Clay Craft India IPO GMP Today, Subscription, Allotment & Review 2026

Clay Craft India Limited, a Jaipur-based manufacturer of premium bone china and ceramic tableware with over 30 years of operating history, is raising Rs 110.11 crore through a 100% fresh issue SME IPO on the NSE SME platform.

The IPO opens on Wednesday, June 17, 2026, and closes on Friday, June 19, 2026. Listing is scheduled for June 24, 2026.

The grey market premium (GMP) today stands at Rs 72, pointing to an estimated listing price of Rs 275 and a potential listing gain of around 35% over the upper price band of Rs 203.

📋 Table of Contents

Clay Craft India IPO Key Details Table

Clay Craft India IPO GMP Today and Trend

The Clay Craft India IPO GMP today is Rs 72, suggesting an estimated listing price of Rs 275 per share. At the upper price band of Rs 203, this GMP implies a listing gain of approximately 35.47% for allottees. The grey market premium has moved sharply upward over the past two days ahead of the June 17 subscription opening, reflecting early retail interest in the brand and the 100% fresh issue structure.

GMP Last Updated: June 14, 2026

Clay Craft India IPO GMP Trend

The GMP moved from zero on June 12 to Rs 72 by June 14, a sharp two-day rise ahead of the anchor allocation window on June 16. This kind of pre-subscription GMP build-up typically reflects early dealer confidence, though the data set is limited at this stage given the IPO has not yet opened.

With a lot size of 600 shares, successful allottees are looking at an estimated listing gain of approximately Rs 43,200 per lot based on the current GMP. Grey market premiums can shift significantly once actual subscription data becomes available from Day 1 onwards. A GMP that holds or rises after Day 1 subscription figures are published is generally a stronger signal than pre-subscription GMP alone.

For live GMP tracking across all active IPOs, visit the IPOwiz Live GMP Tracker.

Clay Craft India IPO Subscription Status

The Clay Craft India IPO subscription window opens on June 17, 2026. Subscription data will be updated here as bidding progresses across Day 1, Day 2, and Day 3.

The anchor investor allocation window opens on June 16, 2026. Anchor investor participation details will be added once confirmed.

For real-time subscription updates as they are published by the exchange, join the IPOwiz Telegram channel.

Clay Craft India IPO Important Dates

Clay Craft India IPO Lot Size and Minimum Investment

The minimum retail application of Rs 2,43,600 is higher than a typical mainboard IPO. Investors should confirm available ASBA balance before submitting their UPI mandate.

Clay Craft India IPO Allotment Status: How to Check

The basis of allotment will be finalized on June 22, 2026. Shares will be credited to demat accounts and refunds initiated on June 23, 2026.

About Clay Craft India Limited

Clay Craft India Limited was incorporated in July 1994 and has spent over 30 years building one of India's most recognized ceramic tableware brands. The company is headquartered in Jaipur, Rajasthan, and operates its primary manufacturing facility in the Vishwakarma Industrial Area, which provides direct access to key raw materials including quartz, feldspar, and china clay from Rajasthan's mineral belt.

The company designs, manufactures, and distributes premium bone china crockery and ceramic tableware across household, gifting, and institutional segments. As of March 31, 2026, Clay Craft manages approximately 5,770 active SKUs across its product range.

Product Portfolio

• Dinnerware: Full plates, quarter plates, and bowls for domestic and formal hosting use.
• Mugs: A high-volume category covering customized coffee mugs, tea cups, and saucers with modern print designs.
• Platters and Accessories: Serving platters, soup bowls, and table utilities for premium kitchen configurations.
• Tea and Coffee Service Sets: Unified hospitality sets popular in the Indian gifting segment.
• Custom Institutional Solutions: Tailor-made ceramic products for corporate gifting and institutional promotions.

HoReCa Segment

Clay Craft has built a meaningful position in the Hotel, Restaurant, and Catering (HoReCa) segment. Products supplied to this segment must meet strict standards for chip resistance, mechanical dishwasher durability, and thermal shock tolerance. Long-term vendor relationships with hotel chains and commercial caterers provide a degree of revenue stability that is harder to replicate in the retail consumer segment.

The company employs over 1,392 people across factory operations, design, and logistics, reflecting the labor-intensive nature of premium bone china finishing.

Clay Craft India IPO Financial Performance

The company has reported steady revenue and profit growth over the past three financial years.

Revenue grew 20% in FY26, rising from Rs 154.44 crore to Rs 184.57 crore. Net profit grew 30%, from Rs 20.76 crore to Rs 27.01 crore. The growth trajectory is steady rather than explosive, which is consistent with a mature manufacturing brand expanding into new segments.

