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Malpani Pipes IPO
Price Band
₹85.0–90.0
Issue Size
₹25.92 Cr
Lot Size
1,600 shares
Min Investment
₹144,000
GMP
+₹2.0 (2.22%)
Issue Price
₹90.0
Subject to Sauda
₹2400
Paid only if allotted
Malpani Pipes IPO AI Summary
- Malpani Pipes IPO is listed on BSE SME in the Plastic Products - Industrial sector.
- Price band: ₹85.0–₹90.0 per share, lot size 1,600 shares (min. investment ₹144,000).
- Subscription window: 29 Jan–31 Jan 2025, listing on 04 Feb 2025.
- Current GMP is +₹2.0 (2.22%), an estimated listing price of ₹92 — unofficial and can change daily.
Malpani Pipes and Fittings Limited is an SME engaged in manufacturing high-grade plastic pipes, with a diverse product range and a strategic focus on quality. The IPO aims to raise ₹25.92 Cr for various purposes, including capital expenditure and debt repayment. Investors should consider the company's financial performance, market conditions, and their own risk tolerance before participating.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Malpani Pipes IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 31 Jan 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Malpani Pipes IPO Grey Market Premium (GMP) Today
GMP
+₹2.0
GMP %
+2.22%
Est. Listing
₹92.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 2017, Malpani Pipes and Fittings Limited is engaged in manufacturing high-grade plastic pipes. The company offers High-Density Polyethylene (HDPE) Pipes, Medium-Density Polyethylene (MDPE) Pipes, and Linear Low-Density Polyethylene (LLDPE) Pipes, all marketed under its brand name "Volstar". Additionally, the company is involved in trading granules and PVC pipes, along with selling various services. The company’s pipes are designed for irrigation, water supply, sewerage, drainage, boreholes, tube wells, and infrastructure projects like electrical cable and optical fiber installations. The company’s manufacturing plant, located in Ratlam, Madhya Pradesh, is equipped with essential machinery and an in-house testing facility. It operates 10 production lines with a capacity of 11,500 M.T.P.A.The company distributes products to wholesalers, and retailers, and supplies pipes for government projects through authorized contractors, as well as to farmers under welfare policies. Products: HDPE Pipes: High-Density Polyethylene (HDPE) pipes, available in 20mm to 2000mm sizes, are used for water supply, irrigation, and industrial piping due to strength, durability, and chemical resistance. MDPE Pipes: MDPE pipes are durable, flexible, and corrosion-resistant, used in water supply, gas distribution, irrigation, mining, and construction projects for reliable performance. Lateral Pipes (LLDPE): Lateral pipes, made from premium HDPE, are durable, flexible, and corrosion-resistant, ideal for irrigation, water supply, and drainage systems. Drip Irrigation Pipes: Drip irrigation pipes efficiently deliver water to plants, conserving water and promoting healthy growth in agriculture, horticulture, and commercial applications. As of December 31, 2024, the company had 51 full-time employees and 30 contract-based employees. Competitive Strength: Wide Geographical Reach Strategically located manufacturing facilities with a core focus on quality Diversified product mix Experienced Promoter and strong management team Quality
Company Financials (₹ Cr)
As of 2024-11-30
| Period Ended | 30 Nov 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 90.76 | 61.35 | 38.94 | 21.30 |
| Total Income | 84.55 | 141.16 | 82.57 | 34.94 |
| Profit After Tax | 5.09 | 7.40 | 2.08 | 0.89 |
| NET Worth | 19.73 | 14.77 | 5.83 | 3.76 |
| Reserves and Surplus | 12.04 | 12.42 | 3.90 | 1.83 |
| Total Borrowing | 35.74 | 30.29 | 19.59 | 8.98 |
Key Ratios
EPS
₹37.17
NAV
₹60.80
ROE
71.52%
ROCE
21.74%
RoNW
50.07%
P/B Value
1.48
P/E Ratio
2.42
Market Cap
₹97.00 Cr
PAT Margin
5.25%
Debt/Equity
2.04
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Kriti Industries (india) Ltd. | 30.32 | 13.99% | 36.44 | 4.32 | 4.32 |
| Aik Pipes And Polymers Ltd | 34.46 | 15.56% | 15.7 | 6.69 | 6.69 |
| Malpani Pipes And Fittings Limited This IPO | 60.8 | 50.07% | — | 37.17 | 37.17 |
Promoters
Rohit Malpani, Harsh Malpani and Mohit Malpani
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital Expenditure for plant and machineries 3.50 2 Repayment of Debt 17.00 3 General Corporate Purposes 3.48 4 Issue expenses 1.94 Total 25.92
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹34.94 Cr in the period ending 31 Mar 2022, increasing to ₹82.57 Cr by 31 Mar 2023, then rising further to ₹141.16 Cr by 31 Mar 2024. However, in the most recent period ending 30 Nov 2024, Total Income was ₹84.55 Cr, which is a 9-month figure and not directly comparable to the full fiscal year figures.
Profit Trend
Profit After Tax was ₹0.89 Cr in the period ending 31 Mar 2022, increasing to ₹2.08 Cr by 31 Mar 2023, and further rising to ₹7.40 Cr by 31 Mar 2024. In the latest period ending 30 Nov 2024, Profit After Tax was ₹5.09 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Malpani Pipes has an EPS of ₹37.17 and is priced at ₹90.0 per share, implying a P/E ratio of approximately 2.42. This is significantly lower than its peers, with Kriti Industries trading at a P/E of 36.44 and Aik Pipes and Polymers at 15.7.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the difference between the issue price and the price at which the shares are expected to trade on the stock exchange once they are listed. A positive GMP indicates that the shares are likely to list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. Factors to consider include the company's growth potential, market conditions, and the overall economic environment.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid IPOs like this, which can be subject to significant price fluctuations and uncertainty in the early stages of trading.
IPO Timeline, Explained
The IPO opens for subscription on January 29, 2025, and closes on January 31, 2025. Allotment of shares will be finalized by February 3, 2025, and the listing on the stock exchange is expected on February 4, 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares of an IPO are sold on the listing day at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-listing.
This evaluation is generated from Malpani Pipes's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Malpani Pipes IPO GMP today?
Malpani Pipes IPO GMP today is +₹2.0 (2.22%), indicating an estimated listing price of ₹92. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Malpani Pipes IPO?
The price band of Malpani Pipes IPO is ₹85.0–₹90.0 per share.
When does Malpani Pipes IPO open and close?
Malpani Pipes IPO opens on 29 January 2025 and closes on 31 January 2025.
When does Malpani Pipes IPO list on the stock exchange?
Malpani Pipes IPO listed on 04 February 2025 at ₹92.0.
What is the lot size for Malpani Pipes IPO?
The lot size for Malpani Pipes IPO is 1600 shares, requiring a minimum investment of ₹144,000.
What is the price band for the Malpani Pipes IPO?
The price band for the Malpani Pipes IPO is ₹85.0 to ₹90.0.
What is the minimum investment required?
The minimum investment required is ₹144,000, which corresponds to a lot size of 1600 shares.
When does the IPO open and close?
The IPO opens on January 29, 2025, and closes on January 31, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO shares.
When will the shares be listed?
The shares are expected to be listed on February 4, 2025.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
29 Jan 2025
Close
31 Jan 2025
Allotment
03 Feb 2025
Listing
04 Feb 2025
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