Manilam Industries IndiaShare price, financial results, shareholding and management

NSE Emerge · MANILAMDecorative laminatesListed 27 Feb 2026IPO ₹69Catch them young
manilam.com ↗Live price on NSE ↗ISIN INE1ERK01013 · Lot 2,000 shares · ₹63,000
₹31.50
-0.80% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹69 cr
Stock P/E
33.4peers 12.1
Book value
₹32.3
Price to book
0.98
EV / operating profit
9.4
Market cap to sales
0.66
Returns and growth
ROCE · FY26
8.5%
ROE · FY26
3.9%
ROE, 3-year average
12.0%
Operating margin · FY26
11.3%peers 12.0%
Sales growth, 3 years
-11.0%
Profit growth, 3 years
1.0%
Safety
Debt to equity
0.72peers 0.35
Borrowings
₹50.9 cr
Interest cover
1.5×
Cash from business / op. profit
-52%
Debtor days
223
Pledged
0.00%
Ownership and share
Promoter holding
61.93%
Change in promoter holding
+0.08 pts
Shareholders
255
High / low since listing
₹67 / ₹30
Dividend yield
0.00%
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Manilam Industries India share price chart

₹31.50-39.94% since listing

Close on 6 Nov 2026 · -0.79% on the day · Vol 1.30 L

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
-10.0%
3 months
-35.7%
6 months
-52.2%
Since IPO
-54.3%
Traded a day, 20 days
₹0.30 cr
Taken for delivery
91%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25-26%-66%
3 years, a year-11%+1%

About Manilam Industries India: business, products and customers

Manilam Industries makes decorative laminates, the thin patterned sheets pasted on furniture, doors and walls, at its plant in Bareilly, and also sells plywood under its own brand. It sells mainly to distributors, and its shares trade on NSE Emerge.

Manilam presses laminate sheets from kraft paper, printed design paper and resins it makes in its own resin plant, at an owned factory in Bareilly, Uttar Pradesh, next to a second plot it rents from its subsidiary. It offers over 1,000 designs in collections such as Artistica, Vogue, Dwar and Magnificent, and has added fluted panels, exterior cladding and industrial laminates. It also has a depot in Bangalore and experience centres in Bangalore, Delhi and Chennai.

Almost all sales go to distributors, who order from the factory at set prices and pass the goods to dealers; the company had 67 distributors and 358 dealers at September 2025. It stopped making plywood in FY25 because the dust harmed laminate production, and now buys plywood and resells it under the Manilam name. Trading carries a much thinner margin than making laminates, so a larger trading share pulls down the margin even when sales hold up, and the many designs and long credit to distributors keep a lot of money in stock and receivables.

Read more about the business

Plywood firms run by the promoters sit on both sides of the trade. Pashupati Everest Plywood, the Managing Director's proprietorship, is a large supplier of plywood, and the corporate promoter Manilam Retail India was once the biggest customer; non-compete agreements with these group firms were signed in September 2025. The company listed in February 2026, raising ₹32.4 crore of fresh money at ₹69 a share, mostly to repay loans and fund working capital.

The offer document names Rushil Décor and Archidply Industries as key competitors; both make laminates and plywood for the same furniture and interiors trade and are far larger. It also says unorganised makers offer similar products at 20% to 30% lower prices.

From the offer document (prospectus, February 2026), the FY26 audited results and IPO proceeds certificate filed with NSE, the Brickwork Ratings letter and rationale of May 2026, and the exchange announcements of July 2026.

Read the deeper study ↓

In its favour

  • The promoters own a large part of the company: 61.93%.

To watch

  • The appeal against the GST demand of ₹14.6 crore for FY23, pending before the Uttar Pradesh appellate authority (Offer document, p.531).
  • IPO money still unspent at 31 March 2026: ₹3.5 crore for machinery and solar panels and ₹6.0 crore for working capital (IPO proceeds certificate, p.3).
  • Inventory of ₹64.8 crore at March 2026, which Brickwork says the company must manage along with its cash (FY26 audited results, p.16; Rating rationale, May 2026, p.1).
  • Board and staff changes: two promoter directors left in July 2026 and the company secretary resigned on 3 July 2026 (Exchange announcements, 4 and 9 July 2026).
  • Customers take longer to pay than before: 223 days in FY26, against 178 in FY21.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Manilam Industries India revenue and profit growth

Half-yearly results · Profit and loss

Sales have fallen. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.

Sales and net profit, every year, ₹ crore
SalesNet profit
050100150Sales, FY21: 70 ₹ cr70Net profit, FY21: 1 ₹ cr1FY21Sales, FY22: 115 ₹ cr115Net profit, FY22: 1 ₹ cr1FY22Sales, FY23: 148 ₹ cr148Net profit, FY23: 2 ₹ cr2FY23Sales, FY24: 138 ₹ cr138Net profit, FY24: 3 ₹ cr3FY24Sales, FY25: 140 ₹ cr140Net profit, FY25: 6 ₹ cr6FY25Sales, FY26: 104 ₹ cr104Net profit, FY26: 2.1 ₹ cr2.1FY26
The latest halves, ₹ crore
SalesNet profit
-200204060Sales, H1FY26: 60 ₹ cr60Net profit, H1FY26: 3 ₹ cr3H1FY26Sales, H2FY26: 44 ₹ cr44Net profit, H2FY26: -1.2 ₹ cr-1.2H2FY26

SME companies report every six months.

Manilam Industries India half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY26H2FY26
Sales6044.02
Expenses5240.93
Operating profit93.09
OPM14.0%7.0%
Interest32.96
Depreciation11.57
Profit before tax4-1.43
Net profit3-1.15

Manilam Industries India profit and loss

Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY21FY22FY23FY24FY25FY26
Sales70115148138140104.28
Expenses6510813912412292.52
Operating profit579141811.76
OPM8.0%6.0%6.0%10.0%13.0%11.3%
Other income101020.41
Interest345786.24
Depreciation222332.90
Exceptional and other items··-11··
Profit before tax112593.02
Tax rate0.0%0.0%0.0%40.0%33.3%31.8%
Net profit112362.06
EPS ₹0.620.450.991.953.961.17
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

The years to FY25 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

Manilam Industries India profitability

Margins and returns on capital

Last year the company kept about as much from each rupee of sales as the year before. It earns a low return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%5%10%15%FY21: 8.0%8.0%FY21FY22: 6.0%6.0%FY22FY23: 6.0%6.0%FY23FY24: 10.0%10.0%FY24FY25: 13.0%13.0%FY25FY26: 11.3%11.3%FY26
Per cent
FY21FY22FY23FY24FY25FY26
Operating margin8.0%6.0%6.0%10.0%13.0%11.3%
Tax rate0.0%0.0%0.0%40.0%33.3%31.8%
ROCE·7.9%9.1%13.1%17.4%8.5%
ROE·5.7%8.9%12.2%20.0%3.9%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

Manilam Industries India debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
020406080Net worth, FY21: 13 ₹ cr13Borrowings, FY21: 43 ₹ cr43FY21Net worth, FY22: 22 ₹ cr22Borrowings, FY22: 48 ₹ cr48FY22Net worth, FY23: 23 ₹ cr23Borrowings, FY23: 61 ₹ cr61FY23Net worth, FY24: 26 ₹ cr26Borrowings, FY24: 73 ₹ cr73FY24Net worth, FY25: 34 ₹ cr34Borrowings, FY25: 62 ₹ cr62FY25Net worth, FY26: 70.5 ₹ cr70.5Borrowings, FY26: 50.9 ₹ cr50.9FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-1001020Cash from the business, FY21: 1 ₹ cr1Net profit, FY21: 1 ₹ cr1FY21Cash from the business, FY22: -5 ₹ cr-5Net profit, FY22: 1 ₹ cr1FY22Cash from the business, FY23: -3 ₹ cr-3Net profit, FY23: 2 ₹ cr2FY23Cash from the business, FY24: -4 ₹ cr-4Net profit, FY24: 3 ₹ cr3FY24Cash from the business, FY25: 18 ₹ cr18Net profit, FY25: 6 ₹ cr6FY25Cash from the business, FY26: -6.1 ₹ cr-6.1Net profit, FY26: 2.1 ₹ cr2.1FY26

Bars below the line are cash going out.

