35%
| 24.80%
|
PAT Margin
| 5.33%
| 5.33%
|
EBITDA Margin
| 14.39%
| 12.67%
|
Price to Book Value
| 2.75
| 0.47
|
Manilam Industries India Limited IPO Registrar & Lead Managers
Registrar
| Lead Manager(s)
|
MAS Services Ltd.
| NEXGEN Financial Solutions Pvt. Ltd.
|
Company Address of Manilam Industries India Limited
Manilam Industries India Ltd.
46, B. B. Ganguly Street
5th Floor, Room No-9
Kolkata, West Bengal, 700012
Phone: 03335076903
Email: info@manilam.com
Website: https://www.manilam.com/
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