Madhur Knit Crafts IPO

Madhur Knit Crafts Limitedmkcpl.in

ListedSMEConsumer DiscretionaryNSE Emerge

Price band: ₹95 – ₹100
Issue size: ₹53.27 Cr
Lot size: 1200 sh
Bidding: 24 – 27 Aug
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

Madhur Knit Crafts, incorporated in 1997, manufactures knitted fabric, blankets and garments at a single integrated plant at Village Seera, Ludhiana, knitting, dyeing, printing and finishing in-house. It listed on NSE Emerge on 1 September 2026 after an all-fresh issue of Rs 53.27 Cr at a band of Rs 95-100 with no offer-for-sale component, which took promoter holding from 98.01% to 70.55%. Revenue was Rs 89.33 Cr in FY23 and higher in each year after — Rs 108.38 Cr in FY24, a rise of 21.33%, and Rs 171.64 Cr in FY25, a rise of 58.37% — while borrowings were Rs 34.18 Cr in FY23 and higher in each period after, reaching Rs 73.54 Cr at 28 February 2026. The book closed 1.50 times subscribed on 27 August 2026; the share listed at Rs 100, the top of the band, for a 0% listing gain, and last traded at Rs 57.80 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.

66Balanced

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Madhur Knit Crafts, 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

Leveraged balance sheet
Debt-to-equity of 2.3× leaves limited headroom if demand softens or rates rise.
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 1997 · Ludhiana, Punjab, India · 177 employees

Madhur Knit Crafts manufactures knitted fabric, blankets and garments at a single integrated plant at Village Seera, Ludhiana, Punjab. It knits, dyes, prints and finishes in-house, taking yarn through to finished cloth rather than buying processed fabric. The range covers winterwear and multi-season knitted fabrics, sherpa and raised fabrics (brushed, embossed, bonded), blankets, and a small garment line. Buyers are institutional and wholesale customers, and sales are predominantly domestic. In FY25 knitted cloth was about 85% of revenue, garments about 6%, job work about 4% and blankets about 3%. The company was incorporated in 1997, began commercial production of blankets in 2013, and added fabrics and selected technical textiles from 2021. It employed 177 people including directors and KMP as on 28 February 2026.

Revenue is the sale of processed knitted cloth, blankets and garments, plus a small job-work income. Production starts only against confirmed orders, which holds finished-goods stock down but ties working capital up in yarn and receivables: inventory ran 120 days and receivables 81 days in FY25. Margin comes from doing the processing in-house, with EBITDA margin rising from 7.42% in FY24 to 13.56% in FY25 as the integrated plant filled. The structural constraint is utilisation against leverage: installed capacity roughly doubled to about 75,00,000 kg by FY25 while utilisation fell to about 65%, and borrowings stood at Rs 67.20 crore against net worth of Rs 29.49 crore at 31 March 2025.

The company on paper

Legal name: Madhur Knit Crafts Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 21 Aug 1997
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U17301PB1997PLC020381
Sector: Consumer Discretionary · Vertically integrated knitted fabric, blanket and garment manufacturing
Employees: 177
Registered office: Ludhiana, Punjab, India
Promoters: Arun Gupta, Piyush Gupta, Chirag Gupta
Promoter holding, pre-issue: 98.0%
Promoter holding, post-issue: 70.5%
Website: mkcpl.in

The numbers

Financial performance

Revenue has compounded at 38.6% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. 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: ₹53.27 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹53.27 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: 2,66,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.5% 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 4. Anchor allocations are excluded.

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

Total subscription1.50×

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: ₹100.00
Listed at: ₹100.00
Listing gain: unchanged 0.0%
Since listing: down 37.0%
Against the issue price: down 37.0%

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: 2,400
At cut-off price: ₹100.00
Amount blocked: ₹2,40,000

One lot is 1200 shares at ₹1,20,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,40,000. 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.

~43%

chance of one lot, per application

Retail subscription: 2.30×
Applicants per share available: 2.3× 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.

