Which company's IPO is this?
This IPO is of Clay Craft India Limited. The issue is scheduled to open on Wednesday, 17 June 2026 and closes on Friday, 19 June 2026.
After the IPO process is completed, the shares are proposed to be listed on NSE.
IPO Details
SMEListed
Open:Wed, 17 Jun 2026
Close:Fri, 19 Jun 2026
Lot Size:600 Shares
Price Band:₹ 193 - ₹ 203
Listing:NSE
Fresh Issue:110.11 Cr
OFS:-
Total IPO Size:110.11 Cr
QIB : 50.00%
Retail : 35.00%
Total HNI : 15.00%
IPO Timeline
| Event | Date |
|---|---|
| Open Date | 17-06-2026 , Wednesday |
| Close Date | 19-06-2026 , Friday |
| Tentative Allotment | 22-06-2026 , Monday |
| Tentative Listing Date | 24-06-2026 , Wednesday |
| Retail Appl. Cut Off Time | 19-06-2026 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 19-06-2026 , Friday 04:00 PM |
| Anchor Allotment | 16-06-2026 , Tuesday |
| Initiation Of Refund | 23-06-2026 , Tuesday |
| Credit Of Share To Demat | 23-06-2026 , Tuesday |
Company Business Overview
IPORupee IPO Business Overview
Clay Craft India Limited IPO - Business Overview, Insight and Education
Clay Craft India Limited is a ceramic tableware company engaged in designing, developing, manufacturing, distributing and selling ceramic tableware products such as dinner sets, mugs, tea and coffee serving sets, tumblers, bowls, platters and tabletop accessories. The company serves retail consumers, institutional buyers and the HoReCa segment.
Clay Craft India Limited IPO - Business Overview
Clay Craft India Limited is a Jaipur-based ceramic tableware company engaged in the design, development, manufacturing, distribution and sale of ceramic tableware products. The company manufactures and sells products such as dinner sets, tea and coffee serving sets, mugs, tumblers, platters, bowls and tabletop accessories. Its products cater to retail consumers, institutional buyers and the hospitality industry, including the HoReCa segment, which means hotels, restaurants and catering.
The company was originally incorporated as Clay Craft India Private Limited on October 31, 1988 and was converted into a public limited company as Clay Craft India Limited on July 15, 2025. The registered office is located at F-766 and F-766 A, Road No. 1-D, Vishwakarma Industrial Area, Jaipur, Rajasthan. The promoters of the company are Rajesh Narain Agarwal, Vikas Agarwal, Bharat Agarwal and Deepak Agarwal.
Clay Craft markets its products mainly under its in-house brands, Clay Craft and JCPL. Apart from these proprietary brands, the company also undertakes design, development and manufacturing activities for various customers. This means the company is not only selling products under its own brands, but also serving institutional and customer-specific requirements through customized ceramic tableware solutions.
As of March 31, 2026, the company had approximately 5,770 SKUs across different product categories and brands. This large product portfolio gives the company the ability to serve multiple customer groups, including household customers, retailers, large format stores, e-commerce platforms, hospitality clients, corporate customers and institutional buyers.
IPO Offer Details
Clay Craft India Limited IPO is a 100% book-built SME IPO proposed to be listed on NSE Emerge. The IPO is entirely a fresh issue, and there is no offer for sale. This means the proceeds, after issue expenses, will go to the company for the stated objects of the issue.
| Particulars | Details |
|---|---|
| IPO Type | Fresh Issue |
| Fresh Issue | Up to 54,24,000 equity shares |
| Offer for Sale | Nil |
| Face Value | Rs. 10 per equity share |
| Listing Platform | NSE Emerge |
| Designated Stock Exchange | NSE |
| Market Maker Reservation | 2,72,400 equity shares |
| Net Issue | 51,51,600 equity shares |
| Anchor Bidding Date | June 16, 2026 |
| IPO Opens | June 17, 2026 |
| IPO Closes | June 19, 2026 |
| Book Running Lead Manager | Hem Securities Limited |
| Registrar | KFin Technologies Limited |
The public issue and net issue will constitute 26.37% and 25.04% respectively of the post-issue paid-up equity share capital of the company.
