NewsMadhur Knit Crafts IPO Day 3 Live: Retail crosses 1x, QIBs fully subscribed - Check analysts view and moreMadhur Knit Crafts IPO Day 3 Live: Retail crosses 1x, QIBs fully subscribed - Check analysts view and more
- Madhur Knit Crafts IPO is subscribed 0.73x on Day 3, with Retail crossing 1x at 1.05x.
- QIB category remains fully subscribed at 1.01x since Day 2.
- NII (bHNI) jumped 40% intra-day to reach 0.14x.
- Company reported ₹194.69 crore revenue and ₹12.35 crore PAT in FY 2026.
- IPO closes on 27-08-2026; listing scheduled for 01-09-2026.
*this image is generated using AI for illustrative purposes only.
Madhur Knit Crafts IPO is in its third day of subscription, with the overall total standing at 0.73x. The Retail category has crossed the 1x mark, reaching 1.05x, while Qualified Institutional Buyers (QIBs) remain fully subscribed at 1.01x. The issue closes tomorrow.
Subscription Status
The QIB category has been fully subscribed since Day 2, holding steady at 1.01x. Momentum shifted decisively to individual investors on Day 3, with the Retail segment ticking up from 0.70x to 1.05x between 11:15 AM and 4:15 PM IST. The Non-Institutional Individual (NII) bHNI category also saw a 40% jump, moving from 0.10x to 0.14x. The total subscription increased by 32.7% during this window.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-08-2026 | 0.99x | 0.03x | 0.46x | 0.23x | 0.31x |
| Day 2 | 25-08-2026 | 1.01x | 0.08x | 0.49x | 0.54x | 0.47x |
| Day 3 | 26-08-2026 | 1.01x | 0.14x | 0.51x | 1.05x | 0.73x |
Intra-day Timeline (26-08-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.01x | 0.10x | 0.70x | 0.55x |
| 12:15 | 1.01x | 0.11x | 0.78x | 0.59x |
| 13:15 | 1.01x | 0.11x | 0.85x | 0.63x |
| 14:15 | 1.01x | 0.12x | 0.91x | 0.66x |
| 15:15 | 1.01x | 0.13x | 0.98x | 0.69x |
| 16:15 | 1.01x | 0.14x | 1.05x | 0.73x |
About the Company
Madhur Knit Crafts Limited is a textile manufacturing company incorporated in 1997, operating from Ludhiana, Punjab. The company has transitioned to a fully integrated yarn-to-cloth manufacturing model, producing knitted fabrics, blankets, anti-pilling fabrics, sherpa fabrics, and garments. It operates state-of-the-art facilities with advanced machinery imported from Korea, Taiwan, and China.
Financial Highlights
The company reported revenue from operations of ₹194.69 crores in FY 2026, up from ₹171.63 crores in FY 2025 and ₹108.38 crores in FY 2024. Profit after tax stood at ₹12.35 crores in FY 2026.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 108.38 | 171.63 | 194.69 |
| Profit After Tax (₹ crores) | 1.70 | 11.03 | 12.35 |
| Total Equity (₹ crores) | 16.24 | 29.49 | 43.61 |
Revenue growth has been robust over the last three years, accompanied by significant improvement in profitability. Total equity has also increased steadily, reflecting retained earnings and capital infusion.
Objects of the Issue
- Debt Repayment: ₹20.85 crores for prepayment or repayment of outstanding borrowings.
- Working Capital: ₹15.92 crores for working capital requirements.
- Capital Expenditure: ₹3.67 crores for purchase of Solar panels.
- General Corporate Purposes.
Risk Factors
- High geographical concentration in Punjab exposes the company to region-specific risks.
- Major portion of revenue depends upon few customers; top 10 contributed 34.14% in Feb 2026.
- Negative cash flows from operations reported in FY 2025 (-₹255.82 lakhs) and FY 2024 (-₹367.70 lakhs).
Key Dates
- IPO Open Date: 24-08-2026
- IPO Close Date: 27-08-2026
- Allotment Date: 28-08-2026
- Listing Date: 01-09-2026
Will the strong retail subscription momentum on the final day push the overall IPO oversubscription ratio significantly higher, potentially impacting listing gains?
How might Madhur Knit Crafts' reliance on a concentrated customer base (top 10 contributing 34.14% of revenue) affect its long-term revenue stability post-listing?
Given the negative operating cash flows in FY 2024 and FY 2025, how will the company utilize the IPO proceeds to improve cash flow management and reduce debt?
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