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IPO Details

Manika Plastech Limited IPO Analysis

This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Manika Plastech Limited, dated September 7, 2026, and is intended for general market and financial education purposes only.

Manika Plastech Limited IPO Analysis

1. IPO Snapshot

ParticularDetails
Company NameManika Plastech Limited
IPO Type100% Book Built Offer / Book Building Process
Fresh Issue2,15,11,627 Equity Shares; aggregating up to ₹92.50 crore
Offer for Sale76,74,418 Equity Shares; aggregating up to ₹33.00 crore
Total Issue Size2,91,86,045 shares; aggregating up to ₹125.50 crore
Face Value₹2 per Equity Share
Price Band₹40 to ₹43 per Equity Share
Issue Price₹43 per Equity Share (upper end)
Lot Size348 Equity Shares
Opening DateSeptember 11, 2026
Closing DateSeptember 16, 2026
Listing ExchangeBSE and NSE; BSE is Designated Stock Exchange
RegistrarMUFG Intime India Private Limited (formerly Link Intime India Private Limited)
Lead ManagerPantomath Capital Advisors Private Limited

2. IPO Details

ParticularAt Floor Price ₹40At Cap Price ₹43
Fresh Issue Shares2,15,11,6272,15,11,627
Fresh Issue Amount₹860.47 million₹925.00 million
Offer for Sale Shares76,74,41876,74,418
Offer for Sale Value₹306.98 million₹330.00 million
Total Issue Shares2,91,86,0452,91,86,045
Pre-Issue Shares95,000,00095,000,000
Post-Issue Shares11,65,11,62711,65,11,627
Post-Issue Market Capitalisation₹466.05 crore₹501.00 crore

3. Issue Reservation

Category% of Offer
QIBNot more than 50%
Anchor Investor PortionUp to 60% of QIB Portion
Mutual Funds within AnchorUp to 33.33% of Anchor Portion
Life Insurance Companies & Pension Funds within AnchorUp to 6.67% of Anchor Portion
Mutual Fund Portion in Net QIB5% of Net QIB Portion
NII / NIBNot less than 15%
Retail Individual InvestorsNot less than 35%

4. IPO Lot Size

ApplicationLotsSharesAmount at ₹40Amount at ₹43
Retail (Min)1348₹13,920₹14,964
Retail (Max)134,524₹1,80,960₹1,94,532
S-HNI (Min)144,872₹1,94,880₹2,09,496
S-HNI (Max)6622,968₹9,18,720₹9,87,624
B-HNI (Min)6723,316₹9,32,640₹10,02,588

5. About the Company

Manika Plastech Limited was incorporated on April 25, 1996, as Manika Moulds Private Limited. Its registered office was shifted from Maharashtra to Gujarat in 2014. The Company was renamed Manika Plastech Private Limited in 2022 and was subsequently converted into a public limited company in 2024.

The Company manufactures rigid polymer packaging products, including battery casings, pails, thinwall containers and automotive components. It also operates a painting facility for automotive components. Its products are used across sectors such as automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy. The Company states that its services cover the process from design and development to raw-material sourcing, manufacturing, labelling, quality assurance and delivery.

Operating FacilityProducts / ActivitySelected Customer Examples
DadraPails & thinwall containersVadilal Industries Limited
DehradunBattery casings, meter boxes, pails & thinwall containersLivguard Energy Technologies; Luminous Power Technologies; Genus Innovation; HSD Batteries
Hosur – ManufacturingBattery casings, pails & thinwall containers, automotive componentsLuminous Power Technologies; Kansai Nerolac; JSW Paints; Sakthi Accumulators; Surya Batteries; Zunax Energy Products
Hosur – PaintingPainting of automotive componentsTVS Motor Company; Ultraviolette Automotive
PanipatPails & thinwall containersGrasim Industries Limited
UnaBattery casings, pails & thinwall containersLivguard Energy Technologies; Luminous Power Technologies; Kansai Nerolac

Operating Scale

As of July 31, 2026, the Company reported 352 employees and 809 contract labourers. The RHP states that it served 168–242 customers across 24 states and Union Territories during the three-month period ended June 30, 2026 and the preceding three financial years.

