IPO Overview
Incorporated in 1996, Manika Plastech Limited is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails, and thinwall containers. Manika Plastech is a design-led, precision-engineered rigid polymer packaging manufacturer supplying battery casings, pails, and thinwall containers to industries such as energy storage, automotive, paints, chemicals, food, and dairy. Battery casings contributed 56.54% of revenue from operations in Fiscal 2026. Manika Plastech operates six manufacturing facilities in Dehradun, Hosur, Panipat, Una, and Dadra, along with a dedicated automotive-component painting facility in Hosur. The company operates seven facilities and holds 30 registered product designs as intellectual property.
Manika Plastech IPO is a mainboard IPO of 2,91,86,045 equity shares of face value ₹2 aggregating up to ₹125 crore. The offer consists of both a fresh issue of 2,15,11,627 shares aggregating up to ₹92.50 crore, and an offer for sale of 76,74,418 shares aggregating up to ₹33 crore. The price band is set at ₹40 to ₹43 per share. The IPO will open on September 11, 2026, and close on September 16, 2026. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of September 21, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 10 September 2026 |
| IPO Open Date | 11 September 2026 |
| IPO Close Date | 16 September 2026 |
| Allotment Date | 17 September 2026 (Expected) |
| Refund Initiation | 18 September 2026 |
| Credit to Demat | 18 September 2026 |
| Listing Date | 21 September 2026 (Tentative) |
| Price Band | ₹40 – ₹43 per share |
| Face Value | ₹2 per share |
| Lot Size | 348 shares |
| Minimum Investment (Retail) | ₹14,964 (1 lot = 348 shares) |
| Maximum Investment (Retail) | ₹1,94,532 (13 lots = 4,524 shares) |
| Issue Size | ₹125.50 crore |
| Fresh Issue | 2,15,11,627 shares (₹92.50 crore) |
| Offer For Sale (OFS) | 76,74,418 shares (₹33 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
Promoter ownership will decline from 100% to 74.95%, while public ownership will increase to 25.05%. The OFS portion of ₹33 crore represents a partial exit by the promoter group. The fresh issue component of ₹92.50 crore will be retained by the company for business purposes.
Objects of the Issue (Fund Utilization)
The company plans to use the net proceeds from the fresh issue for the following purposes:
- Capital Expenditure — ₹54.93 crore earmarked for procuring modern machinery, including Injection Stretch Blow Moulding (ISBM) technology, to diversify production capabilities
- Repayment and/or pre-payment, in part or full, of certain existing borrowings
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Pantomath Capital Advisors Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The promoters of the company are Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, and Vridaa Holding Trust. The promoter group collectively held 100% of the paid-up equity share capital prior to the IPO. The family-led promoter group brings decades of experience in polymer packaging manufacturing and industrial supply chain management.
Company Details
Manika Plastech operates seven facilities in India, consisting of six manufacturing units and one painting facility. The manufacturing locations are situated in Dehradun, Hosur, Panipat, Una, and Dadra, while the painting facility is located in Hosur and is primarily used for automotive components. The manufacturing facilities produce battery casings, pails, thinwall containers, and automotive components.
Sectors Served:
- Energy Storage & Battery Manufacturing
- Automotive & Auto Components
- Paints, Lubricants & Industrial Chemicals
- Food & Dairy (food-grade thinwall containers)
- Construction & Infrastructure
Key Products Manufactured:
- Automotive Battery Casings (largest revenue contributor — 56.54% of FY26 revenue)
- Industrial Pails (for paints, lubricants, chemicals)
- Thinwall Containers (for dairy and food applications)
- Automotive Component Painting Solutions
Key Capabilities:
- Proximity to key customer locations and operational flexibility enables customer retention and superior customer service. Integrated value-added services through in-house design, development, and labelling capabilities. De-risked business model with diverse industry applications, customer base, suppliers, locations, product portfolio, and operational flexibility.
- 30 registered product designs as intellectual property
Workforce:
- As of July 2026, the company employed 352 permanent employees and 809 contract workers.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹412.59 | ₹19.33 |
| FY26 | ₹437.26 | ₹22.40 |
| Q1 FY27 (Jun 2026) | ₹162.71 | ₹13.07 |
Key Financial Metrics
- Revenue increased approximately 6% and profit after tax rose 16% between FY25 and FY26.
- Net profit nearly doubled from ₹11.53 crore in FY24 to ₹22.40 crore in FY26. The PAT margin improved structurally from 3.13% to 5.12% over the same two-year window. Q1 FY27 recorded a record net profit of ₹13.07 crore, indicating strong operating leverage.
- As of July 2026, total outstanding borrowings stood at ₹77.9 crore.
- EBITDA Margin: ~13.34% (FY26)
Company Strengths
- Top 20 customers had an average association exceeding ten years, indicating stable and long-term business relationships.
- Derived approximately 93%–98% of revenue from operations from repeat customers during the three-month period ended June 30, 2026 and the preceding three fiscal years — indicating extremely strong customer stickiness.
- Strong presence in battery casing manufacturing — a segment benefiting from India’s growing energy storage and EV ecosystem
- Seven manufacturing facilities across multiple states providing geographic diversification and proximity to key customers
- 30 registered product designs provide intellectual property protection and reinforce the company’s design-led positioning
- EBITDA growth exceeded revenue growth, reflecting improving operating efficiency.
Key Risks & Challenges
- About 58%–69% of operating revenue came from the top five customers, though the company served between 168 and 242 customers during the three months ended June 30, 2026 — high revenue concentration in a limited customer base.
- Dependence on polymer-based raw materials and price fluctuations, and exposure to automotive, industrial, and consumer demand cycles.
- The subsidiary, Manika Automotive Private Limited, has incurred losses and negative cash flows in the past, which may impact overall reputation or financial results on a consolidated basis.
- The company does not own certain premises used in operations — disruption of lessee or licensee rights could adversely impact operations.
- IPO includes an OFS component — a portion of proceeds will go to promoters rather than the company, limiting growth capital available from the offering.
- Total outstanding borrowings of ₹77.9 crore as of July 2026 add financial leverage risk, particularly in a rising interest rate environment.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
