Manilam Industries India Ltd IPO
Plywood Boards/Laminates
Price Band
₹65 – ₹69
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹276000
Issue Size
₹39.95Cr
Opens
2026-02-20
Closes
2026-02-24
Listing
27-02-2026
Subscription Status
Qualified Institutional Buyers
0.12 x
Non-Institutional Investor
8.03 x
Retail Individual Investor
4.55 x
Total
4.31 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1ERK01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Manilam Industries India Limited is engaged in the manufacturing and sale of decorative laminates. The company produces laminates in thicknesses ranging from 0.7 mm to 1 mm. Its product range includes the Artistica, Vogue, Dwar, and Magnificent collections. Additional collections such as Chromatic Tales, Flute, ECP, Wood & Veneer, and Wall Cladding have also been introduced. These products are used in residential and commercial applications and are available in multiple designs and finishes. The company also trades in plywood of different grades and sizes, mainly for industrial and commercial use. It offers over 1,000 design options and 100 textures across its product categories. The company’s manufacturing plant is located at Village Manda, Bhojipura Nainital Road, Bareilly, Uttar Pradesh, India. The company markets its products under the brand name “Manilam” through a network of distributors and dealers and operates a service depot in Bangalore.
Pros
- • 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.
Cons
- • 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.
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