Manilam Industries IPO GMP Today, Date, Price, DRHP & Review 2026

Manilam Industries IPO: GMP, Date, Price, Review, Details (Complete 2026 Analysis)

Manilam Industries India Limited is hitting the market to raise funds for its laminate and plywood business. Based in Kolkata with a factory in Bareilly (UP), they manufacture decorative laminates (0.7mm to 1mm) and trade in plywood. They are positioning themselves as a lifestyle brand with collections like "Artistica" and "Vogue," but as investors, we care about Margins, Debt, and Cash Flow.

Here is the no-nonsense review of the Manilam Industries IPO based strictly on their Red Herring Prospectus (RHP).

Manilam Industries IPO – Quick Summary

• IPO Open Date: February 20, 2026
• IPO Close Date: February 24, 2026
• Price Band: ₹65 to ₹69
• Lot Size: 2,000 shares
• Issue Type: Book Built Issue (SME)
• Listing: NSE Emerge
• Company: Manilam Industries India Limited

The Cheat Sheet: Manilam Industries IPO Details

This is a Book Built Issue listing on NSE Emerge (SME).

Manilam Industries IPO GMP (Grey Market Premium)

As of now, the Manilam Industries IPO GMP is not active.

How to Analyze GMP Smartly

The grey market reacts strongly to valuation. Once the price band is finalized, compare:

• P/E ratio of Manilam Industries India IPO
• Industry average (~26x)
• Listed peers like:
  • Rushil Décor Limited
  • Archidply Industries Limited

If Manilam Industries India Limited asks for a P/E higher than the industry average, GMP will likely stay muted.

SME IPOs are extremely valuation-sensitive.

Business Model: The "Surface" Reality

Manilam is primarily a Laminates & Plywood Manufacturer (80% of revenue) and a Plywood Trader.

The Product

They manufacture decorative laminates used in:

• Furniture
• Kitchens
• Office spaces
• Retail interiors

They also trade plywood to offer a bundled solution to dealers.

The Reach

• 50+ distributors
• 7,000+ dealers
• Pan-India network

The Manufacturing

• Single facility in Bareilly, Uttar Pradesh
• Uses “OCTA Technology” for precision

The Competitive Reality

This is a highly competitive, fragmented sector.

They compete against:

• Unorganized regional manufacturers (price competition)
• Established national brands like:
  • Greenlam Industries Limited
  • Merino Industries Limited

Dependence on a single factory in UP is a geographic concentration risk.

Industry Overview: Laminates & Plywood Sector in India

India’s laminate and plywood industry is closely linked to:

• Real estate growth
• Interior design demand
• Commercial construction
• Modular kitchen and furniture trends

The industry is:

• Highly fragmented
• Price competitive
• Working capital intensive
• Raw material sensitive

Margins are typically thin unless brand premium exists.

Manilam Industries India Limited is not yet a premium national brand. That limits pricing power.

Financial Analysis: Profit Jump or One-Off?

The numbers show a sudden spike in profitability in FY25.

1️⃣ Stagnant Revenue

Revenue has been flat:

• ₹148 Cr (FY23)
• ₹137 Cr (FY24)
• ₹140 Cr (FY25)

This is not growth. This is survival-level stability.

2️⃣ Profit Surprise

Net Profit jumped 138% from FY24 to FY25:

• ₹3.14 Cr → ₹7.47 Cr

PAT Margin improved from ~2.2% to ~5.3%.

The key question:

Is this operational efficiency OR Temporary margin benefit?

3️⃣ Debt Heavy

Debt (Sep 2025): ₹58.05 Cr Net Worth: ₹43 Cr Debt-to-Equity ≈ 1.35

For a company with stagnant sales, this is high.

4️⃣ Cash Flow Concerns

• FY23: Negative CFO (₹-2.85 Cr)
• FY24: Negative CFO (₹-4.19 Cr)
• FY25: Positive

Two years of negative operating cash flow is not a good sign.

Where is the IPO Money Going?

Manilam Industries India IPO objects:

Working Capital – ₹16.65 Cr

The largest portion. This business is working capital intensive.

Repayment of Loans – ₹3.50 Cr

A small dent in total debt.

Capital Expenditure – ₹3.45 Cr

• ₹1.25 Cr for new machinery (Press Plates)
• ₹2.20 Cr for Solar Panels

Solar panels aim to reduce power cost.

Interpretation

This is not a massive expansion IPO.

It is primarily:

• Balance sheet strengthening
• Operational sustenance
• Cost optimization

Red Flags from RHP

1️⃣ Tax Litigation – ₹15.95 Crores

Tax proceedings involve ₹15.95 Cr.

Against Net Worth of ~₹43 Cr, this is large.

This is the biggest risk.

2️⃣ Customer Concentration

Top 10 customers contributed:

52.89% of FY25 revenue.

If two major dealers exit, revenue may drop sharply.

3️⃣ Single Manufacturing Unit Risk

• Only facility in Bareilly
• Fire, disruption, labor issues = production halt

4️⃣ Negative Cash Flow History

Two years of negative operating cash flow indicates stress.

5️⃣ Compliance Issues

Delayed filings for:

• GST
• EPF
• ROC

Signals weak internal controls.

Bull Case vs Bear Case

🟢 Bull Case

• Solar capex reduces costs
• Margin improvement continues
• Working capital unlocks revenue growth
• SME listing may offer liquidity premium

🔴 Bear Case

• Revenue flat for 3 years
• High debt (1.35 D/E)
• ₹15.95 Cr tax litigation
• Competitive industry
• Cash flow inconsistency

Should You Apply?

The Manilam Industries IPO suits:

• High-risk SME investors
• Short-term listing gain players (if GMP improves)
• Investors comfortable with litigation risk

Not suitable for conservative long-term investors.

How to Apply for Manilam Industries IPO?

You can apply through:

• ASBA via net banking
• UPI via broker apps
• Demat account IPO section

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Final Verdict: Enough Thinking

Manilam Industries India Limited is trying to improve margins while revenue remains stagnant.

The sudden profit jump in FY25 is promising.

But:

• High debt
• Litigation exposure
• Negative cash flow history
• Flat top-line growth

Make this a valuation-dependent decision.

FAQs

1. What is Manilam Industries IPO GMP today?

Currently inactive. Monitor grey market trends closer to listing.

2. What is Manilam Industries IPO price band?

₹65 to ₹69 per share.

3. What is the lot size?

2,000 shares.

4. Is Manilam Industries India Limited profitable?

Yes. FY25 profit: ₹7.47 Cr.

5. What is the biggest risk?

₹15.95 Cr tax litigation.

6. What is the Debt-to-Equity ratio?

Approximately 1.35.

7. Where will the IPO list?

On NSE Emerge SME platform.

8. Is this a growth IPO?

No. It is primarily working capital focused.

9. Who are the competitors?

Rushil Décor, Archidply, Greenlam, Merino.

10. Is it suitable for long-term investors?

Only if comfortable with SME risks and litigation exposure.

Disclaimer

Investments in the securities market are subject to market risks. Read all related documents carefully before investing. This analysis is based on the Red Herring Prospectus (RHP) of Manilam Industries India Limited.