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Manilam Industries India

Manilam Industries India is coming out with an initial public offering (IPO) of 57,90,000 shares in a price band of Rs 65-69 per equity share.

The issue will open on February 20, 2026 and will close on February 24, 2026.

The shares will be listed on SME Platform of NSE.

The face value of the share is Rs 10 and is priced 6.50 times of its face value on the lower side and 6.90 times on the higher side.

Book running lead manager to the issue is Nexgen Financial Solution.

Compliance Officer for the issue is Nidhi Dhelia.

Profile of the company

The company 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. currently, the company offers over 1,000 design options and 100 textures across its product categories. The company markets its products under the brand name ‘Manilam’ through a network of over distributors and dealers. Additionally, the Company has established Service Depot in Bangalore to facilitate easier access to its products.

The company holds Certificate of Registration from Bureau of Indian Standards (BIS) for IS 2046: 1995 for Decorative Thermosetting Synthetic Resin Bonded Laminated Sheets. Apart from the BIS certification the company also holds ISO certifications under ISO 9001:2015 for its quality management system, ISO 14001:2015 for environmental management, and ISO 45001:2018 for occupational health and safety management. 

Proceed is being used for:

Capital Expenditure - Purchase of equipment/machinery of the company, purchase and installation of Solar Panel Panels at its manufacturing plant

Repayment in full or in part, of certain loans availed by the Company

Working capital requirements

General corporate purposes

Industry Overview

The Indian wooden furniture industry is a dynamic sector blending traditional craftsmanship with modern design aesthetics. A study by the India Brand Equity Foundation (IBEF) a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, highlighted that India's furniture market is expected to grow by 12.91% annually until 2028, with urban areas acting as significant growth drivers. Currently, the Indian wooden panel industry is dominated by the plywood and laminates segment.

The decorative laminates market in India has shown consistent and robust growth over recent years, as illustrated by the increase in market size from Rs 12,804.40 crore in FY 2021 to Rs16,207.00 crore in FY 2024. This growth reflects a rising demand driven by ongoing urbanization, increasing consumer preferences for aesthetic home and office interiors, and a growing trend toward durable and low maintenance surfacing solutions. The post-COVID recovery in real estate and furniture segments has also contributed to this upward trend, boosting consumption of decorative laminates across both residential and commercial sectors. Furthermore, the market is projected to reach Rs 22,108.50 crore by FY 2030, which indicates a healthy compound annual growth rate (CAGR). This forecast highlights long-term optimism around market potential, particularly fueled by innovations in design, texture, and eco-friendly materials, along with a surge in modular furniture and interior decor trends.

Plywood is the largest segment with around 54% of market share translating into the market size worth Rs 265 billion in FY 2023. The plywood industry is categorized into premium, mid-premium, and economy segments based on the type of timber and the quality of chemicals employed. The organized segment has exhibited significantly superior growth compared to the overall industry, driven by the heightened expansion in the premium segment when compared with the medium and low-end segments.

Pros and strengths

Manufacturing standards: The company follows industry standards to ensure that its plywood and laminates meet BIS specifications. The use of OCTA technology helps in maintaining precision and durability, making the products suitable for long-term applications. It’s One is 16-daylite and three is 18-daylite presses operate continuously to ensure consistency in each sheet, minimizing the risk of warping or deformation.

Diverse product portfolio: The company offers a wide range of products, including over 1,000 laminate designs and various plywood options, catering to residential, commercial, and industrial spaces. Customers can choose from a variety of designs, including traditional wood textures and modern patterns, to meet different design and functional needs.

Technological advancements in production: It uses advanced machinery, including resin preparation units, drying systems for impregnated sheets, and controlled environments with air conditioning to ensure the quality of its laminates. The pressing parameters and laser cutters are precisely controlled to maintain consistent quality. Additionally, the sanding machine ensures accurate thickness control while providing a rough surface on the backside of the laminate, enhancing its strength and suitability for various applications, including furniture and cabinetry.

Risks and concerns

Risk from changing customer preferences: The design and pattern of its products, especially textured laminates, frequently change in response to evolving customer preferences. Similarly, decorative paper, a key raw material for these laminates, is also subject to design shifts. Failure to meet these changing demands could negatively impact its business. If it is unable to accurately forecast customer trends or adapt to market shifts in a timely manner, it risks holding obsolete inventory, which could lead to dead stock. Its growth prospects may be affected if it is unable to stay aligned with the latest trends and customer needs. Its products are subject to frequent changes in designs, patterns, and customer preferences, and failing to meet these evolving demands could affect its business.

Dependence on single product for revenue: It derives a significant portion of its revenue from a single product, namely laminates. Laminates accounted for a significant share of the company’s total revenue, contributing 83.33% in the year ended March 31, 2025, compared with 86.50% in FY2024 and 86.37% in FY2023, indicating a consistently high dependence on this product segment. Therefore, any factors that negatively impact the demand for laminates or affect its position and reputation in the market could adversely affect its business and financial performance.

Dependence on key suppliers for raw materials: The company relies on a limited number of domestic and international suppliers for key raw materials such as phenol, formaldehyde, and melamine, which are critical to its manufacturing processes. Its procurement is primarily based on price and quality considerations. However, its top 5 and top 10 suppliers contribute a significant portion of its total raw material purchases, and any delay, failure, or inability by these suppliers to meet its requirements, whether in terms of volume, timeliness, or quality, may disrupt its production schedule and affect its ability to fulfil customer orders. The top five suppliers accounted for 34.61% of the company’s total purchases during the year ended March 31, 2025, while the top ten suppliers together contributed 50.15%.

Outlook

Manilam Industries India is a company specializing in laminates and interior solutions, catering to both residential and commercial sectors. It focuses on producing materials that combine durability, functionality, and aesthetics to enhance interior spaces. By continuously expanding its product range and distribution network, the company aims to provide customers with diverse and high-quality solutions for various applications. It offers a diverse range of laminate sheets designed to enhance interior spaces with durability and style. On the concern side, it derives a significant portion of its revenue from operations from its top ten customers. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations, cash flows and financial condition. Additionally, its business is working capital intensive, and fluctuations or inadequate financing of its working capital requirements may adversely affect its business, financial condition, and results of operations. 

The company is coming out with a maiden IPO of 57,90,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 65-69 per equity share. The aggregate size of the offer is around Rs 37.63 crore to Rs 39.95 crore based on lower and upper price band respectively. On performance front, the total income increased by 2.99% from Rs 13,803.72 lakh in Fiscal 2024 to Rs 14,216.26 lakh in Fiscal 2025. Restated profit for the year increased by 137.90% from Rs 313.99 lakhs in Fiscal 2024 to Rs 746.97 lakh in Fiscal 2025 primarily due to an increase in total income.

Meanwhile, the company invests in strengthening its brand identity to meet its strategic branding and digital presence strategy through consistent social media engagement, digital campaigns, and compelling product storytelling. It has also introduced digital catalogue launches, making it easier for customers to access information and enhancing brand recall. The company has also marketed and sales department and the company has a software in the name of ‘Manilam Laminates’ having more than 5000 downloads on Google Play Store. To meet product accessibility & service delivery, it has established Experience Centres at Bangalore, Delhi, and Chennai and Depots at Bangalore and Chennai.