₹100.00

listed at, 0.0% against the issue price

Issue price: ₹100.00
Premium said: —
If allotted 1200 shares: ₹0

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 Rs 89.33 Cr in FY23 and higher in each year after: Rs 108.38 Cr in FY24, a rise of 21.33%, and Rs 171.64 Cr in FY25, a rise of 58.37%. The 11-month stub to 28 February 2026 carries revenue of Rs 194.69 Cr.
EBITDA margin was 6.17% in FY23 (Rs 5.51 Cr on Rs 89.33 Cr) and higher in each year after: 7.42% in FY24 (Rs 8.04 Cr on Rs 108.38 Cr) and 13.56% in FY25 (Rs 23.28 Cr on Rs 171.64 Cr). The 11-month stub to 28 February 2026 shows Rs 25.67 Cr on Rs 194.69 Cr, or 13.19%.
Profit after tax was Rs 0.90 Cr in FY23, Rs 1.70 Cr in FY24 and Rs 11.03 Cr in FY25, so FY25 profit was 6.49 times FY24's. On revenue, that is a PAT margin of 1.01% in FY23, 1.57% in FY24 and 6.43% in FY25.
Net worth was Rs 14.54 Cr in FY23 and higher in each period after: Rs 16.24 Cr in FY24, Rs 29.49 Cr in FY25 and Rs 43.61 Cr at 28 February 2026. The Rs 53.27 Cr issue was entirely fresh, with the offer-for-sale component recorded at nil.

What to weigh against it

Borrowings were Rs 34.18 Cr in FY23 and higher in each period after: Rs 57.79 Cr in FY24, Rs 67.20 Cr in FY25 and Rs 73.54 Cr at 28 February 2026. Set against net worth of Rs 14.54 Cr, Rs 16.24 Cr, Rs 29.49 Cr and Rs 43.61 Cr, that is 2.35x, 3.56x, 2.28x and 1.69x across the four periods — the multiple did not move in one direction.
The business description states that inventory ran 120 days and receivables 81 days in FY25, and that installed capacity roughly doubled to about 75,00,000 kg by FY25 while utilisation fell to about 65%.
Revenue is concentrated in one product line: the company states that in FY25 knitted cloth was about 85% of revenue, garments about 6%, job work about 4% and blankets about 3%, with sales predominantly domestic. The record carries no export share, no named customers and no segment breakdown.
The share listed at Rs 100 on 1 September 2026 for a 0% listing gain, closed its first day at Rs 95 (5.00% below the Rs 100 listing price) and last traded at Rs 57.80 on 23 October 2026, 42.2% below the Rs 100 issue price. Separately, the final-day book was 1.50 times overall, made up of QIB 1.01 times, retail 2.30 times and the non-institutional portion 0.74 times, below full subscription.

Easy to miss in the prospectus

The newest period in the financials is an 11-month stub to 28 February 2026 — revenue Rs 194.69 Cr, EBITDA Rs 25.67 Cr, PAT Rs 12.35 Cr — not a full year. Scaling those at 12/11 gives Rs 212.39 Cr, Rs 28.00 Cr and Rs 13.47 Cr; these are annualisations computed here, not reported figures, and they compare with FY25's Rs 171.64 Cr, Rs 23.28 Cr and Rs 11.03 Cr. A full audited FY26 is not in the record.
The record carries no valuation block, no peer set and no stated objects of the issue, so the Rs 53.27 Cr raised cannot be traced to a use or set against a peer multiple from this record alone. For scale, Rs 53.27 Cr is 22.15% more than the Rs 43.61 Cr net worth recorded at 28 February 2026.
Only one subscription row is present, the final day of 27 August 2026, so the day-by-day build of the book is not in the record. The record also carries no grey-market series, no anchor book and no category allocation.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: SKI Capital Services Limited
RegistrarAllotment status is checked on the registrar's own site: Skyline Financial Services Private Limited

How these figures were checked

Built from 10 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

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

At a glance

Board: SME platform
Opens: 24 Aug 2026
Closes: 27 Aug 2026
Allotment: 28 Aug 2026
Lists: 1 Sep 2026
Revenue (FY25): ₹172 Cr
Profit (FY25): ₹11.03 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.