By integrating plywood, diversifying solar manufacturing, and growing at a 10–12% CAGR, the Indian decorative laminates market is expected to reach $1.5 billion or more by 2030. Based in Bareilly, Uttar Pradesh, and founded in 2015, Manilam Industries India Ltd. produces decorative laminates (0.7–1.0 mm thick) for B2B distributors catering to residential, commercial, and institutional applications. Collections include Artistica, Vogue, Dwar, and Magnificent.
Founded in 2015 in Bareilly, Uttar Pradesh, Manilam Industries India Limited manufactures decorative laminates that are sold under the "Manilam" brand through a network of distributors and dealers throughout India. has logistical access to domestic markets and runs a single manufacturing facility.
Key advantages include a distributor-led business-to-business model, a strategic Bareilly location, a variety of collections (Artistica, Vogue, Wood & Veneer, and Wall Cladding), and capital expenditures for the installation of solar panels for energy efficiency.
Manilam Industries showed steady growth before the NSE SME IPO. ₹39.95 Cr (57.9 lakh shares @ ₹10 FV) in ₹65-69 price band (lot size 2000 shares ≈ ₹ 1.38L min). Opens February 20-24, 2026; allotment February 25; NSE Emerge listing February 27.
Manilam Industries IPO Details:
Manilam Industries Issue Management:
NEXGEN Financial Solutions Pvt Ltd acts as the book-running lead manager for Manilam Industries SME IPO, managing underwriting and compliance.
Manilam Industries IPO RTA (Registrar) Details:
MAS Services handles allotment, refunds, and demat credits—contact at (011) 2610 4142 or ipo@masserv.com.
Manilam Industries IPO Allotment Status:
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Action Links:
To apply for Manilam Industries IPO, open a demat account here
Manilam Industries IPO Subscription Status: Check live subscription here
Manilam Industries IPO GMP Update: Check latest grey market premium here
Manilam Industries India Limited was founded in 2015 in Bareilly, Uttar Pradesh, and produces decorative laminates for residential and commercial interiors with a thickness of 0.7 to 1.0 mm. The company sells these laminates under the "Manilam" brand through a nationwide B2B distributor network.
Key advantages include a single integrated Bareilly facility, a variety of collections (wood, veneer, and wall cladding), solar panel capital expenditures for energy efficiency, and an established dealer network.
Manilam Industries IPO: ₹39.95 Cr (57.9 lakh shares @ ₹10 FV) new ₹32.42 Cr + OFS ₹7.53 Cr at ₹65-69 band (lot 2000 shares ≈ ₹1.38L min). Opening dates: February 20–24, 2026; allocation date: February 25; NSE SME listing date: February 27.
Manilam Industries Limited IPO is ₹39.95 Cr total (57.9 lakh shares): fresh issue (46.98 lakh shares) + OFS (10.92 lakh shares)..
Manilam Industries IPO proceeds will be deployed towards the following objectives:
Manilam Industries India Ltd NSE SME IPO reserves 57.9 lakh shares per SEBI norms
Lot Size: 2000 shares/lot (₹65-69 band → ₹1.38L retail min)
The Anchor bidding opens February 19, 2026 (~28.29% of QIB portion = 16.38 lakh shares).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar MAS Services Ltd.
According to DRHP reports, Manilam Industries India Limited posted steady FY25 financials (annualized basis). Revenue reached ₹140.02 Cr (+1.5% YoY from ₹137.89 Cr), PAT grew +138% to ₹7.37 Cr (5.26% margin), ROE improved to 21.77%, ROCE 34.58%, and EBITDA margin expanded to 14.11%. Growth supported by decorative laminates demand (Artistica/Vogue collections), capacity utilization at Bareilly plant, and debt reduction efforts.
The important risks and strengths of Manilam Industries IPO are mentioned below:
Strengths:
Operational stability is being driven by seasoned management with relevant industry experience.
Profitability margins improved: PAT margin increased from 1.23% to 2.71% through premium product focus (higher thickness/design); EBITDA increased from 5.19% (FY23) to 9.31% (FY24).
