Manika Plastech IPO is a ₹125.50 crore book-built issue comprising a fresh issue of ₹92.50 crore and an offer for sale of ₹33 crore. The IPO opens on 11 September 2026 and closes on 16 September 2026, with shares proposed to be listed on the NSE and BSE. The Manika Plastech IPO price band is fixed at ₹40 to ₹43 per share, with a lot size of 348 shares.
Manika Plastech Limited manufactures rigid polymer packaging products such as battery casings, pails and thinwall containers, and also provides automotive component painting services. The company serves industries including energy storage, automotive, paints, lubricants, agrochemicals, food and dairy. The IPO proceeds are primarily intended for manufacturing capacity expansion and debt reduction. This Manika Plastech IPO Analysis examines the issue details, business, financial performance, valuation, strengths, risks and key factors investors should monitor.
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Table of Contents
- Manika Plastech IPO Details
- What Does Manika Plastech Do?
- What Products Does Manika Plastech Manufacture?
- How Large Is Manika Plastech's Manufacturing Network?
- How Will Manika Plastech Use the IPO Proceeds?
- Manika Plastech Financial Performance
- How Did Manika Plastech Perform in Q1 FY2027?
- Manika Plastech EPS, ROE and ROCE
- Manika Plastech IPO Valuation
- Manika Plastech Debt Position
- Strengths of Manika Plastech?
- Risks in Manika Plastech IPO?
- Manika Plastech IPO: Fresh Issue vs OFS
- Manika Plastech IPO Shareholding
- Manika Plastech IPO: Key Things Investors Should Track
- Manika Plastech IPO Review: Should You Apply?
- Conclusion
- Manika Plastech IPO FAQs
Manika Plastech IPO is a mainboard book-built issue comprising 2,91,86,045 equity shares. The issue includes 2,15,11,627 shares through the fresh issue and 76,74,418 shares through the offer for sale. Each equity share has a face value of ₹2.
The IPO opens on 11 September 2026 and closes on 16 September 2026. The shares are proposed to be listed on both the NSE and BSE.
| IPO Detail |
Information |
| Company |
Manika Plastech Limited |
| IPO Type |
Book-built issue |
| Issue Size |
₹125.50 crore |
| Fresh Issue |
₹92.50 crore |
| Offer for Sale |
₹33.00 crore |
| Price Band |
₹40 to ₹43 per share |
| Face Value |
₹2 per share |
| Lot Size |
348 shares |
| Minimum Investment |
₹14,964 at ₹43 |
| IPO Opens |
11 September 2026 |
| IPO Closes |
16 September 2026 |
| Proposed Listing |
NSE and BSE |
| Lead Manager |
Pantomath Capital Advisors Private Limited |
| Registrar |
MUFG Intime India Private Limited |
Approximately 74% of the Manika Plastech IPO comprises the fresh issue, while around 26% is through the OFS. The fresh issue proceeds will go to the company, whereas the OFS proceeds will be received by the selling shareholder.
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Get the latest details on the issue size, price band, lot size, dates and listing information for the Manika Plastech IPO as the offer moves towards subscription.
Manika Plastech Limited is a design-led manufacturer of rigid polymer packaging products. Its principal products include battery casings, pails and thinwall containers. The company also operates an automotive component painting facility.
Manika Plastech has in-house capabilities covering product design, moulding, heat sealing, labelling, quality assurance and delivery. It develops customised products based on customer requirements and serves several industries rather than relying on a single end market.
Its customer industries include:
- Energy storage
- Automotive
- Telecommunications
- Paints
- Lubricants
- Agrochemicals
- Food
- Dairy
The company's battery casings are designed according to customer-specific requirements, including Japanese Industrial Standards (JIS) and Deutsches Institut für Normung (DIN) requirements.
Manika Plastech operates manufacturing facilities across Dehradun, Hosur, Panipat, Una and Dadra, along with an automotive painting facility in Hosur.
Manika Plastech's business is primarily divided into battery casings, pails and thinwall containers. The company also provides automotive component painting services. The different product categories give it exposure to multiple applications and end-use industries.
| Product |
Major Applications |
| Battery casings |
Automotive batteries, inverters, energy storage and power-backup applications |
| Pails |
Paints, lubricants, chemicals and other industrial products |
| Thinwall containers |
Food, dairy and other consumer and industrial applications |
| Automotive components |
Automotive applications and EV-related components through painting services |
The company's product development capabilities allow it to manufacture products according to customer specifications. Its manufacturing network is also positioned across different regions to support customer requirements and deliveries.