Business Model
Clay Craft operates in the ceramic tableware industry. Its business model includes product design, raw material sourcing, ceramic manufacturing, quality control, branding, packaging, distribution and customer-specific manufacturing.
The company earns revenue from sale of ceramic tableware products under its own brands and from products manufactured for other customers. Its demand comes from multiple end-use segments such as home dining, gifting, institutional procurement, hotels, restaurants, catering businesses, retailers and online platforms.
Design and Development
The company develops designs and product ranges for own brands as well as customer-specific tableware requirements.
Manufacturing
Its integrated manufacturing setup covers multiple stages including molding, printing, packaging and quality testing.
Distribution
The company serves retail, institutional, online and HoReCa channels through its product portfolio and brands.
Product Portfolio
Clay Craft offers a wide range of ceramic tableware products. Its portfolio includes dinnerware, mugs, platters, tea and coffee serving sets and other tabletop accessories.
| Brand | Dinnerware | Mugs | Platters and Accessories | Tea and Coffee Service Sets | Others | Total SKUs |
|---|---|---|---|---|---|---|
| Clay Craft | 1,113 | 2,016 | 295 | 642 | 153 | 4,219 |
| JCPL | 490 | 585 | 163 | 229 | 20 | 1,487 |
| Others | 2 | 25 | 0 | 1 | 36 | 64 |
| Total | 1,605 | 2,626 | 458 | 872 | 209 | 5,770 |
The largest SKU category is mugs, followed by dinnerware and tea and coffee service sets. This shows that the company has a broad portfolio, but investors should also note that a large SKU base requires strong inventory planning, demand forecasting and design management.
Brands and Revenue Contribution
Clay Craft generates most of its revenue from its own brands, especially Clay Craft and JCPL. This is important because brand-led revenue can support customer recall and pricing power, but it also creates brand concentration risk if customer preference changes.
| Brand | FY2026 Revenue | FY2026 Share | FY2025 Share | FY2024 Share |
|---|---|---|---|---|
| Clay Craft | Rs. 15,190.34 lakhs | 84.44% | 78.56% | 86.15% |
| JCPL | Rs. 2,339.55 lakhs | 13.01% | 14.83% | 11.72% |
| Others | Rs. 458.78 lakhs | 2.55% | 6.60% | 2.13% |
| Total | Rs. 17,988.67 lakhs | 100.00% | 99.99% | 100.00% |
The Clay Craft brand contributed more than 84% of FY2026 revenue from operations. This is a strong brand concentration point. If the brand continues to perform well, it can support growth. However, any weakness in brand perception, product quality, customer acceptance or distribution may affect revenue materially.
Manufacturing Facilities and Capacity
Clay Craft operates manufacturing facilities located in Jaipur and Manda, Rajasthan. The company has an integrated setup covering design, molding, printing and packaging. This integrated model helps the company maintain control over product quality, timelines and costs. Both manufacturing facilities are certified under ISO 9001:2015 quality management systems.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Installed Capacity | 6,000 MT | 6,000 MT | 6,000 MT |
| Actual Production | 4,920 MT | 4,101 MT | 4,092 MT |
| Capacity Utilisation | 82% | 68% | 68% |
Capacity utilisation improved from 68% in FY2024 and FY2025 to 82% in FY2026. This shows better use of existing capacity, but it also means future growth may require expansion, which is why the company is raising funds for an additional manufacturing facility at Manda, Rajasthan.