Modern manufacturing facility: A 20,650 square metre Bareilly plant with four presses and a capacity of 5 million sheets; solar upgrades are planned for efficiency.
Robust distribution network: More than 5,000 carpenters, more than 15,000 clients, and experience centers in Bangalore, Delhi, and Chennai.
Risks
Leveraged balance sheet: Gearing ratio of 1.50x, TOL/TNW ratio of 2.78x (FY24); ₹60.33 Cr debt and ₹28.05 Cr TNW.
Raw material volatility: ~90% of production costs; limited pricing power in competitive laminates industry.
High working capital requirements: 176-day cycle (FY24); stretched liquidity position with 99% fund utilization.
Moderate scale/competition: FY24 revenue of ₹136 Cr, pressure from organised/unorganised players.
DRHP/RHP documents validate Manilam Industries India Ltd’s FY25 performance with revenue of ₹140.02 Cr, a growth of 1.5% YoY from ₹137.89 Cr, PAT of ₹7.37 Cr (5.26% margin, a jump of 138% YoY), ROE of 21.77%, ROCE of 34.58%, EBITDA margin of 14.11% (up from 9.31% in FY24), and post-issue P/E of 23.9x, which is quite justified compared to other laminates companies such as Greenlam or Century Ply.
The company’s business model includes an integrated manufacturing facility with a state-of-the-art 20,650 sqm Bareilly facility (5M sheets per annum capacity with 4 presses, Artistica/Vogue brands), Pan-India B2B business (5,000+ carpenters, 15,000+ customers, and experience centers in Bangalore, Delhi, and Chennai), and soon-to-be-installed solar panels to reduce energy costs by 20-25%.
The ₹39.95 Cr NSE SME IPO (fresh issue of ₹32.42 Cr and OFS of ₹7.53 Cr) at ₹69 upper band (lot size of 2,000 shares at ₹1.38L min) is valued at 0.29x sales
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Manilam Industries IPO, open a demat account here
Manilam Industries IPO Subscription Status: Check live subscription here
Manilam Industries IPO GMP Update: Check latest grey market premium here
1. What is the Manilam Industries IPO open and close date?
The Manilam Industries SME IPO opens February 20, 2026 and closes February 24, 2026 on NSE SME.
Track Manilam Industries IPO subscription status live here from Finnpick.
2. What is the Manilam Industries IPO price band and lot size?
The IPO price band ₹65-69 per share (FV ₹10), lot size 2000 shares (retail min ₹1.38 lakh @ upper band; max 4 lots/₹2.76 lakh).
3. What is Manilam Industries IPO total size?
The Manilam Industries IPO size is ₹39.95 Cr (57.9 lakh shares): Fresh Issue ₹32.42 Cr (47 lakh shares) + OFS ₹7.53 Cr (10.9 lakh shares).
4. How to apply for the Manilam Industries IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb 24, 4 PM. Monitor Manilam Industries IPO subscription tracker here.
5. How to check Manilam Industries IPO Allotment Status?
The allotment date is on Feb 25th and can be checked on MAS Services Pvt Ltd portal RTA portal using PAN/DP ID.
6. What is Manilam Industries IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 (flat) as of Feb 17, indicating listing at the price range of ₹69—check daily updates of Manilam Industries IPO GMP trends here and live subscription status here from Feb 20th opening only on Finnpick.
7. What does Manilam Industries specialize in?
Manilam Industries manufactures decorative laminates & plywood (Artistica/Vogue brands) from 20,650 sqm Bareilly plant (5M sheets capacity). Serves 15,000+ B2B customers via 5,000+ carpenters & experience centers in Bangalore/Delhi/Chennai.
8. When is the Manilam Industries IPO listing date?
The Manilam Industries Ltd IPO lists on 27th February, 2026 on NSE SME (~T+1 post-allotment Feb 25).
9. What are the Manilam Industries IPO proceeds utilization details?
The Manilam Industries IPO fresh issue proceeds (~₹32.42 Cr): Solar panels at Bareilly plant (energy savings), plant/machinery, debt repayment, working capital, general purposes & issue expenses.