The Company operated seven facilities, comprising six manufacturing facilities and one painting facility, with an aggregate installed capacity of 29,200 MTPA.

6. Restated Financial Information

Particular (₹ million)Jun 30, 2026 (3M)FY2026FY2025FY2024
Revenue from Operations1,624.544,359.824,065.023,607.72
Other Income2.5812.7960.8979.88
Total Income1,627.124,372.614,125.913,687.60
EBITDA243.81581.40453.00308.59
Profit Before Tax175.56304.35254.33163.62
PAT130.72224.02193.31115.33
Basic EPS (₹)1.382.362.031.21
Diluted EPS (₹)1.382.362.031.21
Net Worth / Total Equity1,567.821,476.171,251.751,079.97
Equity Share Capital190.00190.00190.00190.00
Other Equity / Reserves1,377.821,286.171,061.75889.97
Total Borrowings924.62Not separately disclosedNot separately disclosedNot separately disclosed
Total Assets3,169.993,236.923,209.852,529.29
Total Liabilities1,602.171,760.751,958.101,449.32
Finance Costs34.63150.49134.1593.68
Depreciation & Amortisation36.20139.35125.41131.17
CFO99.22443.00368.77354.23
CFI(63.95)(187.23)(230.54)(532.91)
CFF(35.16)(263.91)(130.02)177.82
Purchase of PPE, Intangibles & CWIP(64.89)(189.50)(234.90)(540.12)
Inventory655.09608.13646.57394.60
Trade Receivables648.43657.73609.12448.75
Trade Payables – MSME64.3656.9933.2021.35
Trade Payables – Other Creditors143.46209.14307.12132.22

7. Key Performance Indicators

KPIJun 30, 2026 (3M)FY2026FY2025FY2024
Revenue from Operations (₹m)1,624.544,359.824,065.023,607.72
EBITDA (₹m)243.81581.40453.00308.59
EBITDA Margin15.01%13.34%11.14%8.55%
PAT (₹m)130.72224.02193.31115.33
PAT Margin8.03%5.12%4.69%3.13%
Debt / Equity0.59x0.60x0.78x0.86x
ROE8.34%15.18%15.44%10.68%
ROCE8.34%18.77%14.79%8.84%
Fixed Assets Turnover1.06x2.95x2.83x3.04x
Net Working Capital Days53716970
CFO / EBITDA0.41x0.76x0.81x1.15x
Debt Service Coverage Ratio6.74x4.25x4.16x6.21x
Manufacturing Facilities6667
Installed Capacity (MTPA)29,20028,30027,60024,900

8. IPO Valuation

MetricRHP Disclosure
FY2026 Basic/Diluted EPS₹2.36
FY2025 Basic/Diluted EPS₹2.03
FY2024 Basic/Diluted EPS₹1.21
Weighted-average EPS₹2.06
P/E at Floor/Cap16.96x at Floor; 18.23x at Cap
NAV per Share – Jun 30, 2026₹16.50
NAV per Share – Mar 31, 2026₹15.54
NAV per Share – Mar 31, 2025₹13.18
NAV per Share – Mar 31, 2024₹11.37
Post-offer Market Capitalisation at Floor/Cap₹409 crore at Floor; ₹501 crore at Cap
RoNW – FY202615.18%
Weighted-average RoNW14.52%
Price-to-NAV2.61x at June 30, 2026; 2.77x at March 31, 2026
Industry P/E – Highest37.85x – Hitech Corporation Limited
Industry P/E – Lowest32.34x – Mold-Tek Packaging Limited
Industry P/E – Average35.10x

