Manilam Industries India Limited

Manilam Industries India Limited, is engaged in the manufacturing and sale of decorative laminates, with a product range that includes laminates in various thicknesses ranging from 0.7 mm to 1 mm. The Company has manufactured and launched several laminates product collections, including the Artistica Collection, the Vogue Collection, the Dwar Collection and the Magnificent Collection. Apart from the above and in line with market demand and distributor feedback, additional collections including Chromatic Tales, Flute, ECP, Wood & Veneer, and Wall Cladding have also been introduced. These collections cater to both residential and commercial applications, offering a range of designs and finishes. In addition to laminates, the company is involved in the trading of plywood, available in different grades and sizes, primarily serving industrial and commercial sectors. Today, The Company offers over 1,000 design options and 100 textures across its product categories.  Company’s manufacturing plant is situated at Village: Manda, Bhojipura Nainital Road, Bareilly,UP, India, 243202 under the area of 20,650 Sq. Mtrs. As per financial performance, Manilam Industries India Limited has posted total income / net profits of Rs 148.81 / 1.59 Cr (FY23), Rs 138.03 / Rs 3.13 Cr (FY24), Rs 142.16 Cr / 7.46 Cr (FY25) and Rs 60.65 Cr / 3.21 Cr (upto Q2 FY26). So as per previous financials data, company has almost static sales, but increasing net-profit. Also total borrowings of the company is around Rs 58/- Cr as on 30.09.25, total trade receivables of FY25 is around 56% and inventory level is around 33% of FY25 total sales. In the month of February, 2026, company has given results till only upto Q2 FY26. Company has an average EPS of Rs 3.14 and average RoNW of 17.80% for last three fiscals. Issue is priced at a P/BV of 2.75 as per NAV of Rs 25.12/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 48.01, 20.18 and 23.47 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, NEXGEN Financial Solutions Private Limited is associated with this IPOs, and has handled 2 IPOs in last three fiscal years. From last 2 IPOs, opened remaining all above issue price or at par, on the day of listing. As of now, from last 2 IPOs, all are trading above issue price or at par. (as on 17.02.26 ) As per financials, Manilam Industries India Limited has shown average results, RoNW is 24.80% and P/E is 48.01, 20.18 and 23.47 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced. Also higher trade receivables, higher inventory level and high borrowings are some red flags. Company is engaged in the manufacturing and sale of decorative laminates, which is highly competitive business segment. For, BRLM this is 3rd IPO. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Manilam Retail India Private Limited
• 2 Mr. Umesh Kumar Nemani 
• 3 Mr. Manoj Kumar Agrawal
• 4 Mr. Aman Kumar Nemani
• 5 Mr. Anubhav Kumar Nemani 
• 6 Mr. Sreyas Agrawal