Madhur Knit Crafts IPO
Madhur Knit Crafts IPO is an SME IPO raising ₹53 Cr at ₹95 – ₹100 a share. It listed on 1 Sept 2026 at ₹100, 0.0% against its issue price of ₹100, and trades at ₹74 today (−26.4% since issue). It was subscribed 2.28× in total.
2.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Madhur Knit Crafts Limited is a textile manufacturer based in Ludhiana, Punjab, that runs a fully integrated yarn-to-cloth facility producing knitted fabrics (anti-pilling, sherpa, fleece, flannel, polyester blends), blankets (mink, woolen, flannel), and small volumes of garments and technical textiles such as paint roller fabrics. Products are sold primarily to B2B buyers — wholesalers, retailers, dealers, and industrial/institutional clients — for use in winterwear, apparel, home textiles, and select industrial applications. Commercial operations began in 2013 with blankets; the company was incorporated in 1997.
How it earns
Revenue comes from manufacturing and selling knitted cloth, blankets, garments and scrap under a made-to-order (order-based) production model, plus job-work income from using spare dyeing/knitting/finishing capacity for third-party textile companies.
Who buys
Customer names are not disclosed. As of the 10-month period ended February 28, 2026, the company had 412 customers, of which top 1 customer contributed 5.97% of revenue, top 3 customers 17.11%, top 5 customers 24.86%, and top 10 customers 34.14%. Customers are mainly wholesalers, dealers, retailers and institutional buyers of winter/knitted textiles. All sales are domestic; ~98% of revenue (₹19,115.34 lakh, i.e. ~₹191.15 crore) is billed into Punjab.
Scale
One integrated manufacturing facility in Ludhiana, Punjab, with installed annual capacity of 75,00,000 KG (capacity utilisation 64.5% in FY25 and 69.75% in the 11-month period ended Feb 2026); 177 employees as on Feb 28, 2026; sanctioned power load of 1,299.101 KW.
What it says sets it apart
- Single-site vertically integrated facility covering knitting, dyeing, printing, stentering, brushing, raising, sueding and finishing, reducing dependence on outside processors
- Built-up manufacturing area of over 300,000 sq ft with PLC-controlled multi-chamber thermal oil system (8 chambers), high-pressure dyeing units, circular knitting (9), warp knitting (7), rotary and flatbed printers, stenter, brushing and shearing machines
- Location in Ludhiana — major Indian textile/hosiery hub — providing proximity to yarn traders, ancillary services and logistics, supporting just-in-time procurement of raw materials
- Made-to-order production model with yarn procurement triggered only on confirmed customer orders, limiting excess inventory and tying working capital to demand
- ISO 9001:2015 certified processes with in-house Effluent Treatment Plant enabling partial reuse of process water
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs100 / stated EPS Rs8.51 (FY 24-25 diluted EPS, restated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by SKI Capital Services Limited — median +40.8% across the 4 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 8 Oct 2026.
What to watch
- Priced at 11.8× earnings — 152% above the median of the peers the issuer itself names.
- The register's top risk: Seasonal winter wear business with quarterly revenue swing (prospectus page 43).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track MADHUR KNIT CRAFTS LTD
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.