9. Peer Comparison

CompanyFV (₹)Closing Price – 31 Aug 2026 (₹)FY2026 Revenue (₹m)Basic EPS (₹)Diluted EPS (₹)NAV (₹)P/ERoNW
Manika Plastech Limited*2.00NA4,359.822.362.3615.54NA15.18%
Hitech Corporation Limited10.00334.606,404.028.848.84165.7237.855.34%
Mold-Tek Packaging Limited5.00709.258,866.1021.9321.93207.6432.3410.56%
Shaily Engineering Plastics Limited2.003,272.309,906.6736.9736.83155.9588.8523.71%

10.Shareholding & Capital Structure

ShareholderPre-Offer SharesPre-Offer %Post-Offer SharesPost-Offer % at ₹40Post-Offer % at ₹43
Nikunj Mohanlal Kapadia712,5000.75%712,5000.61%0.61%
Munjal Nikunj Kapadia475,0000.50%475,0000.41%0.41%
Mihir Nikunj Kapadia475,0000.50%475,0000.41%0.41%
Pratik Nikunj Kapadia475,0000.50%475,0000.41%0.41%
VRIDAA Holding Trust92,150,00097.00%84,475,58271.51%72.50%
Total Promoters94,287,50099.25%86,613,08273.31%74.34%
Neha Munjal Kapadia237,5000.25%237,5000.20%0.20%
Vaishali Mihir Kapadia237,5000.25%237,5000.20%0.20%
Reena Pratik Kapadia237,5000.25%237,5000.20%0.20%
Promoter Group Total712,5000.75%712,5000.60%0.60%
Total95,000,000100.00%87,325,58273.91%74.94%

Capital Structure

Capital ItemRHP Disclosure
Authorised CapitalRefer Capital Structure; detailed capital history disclosed
Issued / Paid-up Share Capital Before Offer₹190.00 million / 95,000,000 shares
Other Equity at Jun 30, 2026₹1,377.82 million
Outstanding Convertible SecuritiesNone
Employee Stock Option SchemeNone
Promoter Contribution Lock-in20% of fully diluted post-offer capital, excluding offered shares, for 3 years; excess promoter holdings subject to 1-year lock-in
Minimum Promoter Contribution Quantity20% of fully diluted post-offer capital, excluding offered shares, subject to applicable lock-in rules; exact quantity is derived from the final post-offer capital

11. Objects of the Issue

ObjectEstimated Amount (₹m)
Plant and Machinery Capex549.29
Repayment / Pre-payment of Borrowings150.00
General Corporate Purposes[•]
Net Proceeds[•]

12 .OFS / Selling Shareholders

Selling ShareholderTypeShares OfferedValue at ₹40 (₹m)Value at ₹43 (₹m)
VRIDAA Holding TrustPromoter Selling Shareholder7,674,418₹306.98 million₹330.00 million

13. Key Risks Highlighted in the RHP

The RHP identifies several risks that could affect Manika Plastech’s business, financial performance and future growth. The key risks can be summarised as follows:

  • Customer Concentration: 58%–69% of operating revenue came from the top five customers. Loss or reduction of business from any major customer could materially affect revenue and profitability.

  • Dependence on Repeat Customers: A significant portion of revenue comes from repeat customers. Any decline in repeat orders could adversely affect business performance.

  • Capex Execution: A substantial portion of the proposed plant and machinery had not yet been ordered. Delays, vendor issues or cost overruns could affect the planned expansion.

  • Working Capital: The business requires significant working capital, particularly for inventory and receivables. Poor management of working capital could affect cash flows.

  • Borrowings & Interest Rates: The Company has secured and unsecured borrowings. Changes in interest rates could increase finance costs and affect profitability.

  • Raw Material Supply: Key raw materials, including PPCP, are sourced from major suppliers. Price increases or supply disruptions could affect margins and production.

  • Product Quality: Quality issues, customer complaints or product returns could result in loss of customers, lower sales and reputational damage.

  • Labour Dependence: Operations depend partly on contract workers. Shortages or increases in labour costs could disrupt manufacturing.

  • Technology & Cybersecurity: The Company relies on IT systems for various business activities. System failures, disruptions or cybersecurity incidents could affect operations.

