Manilam Industries Ipo
Manilam Industries IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
NEXGEN Financial Solutions Pvt. Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | February 20, 2026 |
| IPO Close Date | February 24, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹65 to ₹69 Per Share |
| Issue Size | Approx ₹40 Crores |
| Fresh Issue | Approx ₹32.42 Crores |
| Offer for Sale: | Approx 10,92,000 Equity Shares |
| Issue Type | Book build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 4,000 | ₹2,76,000 |
| Retail Maximum | 2 | 4,000 | ₹2,76,000 |
| S-HNI Minimum | 3 | 6,000 | ₹4,14,000 |
| S-HNI Maximum | 7 | 14,000 | ₹9,66,000 |
| B-HNI Minimum | 8 | 16,000 | ₹11,04,000 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | 16,38,000 Shares | 28.29% |
| QIB (Ex. Anchor) | 11,04,000 Shares | 19.07% |
| NII Shares Offered | 8,28,000 Shares | 14.30% |
| Retail Shares Offered | 19,28,000 Shares | 33.30% |
| Anchor Bidding Date | February 19, 2026 |
| Anchor Investors List | |
| Shares Offered | 16,38,000 Shares |
| Anchor Size | 11.30 Cr. |
| lock-in period end date 50% shares (30 Days) | March 27, 2026 |
| lock-in period end date 50% shares (90 Days) | May 26, 2026 |
| IPO Open Date: | February 20, 2026 |
| IPO Close Date: | February 24, 2026 |
| Basis of Allotment: | February 25, 2026 |
| Refunds: | February 26, 2026 |
| Credit to Demat Account: | February 26, 2026 |
| IPO Listing Date: | February 27, 2026 |
| IPO Bidding Cut-off Time: | February 24, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,71,50,000 | 78.79% |
| Promoter Holding Post Issue | 2,18,48,000 | 61.85% |
| Purpose | Crores |
| A. Capital Expenditure – Purchase of equipment/machinery of the Company. B. Capital Expenditure – Purchase and installation of Solar Panel Panels at the manufacturing plant. | ₹1.25 |
| Repayment in full or in part, of certain loans availed by the Company | ₹2.20 |
| Working Capital Requirements of the Company | ₹3.50 |
| General Corporate Purpose | ₹16.65 |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹148.82 | ₹146.64 | ₹1.53 | ₹133.55 |
| 2024 | ₹138.04 | ₹133.61 | ₹3.10 | ₹149.56 |
| 2025 | ₹142.16 | ₹131.71 | ₹7.38 | ₹158.98 |
| Sep 2025 | ₹60.53 | ₹56.13 | ₹3.16 | ₹159.99 |
| KPI | Values |
| ROE: | 24.46% |
| ROCE: | 34.58% |
| EBITDA Margin: | 12.59% |
| PAT Margin: | 5.27% |
| Debt to equity ratio: | 1.84 |
| Earning Per Share (EPS): | ₹4.64 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 24.80% |
| Net Asset Value (NAV): | ₹147.27 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Archidply Industries Ltd | 1.62 | 52.41 | 3.05% | 52.71 | – Cr. |
| Rushil Decor Limited | (0.31) | Nil | (1.40%) | 53.72 | – Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |