Minerva Capital Research Solutions

Madhur Knit Crafts

ListedListed 1 Sep 2026NSE SMENSE: MADHURKNIT-SMCheck allotment
Current price₹ 62−38% since issue
Listing day0%
Issue price
₹ 100
Issue size
₹ 53.27 Cr.
Min. investment
₹ 1,20,000
Listing price
₹ 100
Subscribed
1.47x
Lot size
1,200 shares
P/E
13.91
RoNW
37.42%
RoCE
33.49%
PAT margin
6.43%
EPS
₹ 7.19
Promoter stake
71.57%

About

Madhur Knit Crafts Limited was started on 21 August 1997. It works in the textile business and mainly makes home furnishing products along with knitted and crocheted fabrics. Its product range covers blankets of several kinds, including acrylic, woollen, printed and designer blankets, and mink blankets, which were its first product line when manufacturing began. It also makes anti-pilling fabric, which is treated so that small fibre balls do not form on the surface with washing and rubbing, knitted fabric made by interlooping yarn on circular or flat knitting machines, and sherpa fabric, which is made to feel and insulate like natural sheepskin. The company sells in the Indian market through a dealer network and also exports. Its factory uses textile machinery imported from Korea, Taiwan and China, and handles knitting, dyeing, printing, brushing, polishing, sueding and stentering in house. As on 31 August 2025 it had 174 employees.

Timeline

  1. Opens
    24 Aug
    done
  2. Closes
    27 Aug
    done
  3. Allotment
    28 Aug
    done
  4. Refunds
    31 Aug
    done
  5. Demat credit
    31 Aug
    done
  6. Listing
    1 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 16 on 24 Aug 2026
Lowest
₹ 2 on 27 Aug 2026
First quoted
₹ 9 on 23 Aug 2026

Subscription

How many times each investor group bid for its share, as of 31 Aug 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,20,000
Retail (Max)11,200₹ 1,20,000
HNI (Min)22,400₹ 2,40,000

Company overview

Financials

Financials by year
Assets140.76122.5990.664.59
Total Income65.23171.76108.4189.56
Profit After Tax3.0211.031.70.9
EBITDA7.0723.288.045.51
NET Worth32.529.4916.2414.54
Reserves and Surplus19.0918.766.544.84
Total Borrowing72.1967.257.7934.18

Strengths

  • Sales grew well in the last full year shown. Total income went from Rs 89.56 crore in FY2023 to Rs 108.41 crore in FY2024 and Rs 171.76 crore in FY2025.
  • Profit improved sharply in FY2025, to Rs 11.03 crore from Rs 1.70 crore in FY2024 and Rs 0.90 crore in FY2023.
  • The company does most processes in house, covering knitting, dyeing, printing, brushing, polishing, sueding and stentering, which gives better control on quality and delivery.
  • Its machinery is imported from Korea, Taiwan and China, which supports a wide range of fabric processes.
  • The product range is spread across blankets, anti-pilling fabric, knitted fabric and sherpa fabric rather than a single item.
  • It sells both in India through dealers and in export markets.
  • Net worth improved from Rs 14.54 crore in FY2023 to Rs 32.50 crore as on 30 June 2025.
  • Rs 17.40 crore of the money is meant to repay borrowings, which would reduce the interest burden.

Risks

  • Debt is very high. Total borrowing was Rs 72.19 crore as on 30 June 2025 against a net worth of Rs 32.50 crore, which is more than twice the own funds, and it has risen every year from Rs 34.18 crore in FY2023.
  • The objects of the issue do not add up. The stated amounts total about Rs 71 crore, including Rs 35.50 crore for general corporate purposes, against an issue of about Rs 53.27 crore at the upper band of Rs 100. This needs to be checked in the RHP.
  • The financial data is old for an issue opening in August 2026. The latest period shown ends 30 June 2025 and is only a three month stub, so there is no recent full year to judge the company on.
  • Blankets are a seasonal product. Most of the selling happens in the winter months, so sales and cash flow are bunched into a part of the year.
  • Textiles is a heavily competitive business with many organised and unorganised makers, and blankets in particular compete largely on price.
  • Yarn and acrylic fibre prices keep changing and a sharp rise cannot always be passed on to dealers.
  • The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
  • This is an SME issue. One lot is 1,200 shares, which is Rs 1.20 lakh at the upper band of Rs 100, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding capital expenditure for the purchase of Solar panel.4
Working Capital Requirement of the Company.14.1
Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company17.4
General Corporate Purposes35.5

Promoters

  • Arun Gupta
  • Piyush Gupta
  • Chirag Gupta
Promoter holding100%→71.57%before → after the issue · down 28.43 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Skyline Financial Services Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.