Borrowings have remained broadly stable across all three years, rising only marginally from Rs 46.80 crore in FY24 to Rs 49.98 crore in FY26. This is a positive signal given the scale of operations. Note that FY24 data is standalone while FY25 and FY26 are consolidated. Investors should verify whether this difference affects comparability before drawing direct year-on-year conclusions.

Key Financial Ratios (FY2026)

• Return on Equity (ROE): 17.71%
• Return on Net Worth (RoNW): 16.27%
• Return on Capital Employed (ROCE): 18.26%
• PAT Margin: 15.02%
• EBITDA Margin: 23.33%
• Debt to Equity Ratio: 0.30x
• Net Worth: Rs 166.06 crore
• Pre-IPO EPS: Rs 17.84
• Post-IPO EPS: Rs 13.13

The debt-to-equity ratio of 0.30x is notably conservative for a manufacturing company of this scale. With net worth of Rs 166.06 crore against borrowings of Rs 49.98 crore, the balance sheet carries significant headroom for future expansion without financial stress.

Clay Craft India IPO: Strengths and Risks

💪 Strengths

• 30-year established brand with strong recognition in the premium tableware and HoReCa segments
• 100% fresh issue with zero OFS component. All four promoters are retaining their holdings
• Conservative debt-to-equity ratio of 0.30x with stable borrowings across three years
• Healthy PAT margin of 15.02% and EBITDA margin of 23.33%
• Approximately 5,770 active SKUs providing product depth and protection against shifting consumer preferences
• Clear capex plan with Rs 97 crore allocated to a new Manda facility for capacity expansion
• NSE SME listing provides broader institutional visibility compared to BSE SME

⚠️ Key Risks

• Rs 97 crore of the Rs 110.11 crore raised is going into a single new facility. Until the Manda plant reaches optimal capacity utilization, the company will face higher depreciation and fixed overhead costs, which could temporarily weigh on net margins over the next 12 to 18 months
• The ceramic tableware market is fragmented, with competition from domestic brands, unorganized local potteries, and low-cost imports from China
• Manufacturing bone china requires continuous kiln operation at temperatures above 1,200 degrees Celsius. Any sharp rise in natural gas, LPG, or electricity tariffs directly pressures operating margins
• The profit acceleration from FY25 onwards warrants scrutiny. Sustaining 15% PAT margins in a competitive, energy-sensitive sector over the long term is not guaranteed
• FY24 data is standalone while FY25 and FY26 are consolidated, which limits direct year-on-year financial financial comparability

Clay Craft India IPO: Objects of the Issue

The Rs 110.11 crore fresh issue proceeds will be deployed as follows:

The concentration of 88% of IPO proceeds into a single greenfield facility is the defining feature of this issue. Clay Craft is signaling that its current Jaipur plant is operating near full capacity, and the Manda facility is the primary vehicle for future revenue growth.

Investors should note that greenfield projects typically involve a 12 to 24 month gestation period before meaningful revenue contribution. The near-term financial impact of this capex will be higher depreciation charges rather than immediate top-line growth.

Clay Craft India IPO Valuation vs Listed Peers

Clay Craft does not have a direct listed peer in the pure-play bone china tableware space on Indian exchanges. The comparison with Cera Sanitaryware and Kajaria Ceramics is imperfect since both operate primarily in building materials rather than consumer tableware.

At a post-issue P/E of 15.46x on FY26 earnings, Clay Craft is priced at a meaningful discount to consumer lifestyle brands that typically trade above 25x. For a company with a 30-year brand, stable debt levels, and a clear expansion plan, the valuation appears reasonable. The absence of direct listed peers makes precise benchmarking difficult, which is a factor investors should account for.

Should You Apply for Clay Craft India IPO?

For listing gain seekers: The pre-subscription GMP of Rs 72 suggests a potential 35% listing gain at current grey market levels. The 100% fresh issue structure, conservative balance sheet, and strong brand recognition are positive signals. However, the GMP data set is limited to just two days of pre-subscription trading. Investors should monitor the GMP and Day 1 subscription figures on June 17 before drawing conclusions about listing sentiment.

For long-term investors: Clay Craft presents a more compelling long-term case than many SME IPOs. The 30-year brand, stable debt levels, healthy margins, and clear expansion plan through the Manda facility are genuine positives. The key risk is the 12 to 18 month margin pressure during the Manda plant ramp-up period. Long-term investors comfortable with this gestation period may find the 15.46x post-issue P/E attractive relative to consumer brand peers.

Verdict: Reasonable for listing gain applicants if the GMP holds after Day 1 subscription data is published. Long-term investors should monitor the Manda facility progress and post-listing quarterly results before building a significant position.

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