IPO Overview
Incorporated in July 1994, Clay Craft India Limited is one of India’s leading manufacturers and distributors of bone china crockery and ceramic tableware products. With over three decades of experience in the segment, the company designs, develops, produces, and sells a wide range of ceramic tableware including dinner sets, tea and coffee serving sets, mugs, tumblers, platters, bowls, and tabletop accessories. Its products are marketed under in-house brands — Clay Craft and JCPL — and cater to retail consumers, institutional buyers, HoReCa (Hotels, Restaurants, and Catering) clients, and corporate customers. The company also undertakes design, development, and manufacturing activities for customers requiring customized ceramic solutions. As of March 31, 2026, Clay Craft employs over 1,392 people and offers more than 6,200 SKUs across its product range.
The company is now launching its SME IPO on the NSE SME platform to raise ₹110.11 crore through a fully fresh issue of 54.24 lakh equity shares. The IPO is priced in a band of ₹193 to ₹203 per share. The issue opens on 17 June 2026 and closes on 19 June 2026, with listing expected on 24 June 2026. The pre-IPO market capitalization stands at approximately ₹417.58 crore.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 17 June 2026 |
| IPO Close Date | 19 June 2026 |
| Allotment Date | 22 June 2026 (Expected) |
| Refund Initiation | 23 June 2026 |
| Credit to Demat | 23 June 2026 |
| Listing Date | 24 June 2026 (Tentative) |
| Price Band | ₹193 – ₹203 per share |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹2,43,600 (2 lots = 1,200 shares) |
| Minimum Investment (HNI) | ₹3,65,400 (3 lots = 1,800 shares) |
| Issue Size | ₹110.11 crore |
| Fresh Issue | 54,24,000 shares (₹110.11 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company. Promoter shareholding is projected to reduce from ~100% pre-IPO to ~73.63% post-listing.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business expansion purposes.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds primarily for setting up an additional, advanced manufacturing facility at Manda, Rajasthan — a project requiring a direct investment of ₹100 crore from the issue proceeds. The remaining funds will be used for general corporate purposes.
- Capital expenditure for setting up an additional manufacturing facility at Manda, Rajasthan — ₹100 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: Hem Securities Ltd. and Share India Capital Services Pvt. Ltd.
- Registrar to the Issue: KFin Technologies Ltd.
- Email: [email protected]
- Website: www.kfintech.com
- Market Maker: Hem Finlease Pvt. Ltd.
Promoters & Management
The promoters of Clay Craft India Limited are Mr. Rajesh Narain Agarwal, Mr. Vikas Agarwal, Mr. Bharat Agarwal, and Mr. Deepak Agarwal — a family-led promoter group with decades of experience in the ceramic tableware and manufacturing industry.
Key Management:
- Chairman: Mr. Prakash Dangayach
- Managing Director: Mr. Vikas Agarwal
- Whole-Time Directors: Mr. Deepak Agarwal, Mr. Bharat Agarwal, Mr. Rajesh Narain Agarwal
- Independent Directors: Mr. Ashok Kumar Bhargava, Mr. Nirmal Badri Prasad Joshi
Company Details
Clay Craft India Limited is a ceramic tableware manufacturer operating in the B2B and B2C segments, producing bone china crockery and ceramic products. The company sells through distributors, modern trade, e-commerce platforms, and direct institutional sales channels across India. It also undertakes design-to-manufacturing for corporate and institutional clients requiring custom ceramic solutions.
Sectors / Customer Segments Served:
- Households (Retail)
- Hotels, Restaurants & Catering (HoReCa)
- Corporate & Institutional Clients
- Export Customers
Key Products:
- Dinner Sets, Plates, Bowls, Platters
- Mugs, Tumblers, Tea & Coffee Service Sets
- Tabletop Accessories & Kitchenware
- Customized Corporate Gifting & Institutional Tableware
Key Capabilities:
- Integrated manufacturing covering product design, moulding, decoration, printing, and packaging — all in-house
- Portfolio of 6,200+ SKUs across multiple brands and categories
- Multi-channel distribution through 132+ distributors, modern trade, e-commerce, and direct institutional sales
Manufacturing Facilities:
- Two manufacturing facilities in Rajasthan
- Combined installed capacity: 6,000 MT per annum
- Capacity utilisation: 82% in FY2025–26
- New facility planned at Manda, Rajasthan (to be funded via IPO proceeds)
Brands:
- Clay Craft (flagship brand)
- JCPL (proprietary brand)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹154.44 | ₹20.76 |
| FY26 | ₹184.57 | ₹27.01 |
Key Financial Metrics
- Revenue grew ~20% YoY from FY25 to FY26; PAT grew ~30% YoY — indicating improving operational leverage and margins
- Total borrowings as of March 31, 2026: ~₹49.98 crore — moderate leverage
- Pre-IPO market capitalization: ~₹417.58 crore
Company Strengths
- Over 30 years of experience in the ceramic and bone china tableware industry — strong brand recall and established customer relationships
- Integrated and scalable manufacturing capabilities covering the full value chain — design, moulding, decoration, printing, and packaging
- Diversified product portfolio of 6,200+ SKUs catering to retail, hospitality, corporate, and institutional segments
- Multi-channel distribution network with 132+ distributors, modern trade, e-commerce, and direct institutional sales
- Consistent revenue and profit growth — 20% revenue growth and 30% PAT growth in FY26 over FY25
- Entire IPO is a fresh issue — all proceeds directed towards expanding manufacturing capacity at Manda, Rajasthan
- Strong in-house design and product development capability supporting continuous innovation
Key Risks & Challenges
- Heavy dependence on a concentrated group of key raw material suppliers — disruption in supply can impact production and margins
- The new Manda facility represents a large capital commitment of ₹100 crore — execution delays or cost overruns could impact timelines and returns
- The company carries total borrowings of ~₹49.98 crore — while moderate, rising interest rates or refinancing risk could exert pressure on profitability
- SME IPO liquidity risk — limited secondary market trading volumes on the NSE SME platform post-listing
- The ceramic tableware market is competitive, with both organised and unorganised players, as well as imported products from countries like China, which may exert pricing pressure
- Inability to maintain or enhance brand recognition could adversely affect business and financial performance
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
