In February 2026, SME IPO activity continued across manufacturing and building material segments. Companies catering to the interior infrastructure, housing, and commercial real estate markets remained relevant as demand for decorative laminates, plywood, and surface solutions continued across residential and institutional projects. Businesses with diversified product portfolios and distribution driven B2B models have attracted investor attention in this space.
Against this backdrop, Manilam Industries India Limited is set to open its IPO on February 20, 2026. Here is a detailed insight into Manilam Industries India Limited, its IPO, and the industry outlook.
About Manilam Industries India Ltd.
Incorporated in 2015, Manilam Industries India Limited is engaged in the manufacturing and sale of decorative laminates and in the trading of plywood.
The company has developed and launched multiple laminate collections including Artistica Collection, Vogue Collection, Dwar Collection, and Magnificent Collection. In addition, collections such as Chromatic Tales, Flute, ECP, Wood and Veneer, and Wall Cladding have been introduced to cater to both residential and commercial applications.
Apart from laminates, the company trades in plywood across various grades and sizes, primarily serving industrial and commercial customers.
The manufacturing plant is located at Village Manda, Bhojipura Nainital Road, Bareilly, Uttar Pradesh, covering an area of 20,650 square meters. The company operates on a business to business model, with distributors placing orders directly with the manufacturing unit.
To strengthen customer engagement, the company has established Experience Centres in cities such as Bangalore, Delhi, and Chennai. In Bangalore and Chennai, an integrated setup combining service depots with experience centres allows product display, stock handling, dispatch, and customer interaction from a single location.
As of February 10, 2026, the company employed 152 individuals, including third party contract workers.
Manilam Industries IPO Details
Manilam Industries IPO is a book build issue of ₹39.95 crores. The issue comprises a fresh issue of 0.47 crore shares aggregating to ₹32.42 crores and an offer for sale of 0.11 crore shares aggregating to ₹7.53 crores.
The IPO price band is set at ₹65 to ₹69 per share. The issue is proposed to be listed on NSE SME.
The company proposes to utilise the net proceeds towards purchase of equipment and machinery, installation of solar panels at the manufacturing plant, repayment of certain loans, working capital requirements, and general corporate purposes.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | February 20, 2026 |
| IPO Close Date | February 24, 2026 |
| Allotment Date (Tentative) | February 25, 2026 |
| Initiation of Refunds | February 26, 2026 |
| Credit of Shares to Demat | February 26, 2026 |
| Listing Date (Tentative) | February 27, 2026 |
Key IPO Details
Here is the table on the Manilam Industries IPO Review:
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Issue Price Band | ₹65 to ₹69 per share |
| Lot Size | 2,000 shares |
| Total Issue Size | 57,90,000 shares aggregating up to ₹39.95 crore |
| Fresh Issue | 44,06,000 shares aggregating up to ₹32.42 crore |
| Offer for Sale | 10,92,000 shares aggregating up to ₹7.53 crore |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Shareholding Pre issue | 1,71,50,000 shares |
| Shareholding Post issue | 2,18,48,000 shares |
| Market Capitalisation Pre IPO | ₹150.75 crore |
Lot Size of Manilam Industries IPO
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereafter.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Investor Min | 2 | 4,000 | ₹2,76,000 |
| Retail Investor 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 India Ltd. Financials
Manilam Industries IPO has a pre issue market capitalisation of ₹150.75 crore. As of September 30, 2025, the company reported Return on Equity of 8.35 percent and ROCE of 13.50 percent. PAT margin stood at 5.33 percent and EBITDA margin at 14.39 percent.
Other financial details of the company include the following:
Key Company Financials
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 159.99 | 158.98 | 149.56 | 133.55 |
| Total Income | 60.53 | 142.16 | 138.04 | 148.82 |
| Profit After Tax | 3.16 | 7.38 | 3.10 | 1.53 |
| EBITDA | 8.67 | 17.75 | 14.18 | 9.12 |
| Net Worth | 43.08 | 33.87 | 26.38 | 23.24 |
| Reserves and Surplus | 25.93 | 31.57 | 24.08 | 20.94 |
| Total Borrowing | 58.05 | 62.44 | 73.49 | 60.75 |
Amount in ₹ crore.
Manilam Industries India Ltd.: Industry Outlook
• Growth in residential housing and commercial real estate supports demand for decorative laminates and plywood
• Increasing focus on aesthetic interiors and branded surface materials can benefit organised manufacturers
• Competition remains high in the decorative laminates and plywood segment, which is fragmented and price sensitive
• Raw material price fluctuations and working capital intensity may influence margins
Conclusion
Manilam Industries India Limited presents an SME IPO opportunity in the decorative laminates and plywood segment. The company operates on a B2B model with a diversified product portfolio and established experience centres across key cities. It plans to deploy IPO proceeds towards capacity enhancement, solar installation, loan repayment, and working capital.
However, investors should evaluate factors such as competitive intensity, margin sustainability, and valuation metrics before investing. Reviewing the offer document in detail and aligning the investment with individual risk appetite remains essential before participating in the IPO.
