Manilam Industries IPO is a book-built issue worth ₹40 Crore. The issue is a mix of fresh issue of 0.47 crore shares aggregating to ₹32.42 crores and offer for sale of 0.11 crore shares aggregating to ₹7.53 crores. The IPO will open for subscription on February 20, 2026, and close on February 24, 2026.
The basis of allotment is expected to be finalised on February 25, 2026, with tentative listing scheduled on BSE and NSE for February 27, 2026. The price band for the Manilam Industries IPO has been fixed at ₹65 to ₹69 per share.
Investors can bid for Manilam Industries IPO with a minimum of 2 lot, having 4,000 Shares. For retail investors, the minimum investment required is ₹2,76,000. For high-net-worth investors (bHNI), the lot size stands at 8 lots, equal to 16,000 shares, amounting to ₹11,04,000.
NEXGEN Financial Solutions Pvt Ltd is the book running lead manager (BRLM), and MAS Services Ltd is the registrar of the issue. Detailed information is available at the Manilam Industries IPO RHP.
Manilam Industries IPO Objectives
- Purchase of equipment/machinery, as well as purchase and installation of Solar Panel Panels at the manufacturing plant.
- Repayment in full or in part, of certain loans availed by the company.
- Working capital requirements.
- General corporate purposes.
About Manilam Industries Limited
Incorporated in 2015, Manilam Industries Limited is a leading manufacturer and supplier of high-quality decorative laminates and plywood. Over the years, the company has curated and launched several distinguished laminate collections, including the Artistica Collection, Vogue Collection, Dwar Collection, and Magnificent Collection.
Beyond laminates, the company is actively engaged in the trading of plywood in diverse grades and sizes, catering primarily to industrial and commercial sectors.
The company’s state-of-the-art manufacturing facility is situated at Village Manda, Bhojipura Nainital Road, Bareilly, Uttar Pradesh, spanning 20,650 square meters. Operating on a B2B model, Manilam Industries facilitates seamless order placement directly through its network of distributors, both large and small.
To strengthen customer engagement and provide hands-on experience, Manilam Industries has established Experience Centres in key cities, including Bangalore, Delhi, and Chennai. In Bangalore and Chennai, the company offers an integrated setup combining Service Depots with Experience Centres, allowing customers to explore product displays.
Industry Outlook
- The wooden furniture industry is evolving by combining traditional handcrafted techniques with modern manufacturing methods such as CNC machining, modular designs, and scalable production, catering to both niche and mass-market consumers.
- Decorative laminates are becoming increasingly important as surfacing materials, enhancing both the aesthetic appeal and durability of wooden furniture
- Online platforms, organised retail chains, and global players like IKEA are making high-quality furniture more accessible, expanding reach to urban and tech-savvy consumers.
- Government initiatives like Make in India and the growing emphasis on sustainable timber sourcing are driving industry growth, encouraging local manufacturing and environmentally responsible practices.
How To Apply for the Manilam Industries IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Manilam Industries IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Manilam Industries IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Manilam Industries IPO
46, B. B. Ganguly Street, 5th Floor, Room No-9, Kolkata, Kolkata, West Bengal, India-700012
Phone: +91 (033) 3507 6903
E-mail: investor@manilam.com
Manilam Industries IPO Reservation
| Investor Category | Shares Offered | Percentage (%) |
| Market Maker Shares Offered | 2,92,000 | 5.04 |
| QIB Shares Offered | 27,42,000 | 47.36 |
| – Anchor Investor Shares Offered | 16,38,000 | 28.29 |
| – QIB (Ex. Anchor) Shares Offered | 11,04,000 | 19.07 |
| NII (HNI) Shares Offered | 8,28,000 | 14.30 |
| – bNII > ₹10L | 5,52,000 | 9.53 |
| – sNII < ₹10L | 2,76,000 | 4.77 |
| Retail Shares Offered | 19,28,000 | 33.30 |
| Total Shares Offered | 57,90,000 | 100.00 |
Manilam Industries IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 4,000 | ₹2,76,000 |
| Retail (Max) | 2 | 4,000 | ₹2,76,000 |
| S-HNI (Min) | 3 | 6,000 | ₹4,14,000 |
| S-HNI (Max) | 7 | 14,000 | ₹9,66,000 |
| B-HNI (Min) | 8 | 16,000 | ₹11,04,000 |
Manilam Industries IPO Promoter Holding
Manilam Retail India Private Limited, with Mr Umesh Kumar Nemani, Mr Manoj Kumar Agrawal, and Mr Aman Kumar Nemani as promoters.
| Share Holding Pre-Issue | 78.79% |
| Share Holding Post Issue | 61.85% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Manilam Industries IPO
| KPI | Value |
| ROE (%) | 8.35 |
| ROCE (%) | 13.50 |
| RoNW (%) | 8.35 |
| PAT Margin (%) | 5.33 |
| EBITDA Margin (%) | 14.39 |
Manilam Industries IPO Registrar and Lead Managers
Manilam Industries IPO Lead Managers
NEXGEN Financial Solutions Pvt Ltd.
Registrar for Manilam Industries IPO
MAS Services Ltd
Contact Number:+91 11 4132 0335
Email Address:ipo@masserv.com
Financial Performance of Manilam Industries Limited
| Particulars | Period Ended on Sep 30, 2025 | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from operations (₹ lakhs) | 6,014.32 | 14,002.65 | 13,789.53 | 14,810.16 |
| EBITDA (₹ lakhs) | 860.86 | 1,763.37 | 1,406.26 | 900.84 |
| EBITDA (%) Margin | 14.31% | 12.59% | 10.20% | 6.08% |
| ROCE (%) | 13.42% | 34.58% | 24.10% | 15.37% |
| Current Ratio | 1.27 | 1.18 | 1.14 | 1.15 |
| PAT (₹ lakhs) | 315.99 | 737.82 | 310.36 | 152.65 |
Manilam Industries Peer Comparison
| Company Name | Face Value (Per Share) | CMP* | EPS (In Rs.) | P/E** Ratio | RoNW (%) |
| Manilam Industries India Limited | 10 | [●] | 1.88 | [●] | 8.35% |
| Archidply Industries Ltd | 10 | 84.90 | 1.62 | 52.41 | 3.05% |
| Rushil Decor Limited | 1 | 19.40 | (0.31) | Nil | -1.40% |
Strengths and Opportunities of Manilam Industries Limited
- Modern manufacturing plants with ergonomic layouts ensure high production efficiency
- The capability to produce diverse product lines ensures optimal use of resources.
- Robust export network across 56+ countries with strong logistics and quality standards.
- Declining long-term borrowings enhances financial stability and reduces leverage.
- Rising demand in construction, interiors, and furniture can boost premium laminate and plywood sales.
- Expansion into eco-friendly laminates can strengthen competitive positioning.
- Adoption of digital sales channels can increase market reach.
Risks and Threats of Manilam Industries Limited
- Revenue volatility exposes the company to inconsistent growth and demand cycles.
- Past negative operating cash flows indicate potential liquidity stress during downturns.
- Limited interest coverage ratio (2.57x in FY2025) restricts debt-servicing flexibility.
- High short-term borrowings show reliance on working capital financing.
- Rising finance costs increase sensitivity to interest rate fluctuations.
- Raw material price volatility may compress profit margins.
- Industry threats from PVC panels and engineered wood could reduce market share.
