Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 240000
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 360000
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
28.5%
Market Maker
5%
QIB
19%
NII / HNI
14.25%
Retail
33.25%
Institutional Corporate Dossier
Madhur Knit
COMPANY PROFILE & DNA
Incorporation / Founded
21-08-97
Active Vintage
Corporate Headquarters
Ludhiana, Punjab
Registered Hub
👔 Leadership & Promoter Group
Key Management
Arun Gupta, Piyush Gupta, Chirag Gupta
⚙️ Business Overview & Portfolio
Core Offerings
Diversified textile business offering a wide range of fabrics, blankets, and garments with integrated yarn-to-cloth manufacturing in Ludhiana.
🎯 Target Market & End-Use
Revenue Drivers
Blankets, knitted apparel, winter wear, home textiles, and technical textiles like paint roller fabrics.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Fully vertically integrated yarn-to-cloth manufacturing facility in the prominent textile hub of Ludhiana, Punjab.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Funding capital expenditure for the purchase of Solar panel
₹ 3.68
Allocation
🎯 Objective 02
Working Capital Requirement of the Company
₹ 15.92
Allocation
🎯 Objective 03
Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company
₹ 20.85
Allocation
🎯 Objective 04
General Corporate Purposes
Balance
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | 194.69 | 171.64 | 108.38 | 89.33 |
| EBITDA | 23.35 | 21.03 | 6.28 | 4.10 |
| Profit After Tax (PAT) | 12.35 | 11.03 | 1.70 | 0.90 |
| Net Worth | 43.61 | 29.49 | 16.24 | 14.54 |
| Total Borrowing | 73.54 | 67.20 | 57.79 | 34.18 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
171.64
₹ Cr
YoY Growth
0.5836
3-Year CAGR
0.3862
21.03
₹ Cr
YoY Growth
2.3488
3-Year CAGR
1.2656
11.03
₹ Cr
YoY Growth
5.4733
3-Year CAGR
2.4952
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 0.3742 | 0.1049 | 0.1804 | Improving |
| ROCE (Capital Employed)ROCE | 0.2175 | 0.0848 | 0.1288 | Improving |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.1217
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 2.28 | 0.64 | Low |
| EPS (₹) | ₹ 5.56 | ₹ 6.79 | Accretive |
| ROE (%) | 0.3742 | 0.1333 | Bad |
| ROCE (%) | 0.2175 | 0.1345 | Bad |
| P/E (Valuation) | 17.99 | 14.73 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY23
FY24
FY25
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 0.01 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Madhur Knit Crafts Limited IPO CANDIDATE | 171.64 | 14.73 (Ask) | 0.2175 | 13.33% (Post Issue) | 0.1225 |
| Kaytex Fabrics Ltd | ₹ 162.83 Cr | 4.69 | NA | 0.1496 | NA |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Vertically Integrated Manufacturing Operations
- Advanced Machinery and Infrastructure
- Experienced Promoters and Management Team
- Established Relationships with Key Clients
Weaknesses
Internal Operational Constraints
- Experienced negative cash flows in the past
- Reliance on a single region for raw materials
- Audit adjustments made in the financial statements
- Concentration of revenue from a limited number of customers
Opportunities
External Growth Tailwinds
- Expansion of product portfolio into garments
- Scaling up capacity through Net IPO Proceeds
- Expanding geographical reach outside Punjab
- Increasing demand for sustainable textile products
Threats & Risks
External Macro & Sector Headwinds
- Fluctuations in raw material prices especially yarn
- Intense competition in the textile industry
- Changes in government policies and environmental regulations
- Interest rate volatility and debt repayment obligations
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
100
Moat score of 5 reflects vertical integration and strong B2B client stickiness, balanced by high debtor days and intense industry fragmentation.
28.5
5
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-