Manilam Industries India IPO Review

Live status (30 Jun 2026): A weak listing that the grey market called correctly. Despite being subscribed about 4.4x, the IPO had a grey market premium of zero the whole time and it listed at ₹55.20 on 27 February 2026, a 20% discount to the ₹69 issue price. Four months on, the stock is still around ₹56, well below where IPO investors bought in. A clean reminder that a flat or zero GMP is often a genuine warning.

About the Company

Walk into any furniture showroom or look at a kitchen cabinet, and the smooth, patterned surface on top is usually a decorative laminate. Manilam Industries makes those — the sheets that go onto plywood and furniture to give it colour, texture and finish.

Set up in 2015 (with roots as a plywood partnership going back further), Manilam manufactures decorative laminates and trades plywood in various grades. It sells design led laminate collections names like Artistica, Vogue and Magnificent for use in homes and commercial spaces, alongside a plywood trading business.

It runs almost entirely on a B2B model: distributors, both large and small, place bulk orders directly with its plant in Bareilly, Uttar Pradesh. To showcase its designs, it has set up Experience Centres in Bangalore, Delhi and Chennai, some combined with service depots. It's a small, distributor driven manufacturer in a crowded building materials market, with around 152 employees. Track its live price and listing data on the IPO GMP Live homepage.

Financial Snapshot

The financials explain the cool reception. Revenue has barely moved ₹138 crore in FY24 to ₹142 crore in FY25 essentially flat, with about ₹61 crore in the first half of FY26. Net profit did rise from ₹3.10 crore in FY24 to ₹7.38 crore in FY25, which is the one bright spot, but on a small and stagnant top line.

At the ₹69 issue price the IPO was valued at roughly 16 times earnings not outrageous, but not cheap either for a flat growth, low margin laminates maker. The market clearly thought it was too much: the stock listed at a 20% discount and hasn't recovered.

The bigger worry is hiding in the balance sheet. Debtor days sit around 223 meaning the company waits more than seven months, on average, to collect what it's owed and working capital days have climbed sharply. For a small manufacturer, that much cash tied up in receivables is a real strain, and it's why so much of the IPO money was earmarked for working capital. The profit growth is welcome; the flat sales, thin margins and stretched collections are what keep me cautious.

Strengths

• Profit grew last year. Net profit more than doubled from ₹3.10 crore in FY24 to ₹7.38 crore in FY25 the clearest positive in the numbers, showing the business can improve margins even on flat sales.
• It has a real product range. Multiple laminate collections Artistica, Vogue, Magnificent and others plus plywood trading give it a reasonably broad catalogue to offer distributors across residential and commercial uses.
• The IPO funds practical needs. Proceeds go toward machinery, a solar installation at the plant, debt repayment and working capital sensible, grounded uses for a small manufacturer rather than vanity spending.
• Distribution and brand-building effort. Experience Centres in Bangalore, Delhi and Chennai, some paired with service depots, help it show designs and serve distributors directly, supporting its B2B model.

Risks

• It listed at a 20% discount and stayed there. The stock opened at ₹55.20 against a ₹69 issue price and is still around ₹56 months later. The zero GMP throughout the IPO accurately signalled weak demand, and IPO investors are underwater.
• Sales are flat. Revenue went ₹138 crore to ₹142 crore across FY24–FY25 barely any growth. For a company that just raised money to expand, a stagnant top line is a serious concern.
• Receivables are very high. Debtor days near 223 mean a huge chunk of revenue is stuck waiting to be collected, and rising working capital days strain cash flow a classic weakness in small building materials firms.
• It's a small, commoditised, competitive business. Laminates and plywood are crowded, price sensitive markets dominated by far larger players, and as a thinly traded SME, the stock can be volatile and hard to exit.

Should You Buy, Hold, or Sell?

It's listed, and it's been a poor one down about 20% on debut and still below issue price. This is a call on a small, flat growth laminates maker that the market has already marked down.

Conservative investors — avoid. Flat sales, stretched receivables and a discount listing add up to a stock with no clear reason to own it for safety.

Moderate investors — skip for now. If you want to track it, wait for evidence that revenue is actually growing and that the company is collecting its dues faster.

Aggressive investors — there's little here even as a punt. The zero GMP and discount listing told you the market wasn't convinced, and nothing in the numbers has changed that yet.

Honest take: a small laminates maker with growing profit but flat sales and worrying receivables the weak listing wasn't an accident, and there's no rush to step in.

IPO Objects of the Issue

This was a fresh issue of ₹30.4 crore plus a ₹7.53 crore offer-for-sale. The OFS proceeds went to the selling shareholders, not the company.

Contact Details

Manilam Industries India Ltd. Village Manda, Bhojipura Nainital Road, Bareilly, Uttar Pradesh Experience Centres: Bangalore, Delhi, Chennai

IPO Registrar — MAS Services Ltd. 📞 +91-11-2638 7281 📧 ipo@masserv.com 🌐 www.masserv.com

Lead Manager: NEXGEN Financial Solutions Pvt. Ltd.

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This page is not investment advice. GMP is indicative only. Please consult a SEBI-registered financial advisor before investing.