A Jaipur-based bone china and ceramic tableware maker plans to raise Rs 104.58 crore via the NSE SME platform.
Clay Craft India Ltd., a manufacturer and distributor of ceramic tableware products operating under the “Clay Craft” and “JCPL” brands, opens for subscription on June 17 with the issue closing on June 19. The company is listing on the NSE SME Emerge platform. This is one of the larger SME IPOs of the current cycle.
What the Company Does
A well-established Jaipur-based company with decades of operating history, Clay Craft manufactures bone china and ceramic tableware — mugs, dinnerware, plates, bowls, and a wide range of other items — across 5,770+ SKUs. Its products are sold primarily through a B2B model to distributors, retailers, modern retail chains, corporate gifting clients, HoReCa accounts, and e-commerce platforms. The company has built a distribution network of approximately 132 distributors across India as of FY26 and employs over 1,392 people.
Over 78% of FY25 revenue came from its proprietary brands, and the remaining from contract manufacturing. A new manufacturing facility at Manda, Rajasthan is planned, and the bulk of IPO proceeds — around Rs 97 crore — will fund this expansion.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 17, 2026 |
| Issue Closes | June 19, 2026 |
| Listing | NSE SME Emerge (June 24, 2026) |
| Price Band | Rs 193 – Rs 203 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 104.58 crore (100% Fresh Issue) |
| Lot Size | 600 shares (min 2 lots = 1,200 shares) |
| Min. Retail Investment | Rs 2,43,600 |
| BRLM | Hem Securities Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Hem Finlease Pvt. Ltd. |
Note: FY24 figures are on a standalone basis; FY25 and FY26 are on a consolidated basis — which makes direct year-on-year comparison less clean.
Financial Performance
| Particulars (Rs cr) | FY24 (Standalone) | FY25 (Consol) | FY26 (Consol) |
|---|---|---|---|
| Revenue | 146.99 | 154.44 | 184.57 |
| PAT | 13.50 | 20.76 | 27.01 |
| PAT Margin | 9.28% | 13.66% | 15.02% |
| EBITDA Margin | — | — | ~22.7% |
| RoCE | 14.42% | 16.69% | 18.26% |
Revenue has grown steadily, and profitability has improved consistently across all three periods. PAT margins have expanded from 9.28% to 15.02%, and RoCE has improved each year to reach 18.26% in FY26. These are genuine indicators of operational improvement — this is a more straightforward growth story than many SME IPOs, and the company has no listed domestic peers for comparison. At the upper band, the P/E works out to 15.46x on FY26 earnings and 20.12x on FY25 earnings.
BRLM Track Record: This is the 46th mandate from Hem Securities. Of the last 10 listings, 1 opened at a discount, 1 at par, and the rest with premiums from 1% to 90%.
Risks to Consider
The bulk of IPO proceeds will fund a new manufacturing facility at Manda, Rajasthan — a concentrated capex bet on the execution of a single new plant, carrying timeline and cost overrun risks. Total borrowings of Rs 52.19 crore as of FY26 will need to be serviced alongside the new capex. The ceramics segment is competitive with both domestic manufacturers and imported products competing on price and design. The shift from standalone to consolidated reporting in FY25 affects the comparability of multi-year financials.
Analyst View
Analysts note that the quantum jump in bottom lines from FY25 onwards raises eyebrows and concern over sustainability in a highly competitive and fragmented segment. The issue appears aggressively priced based on recent financial data, according to analysts.