Objects of the Issue
The IPO is a fresh issue, and the company proposes to use the net proceeds mainly for setting up an additional manufacturing facility at Manda, Rajasthan.
| Object | Total Estimated Cost | Amount from IPO | Already Deployed | Deployment in FY2027 |
|---|---|---|---|---|
| Setting up additional manufacturing facility at Manda, Rajasthan | Rs. 12,641.68 lakhs | Rs. 9,700.00 lakhs | Rs. 1,978.42 lakhs | Rs. 9,700.00 lakhs |
| General Corporate Purpose | To be finalised | To be finalised | To be finalised | To be finalised |
The company has already deployed Rs. 1,978.42 lakhs towards the project. It has also used an overdraft facility against fixed deposit from Bank of Baroda for advance payments related to machinery and construction work, which is proposed to be repaid from the IPO proceeds.
Financial Performance
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | Rs. 17,988.67 lakhs | Rs. 15,194.22 lakhs | Rs. 14,542.55 lakhs |
| EBITDA | Rs. 4,195.94 lakhs | Rs. 3,539.06 lakhs | Rs. 2,864.95 lakhs |
| EBITDA Margin | 23.33% | 23.29% | 19.70% |
| Profit After Tax | Rs. 2,701.49 lakhs | Rs. 2,075.74 lakhs | Rs. 1,350.20 lakhs |
| PAT Margin | 15.02% | 13.66% | 9.28% |
| RoE | 17.71% | 16.21% | 12.24% |
| RoCE | 18.26% | 16.69% | 14.42% |
The company has shown steady revenue growth and strong profitability improvement. Revenue from operations increased from Rs. 14,542.55 lakhs in FY2024 to Rs. 17,988.67 lakhs in FY2026. PAT increased from Rs. 1,350.20 lakhs in FY2024 to Rs. 2,701.49 lakhs in FY2026. EBITDA margin also improved from 19.70% in FY2024 to 23.33% in FY2026.
The company’s financials show better operating leverage and margin improvement. However, investors should check whether this margin level is sustainable after expansion, competition, raw material price movement, power and fuel cost movement, branding spend and higher depreciation from new capacity.
Balance Sheet and Working Capital
Clay Craft’s business requires inventory, receivables and manufacturing assets. The company has a meaningful working capital base because it manufactures a wide product range and sells through multiple channels.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Inventories | Rs. 5,192.99 lakhs | Rs. 4,647.50 lakhs | Rs. 4,348.80 lakhs |
| Trade Receivables | Rs. 1,730.77 lakhs | Rs. 1,341.24 lakhs | Rs. 1,233.40 lakhs |
| Cash and Bank Balances | Rs. 3,220.36 lakhs | Rs. 2,852.78 lakhs | Rs. 536.25 lakhs |
| Short-Term Borrowings | Rs. 2,752.34 lakhs | Rs. 2,189.11 lakhs | Rs. 1,633.38 lakhs |
| Total Assets | Rs. 25,195.35 lakhs | Rs. 21,739.48 lakhs | Rs. 18,867.35 lakhs |
Inventories increased from Rs. 4,348.80 lakhs in FY2024 to Rs. 5,192.99 lakhs in FY2026. Trade receivables also increased from Rs. 1,233.40 lakhs to Rs. 1,730.77 lakhs during the same period. This is normal for a growing manufacturing and distribution-led business, but investors should monitor inventory turnover, receivable cycle and cash conversion.
Key Strengths
Established operating history
Clay Craft was incorporated in 1988 and has decades of operating experience in ceramic tableware.
Strong in-house brands
The company sells products under Clay Craft and JCPL, which together contributed the majority of revenue.
Large product portfolio
The company had approximately 5,770 SKUs as of March 31, 2026.
Retail and HoReCa exposure
The company serves retail consumers, institutional buyers and the hospitality segment.
Integrated manufacturing setup
The company has internal capabilities across design, production, quality testing and packaging.
Improving profitability
PAT margin improved from 9.28% in FY2024 to 15.02% in FY2026.
Key Risks
- Brand concentration: The company derives most of its revenue from Clay Craft and JCPL brands. Any adverse impact on brand reputation, product quality or customer acceptance may affect revenue.
- Supplier concentration: The company depends on key suppliers for raw materials and does not have long-term agreements with these suppliers.
- Raw material price risk: The company uses raw materials such as natural calcium phosphate, decal gold paste, ceramic colour, bentonite, kaolin, transfer paper and feldspar.