Manilam Industries India balance sheet

At each 31 March · ₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Equity capital2222221.85
Reserves112021243248.68
Net worth132223263470.52
Borrowings434861736250.91
Other liabilities315249516349.76
Total liabilities87122133150159171.19
Fixed assets283135333028.17
Capital work in progress210000
Investments000000
Other assets579098117129143.02
Receivables·····63.65
Inventory·····64.80
Cash·····9.70
Trade payables·····36.92

Manilam Industries India cash flow

₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Cash from operations1-5-3-418-6.10
Cash from investing-8-4-5-11-0.95
Cash from financing7986-1816.55
Net cash flow000119.50
Capital spending·····1.02

Working capital

Days

Days
FY21FY22FY23FY24FY25FY26
Debtor days178148144178209223
Inventory days127153119161176330
Days payable151166126134178188
Cash conversion cycle153134137205207365
Working capital days7268313750134

Manilam Industries India peers and competitors

Listed SME companies in the same industry

By sales, Manilam Industries India is number 39 of the 79 listed SME companies in consumer durables.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Arham Technologies42735.011912.216.1%0.27
Goldkart Jewels17549.21173.66.0%0.60
Manoj Jewellers171.9114912.0%0.44
Visdem Technosys10113.01057.815.6%0.73
Manilam Industries India6933.41042.111.3%0.72
TNA Solutions10610.61031012.0%1.28
Lamosaic India4929.41021.73.9%0.10
Aritas Vinyl295.710159.0%0.56
Sham Foam9611.192.38.712.1%0.19
Koura Fine Diamond Jewelry2736.191.80.81.3%0.02
Omfurn India6410.186.46.314.5%0.16
Median of the 10 others8012.1103712.0%0.35

Manilam Industries India shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.

Promoters
61.93%
+0.08 pts since Feb 26
Foreign investors (FIIs)
10.24%
+2.74 pts since Feb 26
Indian institutions (DIIs)
0.23%
-4.82 pts since Feb 26
HNIs (over ₹2 lakh each)
14.59%
+3.22 pts since Feb 26
Small holders (up to ₹2 lakh)
4.26%
-8.59 pts since Feb 26
Companies and others
8.75%
+7.37 pts since Feb 26
Number of shareholders
255
662 in Feb 26

Manilam Industries India shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Feb 26Mar 26
Promoters61.85%61.93%
Foreign investors (FIIs)7.50%10.24%
Indian institutions (DIIs)5.05%0.23%
HNIs (over ₹2 lakh each)11.37%14.59%
Small holders (up to ₹2 lakh)12.85%4.26%
Companies and others1.38%8.75%
Number of shareholders662255

The named holders are at 31 March 2026, beside 26 Feb 2026, each under the group the pattern files them in.

Manilam Industries India study: the business from its own documents

Read from 4 of the company's own documents

Manilam Industries India so far

From the company's own record

  1. 27 Feb 2026Listed on NSE Emerge at ₹69
  2. 31 March 2026Promoters at 61.93%
  3. 8 May 2026Highest close since listing, ₹65.85

Manilam Industries India key facts from the filings

Each figure with the document it comes from

Revenue in FY26
₹104.3 cr
Consolidated revenue from operations for the year to March 2026, down from ₹140.0 crore in FY25.FY26 audited results, May 2026, p.14
Second half of FY26
₹1.2 cr loss
Loss for the six months to March 2026, after a profit of ₹3.2 crore in the six months to September 2025.FY26 audited results, May 2026, p.14
Laminate capacity used
48.3%
Annualised use of the 50 lakh sheet a year capacity in the six months to September 2025, down from 84.7% in FY23 and 73.3% in FY25.Offer document, p.265
Made against traded
79.6% : 19.8%
Share of revenue from goods it makes and from goods it trades in the six months to September 2025; trading was 2.7% in FY24.Offer document, p.266
Margin by activity
15% to 30% vs 6% to 11%
Gross margin range on manufacturing against trading over the years shown in the offer document.Offer document, p.267
Show 5 more facts
Promoter company as customer
25.2% → 3.6%
Share of revenue from sales to the corporate promoter Manilam Retail India in FY23 and in the six months to September 2025.Offer document, p.39
Promoter firm as supplier
₹6.2 cr
Goods bought from Pashupati Everest Plywood, the Managing Director's proprietorship, in the six months to September 2025, equal to 10.2% of revenue.Offer document, p.38
GST demand under appeal
₹14.6 cr
Demand for FY23 over input tax credit and under-reported sales; the company has appealed. Tax claims against it total ₹16.0 crore.Offer document, p.36 and p.531
Inventory
₹64.8 cr
Stock at March 2026, up from ₹48.2 crore a year earlier while sales fell; receivables were ₹63.7 crore.FY26 audited results, May 2026, p.16
IPO money not yet used
₹9.5 cr
Listing money unspent at 31 March 2026: all ₹3.5 crore meant for machinery and solar panels and ₹6.0 crore of the ₹16.7 crore for working capital.IPO proceeds certificate, filed August 2026, p.3

