Manika Plastech IPO- Complete Overview
Manika Plastech IPO is a Mainboard IPO with an issue size of Rs. 125.50 Cr by Manika Plastech Limited, which produces stiff polymer packaging items such as thinwall containers, pails, and battery casings.
The company produces thinwall containers, pails, and battery casings for a range of commercial and industrial uses. In addition, the company produces pails for the packaging of paints, lubricants, and industrial chemicals; dairy and consumable food products are packaged and distributed in its food-grade thinwall containers. Throughout the anticipated product lifecycle, its goods are made to offer protection, ease of handling, and structural strength.
Manika Plastech offers complete rigid polymer packaging solutions, including design & development, raw material sourcing, production, heat sealing, labeling, quality control, and delivery. The business is now able to provide products with personalized packaging.
This new IPO is to be launched on 11 Sep 2026, and its ‘initial public offering’ will end on 16 Sep 2026.
Manika Plastech IPO Details
This Mainline IPO comprises a combination of a fresh issue of 2.15 Cr shares (Rs. 92.50 Cr) and an offer for sale of 0.76 Cr shares (Rs. 33 Cr). The Manika Plastech IPO listing date (expected) might be Monday, Sep 21, 2026, and the listing on the BSE and NSE.
The Manika Plastech IPO price band is Rs. 40 to Rs. 43.
IPO Timetable (Tentative)
The Manika Plastech IPO date is from 11 Sep to 16 Sep, with IPO allotment on Sep 17, refund initiation on Sep 18, and listing on Sep 21, 2026.
|
Events |
Date |
|
IPO Opening Date |
Sep 11, 2026 |
|
IPO Closing Date |
Sep 16, 2026 |
|
IPO Allotment Date |
Sep 17, 2026 |
|
Refund Initiation |
Sep 18, 2026 |
|
IPO Listing Date |
Sep 21, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
In FY 2025, the Indian packaging market was valued at INR 7,274.69 billion, marking a growth of ~2.70% CAGR from INR 6,204.18 billion in FY 2019. Further, the market is projected to expand at a CAGR of 6.00%, reaching INR 9,195.36 billion by FY 2029.
Manika Plastech Company Financial Performance
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
323.69 |
320.99 |
252.93 |
|
Total Income |
437.26 |
412.59 |
368.76 |
|
Profit After Tax |
22.40 |
19.33 |
11.53 |
|
EBITDA |
58.14 |
45.30 |
30.86 |
|
NET Worth |
147.62 |
125.17 |
107.99 |
|
Reserves and Surplus |
127.69 |
105.29 |
88.05 |
|
Total Borrowing |
88.19 |
97.45 |
93.06 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
443 |
368.77 |
354.23 |
|
Net Cash Flow Investing Activities |
(187.23) |
(230.54) |
(532.91) |
|
Net Cash Flow Financing Activities |
(263.91) |
(130.02) |
177.82 |
Manika Plastech IPO- Business Model
The company earns primarily by manufacturing and selling specialised rigid plastic packaging components to industrial customers (battery makers, paint companies, dairy/FMCG players, auto OEMs). Battery casings remain the largest contributor, followed by pails and thinwall containers. Growth is driven by rising demand in energy storage, automotive, paints, and packaged food sectors in India.
6 manufacturing facilities (Dehradun ×2, Hosur, Una, Panipat, Dadra) + 1 painting facility (Hosur) + 2 warehouses (Pune, Jodhpur).
Aggregate installed capacity: ~29,200 MTPA (proposed expansion to 38,000 MTPA via IPO proceeds).
Capacity utilisation: ~72–80% in recent periods.
Production volume grew from 18,614 MT (FY24) to 21,023 MT (FY26).
Revenue Bifurcation
(Source RHP)
The Objective of the Issue
-
Funding the capital expenditure towards the purchase of plant and machinery. ~ Rs. 54.93 Cr.
-
Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company. ~ Rs. 15 Cr.
-
General Corporate Purposes.
Peers of Manika Plastech
|
Name of Company |
Face Value (₹) |
EPS (₹) Basic |
P/E (x) |
|
Hitech Corporation Limited |
10 |
8.84 |
37.85 |
|
Mold-Tek Packaging Limited |
5 |
21.93 |
32.34 |
|
Shaily Engineering Plastics Limited |
2 |
36.97 |
88.85 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 2.36 from the last year, the resulting P/E ratio is 18.22x.
Manika Plastech IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
8.34% |
|
ROCE |
8.34% |
|
Debt/Equity |
0.59 |
|
RoNW |
8.34% |
|
PAT Margin |
8.03% |
|
EBITDA Margin |
15.01% |
IPO's Strengths
-
Proximity to Key Customers
-
Entry Barriers & Customer Retention
-
Integrated Value-Added Services.
IPO's Weaknesses
-
The top five clients accounted for between 58% and 69% of operating revenue in the three months that concluded on June 30, 2026, as well as in the three fiscal years prior. The business and financial performance of the organization could be significantly impacted by the loss of any large customer or a substantial decrease in their revenue.
-
To meet the needs of important clients, the corporation typically sets up warehouses or operating facilities close to their production plants. The company's operations may consequently be impacted by any changes in the size of these clients' businesses or unfavorable trends in their respective industries.
-
For the three months that concluded on June 30, 2026, as well as the three fiscal years prior, battery casings accounted for between 54% and 68% of operating revenue.
Manika Plastech IPO GMP Today
Manika Plastech IPO GMP is Rs. 17 as of September 08, 2026, when this information was written. With the upper price band of Rs. 43, Manika Plastech IPO's estimated listing price is Rs. 60. The expected listing gain/loss per share is 39.53%.
IPO Other Details
|
IPO Opening & Closing Date |
11 Sep 2026 to 16 Sep 2026 |
|
Face Value |
Rs. 2 per Share |
|
Issue Price |
Rs. 40 to Rs. 43 |
|
Lot Size |
348 Shares |
|
Issue Size |
2,91,86,045 shares (Rs. 125 Cr) |
|
Offer for Sale |
76,74,418 shares (Rs. 33 Cr) |
|
Fresh Issue |
2,15,11,627 shares (Rs. 92 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book-built IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
Manika Plastech IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (348 Shares) amounting to Rs. 14964 and 13 Lots (4524 Shares) for Rs. 1,94,532, respectively, while for HNI investors, the minimum Lot is 14 (4872 Shares) amounting to Rs. 2,09,496.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
66 Lots |
|
B-HNI (Minimum) |
67 Lots |
Manika Plastech IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of Manika Plastech Ltd.
-
Nikunj Mohanlal Kapadia
-
Munjal Nikunj Kapadia
-
Mihir Nikunj Kapadia
-
Pratik Nikunj Kapadia
-
Vridaa Holding Trust.
|
Pre-Issue Promoter Shareholding |
100% |
|
Post-Issue Promoter Shareholding |
74.95% |
IPO Lead Managers
- Pantomath Capital Advisors Pvt. Ltd.
Dividend Policy
The company has paid a dividend of Rs. 1.10 and Rs. 1 per Equity Share in FY25 and FY24.
Manika Plastech IPO Review: Subscribe or Avoid?
Manika Plastech IPO offers exposure to the growing rigid polymer packaging industry with diversified applications across batteries, paints, food, and industrial sectors. The company shows consistent financial growth, improving EBITDA, and expansion plans, but faces risks from customer concentration and dependence on battery casing demand.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
Manika Plastech IPO News
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