Manika Plastech has seven operating facilities, comprising six manufacturing facilities and one painting facility. The manufacturing facilities are located across Dehradun, Hosur, Panipat, Una and Dadra, while the automotive painting facility is located in Hosur.
The company had an aggregate installed manufacturing capacity of around 29,200 metric tonnes per annum (MTPA) based on its latest IPO-related information.
The proposed investment in plant and machinery is intended to increase manufacturing capacity further. Therefore, capacity utilisation and the company's ability to convert the additional capacity into revenue will be important factors after the IPO.
The fresh issue of ₹92.50 crore is primarily intended for manufacturing expansion and debt reduction. The largest allocation is towards purchasing plant and machinery, linking a substantial portion of the IPO proceeds directly to future production capacity.
| Use of IPO Proceeds |
Amount |
| Purchase of plant and machinery |
₹54.93 crore |
| Repayment/pre-payment of borrowings |
₹15.00 crore |
| General corporate purposes |
Balance amount |
The company proposes to spend ₹54.93 crore on plant and machinery and ₹15 crore on repayment or pre-payment of certain borrowings. The remaining proceeds will be used for general corporate purposes and issue-related requirements.
The planned capital expenditure is particularly important for the Manika Plastech IPO because the investment case depends partly on whether the new capacity results in sustainable revenue and operating profit growth.
Manika Plastech's financial performance improved across FY2024 to FY2026. Revenue from operations increased from ₹360.77 crore in FY2024 to ₹406.50 crore in FY2025 and ₹435.98 crore in FY2026.
Profit after tax grew faster than revenue, increasing from ₹11.53 crore in FY2024 to ₹19.33 crore in FY2025 and ₹22.40 crore in FY2026. EBITDA also increased during the period.
FY2024 Performance
| Financial Metric |
FY2024 |
| Revenue from operations |
₹360.77 crore |
| EBITDA |
₹30.86 crore |
| Profit after tax |
₹11.53 crore |
| EPS |
₹1.21 |
FY2025 Performance
| Financial Metric |
FY2025 |
| Revenue from operations |
₹406.50 crore |
| EBITDA |
₹45.30 crore |
| Profit after tax |
₹19.33 crore |
| EPS |
₹2.03 |
FY2026 Performance
| Financial Metric |
FY2026 |
| Revenue from operations |
₹435.98 crore |
| EBITDA |
₹58.14 crore |
| Profit after tax |
₹22.40 crore |
| EPS |
₹2.36 |
Revenue grew by around 20.8% between FY2024 and FY2026, while PAT almost doubled. This indicates that profit growth was faster than revenue growth during the period.
However, the company's absolute profit remains relatively small compared with its revenue base. Consequently, movements in raw-material prices, operating expenses, interest costs and product mix can have a meaningful impact on profitability.
For the three months ended June 2026, Manika Plastech reported revenue from operations of approximately ₹162.45 crore and PAT of around ₹13.07 crore.
The Q1 FY2027 PAT was more than half of the company's FY2026 full-year PAT of ₹22.40 crore. However, a single quarter should not be annualised without considering factors such as seasonality, product mix and working-capital movements.
| Metric |
Q1 FY2027 |
| Revenue from operations |
₹162.45 crore |
| EBITDA |
₹24.38 crore |
| Profit after tax |
₹13.07 crore |
| PAT margin |
About 8.0% |
| EBITDA margin |
About 15.0% |
The quarterly numbers indicate an improvement in profitability, but the sustainability of these margins will need to be assessed through subsequent quarters.
EPS measures earnings attributable to each share, while ROE and ROCE provide an indication of how efficiently the company generates returns from shareholders' funds and the capital employed in the business.
Manika Plastech's diluted EPS increased from ₹1.21 in FY2024 to ₹2.03 in FY2025 and ₹2.36 in FY2026. FY2026 return on net worth was approximately 15.18%.
FY2024 Financial Metrics
| Valuation Metric |
FY2024 |
| EPS |
₹1.21 |
| ROE/RoNW |
10.68% |
| ROCE |
8.84% |
FY2025 Financial Metrics
| Valuation Metric |
FY2025 |
| EPS |
₹2.03 |
| ROE/RoNW |
15.44% |
| ROCE |
14.79% |
FY2026 Financial Metrics
| Valuation Metric |
FY2026 |
| EPS |
₹2.36 |
| ROE/RoNW |
15.18% |
| ROCE |
18.77% |
ROCE increased from 8.84% in FY2024 to 18.77% in FY2026. This improvement is relevant for a manufacturing business because the company's future performance will depend partly on how efficiently it utilises its expanded asset base.