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

Manilam earns its margin on the laminates it makes; the plywood it trades adds sales but little profit.

Its weak spots are a crowded market with cheaper unbranded rivals, money tied up in stock and unpaid bills, a large tax dispute, and close trade with firms the promoters run.

WatchCan it set its own prices?It competes with unbranded makers who charge less, and its costs follow paper, resin and fuel prices.
The evidence. The offer document says unorganised players offer products at 20% to 30% lower prices; power and fuel costs rose in FY25 with coal prices.Offer document, p.275 and p.508
WatchHow strong is it against rivals?It is a small maker in a field the offer document calls highly competitive, with no research team of its own.
The evidence. Key competitors named are Rushil Décor and Archidply Industries; the company relies on outside sources for product development.Offer document, p.259 and p.275
AverageWho are its customers?Distributors across many states, with the ten largest giving a little under half of sales. The promoters' own company used to be the biggest buyer.
The evidence. Top ten customers were 43.9% of revenue in the six months to September 2025 and 58.0% in FY24; sales to Manilam Retail India were 25.2% of revenue in FY23.Offer document, p.39 and p.270
WatchDoes it need a lot of money?The machines cost little, but stock and credit to distributors tie up more than a year of sales.
The evidence. Brickwork notes credit of 120 to 180 days to customers and estimates inventory days at 236 in FY26; inventory and receivables were ₹128.5 crore at March 2026.Rating rationale, Brickwork, May 2026, p.1; FY26 audited results, p.16
WatchCan it keep finding new work?It added distributors and new collections, yet made fewer sheets and sold less in the latest year.
The evidence. Distributors rose from 57 in FY25 to 67 by September 2025, but laminate capacity use fell to 48.3% and FY26 revenue fell to ₹104.3 crore.Offer document, p.241 and p.265; FY26 audited results, p.14
WatchDo good and bad years swing a lot?Sales were flat for three years and then dropped sharply, and the second half of the latest year made a loss.
The evidence. Revenue was ₹148.1 crore in FY23 and ₹140.0 crore in FY25, then ₹104.3 crore in FY26 with a loss of ₹1.2 crore in the second half.Offer document, p.277; FY26 audited results, p.14

Who runs Manilam Industries India?

Promoters, directors and officers; tap a name for the background

UKUmesh Kumar NemaniPromoter and Managing Director · holds 30.25% after the IPO

Founded the partnership M/s BP Industries in 2013, which became the company in 2015; Managing Director from 1 February 2025. Over 20 years in plywood and allied manufacturing and associated with Pashupati Everest Plywood, a sole proprietorship in plywood. The offer document says Umesh Kumar Nemani has no formal higher education, and records a SEBI penalty of ₹5.2 lakh in 2021, paid, with no proceedings outstanding. Pay of ₹6 lakh a month.

Offer document, p.125, p.316, p.318, p.320 and p.338
MKManoj Kumar AgrawalPromoter and Managing Director · holds 16.01% after the IPO

Chartered Accountant, member of the Institute of Chartered Accountants of India since 1993, with the cost accountant examination and a B.Com from the University of Calcutta. Over 18 years in finance, plywood and laminates; earlier a practising Chartered Accountant. Managing Director since 1 April 2018 and head of marketing and sales; pay of ₹6 lakh a month. The offer document states Manoj Kumar Agrawal is the brother-in-law of Umesh Kumar Nemani.

Offer document, p.125, p.316, p.318, p.332 and p.334
MRManilam Retail India Private LimitedCorporate promoter · holds 15.58% after the IPO

Earlier named Manilam Industries Private Limited. Leases the registered office in Kolkata to the company, has sold goods to and bought goods from it, and had its assets and liabilities worth ₹4.5 crore taken over by the company in the six months to September 2025.

