Milton Industries Ltd

milton industries

About the Company:

Milton Industries Limited is an ISO 9001:2008 certified company and engaged in manufacturing of Laminates, Artificial Leather cloth and Glass Fibre Reinforced Epoxy (GFRE) Sheets in the state of Gujarat.

Company is a manufacturer and exporter of premium quality high-pressure laminates, industrial Laminates, laminated board, flooring laminates, artificial Leather cloth,GFRE Sheets and other allied products.

Company manufactures superior quality laminates which are used on walls, doors, windows, cupboards, tabletops, hotels, cash counters, home kitchen, etc.

Initially Company was engaged in manufacturing of laminates and further they diversified into manufacturing and exports of Artificial Leather cloth and GFRE Sheets.

Company’s products are approved by the Railway board as well as all coach manufacturing units in India.

Company also produces PVC Coated Fabrics which is also known as Rexins Upholstery Cloth. Basically

They are selling PVC Coated Fabrics to Government Agencies, such as Indian Railways, State Transport Corporation of Different States and they are also exporting to different countries.

Company’s manufacturing facilities is situated in Gujarat and distributed in two units having different activities of Production, viz:

Unit I : This unit produces Decorative & Industrial Laminates ,called High Pressure Laminates from the year 1986.

Unit-II : This unit produces PVC Coated Fabrics which is also known as Rexins Upholstery Cloth.

They are registered Supplier as Grade-1 supplier to Indian Railways and subsequent portion of their sales is from Indian Railways.

Management Team:

  1. Mr.Vijay Pal Jain (Designation:Chairman and Managing Director)
  2. Mr.Ajay Mahipal SinghJain (Designation: Non-Executive Director)
  3. Mr.AbhaykumarMahipalsingh Jain (Designation: Whole Time Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Mr.Vijay Pal Jain 610709 5.64
Mr. Ajay Mahipal SinghJain 773627 6.46
Mr. Abhaykumar Mahipal singh Jain 634977 8.78
Mr. Vikas Jain 979551 3.96
Mr. Saket Jain 361107 12.28


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake
Vijay Pal Jain 5.43 3.95
Ajay Mahipal Singh Jain 6.88 5.01
Abhaykumar Mahipalsingh Jain 5.64 4.11
Vikas Jain 8.71 6.34
Saket Jain 3.21 2.34
Promoter Group Entities             39.65           28.87
Total 69.52% 50.62%


Objectives of the Issue:

  • To Meet Working Capital Requirement
  • General Corporate Purpose
  • To Meet the Issue Expenses


Fund Utilization:

Particulars Amount (Rs. in Crores)
Working Capital requirements 13.00
General Corporate Expenses 0.905
Public Issue Expenses 0.37
Net Proceeds 14.28


Check IPO Allotment Status:

Bigshare Website


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17
Revenue 46.55 45.46 42.58 42.03 43.63
Net Profit 0.86 0.74 0.62 0.22 1.15


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW (%) NAV
Greenlam Industries 5 17.80 52.50 16.40 125.60
Century Plyboards (India) Ltd 1 8.40 34.00 36.8 31.90
Ambition Mica Ltd 10 1.60 35.60 17.60 12.20
Rushil Décor Ltd 10 17.00 49.10 9.30 72.90
Milton Industries Limited 10 1.03 33.14 8.65 26.69


IPO Details:

Details Info
Issue Opens on 29th September 2017
Issue Closes on:. 6th October 2017
Issue Price Rs.34
Face Value Rs.10
Minimum Lot 4000
Minimum Investment Rs.1,36,000
Issue Constitutes 27.18%
Issue Size Rs.14.28 cr
Market Cap Rs.52.53 cr
Listing at NSE SME
Equity Shares Offered 42,00,000
Equity Shares Prior 1,12,50,000
Equity Shares after the issue 1,54,50,000


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
1.03 33.14 8.65% 26.69


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Avoid NA NA