If the additional capacity is commissioned and utilised effectively, higher capital efficiency could support future returns. However, the benefits will depend on actual capacity utilisation and operating performance.
At the upper Manika Plastech IPO price of ₹43 per share, the company's FY2026 diluted EPS of ₹2.36 implies a P/E multiple of approximately 18.2 times on a pre-issue basis.
The company's IPO disclosures compare its valuation with selected listed peers in the rigid plastic packaging and related manufacturing space, including Hitech Corporation, Mold-Tek Packaging and Shaily Engineering Plastics.
The valuation therefore needs to be considered alongside Manika Plastech's revenue growth, profitability, margins, return ratios and scale relative to comparable listed companies.
Investors should also distinguish between pre-issue and post-issue share counts while calculating P/E, as the fresh issue increases the company's equity base.
Manika Plastech operates a capital-intensive manufacturing business and carries borrowings. Total borrowings declined from approximately ₹97.45 crore in FY2025 to ₹88.19 crore in FY2026.
The debt-to-equity ratio also declined from approximately 0.78x to 0.60x over the same period.
Debt Position in FY2024
| Debt Metric |
FY2024 |
| Total borrowings |
~₹93.05 crore |
| Debt-to-equity |
~0.86x |
Debt Position in FY2025
| Debt Metric |
FY2025 |
| Total borrowings |
~₹97.45 crore |
| Debt-to-equity |
~0.78x |
Debt Position in FY2026
| Debt Metric |
FY2026 |
| Total borrowings |
~₹88.19 crore |
| Debt-to-equity |
~0.60x |
The company proposes to use ₹15 crore of the fresh issue towards repayment or pre-payment of certain borrowings. This could reduce borrowings further and potentially lower future interest costs.
However, the company is also undertaking capacity expansion. Investors should therefore monitor how much of the future expansion is funded through internal cash generation and whether additional borrowing becomes necessary.
Manika Plastech's strengths are linked to its diversified applications, manufacturing capabilities, improving financial performance and planned use of IPO proceeds.
1. Diversified End-Use Applications
Manika Plastech serves several industries, including energy storage, automotive, paints, chemicals, food and dairy. Exposure to multiple end-use markets reduces dependence on a single application or industry.
2. Integrated Product Development
The company has in-house design and development capabilities and manufactures customised products according to customer specifications. This capability can support customer retention and the development of additional products for existing relationships.
3. Manufacturing Footprint
The company's facilities are spread across northern, southern and western India. This geographic footprint can support customer servicing and delivery requirements across different markets.
4. Improving Profitability
Revenue and PAT increased between FY2024 and FY2026. ROCE also improved materially during the period, indicating an improvement in capital efficiency.
5. IPO Proceeds Support Capacity Expansion
A significant portion of the fresh issue is earmarked for plant and machinery. If the new capacity is commissioned and utilised effectively, it could provide a foundation for future revenue growth.
The Manika Plastech IPO also carries risks related to customer concentration, raw-material costs, capacity expansion, working capital and competition.
1. High Customer Concentration
Customer concentration is an important risk. The company's IPO disclosures indicate that a substantial proportion of operating revenue came from its top five customers during the disclosed periods.
A reduction in orders from major customers or the loss of a significant customer could therefore materially affect revenue and cash flows.
2. Dependence on Plastic Raw Materials
Manika Plastech operates in the polymer manufacturing industry, making raw-material costs an important factor for margins. Changes in polymer prices and the company's ability to pass higher costs on to customers can affect profitability.
3. Manufacturing Capacity Expansion Risk
A significant portion of the fresh issue will fund plant and machinery. Delays in installation, commissioning or utilisation of the additional capacity could reduce the expected benefits of the IPO-funded expansion.
4. Working Capital Requirements
Manufacturing businesses require investment in inventories and receivables to support operations and growth. Higher working-capital requirements could affect operating cash flow and free cash generation.
5. Competitive Industry
The rigid polymer packaging industry is competitive. The company's ability to retain customers, secure new business, maintain quality and control manufacturing costs will influence its ability to sustain margins.
6. Small Scale Relative to Larger Listed Peers
Manika Plastech's revenue and market capitalisation are considerably smaller than several established listed companies in related packaging segments. Smaller companies can experience greater volatility in earnings and share prices.
The distinction between the fresh issue and OFS is important because the proceeds from the two components are used differently. The fresh issue brings new capital into the company, while the OFS involves the sale of existing shares by a shareholder.
| Component |
Amount |
| Fresh Issue |
₹92.50 crore |
| OFS |
₹33.00 crore |
| Total IPO |
₹125.50 crore |
How Will the Proceeds Be Used?
