Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on March, 2026
• The company is engaged in the business of manufacturing and selling kitchen storage systems and accessories.
• It marked growth in its top and bottom lines for the reported periods.
• The company has up the sleeve inorganic growth plan.
• Based on its recent financial performance, the RI at par appears a not to miss bet.
• Investors can park funds for medium to long term.
ABOUT COMPANY:
Maruti Interior Products Ltd., (MIPL) is engaged in the business of manufacturing and selling Kitchen Storage Systems & Accessories, Aluminium Long Wardrobe Handle & Profile Handle. There are two categories of kitchen storage accessories – Solid Base Range and Wire Base Range. Both product ranges included Vertical Storages, Corner Storages, Drawer Pull Outs, Mid Way Accessories, Drawer Organizers, Portable Storage Products, Wardrobe Storage Accessories, Wardrobe Handles, Main Door Handles, Cabinet Handles, Profile Handles, Wooden Handles, etc. All the manufacturing products are designed and developed in house.
The Company is engaged in the manufacturing and sale of modular kitchen storage system, Aluminium long wardrobe handle & profile handle, for which it procures raw materials from various suppliers and agents with whom it maintains cordial business relationships. However, the company has not entered into any formal or long-term supply agreements with these suppliers. In the absence of such agreements, there can be no assurance of uninterrupted availability of the requisite raw materials at competitive prices. Any shortage, delay in supply, or increase in procurement costs may disrupt MIPL’s manufacturing process, adversely impact its ability to meet customer demand, and thereby affect business operations, financial condition, and results of operations. The company has poor compliances and is penalized by BSE in the past. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 45300000 equity shares of Rs. 10 each at par value to mobilize Rs. 45.30 cr. The RI opens for subscription on March 18, 2026, and will close on March 24, 2026. The company is offering RI in the ratio of 3 for 1 to its eligible stakeholders as of the record date of March 12, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.30 cr. for this RI process, and from the net proceeds, it will utilize Rs. 10.50 cr. for acquisition of additional equity shares of Arrowin Metaltech (India) Pvt. Ltd., Rs. 23.30 cr. for working capital, and Rs. 11.20 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and Bigshare Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 15.10 cr. will stand enhanced to Rs. 60.40 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 60.40 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 37.97 cr. / Rs. 3.38 cr. (FY24), Rs. 43.89 cr. / Rs. 4.84 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 2.97 cr. on a total income of Rs. 32.76 cr. Its NAV stood at Rs. 25.49 as of September 30, 2025.
DIVIDEND POLICY:
The company last paid a dividend of 5% in June 2023. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 543464 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 224.25 on March 11, 2026, and opened on an ex-right basis at Rs. 60.30 on March 12, 2026. Since then, it has marked a high/low of Rs. 71.25 / Rs. 60.30. The scrip last closed at Rs. 71.25 as of March 16, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 71.25 / Rs. 24.06. The counter is currently under ESM: Stage 2.
The promoters’ holding has been constant above 74.7% for the last three quarters ended with September 30, 2025. The counter is currently trading at a lucrative price making this at par RI a not to miss offer.
Conclusion / Investment Strategy
MIPL is engaged in the business of manufacturing and selling kitchen storage systems and accessories. It marked growth in its top and bottom lines for the reported periods. The company has up the sleeve inorganic growth plan. Based on its recent financial performance, the RI at par appears a not to miss bet. Investors can park funds for medium to long term.
Review By Dilip Davda on March, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
