Manilam Industries India IPO

About Manilam Industries India IPO

The Manilam Industries India IPO opens on Friday, February 20, 2026 and closes on Tuesday, February 24, 2026. The allotment of shares will take place on Wednesday, February 25, 2026. The credit of shares to the demat account will take place on Thursday, February 26, 2026. The initiation of refunds will take place on Thursday, February 26, 2026. The listing of shares will take place on Friday, February 27, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 44,06,000 shares (aggregating up to ₹30 crores). The offer for sale portion includes 10,92,000 shares of ₹10 (aggregating up to ₹8 crores). The total number of shares is 57,90,000 and the aggregate amount is up to ₹40 crores.

Manilam Industries India IPO’s price band is set at ₹65 to ₹69. The lot size for an application is 2,000. The minimum amount of investment required by a retail investor is ₹2,76,000 (4,000 shares) (based on upper price). The minimum lot size for investment by a HNI is 3 lots (6,000 shares), amounting to ₹4,14,000.

Manilam Industries India offers a wide range of products, including over 1,000 laminate designs and various plywood options, catering to residential, commercial, and industrial spaces. They have established a distribution network which ensures that their products are available in multiple regions, improving supply chain efficiency and product accessibility for architects, interior designers, and homeowners.

Objectives of Manilam Industries India IPO

• A. Capital Expenditure – Purchase of equipment/machinery for the company.
  
• B. Capital Expenditure – Purchase and installation of solar panels at their manufacturing plant.
  
• Repayment, in full or in part, of certain loans availed of by the company.
  
• Working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

The decorative laminates market in India has shown consistent and robust growth over recent years, as illustrated by the increase in market size from ₹12,804.40 crores in FY 2021 to ₹16,207.00 crores in FY 2024. This growth reflects a rising demand driven by ongoing urbanisation, increasing consumer preferences for aesthetic home and office interiors, and a growing trend toward durable and low-maintenance surfacing solutions.

Plywood is the largest segment with approximately 54% of market share, translating into a market size worth ₹26,500 crores in FY 2023. The organised segment has exhibited significantly superior growth compared to the overall industry, driven by the heightened expansion in the premium segment when compared with the medium and low-end segments.

About Manilam Industries India

Manilam Industries India is engaged in the manufacturing and sale of decorative laminates, with a product range that includes laminates in various thicknesses ranging from 0.7 mm to 1 mm. They have manufactured and launched several laminate product collections, including the Artistica Collection, the Vogue Collection, the Dwar Collection, and the Magnificent Collection.

Additional collections including Chromatic Tales, Flute, ECP, Wood & Veneer, and Wall Cladding have also been introduced. These collections cater to both residential and commercial applications. In addition to laminates, they are involved in the trading of plywood, available in different grades and sizes, primarily serving industrial and commercial sectors. Today, their Company offers over 1,000 design options and 100 textures across its product categories.

Strengths of Manilam Industries India

• High manufacturing standards.
  
• Diverse product portfolio.
  
• Established distribution network & market reach.
  
• Technological advancements in production.
  

Risks of Manilam Industries India

• Any disruption in the supply of raw materials.
  
• Any factors that negatively impact the demand for laminates.
  
• The loss of any of the company’s top ten customers or a reduction in purchases by any of them.
  
• Change in technology, evolving customer requirements, and emerging industry trends.
  
• Competition from both organised and unorganised players.
  

*Sourced from Annual Reports, Audited Financials, NSE, BSE. **Current Market Price and P/E ratio is taken as closing on January 29, 2025.

Notes: - Considering the nature and turnover of business of the Company the peers are not strictly comparable. However, the same have been included for broader comparison.

• The figures for Manilam Industries India are based on the restated results for the period ended September 30, 2025.
  

• The figures (except PE) for the peer group are based on Consolidated unaudited results for the respective year ended March 31, 2025.
  

• Current Market Price (CMP) is the closing price of respective scrip as on January 29, 2025.
  

Anchor Investor Bidding Date: February 19, 2026

Registrar: MAS Services Limited
Book Running Lead Managers: NEXGEN Financial Solution Private Limited

Business Model

The company earns its revenue through the following:

• Manufacturing and selling decorative laminates.
  
• Trading of plywood.
  

Manilam Industries India Growth Trajectory

(Consolidated Data) Manilam Industries India’s Total Income for FY25 was ₹142.163 crores, whereas in FY24 and FY23 it was ₹138.037 crores and ₹148.820 crores, respectively.

The Profit After Tax for FY25 was ₹7.470 crores, whereas in FY24 and FY23 it was ₹3.140 crores and ₹1.593 crores, respectively.

Their EBITDA for FY25 was ₹17.747 crores, whereas in FY24 and FY23 it was ₹14.179 crores and ₹9.125 crores, respectively.

Manilam Industries India Market Position

Today, the company offers over 1,000 design options and 100 textures across its product categories. Their operations are regionally structured to address the specific demands of each region. In North India, they operate through a distributor-led network, managed by their factory, which ensures real-time order fulfilment.

In South India, their Bangalore depot serves as a localised stocking hub, maintaining inventory for short-supply items within the region. Demand in this region is driven by specific products such as Fluted Panels and Exterior Claddings. In West and East India, operations are managed directly by their factory through distributor networks, ensuring supply of laminates and plywood from their factory.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹142.163 crores, ₹7.470 crores, and ₹17.747 crores, respectively.

How to apply for Manilam Industries India IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.