  • Legal & Regulatory Compliance: The RHP identifies past delays in statutory dues and certain corporate-record and filing discrepancies, which could result in regulatory consequences.

  • Environmental Regulations: Changes in plastic-waste management, environmental, safety, health and labour regulations could increase compliance costs and operational requirements.

  • Competition: The Company competes with larger and other packaging manufacturers. Failure to compete effectively could affect growth and market position.

  • Promoter Control: Promoters and Promoter Group will continue to have significant control after the IPO. Their interests may not always align with those of other shareholders.

  • IPO & Market Risk: The IPO price band does not guarantee the post-listing market price. There is no assurance that an active or sustained trading market will develop.

  • Listing Risk: Listing or commencement of trading could be delayed or may not occur if required approvals are not obtained or other stated conditions arise.

14. Litigation & Contingent Liabilities

Litigation

MatterDisclosureStatus / Amount
Company – Complaint: Rainbow Paint ProductsComplaint under the Negotiable Instruments Act concerning dishonour of three cheques for ₹0.16 million.Pending
Company – Complaints: Gem BatteriesFive complaints concerning dishonour of six cheques amounting to ₹6.00 million.Pending
Company – Complaints: Kevin Power SolutionsComplaints concerning dishonour of cheques; products supplied amounted to ₹11.57 million.Pending
Company – Complaint: Sakshi Auto PartsComplaint concerning dishonour of a ₹2.00 million cheque.Pending for verification
Company – Civil Suit: Bandra Paint AgencyCommercial summary suit; claimed amount ₹1.96 million including stated interest.Pending
Director – Chitradurga Narasimha MurthyNamed as respondent in a criminal application concerning transactions in a third party's trading account, in his capacity as a Company director.Pending; RHP states no expected material adverse effect based on information available
Tax Proceedings – CompanyTwo indirect-tax cases.₹8.52 million; appeals disclosed

Contingent Liabilities

Contingent LiabilityJun 30, 2026 (₹m)FY2026 (₹m)FY2025 (₹m)FY2024 (₹m)
Claims not acknowledged as debts – Customs Appeals—1.841.841.84
Claims not acknowledged as debts – Appeal Filed8.528.524.12—
Claims – Appeal Proposed——4.39—
Total Contingent Liabilities8.5210.3610.351.84
Contingent Liabilities as % of Net Worth0.54%0.70%0.83%0.17%

15. Registrar

ParticularDetails
NameMUFG Intime India Private Limited (formerly Link Intime India Private Limited)
AddressC-101, 1st Floor, 247 Park, L B S Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India
Contact PersonShanti Gopalkrishnan
Telephone+91 810 811 4949
Emailmanikaplastech.ipo@in.mpms.mufg.com
Investor Grievance Emailmanikaplastech.ipo@in.mpms.mufg.com
Websitehttps://in.mpms.mufg.com/
SEBI Registration NumberINR000004058

16. Lead Manager

ParticularDetails
NamePantomath Capital Advisors Private Limited
AddressPantomath Nucleus House, Saki Vihar Road, Andheri East, Mumbai – 400 072, Maharashtra, India
Contact PersonAmit Maheshwari
Telephone180 088 98711
Emailmanika.ipo@pantomathgroup.com
Investor Grievance Emailinvestors@pantomathgroup.com
Websitewww.pantomathcapital.com
SEBI Registration NumberINM000012110
RoleSole Book Running Lead Manager

17. Company Contact Details

ParticularDetails
Registered OfficeGala Number C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road, Village Saily, Silvassa – 396 230, Dadra & Nagar Haveli, India
Registered Office Telephone+91 260 297 7910
Corporate OfficeAar-Pee Centre, 601 to 605, 6th Floor, Gufic Compound, MIDC Andheri (East), Chakala MIDC, Mumbai – 400 093, Maharashtra, India
Corporate Office Telephone+91 22 4223 4300
Emailcs@manikaplastech.com
Websitewww.manikaplastech.com
Company Secretary & Compliance OfficerKarishma Himatbhai Waghela
CINU74999DN1996PLC000469

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