Offer document, p.125, p.38, p.39 and p.279
AKAman Kumar NemaniPromoter and Whole-time Director

BBA from Amity University, Noida (2018). More than five years in plywood and laminates and responsible for production; Whole-time Director since 1 January 2025 on ₹3 lakh a month. The offer document states Aman Kumar Nemani is a son of Umesh Kumar Nemani.

Offer document, p.316, p.318 and p.321
AKAnubhav Kumar NemaniPromoter; former Non-Executive Director

Diploma in Marketing Management from NMIMS, Mumbai (2021), with over six years in the plywood business. Resigned as a director with immediate effect on 8 July 2026, citing travel constraints in attending meetings.

Offer document, p.317; Exchange announcement, 9 July 2026, p.1 and p.3
SASreyas AgrawalPromoter; former Non-Executive Director

MBA from S.P. Jain School of Global Management (2024) and B.Com from Calcutta University (2022), with two years in marketing. Resigned as a director with effect from 15 July 2026. The offer document states Sreyas Agrawal is a son of Manoj Kumar Agrawal.

Offer document, p.316 and p.318; Exchange announcement, 9 July 2026, p.1
SKSanjay Kumar AgarwalNon-Executive Director · holds 1.96% after the IPO

More than 21 years in business management; a director and promoter of R.T. Roller Flour Mills. Sold shares in the IPO; the offer document says Sanjay Kumar Agarwal has no formal higher education.

Offer document, p.126, p.137, p.316 and p.317
NKNiraj Kumar AgarwalChief Financial Officer

B.Com, with over 14 years in finance and accounts; earlier with Remi Sale & Engineering. Head of finance, accounts and billing from January 2024 and Chief Financial Officer from 25 August 2025.

Offer document, p.332 and p.334
GAGanapathy Anantha NarayananIndependent Director

B.Com (Honours) from the University of Calcutta and the associate examination of the Indian Institute of Bankers. 39 years in banking, 36 of them at the State Bank of India; also an independent director of Deepak Industries. On the board since 1 February 2025.

Offer document, p.317
RJRajesh JalanIndependent Director

Practising Chartered Accountant since 2007, with over 18 years in accountancy. Appointed on 2 September 2025.

Offer document, p.317

Manilam Industries India latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • Shareholding, 31 March 2026: promoters 61.85% to 61.93%.

Manilam Industries India announcements

39 on record, latest first; each opens the filing on the exchange

Manilam Industries India annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Manilam Industries India share split, bonus and dividends

From the corporate actions the company announces on the exchange

No share split, bonus issue or dividend is on record since listing.

Checks we ran on Manilam Industries India's data · 10

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • iThe shares traded on only 112 days in the past year, so the price, its range and the returns here rest on few trades.
  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (2,18,48,000 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • ✓Earnings per share moves in line with profit across the years shown.
  • ✓Revenue and profit are reported for every year shown, FY21 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Manilam Industries India

What does Manilam Industries India do?

Manilam Industries makes decorative laminates, the thin patterned sheets pasted on furniture, doors and walls, at its plant in Bareilly, and also sells plywood under its own brand. It sells mainly to distributors, and its shares trade on NSE Emerge.

What is the share price of Manilam Industries India?

₹31.5 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Manilam Industries India?

₹69 cr at the close on 6 Nov 2026, on 2,18,48,000 shares.

What is the P/E of Manilam Industries India?

33.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Manilam Industries India's revenue and profit?

Revenue ₹104 cr and profit after tax ₹2 cr in FY26.

Who are the promoters of Manilam Industries India?

Umesh Kumar Nemani, Manoj Kumar Agrawal, Manilam Retail India Private Limited, Aman Kumar Nemani, Anubhav Kumar Nemani, Sreyas Agrawal; promoters held 61.93% at 31 March 2026.

What was the IPO price of Manilam Industries India?

₹69 a share; it listed on 27 Feb 2026.

What is Manilam Industries India's website?

www.manilam.com

More SME companies like Manilam Industries India

Other listed SME companies in consumer durables, the closest in size first, each read from its own documents.

Every listed SME company in Consumer Durables → · SME companies listed in 2026 →

Built from 2 credit rating notes, 1 offer document, 1 result filing, 39 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.