Clay Craft India IPO

Clay Craft India Limitedclaycraftindia.com

ListedSMEConsumer DiscretionaryNSE Emerge

Price band: ₹193 – ₹203
Issue size: ₹110 Cr
Lot size: 600 sh
Bidding: 17 – 19 Jun
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Clay Craft India, incorporated on 31 October 1988 and headquartered in Jaipur, makes ceramic tableware and bone china crockery at two plants in Rajasthan. It raised Rs 110.11 Cr, entirely as a fresh issue with no offer for sale, at a band of Rs 193-203 and listed on NSE Emerge on 24 June 2026. Revenue was Rs 145.43 Cr in FY24, Rs 151.94 Cr in FY25 and Rs 179.89 Cr in FY26, with profit after tax of Rs 13.50 Cr, Rs 20.76 Cr and Rs 27.01 Cr over the same three years. The issue was subscribed 103.06 times overall on its closing day; it listed at Rs 211 against a band top of Rs 203 and last traded at Rs 150.85 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

75Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Clay Craft India, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1988 · Jaipur, Rajasthan · 1,392 employees

Clay Craft India makes ceramic tableware at two plants in Rajasthan: the original unit in Jaipur's Vishwakarma Industrial Area and a second at Manda, near Kaladera, with a combined installed capacity of 6,000 tonnes a year. As of 31 March 2026 the range ran to about 5,770 SKUs - mugs, dinnerware, tea and coffee sets, platters, bowls and table-top accessories - sold under its own Clay Craft and JCPL brands and also manufactured to customers' own designs on a contract basis. It reaches household buyers through roughly 132 distributors, large-format retail chains, retailers and online platforms, and sells a separate range to hotel, restaurant and catering clients. Mugs were 39.56% of FY26 revenue and dinnerware 36.33%.

Revenue is product sales: Rs 17,988.67 lakhs in FY26, up from Rs 15,194.22 lakhs in FY25, and almost entirely domestic - export sales were Rs 29.33 lakhs in FY26, down from Rs 227.58 lakhs in FY24. The clay is cheap; firing it is not. Against FY26 revenue, materials consumed cost Rs 3,876.90 lakhs, employee benefits Rs 4,170.96 lakhs and power and fuel Rs 2,222.29 lakhs, so labour and kiln energy each outweighed the raw input. EBITDA margin was 23.33%. The binding constraint is kiln capacity: 4,920 MT produced against 6,000 MTPA installed in FY26, 82% utilisation versus 68% in each of the two prior years. Rs 9,700 lakhs of the issue funds a new plant at Manda.

The company on paper

Legal name: Clay Craft India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 31 Oct 1988
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U26933RJ1988PLC004677
Sector: Consumer Discretionary · Ceramic tableware and bone china crockery manufacturing
Employees: 1,392
Registered office: Jaipur, Rajasthan
Promoters: Rajesh Narain Agarwal, Vikas Agarwal, Bharat Agarwal, Deepak Agarwal
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 73.6%
Website: claycraftindia.com

The numbers

Financial performance

Revenue has compounded at 11.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹110 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹110 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,72,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.4% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription103.06×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹203.00
Listed at: ₹211.00
Listing gain: up 3.9%
Since listing: down 20.5%
Against the issue price: down 17.3%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,200
At cut-off price: ₹203.00
Amount blocked: ₹2,43,600

One lot is 600 shares at ₹1,21,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,43,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~1%

chance of one lot, per application

Retail subscription: 71.76×
Applicants per share available: 71.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹211.00

listed at, 3.9% against the issue price

Issue price: ₹203.00
Premium said: —
If allotted 600 shares: ₹4,800

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was higher in each of the three years the record carries: Rs 145.43 Cr in FY24, Rs 151.94 Cr in FY25 (4.48% above FY24) and Rs 179.89 Cr in FY26 (18.40% above FY25).
EBITDA was Rs 28.65 Cr in FY24, Rs 35.39 Cr in FY25 and Rs 41.96 Cr in FY26, margins of 19.70%, 23.29% and 23.33% on those revenues; profit after tax of Rs 13.50 Cr, Rs 20.76 Cr and Rs 27.01 Cr gives margins of 9.28%, 13.66% and 15.01%.
Net worth was Rs 117.01 Cr in FY24 and rose to Rs 139.05 Cr in FY25 and Rs 166.06 Cr in FY26, while total borrowings rose from Rs 46.80 Cr to Rs 47.75 Cr and then Rs 49.98 Cr, 6.79% higher across the two moves; borrowings as a multiple of net worth were 0.40x, 0.34x and 0.30x.
The book closed at 103.06 times overall on 19 June 2026, with QIB at 119.19 times, NII at 153.95 times and retail at 71.76 times.

What to weigh against it

The shares listed at Rs 211 against a band top of Rs 203 and closed day one at Rs 221.55. As of 23 October 2026 they last traded at Rs 150.85: 28.51% below the listing price, 31.91% below the day-one close and 25.69% below the band top.
Export sales were Rs 29.33 lakhs in FY26 against Rs 227.58 lakhs in FY24, 87.11% lower, and were 0.16% of FY26 revenue of Rs 17,988.67 lakhs. The record carries no FY25 export figure and leaves exportSharePct null.
Mugs were 39.56% of FY26 revenue and dinnerware 36.33%, so two lines accounted for 75.89% of the FY26 total.
Against FY26 revenue of Rs 17,988.67 lakhs, employee benefits of Rs 4,170.96 lakhs (23.19%) exceeded materials consumed of Rs 3,876.90 lakhs (21.55%), and power and fuel added Rs 2,222.29 lakhs (12.35%). Employee benefits plus power and fuel came to Rs 6,393.25 lakhs, 1.65 times the materials bill and 35.54% of revenue.

Easy to miss in the prospectus

The record puts FY26 production at 4,920 MT against installed capacity of 6,000 MTPA, 82% utilisation, versus 68% in each of the two prior years, and states that Rs 9,700 lakhs of the Rs 110.11 Cr issue funds a new plant at Manda - 88.09% of the issue size. No post-issue capacity or utilisation figure appears in the record.
The record holds no cash flow from operations, total assets or total expenses for any of FY24, FY25 or FY26, and its valuation, allocation, anchor, peers and offer-objects fields are null or empty, so none of those can be checked here.
Promoter holding is recorded at 100% before the issue and 73.63% after it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Clay Craft India — Prospectus dated 2026-06-2222 Jun 2026Filed after pricing, with every placeholder filled in.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Hem Securities Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Clay Craft India's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Clay Craft India Limited - Prospectus (NSE Emerge archives, dated 22 Jun 2026) · read 16 Oct 2026
NSE cash-market bhavcopy 24 Jun 2026 (CLAYCRAFT, series ST) - listing-day OHLC, ISIN and NewBrdLotQty · read 16 Oct 2026
NSE issue-information API for CLAYCRAFT - ISIN, listing date, SME segment, archived bid details · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 17 Jun 2026
Closes: 19 Jun 2026
Allotment: 22 Jun 2026
Lists: 24 Jun 2026
Revenue (FY26): ₹180 Cr
Profit (FY26): ₹27.01 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.