Marvel Decor Ltd

Marvel Decor

About the Company:

Marvel Decor Ltd designs, manufacture and sell wide range of window covering products like Blinds, Curtain Rods and Tracks.They are one of the largest production houses of window covering industry which is producing about 810 components of different type, size and colors as per customer requirement.

Company is one of the leading companies in India due to their quality, wide range of products, prompt services, and innovative ideas at affordable price.

Marvel specializes in Roller Blinds, Roman Blinds, Vertical blinds, Bamboo Blinds, Wooden Venetian Blinds, Luzon Blinds, Grayson Blinds, Eton Blinds, Patricia Blinds, Aric Blinds, Colby Blinds, Meliso Blinds, Dorren Blinds, Sierra Blinds, Curtain Rods, Automation and Tracks, with the State of the Art technology creating its presence globally.

Marvel Decor is a leader in Blinds for many reasons–design, quality and knowledge of the product based on their lengthy experience. Company prides itself on making great products at a great price, and rises to the challenge of helping retailers meeting their margins.

The traditional way of covering windows was to use curtains which didn’t give much choice as far as style was concerned. Marvel, has brought the trend of blinds in India. It has brought awareness in people that the blinds cannot be restricted for the commercial spaces but also can be used at residences.

They have lot of advantages as they are useful for light and privacy control, are more durable, are energy efficient and have wide range of colors, design and easy to maintain.

Company has wide range of products. They provide large range of categories ranging from manual to automatic blinds with various fabric options with about 1000 shades. And all these at reasonable prices.

Company has incorporated a wholly owned subsidiary ‘Callistus UK Limited’ in England on November 16, 2017 as a Private Company. The subsidiary is incorporated with an object of entering into foreign markets.

Company has well-equipped in house manufacturing facility that ensures they make customized products for their clients.


Why BLINDS are more Preferred over Curtains?

• Gives complete control over the amount of light that can pass through your windows
• Can be accurately installed, exactly covering the window.
• Can be operated both, vertically as well as horizontally.
• Since they are very useful in managing the levels of light in the house/office, they are also effective method of temperature control.


Highlights about Marvel Decor :

• Large range of Products.
14 types of blinds and more than 900+ shades.
Largest range of 9 operating systems.
• Stringent international quality standards
• Affordable Prices
• Select, Key Channel Partners in most of the cities.
• Consistent innovation and improvement driven with our in-house R&D team
• Technical Support, prompt after sales service
• Presence across 24 states with a network of 224+ cities
• 300+ galleries & showrooms across the nation
• Ultra modern manufacturing factory spread across 2 lac sq. ft. at Jamnagar, Gujarat


Competitors for the Company:

Major competitors are Hunter Douglas, Alps Industries Limited (Vista), D’décor and lot of regional players in both organized and unorganized market.


Management Team:

  1. Mr. Ashok Ramniklal Paun (Designation: Managing Director)
  2. Mr. Dipak Ramniklal Paun (Designation: Whole Time Director)
  3. Mrs. Urmi Ashok Paun (Designation: Executive Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Ashok Ramniklal Paun 86,96,060 0.57
Dipak Ramniklal Paun 18,65,040 0.48


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake  (%)
Ashok Ramniklal Paun 69.99% 51.03%
Dipak Ramniklal Paun 15.01% 10.93%
Promoter Group Entities              15%              10.94%
Total 100% 72.91%


Objectives of the Issue:

  • To meet the working capital requirements of the Company;
  • Repayment of Long-Term Unsecured Loans of Promoters/Directors.
  • General Corporate Purposes.
  • Issue Expenses.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Working Capital requirements 12.51
Repayment of Long-Term Unsecured Loans of Promoters/Directors. 6.50
General Corporate Expenses 4.50
Issue Related Expenses 2.75
Net Proceeds 26.31 crores


Peer Group Comparison:

  • We believe that there are no listed companies in India which are solely engaged in same type of business like Marvel Decor Ltd. Hence a strict comparison is not possible.


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th Sept 17
Revenue  23.63 27.73   22.41  28.79 30.15  17.74 
Net Profit  1.70 1.51   1.28  0.84  1.29  1.42


IPO Details:

Details Info
Issue Opens on 12th March 2018
Issue Closes on:. 15th March 2018
Issue Price Rs.57
Employee Discount Rs.5 per share
Face Value Rs.10
Minimum Lot 2000
Minimum Investment Rs.1,14,000
Issue Constitutes 27.09%
Issue Size Rs.26.31 cr
Market Cap Rs.97.13 cr
Listing at NSE SME
Total Equity Shares Offered (Fresh) 46,16,000
Equity Shares Prior to the Issue 1,24,24,140
Equity Shares after the Issue 1,70,40,140


Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3 Day-4
HNI   21,40,000  0.32  0.50  0.84  2.07
Retail   21,40,000  0.02  0.056  0.12  0.82
Others  2,36,000  0.00  0.00  0.00  0.29
Employee  1,00,000  0.02  0.04  0.28  4.72
TOTAL  46,16,000  0.15  0.26 0.45   1.46


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
1.04 54.81 10.31% 10.13


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Subscribe Long Term 5%


Grey Market Premium :

Date IPO Price Band Grey Market premium
09/03/18 Marvel Decor Ltd  57 2 – 3


Check IPO Allotment Status:

Bigshare Website (Click on the below Link)


Company Contact Info:
Plot No 211 GIDC Phase II,
Dared Jamnagar – 361004,
Gujarat, India
Tel: +91 288 2730601/602
Fax: +91 288 2730603


IPO Registrar Info:
Bharat Tin Works Building, 1st Floor,
Opp. Vasant Oasis, Makwana Road,
Marol, Andheri East, Mumbai – 400059
Tel: +91 22 62638200
Fax: +91 22 62638299


Lead Manager to the Issue:
159/11, Amar Brass Compound,
Vidyanagari Marg, Kalina, Santacruz (E),
Mumbai – 400098
Tel: +91 22 26528671/72
Fax: +91 22 26528673
Investor Email: