Clay Craft India IPO- Company Analysis
Clay Craft India IPO under the SME IPO category is a book-built issue of ₹110.11 Cr by Clay Craft India Limited, a manufacturer and producer of ceramic dinnerware and bone china products.
The company specializes in high-quality dining products, including plates, cups, saucers, mugs, and other kitchenware items that are commonly used in households, hotels, and corporate gifting. Its product portfolio is known for innovative designs, durability, and stylish finishes.
To meet the operational requirements of the business, the company has developed a product range for the HoReCa (Hotel, Restaurant, and Catering) segment and provides customized ceramic solutions to corporate and institutional clients based on their specific requirements.
As of March 31, 2026, the company offered approximately 5,770 Stock Keeping Units (SKUs) across various brands and product categories.
Products:
Dinnerware
Mugs
Platters and Accessories
Tea and Coffee Serving Sets
Others
Clay Craft India IPO Details
The Clay Craft India IPO will open for subscription on June 17, 2026, and close on June 19, 2026. The IPO allotment is expected to be finalized on June 22, 2026, while the initiation of refunds and credit of shares to eligible investors is scheduled for June 23, 2026.
The IPO is a book-built SME issue aggregating up to ₹110.11 crore and consists entirely of a fresh issue of 0.54 crore equity shares.
The Clay Craft India IPO listing date is expected to be June 24, 2026, with the shares proposed to be listed on the NSE SME platform.
The company has fixed the IPO price band at ₹193 to ₹203 per share.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | Jun 17, 2026 |
IPO Closing Date | Jun 19, 2026 |
IPO Allotment Date | Jun 22, 2026 |
Refund Initiation | Jun 23, 2026 |
IPO Listing Date | Jun 24, 2026 |
Company Financials
(Amount in Cr)
Particulars | 31 Mar 2026 | 31 Mar 2025 |
Assets | 251.95 | 217.39 |
Total Income | 184.57 | 154.44 |
Profit After Tax | 27.01 | 20.76 |
EBITDA | 41.96 | 35.39 |
Net Worth | 166.06 | 139.05 |
Reserves and Surplus | 150.92 | 134.00 |
Total Borrowing | 49.98 | 47.75 |
Cash Flows
(Amount in lac)
Net Cash Flow | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
Net Cash Flow Operating Activities | 2,664.49 | 2,717.04 | 2,535.70 |
Net Cash Flow Investing Activities | (2,107.79) | (65.43) | (1,440.23) |
Net Cash Flow Financing Activities | (189.13) | (335.08) | (2,410.73) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
Objective of the Issue
The company proposes to utilize the Net Proceeds from the Issue for the following purposes:
- Funding capital expenditure towards the establishment of an additional manufacturing facility at Manda, Rajasthan – approximately ₹97 crore.
- General corporate purposes.
Listed Peers of Clay Craft India Ltd.
As per the Red Herring Prospectus (RHP), there is no listed peer of a similar size operating in the same line of business as Clay Craft India Limited.
Valuation
KPI | Value (Mar 31, 2026) |
RoE | 17.71% |
ROCE | 18.26% |
Debt/Equity | 0.30 |
RoNW | 16.27% |
PAT Margin | 15.02% |
EBITDA Margin | 23.33% |
Price to Book Value | 1.85 |
Evaluation of P/E Ratio
Considering the financial performance for FY 2026, the company reported an EPS of ₹17.84. Based on the upper price band of ₹203 per share, the resulting P/E ratio works out to 11.37x.
IPO Strengths
Scalable and integrated manufacturing capabilities.
Experienced promoter and management team.
In-house design development with a strong focus on innovation and quality.
Diversified product portfolio across multiple categories.
IPO Weaknesses
Risk associated with brand recognition and market visibility.
Dependence on suppliers for raw materials and inputs.
Exposure to changing consumer preferences and market trends.
Clay Craft India IPO GMP (Grey Market Premium)
Clay Craft India IPO GMP today is ₹48, as of 19 June 2026, at the time of writing. Based on the upper price band of ₹203 per share, the estimated listing price is around ₹228 per share, indicating a potential gain of approximately 12.32%.
Note: IPO GMP is based on grey market activity and is subject to change. It should not be considered an official indicator of listing performance.
Clay Craft India IPO Summary
IPO Opening & Closing Date | 17 Jun, 2026 to 19 Jun, 2026 |
Face Value | Rs. 10 per Share |
Issue Price | Rs. 193 to Rs. 203 per Share. |
Lot Size | 600 Shares |
Issue Size | 54,24,000 Shares (Rs. 110 Cr) |
Offer for Sale | - |
Fresh Issue | 51,51,600 Shares (Rs. 105 Cr) |
Listing at | NSE, SME |
Issue Type | Book build Issue |
Registrar | Kfin Technologies Ltd. |
IPO Lot Details
Retail investors can apply for a minimum of 1 Lot consisting of 600 shares, requiring an investment of ₹1,21,800. They can invest in a maximum of 2 Lots (1,200 shares) amounting to ₹2,43,600, and in multiples thereof.
HNI/NII investors are required to apply for a minimum of 3 Lots (1,800 shares), which amounts to an investment of ₹3,65,400.
Minimum Lot Investment (Retail) | 2 Lots |
Maximum Lot Investment (Retail) | 2 Lots |
HNI (Min) | 3 Lots |
Clay Craft India IPO Allotment Status
Investors can check the Clay Craft India IPO Allotment Status online through the official website of the Registrar to the Issue or the BSE website once the allotment process is completed.
Below are the respective website links to check the allotment status:
BSE Website - BSE IPO allotment status
Promoters and Management of Clay Craft India Ltd.
The promoters and key management personnel of Clay Craft India Limited are:
Rajesh Narain Agarwal
Vikas Agarwal
Bharat Agarwal
Deepak Agarwal
Pre-Issue Promoter Shareholding | 100% |
Post-Issue Promoter Shareholding | 73.63% |
IPO Lead Managers
Hem Securities Ltd.
Dividend Policy
Clay Craft India Limited has not declared or paid any dividend during the last three financial years. The company has retained its earnings to support business growth, expansion plans, and operational requirements.
Conclusion
Clay Craft India IPO showcases strong financial performance, supported by consistent growth in revenue and profitability, along with healthy operating margins. The company benefits from its integrated manufacturing capabilities, diversified product portfolio, and in-house design expertise. However, investors should also consider risks such as limited brand recognition, dependence on suppliers, and changing consumer preferences before making an investment decision.
To read the prospectus of the company, click here to download the DRHP.
DISCLAIMER: This article is for educational and informational purposes only and should not be considered as investment, financial, or trading advice. It does not constitute a buy, sell, or hold recommendation for any security or IPO. Investors should conduct their own research and consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks.
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