Madhur Knit Crafts IPO
smelistedAbout the company
Madhur Knit Crafts IPO will open for subscription on Monday August 24 2026. Originally incorporated in 1997, Madhur Knit Crafts started its commercial operations in 2013 with the manufacture of blankets and has since expanded into a diversified textile business offering a range of fabrics and garments. The company primarily manufactures anti-pilling fabrics, knitted fabrics, sherpa fabric, blankets and paint roller fabrics, with knitted cloth accounting for 88.3% of revenue as of February 28, 2026. It caters to end consumers through products such as blankets and winter textiles, while also supplying knitted fabrics for apparel, fashion and home textile applications. Its customer base includes retailers, wholesalers and direct-to-consumer channels, along with industrial enterprises, manufacturers and institutional clients requiring customised textile solutions under a made-to-order production model. The company operates nine circular knitting machines along with one dyeing machine comprising high-pressure dyeing units designed to provide uniform coloration and durability across synthetic and blended fabrics. It has seven warp knitting machines, along with one flatbed printing machine for printing patterns based on customer-provided designs, one rotary printing machine for high-speed and continuous printing of repetitive designs on blankets and bulk fabrics, and two stenter machines for heat-setting and width stabilization. All machinery is owned by the company, with no leased machinery in operation. The company’s installed production capacity has increased from 24,00,000 kg in FY23 to 75,00,000 KGs in FY25. Capacity utilisation was 64.50% in FY25 and increased to 69.75% from April 2025 to February 2026. On February 28, 2026, 100% of the sales were generated in the domestic market. Punjab contributed 98.1% with sales of ₹191.15 crore and rest of India contributed 1.8% with sales of ₹3.53 crore. New customers contributed 33.4% of revenue at ₹65.12 crore as of February 28, 2026. Retained customers contributed 66.5% of revenue at ₹129.5 crore as of February 28, 2026. As on 28th February 2026 the company had 177 people on its rolls including directors and KMPs.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 27 Aug | ₹16 | ₹116 | 0 |
| 26 Aug | ₹16 | ₹116 | +1 |
| 25 Aug | ₹15 | ₹115 | 0 |
| 24 Aug | ₹15 | ₹115 | -2 |
| 23 Aug | ₹17 | ₹117 | -1 |
| 22 Aug | ₹18 | ₹118 | +1 |
| 21 Aug | ₹17 | ₹117 | -1 |
| 20 Aug | ₹18 | ₹118 | 0 |
Strengths
- Integrated Manufacturing Model: The company follows an integrated yarn-to-cloth manufacturing model, covering knitting, dyeing, printing, brushing, polishing, embossing and finishing.
- Modern Manufacturing Facility: Advanced machinery and production systems support manufacturing efficiency, product quality and operational capabilities.
- Diversified Product Portfolio: The company manufactures blankets, knitted fabrics, garments and selected technical textile products, helping serve multiple textile applications.
- Experienced Promoters: The promoters have extensive experience in the textile manufacturing business, supported by an experienced management team.
- Made-to-Order Production: Its made-to-order model can help reduce overproduction and optimise raw-material usage while catering to customised customer requirements.
Risks
- Raw Material Price Risk: Fluctuations in the prices and availability of yarn, fibres and other textile inputs can affect production costs and margins.
- Customer Concentration: Dependence on key customers means a reduction in orders or loss of major clients could negatively affect revenue.
- Textile Industry Competition: The company operates in a highly competitive textile market, which can create pricing and margin pressure.
- Working Capital Requirement: Textile manufacturing requires significant investment in inventory and receivables, creating working-capital and liquidity risks.
- Customer Dispute Risk: Disputes over product quality, workmanship or logistics could result in delayed or withheld customer payments.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed24 Aug 2026Bidding starts for all investor categories
IPO Closes
Completed27 Aug 2026Last day to place your bid
Basis of Allotment
Completed29 Aug 2026Share allotment finalised
Refund Initiation
Completed30 Aug 2026Refunds credited for non-allottees
Credit to Demat
Completed31 Aug 2026Allotted shares credited to demat account
Listing on Exchange
Completed01 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹120,000 | 1 | ₹120,000 | 1 lot only |
| HNI | 2 | 2400 | ₹240,000 | 2 | ₹240,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,717,949 | 26.5 | 2,690,770 | 0.99x | 100% |
| NII | 15% | 815,385 | 7.95 | 782,770 | 0.96x | 100% |
| Retail | 35% | 1,902,564 | 18.55 | 456,615 | 0.24x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
Date-wise daily subscription (all categories)
| Date / Day | Retail (x) | QIB (x) | NII (x) | EMP (x) | OTHER (x) | Total (x) | Total |
|---|---|---|---|---|---|---|---|
24 Aug Day 1 | 0.04x | 0.17x | 0.15x | 0.00x | 0.00x | 0.08x | 0.44x |
25 Aug Day 2 | 0.12x | 0.50x | 0.57x | 0.00x | 0.00x | 0.28x | 1.47x |
26 Aug Day 3 | 0.17x | 0.69x | 0.75x | 0.00x | 0.00x | 0.38x | 1.99x |
27 Aug Day 4 | 0.24x | 0.99x | 0.96x | 0.00x | 0.00x | 0.46x | 2.65x |
Date-wise cumulative subscription figures per category, refreshed each bidding day.