- Fragile product and logistics risk: Ceramic products are fragile and require careful handling, packaging and logistics.
- Consumer preference risk: Ceramic tableware faces competition from opal ware, glassware, plastic ware, melamine, stainless steel and imported products.
- Competition risk: The company competes with domestic organized players, unorganized manufacturers, importers and international brands.
- HoReCa return risk: Product quality issues, specification mismatch, breakage or delayed replacement may result in returns and customer dissatisfaction.
- Manufacturing concentration risk: The company’s facilities are concentrated in Jaipur and Manda, Rajasthan.
- Expansion execution risk: The company is raising funds for setting up an additional manufacturing facility at Manda, Rajasthan.
- SME liquidity risk: Post-listing liquidity may be lower than mainboard IPOs, and investors should consider lot size and price volatility risk.
IPORupee Business Insight
Clay Craft India Limited is a consumer and hospitality-linked ceramic tableware SME IPO. The company is not just a generic ceramic manufacturer. It has a branded tableware business with a large SKU portfolio, institutional presence and HoReCa exposure.
The biggest positive is the company’s established operating history. A business incorporated in 1988 with a long presence in ceramic tableware has already passed through multiple market cycles. The company has developed in-house brands, product design capability, manufacturing infrastructure and distribution relationships.
The second positive is the financial performance. Revenue from operations increased from Rs. 14,542.55 lakhs in FY2024 to Rs. 17,988.67 lakhs in FY2026. PAT improved from Rs. 1,350.20 lakhs to Rs. 2,701.49 lakhs during the same period. EBITDA margin and PAT margin also improved. This shows that the company has not only grown revenue but has also improved profitability.
The third positive is the fresh issue structure. There is no offer for sale. The IPO proceeds are proposed to be used mainly for setting up an additional manufacturing facility at Manda, Rajasthan. This means the IPO is growth-capex oriented rather than just an exit route for existing shareholders.
However, IPORupee’s view is that investors should not ignore the risks. The business is heavily dependent on the Clay Craft brand. It is also exposed to supplier concentration, product breakage risk, changing consumer preferences, competition from alternative tableware materials and execution risk in the new manufacturing facility.
The ceramic tableware business also requires careful inventory planning because the company has a large number of SKUs. In such businesses, design trends can change, slow-moving stock can block working capital and wrong demand forecasting can affect margins.
From IPORupee’s view, Clay Craft should be studied as a branded consumer tableware and HoReCa-linked manufacturing SME IPO. The main question for investors is whether the company can convert its brand strength and expansion plan into sustainable growth without losing margin discipline.
IPORupee Education
What does Clay Craft manufacture?
Clay Craft manufactures ceramic tableware products such as dinner sets, mugs, tea and coffee serving sets, bowls, platters, tumblers and tabletop accessories. In simple words, the company makes ceramic products used for dining, serving and hospitality purposes.
What is ceramic tableware?
Ceramic tableware means plates, bowls, mugs, cups and serving items made using ceramic materials. These products are shaped, dried, fired at high temperatures, glazed, decorated and packed for sale.
What is HoReCa?
HoReCa means Hotel, Restaurant and Catering. In this IPO, HoReCa refers to hospitality customers who buy tableware for commercial use in hotels, restaurants, cafes, caterers and similar businesses.
Why is the HoReCa segment important?
HoReCa customers usually buy tableware in larger quantities and may require specific designs, quality standards, durability and timely replacement. This can create repeat business, but also creates quality and service expectations.
Why are brands important in this IPO?
In tableware, customers often choose products based on design, quality, price, brand recall and trust. Clay Craft and JCPL are the company’s main brands. A strong brand can support visibility and repeat purchases.
Why is a large SKU portfolio both positive and risky?
A large SKU portfolio allows the company to serve different customer preferences, designs and price points. However, it also increases inventory complexity. If some designs do not sell well, inventory can get blocked.
Why is capacity expansion important?
