Incorporated in 1991, Manoj Ceramic Limited trades in ceramic tiles and tile adhesives under the brand name “MCPL”.

The company’s product portfolio includes ceramic tiles and tile adhesives.

Ceramic tiles: Providing tiles in various shapes, colors, and sizes through its dealer network, retail showrooms, export, and B2B sales to various end users such as architects, builders, and contractors. The company has the tiles manufactured by a third-party manufacturer and does not produce them itself.

The company has a network of dealers in the western and southern regions of India, mainly in Maharashtra, Goa, Tamil Nadu, and Karnataka.

The company’s retail showrooms are located in Mumbai at Ghatkopar and Andheri and in Bangalore at Raja Rajeshwari Nagar.

Tile adhesives: Supplies tile adhesives to the end user through its distribution network in Maharashtra. The company orders the material from a third-party manufacturer and does not produce it itself.

In addition to the distribution network, the company also sells the product via its B2B network, i.e. to architects, builders and contractors, whom it supplies directly.

As of December 2023, the company has also incorporated its subsidiary in London, UK, under the name MCPL Ceramic Limited.


MCPL IPO Details

IPO Date December 27, 2023 to December 29, 2023
Listing Date [.]
Face Value ₹10 per share
Price ₹62 per share
Lot Size 2000 Shares
Total Issue Size 2,334,000 shares
(aggregating up to ₹14.47 Cr)
Fresh Issue 2,334,000 shares
(aggregating up to ₹14.47 Cr)
Issue Type Fixed Price Issue IPO
Listing At BSE SME
Share holding pre issue 6,000,000
Share holding post issue 8,334,000
Market Maker portion 118,000 shares


MCPL IPO Timeline (Tentative Schedule)

MCPL IPO opens on December 27, 2023, and closes on December 29, 2023.

IPO Open Date Wednesday, December 27, 2023
IPO Close Date Friday, December 29, 2023
Basis of Allotment Monday, January 1, 2024
Initiation of Refunds Tuesday, January 2, 2024
Credit of Shares to Demat Tuesday, January 2, 2024
Listing Date Wednesday, January 3, 2024
Cut-off time for UPI mandate confirmation 5 PM on December 29, 2023



Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 2000 ₹124,000
Retail (Max) 1 2000 ₹124,000
HNI (Min) 2 4,000 ₹248,000


MCPL IPO Promoter Holding

Mr. Manoj Dharamshi Rakhasiya, Mrs. Anjana Manoj Rakhasiya, Mr. Dhruv Manoj Rakhasiya, Mr.Akash Manoj Rakhasiya, Mrs. Manasvi Dhruv Rakhasiya, and Manoj D Rakhasiya HUF (acting through its Karta Mr. Manoj Dharamshi Rakhasiya) are the promoters of the company.

Share Holding Pre Issue 99.55%
Share Holding Post Issue 71.67%


Manoj Ceramic Limited Financial Information (Restated)

Manoj Ceramic Limited’s revenue increased by 66.54% and profit after tax (PAT) rose by 283.52% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended 30 Sep 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 8,491.23 7,787.64 5,866.52 6,074.55
Revenue 4,374.54 7,493.48 4,499.62 3,730.84
Profit After Tax 301.75 362.43 94.50 8.24
Net Worth 1,610.05 1,310.05 947.62 853.11
Reserves and Surplus 760.05 910.05 547.62 453.11
Total Borrowing 5,862.72 5,054.97 3,495.83 3,926.16
Amount in ₹ Lakhs


Key Performance Indicator

MCPL IPO Market Cap is Rs 51.67 Cr and P/E (x) is 0.26.

KPI Values
P/E (x) 0.26
Post P/E (x) 8.56
Market Cap (₹ Cr.) 51.67
Debt/Equity 3.86
EPS (Rs) 241.62
RoNW 27.67%

Objects of the Issue (MCPL IPO Objectives)

The company intends to utilize the issue proceeds to meet the following objects:

  1. To meet the working capital expenses
  2. General Corporate Purpose

IPO Details

IPO News