Manilam Industries India Ltd
Incorporated in 2015, Manilam Industries India Limited is engaged in the manufacturing and sale of Decorative Laminates and Plywood.[1]
- Market Cap ₹ 142 Cr.
- Current Price ₹ 65.0
- High / Low ₹ 67.0 / 49.8
- Stock P/E 68.9
- Book Value ₹ 32.3
- Dividend Yield 0.00 %
- ROCE 8.48 %
- ROE 3.95 %
- Face Value ₹ 10.0
Pros
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 8.28% over past five years.
- Company has a low return on equity of 11.8% over last 3 years.
- Company has high debtors of 223 days.
- Working capital days have increased from 73.5 days to 134 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Half Yearly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 70 | 115 | 148 | 138 | 140 | 104 | |
| 65 | 108 | 139 | 124 | 122 | 93 | |
| Operating Profit | 5 | 7 | 9 | 14 | 18 | 12 |
| OPM % | 8% | 6% | 6% | 10% | 13% | 11% |
| 1 | -0 | 1 | 0 | 2 | 0 | |
| Interest | 3 | 4 | 5 | 7 | 7 | 6 |
| Depreciation | 2 | 2 | 2 | 3 | 3 | 3 |
| Profit before tax | 1 | 1 | 2 | 5 | 11 | 3 |
| Tax % | 25% | 41% | 30% | 30% | 29% | 32% |
| 1 | 1 | 2 | 3 | 7 | 2 | |
| EPS in Rs | 4.38 | 3.13 | 6.91 | 13.65 | 32.48 | 0.94 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | -11% |
| TTM: | -26% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 9% |
| TTM: | -72% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 12% |
| Last Year: | 4% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 22 |
| Reserves | 11 | 20 | 21 | 24 | 32 | 49 |
| 43 | 48 | 61 | 73 | 62 | 51 | |
| 30 | 52 | 49 | 50 | 63 | 49 | |
| Total Liabilities | 87 | 122 | 133 | 150 | 159 | 171 |
| 28 | 31 | 35 | 33 | 30 | 29 | |
| CWIP | 2 | 1 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 56 | 89 | 99 | 116 | 129 | 142 | |
| Total Assets | 87 | 122 | 133 | 150 | 159 | 171 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 1 | -5 | -3 | -4 | 17 | ||
| -8 | -4 | -5 | -1 | 1 | ||
| 7 | 9 | 8 | 6 | -17 | ||
| Net Cash Flow | 0 | -0 | -0 | 0 | -0 | |
| Free Cash Flow | -6 | -10 | -8 | -5 | 17 | |
| CFO/OP | 25% | -69% | -27% | -27% | 99% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 178 | 148 | 144 | 178 | 209 | 223 |
| Inventory Days | 127 | 153 | 119 | 161 | 176 | 330 |
| Days Payable | 151 | 166 | 126 | 134 | 178 | 188 |
| Cash Conversion Cycle | 153 | 134 | 137 | 205 | 207 | 365 |
| Working Capital Days | 72 | 68 | 31 | 37 | 50 | 134 |
| ROCE % | 8% | 10% | 13% | 18% | 8% |
Documents
Announcements
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Statement of deviation(s) or variation(s) under Reg. 32
29 May 2026 - 29 May 2026: No deviation in IPO proceeds utilisation for year ended 31 March 2026.
-
Outcome of Board Meeting
29 May 2026 - Board approved FY2026 audited results and appointed/reappointed secretarial, internal and tax auditors.
-
Outcome of Board Meeting
29 May 2026 - Board approved FY26 audited results and appointed/reappointed secretarial, internal and tax auditors on 29 May 2026.
-
Credit Rating
27 May 2026 - Brickwork assigned BBB-/Stable and A3 ratings to ₹42.5 crore bank facilities.
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Structural Digital Database
26 May 2026 - Submitted SDD compliance certificate for FY ended 31 March 2026; no noncompliance observed.
Business Profile[1]
The company is engaged in the manufacturing and sale of decorative laminates & plywood trading. The business primarily operates on a B2B model, contributing around 99% to revenue, wherein products are supplied to distributors who further cater to dealers.[2]