Manilam Industries India IPO Overview
Manilam Industries India Limited is a decorative laminates and wood panel products manufacturer operating primarily in the interior furnishings and building materials sector. The company produces decorative laminates in various thicknesses and patterns under its “Manilam” brand, catering to residential, commercial and institutional interior applications. It also trades in plywood and related products, supplying over 1,000 designs and 100+ textures through a pan-India dealer/distributor network.
The company is launching its SME IPO on the NSE EMERGE platform from 20 February 2026 to 24 February 2026. The IPO is a book-built issue priced in the band of ₹65 to ₹69 per share, aggregating to approximately ₹39.95 crore with both fresh issue and offer for sale components. Retail investors need to apply for a minimum of 2,000 shares (₹1,38,000 at lower band) per lot.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME (NSE EMERGE) |
| IPO Open Date | 20 Feb 2026 (Thursday) |
| IPO Close Date | 24 Feb 2026 (Monday) |
| Allotment Date | 25 Feb 2026 (Expected) |
| Credit to Demat | 26 Feb 2026 (Expected) |
| Refund Initiation | 26 Feb 2026 (Expected) |
| Listing Date | 27 Feb 2026 (Tentative) |
| Price Band | ₹65 – ₹69 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Min Investment (Retail) | ₹1,38,000 (2 lots at ₹69) |
| sNII Investment | ~₹4,14,000+ (3 lots) |
| bNII Investment | ~₹10,14,000+ (8 lots) |
| Issue Size | ~₹39.95 crore at upper band |
| Fresh Issue | ~₹32.42 cr (approx) |
| Offer For Sale (OFS) | ~₹7.53 cr (approx) |
| Total Shares Offered | ~57,90,000 equity shares |
| Listing | NSE EMERGE |
Note: The IPO has both fresh issue and OFS components — a portion of shares will be sold by existing shareholders alongside new issuance by the company.
Issue Break-up
| Category | Allocation | Shares |
| Retail Individual Investors | ~33.30% | ~19,28,000 |
| Qualified Institutional Buyers (QIB) | ~19.07% | ~11,04,000 |
| Non-Institutional Investors (NII / HNI) | ~14.30% | ~8,28,000 |
| Anchor Investors | ~28.29% | ~16,38,000 |
| Market Maker | ~5.04% | ~2,92,000 |
| Total | 100% | ~57,90,000 |
(Allocations based on the IPO reservation structure.)
Selling Shareholders (OFS)
Unlike pure fresh issues, this IPO includes a portion of Offer For Sale (OFS) of approximately 10,92,000 shares being sold by existing shareholders, including certain promoter-group members. The balance ~46,98,000 shares come from the fresh issue proceeds.
Objects of the Issue (Fund Utilization)
Net proceeds of the IPO are proposed to be deployed for:
- Capital Expenditure: Purchase of equipment and machinery (~₹1.25 cr).
- Renewable Energy Investment: Installation of solar panels at the manufacturing plant (~₹2.20 cr).
- Debt Repayment: Repayment or part-repayment of certain loans (~₹3.50 cr).
- Working Capital Requirements: Funding seasonal working capital needs (~₹16.65 cr).
- General Corporate Purposes: Other strategic business requirements and IPO expenses.
Strategic Insight: Enhancing production machinery and renewable energy setup reflects cost efficiency and capacity expansion focus, while working capital support aims to sustain operations and dealer/distributor credit cycles.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Nexgen Financial Solutions Pvt. Ltd.
- Registrar to the Issue: MAS Services Limited.
Promoters & Management
Promoters of Manilam Industries India Limited include:
- M/s. Manilam Retail India Private Limited
- Mr. Umesh Kumar Nemani
- Mr. Manoj Kumar Agrawal
- Mr. Aman Kumar Nemani
- Mr. Anubhav Kumar Nemani
- Mr. Sreyas Agrawal
The promoter group retains a significant stake post-IPO, reflecting strategic continuity and operational control.
COMPANY DETAILS
Incorporation & Background:
Manilam Industries India Limited was incorporated on 27 November 2015 (as a private company) and later evolved into the current entity, building capabilities in decorative laminates and complementary wood panels such as plywood, wall cladding and door skins.
Business Model:
- Manufactures a diversified range of decorative laminates (0.7 mm to 1 mm thickness) with collections like Artistica, Vogue, Dwar, Magnificent, Chromatic Tales, Flute, ECP, Wood & Veneer.
- Trades plywood products across various grades and sizes.
- Operates through a B2B distributor and dealer network with a service depot in Bangalore and distribution in North, South, West & East India.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | PAT Margin |
| FY23 (31 Mar 2023) | ~148.10 | ~1.59 | ~6.6% | ~1.1% |
| FY24 (31 Mar 2024) | ~137.90 | ~3.14 | ~10.3% | ~2.3% |
| FY25 (31 Mar 2025) | ~140.03 | ~7.37 | ~14.1% | ~5.3% |
| Sep-25 Annualised | ~120.28 | ~6.30 | ~14.9% | ~5.2% |
Financials show consistent revenue with expanding profitability margins driven by operational efficiencies and product mix diversification.
Company Strengths
- Diversified Product Portfolio: Multiple laminate designs and textures, supported by complementary plywood offerings.
- Pan-India Distribution Network: Extensive dealer and distributor channels.
- Brand Recognition: “Manilam” brand established in interior decor segment.
- Growing Profitability: Improving EBITDA and PAT margins over recent years.
- Capacity Expansion Plans: Machinery upgrades and renewable energy investments.
- Experienced Promoter Group: Longstanding involvement in manufacturing and business strategy.
Key Risks & Challenges
- Competitive Industry: Faces competition from established players in laminates, plywood and interior materials.
- Cyclic Demand: Decorative laminates demand linked to real estate and construction cycles.
- SME IPO Volatility: SME listings can experience price fluctuations and liquidity constraints.
- Raw Material Price Risk: Laminate raw materials subject to cost volatility, impacting margins.
- OFS Component: Selling shareholder portion introduces dilution risk for new investors.
Disclaimer
This document is for informational and educational purposes and does not constitute investment advice or a recommendation. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance is not indicative of future results and investments are subject to market risks.