- Fresh Issue: The ₹92.50 crore raised through the fresh issue will go directly to Manika Plastech. The company plans to use these funds for capacity expansion, debt reduction and other corporate purposes.
- OFS: The ₹33 crore OFS represents the sale of existing shares by a shareholder. The proceeds from the OFS will go to the selling shareholder and not to Manika Plastech.
The larger fresh issue component means that most of the IPO proceeds will be available to Manika Plastech for business-related purposes.
Manika Plastech was promoter-controlled before the IPO. Following the issue, promoter holding will reduce as new shares are issued and the OFS is completed.
The resulting dilution will increase public shareholding and provide the company with access to listed equity markets.
After listing, investors should monitor promoter holding, any future share sales, promoter pledging and related-party transactions through subsequent exchange disclosures.
The long-term investment case will depend significantly on execution after the IPO. Investors should monitor the following indicators:
- Capacity addition against the planned expansion
- Capacity utilisation after commissioning
- Revenue growth from the new capacity
- EBITDA and PAT margins
- Raw-material cost trends
- Debt reduction after the IPO
- Interest costs
- Working-capital days
- Operating cash flow
- Customer concentration
- Revenue contribution from battery casings, pails and thinwall containers
- New customer additions and repeat orders
The most important post-IPO test will be whether Manika Plastech can convert its IPO-funded capacity expansion into sustainable revenue, profitability and cash-flow growth.
The Manika Plastech IPO combines an established manufacturing business with improving profitability and a defined capacity-expansion plan. Revenue and PAT increased between FY2024 and FY2026, while debt-to-equity declined and ROCE improved.
At the same time, investors need to consider customer concentration, raw-material price sensitivity, working-capital requirements, competitive pressures and the execution risk associated with the planned capacity expansion.
At the upper price band of ₹43, the IPO is valued at approximately 18.2 times FY2026 EPS of ₹2.36. Therefore, the investment case depends not only on historical financial performance but also on whether the new capacity can generate sufficient incremental revenue and returns.
Overall, Manika Plastech IPO is a growth and capacity-expansion story rather than a pure valuation play. Investors should evaluate the issue based on the sustainability of margins, utilisation of new capacity, debt reduction and customer diversification rather than relying on expected listing gains.
Want to compare Manika Plastech with other recent public issues across manufacturing, packaging and industrial sectors? Use the IPO dashboard to track issue sizes, pricing and listing details.
Manika Plastech enters the IPO with an established manufacturing business, a diversified product portfolio and improving financial performance. Revenue increased from ₹360.77 crore in FY2024 to ₹435.98 crore in FY2026, while PAT rose from ₹11.53 crore to ₹22.40 crore over the same period.
The proposed use of IPO proceeds is also directly linked to capacity expansion and debt reduction. Of the ₹92.50 crore fresh issue, ₹54.93 crore is allocated towards plant and machinery and ₹15 crore towards repayment or pre-payment of certain borrowings.
However, the Manika Plastech IPO should not be assessed solely on recent profit growth. Customer concentration, raw-material costs, working capital, competition and the execution of the planned capacity expansion remain important considerations.
At ₹43 per share, the IPO implies approximately 18.2 times FY2026 EPS of ₹2.36 on a pre-issue basis. The key post-listing test will therefore be whether Manika Plastech can translate additional manufacturing capacity into sustainable revenue growth, stronger cash flows and attractive returns on capital.
Primary sources used: SEBI's September 2026 Red Herring Prospectus filing, Manika Plastech's official IPO and website disclosures, and its IPO-related filing history with NSE.
1. What is the Manika Plastech IPO price band?
The Manika Plastech IPO price band is ₹40 to ₹43 per equity share, with a face value of ₹2 per share.
2. What is the Manika Plastech IPO size?
The total Manika Plastech IPO size is ₹125.50 crore, comprising a ₹92.50 crore fresh issue and a ₹33 crore offer for sale.
3. What is the Manika Plastech IPO date?
The Manika Plastech IPO opens for subscription on 11 September 2026 and closes on 16 September 2026.
4. What is the Manika Plastech IPO lot size?
The IPO lot size is 348 shares. At the upper price band of ₹43 per share, the minimum investment is ₹14,964.
5. What are the key risks in Manika Plastech IPO?
Key risks include customer concentration, plastic raw-material price fluctuations, working-capital requirements, competition, capacity-expansion execution, and the ability to achieve adequate utilisation of the additional manufacturing capacity.