Manika Plastech IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Manika Plastech

Price band

₹40 – ₹43

Lot size

348 shares

Min investment

₹14,964

Issue size

₹125.5 Cr

About the company

Manika Plastech Limited was started in 1996. It makes rigid polymer packaging, which means hard plastic containers and casings rather than film or flexible packing. It makes three main things. Battery casings are the hard plastic boxes that hold automotive batteries, and the company designs these to Japanese JIS and German DIN technical standards to meet what each customer specifies. Pails are the buckets used to pack paints, lubricants and industrial chemicals. Thinwall containers are the food grade tubs used to pack and distribute dairy products and other edible items. The company handles the whole job in house, covering design and development, buying the raw material, manufacturing, heat sealing, labelling, quality checks and delivery. Its customers come from many industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals and food and dairy. Over the three months ended 30 June 2026 and the three financial years before that, it served between 168 and 242 customers across 24 states and union territories in India.

Manika Plastech Limited makes rigid polymer packaging, including automotive battery casings built to Japanese JIS and German DIN standards, pails for paints and lubricants, and food-grade thinwall containers for dairy. Running since 1996, it has served between 168 and 242 customers across 24 states and union territories.

IPO details

Issue price: ₹43
Price band: ₹40 – ₹43
Face value: ₹2
Lot size: 348
Min investment: ₹14,964
Issue size: ₹125.5 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7966
NSE symbol: MANIKA.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	348	₹14,964
Retail (Max)	13	4,524	₹1,94,532
S-HNI (Min)	14	4,872	₹2,09,496
B-HNI (Min)	67	23,316	₹10,02,588

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer size
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

Objects of the issue

1Funding the capital expenditure towards purchase of plant and machinery54.93

2Repayment and/or pre-payment, in part or full, of certain borrowings availed by Company15.00

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	317.00	323.69	320.99	252.93
Total Income	162.71	437.26	412.59	368.76
Profit After Tax	13.07	22.40	19.33	11.53
EBITDA	24.38	58.14	45.30	30.86
NET Worth	156.78	147.62	125.17	107.99
Reserves and Surplus	136.97	127.69	105.29	88.05
Total Borrowing	92.46	88.19	97.45	93.06

Key performance indicators

P/E Ratio

9.58

EPS (₹)

4.49

RoE

8.34%

RoCE

8.34%

RoNW

8.34%

PAT Margin

8.03%

EBITDA Margin

15.01%

Debt / Equity

0.59

NAV (₹)

16.50

✓ Strengths

• This is the cheapest mainboard issue in the current batch on earnings, at about 9.58 times on an EPS of Rs 4.49.

• Profit has nearly doubled in two years, from Rs 11.53 crore in FY2024 to Rs 19.33 crore in FY2025 and Rs 22.40 crore in FY2026.

• EBITDA has improved strongly, from Rs 30.86 crore in FY2024 to Rs 45.30 crore in FY2025 and Rs 58.14 crore in FY2026.

• The company has a long record of about 30 years, having started in 1996.

• Its customers are spread across many industries, from automotive and energy storage to paints, agrochemicals and dairy, so it is not tied to one sector.

• Making battery casings to JIS and DIN standards is a technical requirement that not every packaging maker can meet, which helps hold on to automotive customers.

• It does the full job in house, from design and material sourcing through to heat sealing, labelling and delivery.

• Rs 54.93 crore of the issue money goes into plant and machinery, which adds real production capacity.

⚠ Risks

• The profit margin is thin at 5.12%. In plastic packaging the polymer itself is most of the cost, so a small change in resin price moves profit sharply.

• Growth has slowed. Total income rose only 6% in FY2026, from Rs 412.59 crore to Rs 437.26 crore.

• Debt is high and is not coming down. Borrowing was Rs 92.46 crore as on 30 June 2026 against a net worth of Rs 156.78 crore, and it has stayed in the Rs 88 crore to Rs 97 crore range for three years.

• Return on net worth is only 15.18%, which is modest for a manufacturing business of this size.

• Total assets have stopped growing, moving from Rs 320.99 crore in FY2025 to Rs 323.69 crore in FY2026 and Rs 317.00 crore as on 30 June 2026.

• The raw material is polymer, which is linked to crude oil prices and is largely outside the company's control.

• The latest column in the offer document is only a three month period ending 30 June 2026, so it cannot be compared with the full years before it.

• This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 74.95% after the issue.

Promoters & holding

Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and Vridaa Holding Trust

Pre-issue promoter holding

100%

Post-issue promoter holding

74.95%

Data refreshed 07 Nov 2026, 04:57 pm IST. GMP is unofficial market sentiment, not investment advice.