Madhur Knit Crafts IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Madhur Knit Crafts

Price band

₹95 – ₹100

Lot size

1200 shares

Min investment

₹1,20,000

Issue size

₹53.27 Cr

About the company

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.

Madhur Knit Crafts Limited is a textile company making home furnishing products and knitted and crocheted fabrics. Running since 1997, its range covers acrylic, woollen, printed and designer blankets, mink blankets, anti-pilling fabric and sherpa fabric, sold through dealers in India and also exported.

IPO details

Issue price: ₹100
Price band: ₹95 – ₹100
Face value: ₹10
Lot size: 1200
Min investment: ₹1,20,000
Issue size: ₹53.27 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: MADHURKNIT
NSE symbol: MADHURKNIT-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,20,000
Retail (Max)	1	1,200	₹1,20,000
HNI (Min)	2	2,400	₹2,40,000

Investor reservation

CATEGORY	RESERVED
QIB	5,05,200 shares (9.48% of the Offer)
NII	22,77,600 shares (42.76% of the Offer)
Retail	22,77,600 shares (42.76% of the Offer)

Objects of the issue

1Funding capital expenditure for the purchase of Solar panel.4.00

2Working Capital Requirement of the Company.14.10

3Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company17.40

4General Corporate Purposes35.50

Financials

Rs. Crore • restated

METRIC	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	140.76	122.59	90.60	64.59
Total Income	65.23	171.76	108.41	89.56
Profit After Tax	3.02	11.03	1.70	0.90
EBITDA	7.07	23.28	8.04	5.51
NET Worth	32.50	29.49	16.24	14.54
Reserves and Surplus	19.09	18.76	6.54	4.84
Total Borrowing	72.19	67.20	57.79	34.18

Key performance indicators

P/E Ratio

13.91

EPS (₹)

7.19

RoCE

33.49%

RoNW

37.42%

PAT Margin

6.43%

✓ 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.

Promoters & holding

Arun Gupta, Piyush Gupta and Chirag Gupta

Pre-issue promoter holding

100%

Post-issue promoter holding

71.57%

Data refreshed 07 Nov 2026, 05:04 pm IST. GMP is unofficial market sentiment, not investment advice.