The company proposes to set up an additional manufacturing facility at Manda, Rajasthan. If demand grows and the company executes the project well, the new facility can support higher production and future revenue growth.
Why should investors check supplier concentration?
If a company depends on a few suppliers for raw materials, any disruption in supply, quality or pricing can affect production. Clay Craft’s top suppliers contributed a large share of purchases, so supplier risk is important.
Why is product breakage risk important?
Ceramic products are fragile. They require careful handling, packaging and logistics. Breakage can increase costs, affect delivery timelines and lead to customer complaints or product returns.
What should retail investors check before applying?
- Final price band and valuation
- Fresh issue use and expansion project timeline
- Revenue growth sustainability
- Margin sustainability after expansion
- Brand concentration risk
- Supplier concentration risk
- Inventory and receivable trend
- Competition from alternative tableware products
- QIB and NII demand
- SME IPO liquidity risk after listing
Important Note on Lot Size and Application Amount
This is an SME IPO proposed to be listed on NSE Emerge. In SME IPOs, the lot size and actual minimum application quantity can sometimes differ from early IPO details or pre-final documents. Investors should verify the final bid quantity, lot size, price band and blocked amount directly on their broker platform before approving the UPI mandate. Do not rely only on early screenshots or informal IPO notes.
IPORupee View
Clay Craft India Limited is an established ceramic tableware manufacturer with strong in-house brands, a wide product portfolio, HoReCa exposure and improving profitability. The IPO is entirely a fresh issue, and the proceeds are proposed to be used mainly for setting up an additional manufacturing facility at Manda, Rajasthan.
The company has positives such as long operating history, branded sales, large SKU base, integrated manufacturing, improving margins and a growth-oriented IPO structure. At the same time, investors should carefully study brand concentration, supplier concentration, fragile product logistics risk, inventory management, competition from alternative materials and execution risk in the expansion project.
From IPORupee’s view, this IPO should be analysed as a branded ceramic tableware SME manufacturing IPO. The key question is whether the company can scale its manufacturing capacity, protect brand strength, maintain product quality and sustain profitability after expansion.
Disclaimer
This article is for educational and informational purposes only. It is not a recommendation to apply, buy, sell or hold any securities. IPO investments are subject to market risk, business risk, valuation risk, liquidity risk and SME platform risk. Investors should read the RHP, consult their financial advisor and make their own decision before investing. We are not SEBI registered investment advisors.
Subscription Data
IPO Structure
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 25,74,000 | 52.25 Cr |
Retail | 35.00 % | 18,03,600 | 36.61 Cr |
Total HNI | 15.00 % | 7,74,000 | 15.71 Cr |
SHNI | 5.00 % | 2,58,000 | 5.24 Cr |
BHNI | 10.00 % | 5,16,000 | 10.47 Cr |
Market Maker | 0.00 % | 2,72,400 | 5.53 Cr |
Lot Size Details
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 1200 (2) | ₹ 2,43,600 |
Retail MAX | - | 1200 (2) | ₹ 2,43,600 |
SHNI MIN | - | 1800 (3) | ₹ 3,65,400 |
SHNI MAX | - | 4800 (8) | ₹ 9,74,400 |
BHNI MIN | - | 5400 (9) | ₹ 10,96,200 |
Objectives
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 54,24,000 | 110.11 Cr |
Contact Details
IPO Contact Details
Registered Office
F-766 & F-766 A, Road No. 1-D,
Vishwakarma Industrial Area,
Jaipur, Rajasthan, India, 302013
Corporate Office
F-766 & F-766 A, Road No. 1-D,
Vishwakarma Industrial Area,
Jaipur, Rajasthan, India, 302013
Contact Person
Anil Kumar Sharma - Company Secretary & Compliance Officer
Telephone
Website
Registrar to Issue Details
Registrar Name
KFIN Technologies Limited
Contact Person
M. Murali Krishna
Telephone
Website
Lead Managers
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Hem Securities Limited | Sourabh Garg | +91-22-49060000 | ib@hemsecurities.com | www.hemsecurities.com |