Manipal Payment & Identity Solutions IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Manipal Payment & Identity Solutions

Price band

₹322 – ₹339

Lot size

44 shares

Min investment

₹14,916

Issue size

₹805 Cr

About the company

Manipal Payment & Identity Solutions Limited was started in 2008 and is part of The Manipal Group. It supplies payment products, identity documents, secure printed material and smart tagging solutions to banks, fintech companies, non-banking finance companies and governments, in India and abroad. Its payment solutions include payment cards, cheque solutions, NFC and QR code products, payment enabled wearables and digital automation. Its identification solutions include driving licences, registration certificates, national identity cards and transit management systems. Its secure solutions cover secure logistics, personalised insurance policies, premium notices, renewal letters and marketing material, along with tamper evident envelopes, holograms and coated products. It also does smart tagging and Internet of Things work and runs a coated products business. In FY2026 the company served more than 300 customers. Its payment card business alone served over 105 customers, including 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks and 34 fintech companies. Its customers include State Bank of India, Canara Bank, Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank. As on 31 March 2026 it had relationships with 60 fintech companies including Airtel Payments Bank and Scapia for making co-branded credit, debit and prepaid cards.

Manipal Payment & Identity Solutions Limited, part of The Manipal Group, makes payment cards, identity documents and secure printed products for banks, fintechs and governments. In FY2026 it served over 300 customers, with its card business alone covering 18 private banks, 9 public sector banks, 10 small finance banks and 34 fintechs.

IPO details

Issue price: ₹339
Price band: ₹322 – ₹339
Face value: ₹2
Lot size: 44
Min investment: ₹14,916
Issue size: ₹805 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7952
NSE symbol: MPIMANIPAL.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	44	₹14,916
Retail (Max)	13	572	₹1,93,908
S-HNI (Min)	14	616	₹2,08,824
B-HNI (Min)	68	2,992	₹10,14,288

Investor reservation

CATEGORY	RESERVED
QIB	Not less than 75% of the Offer
Retail	Not more than 10% of the Offer
NII	Not more than 15% of the Offer

Objects of the issue

1Capital Expenditure on Equipment238.43

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	1,160.90	1,409.67	1,102.71
Total Income	1,356.59	1,277.11	1,267.97
Profit After Tax	253.46	282.21	249.17
EBITDA	455.83	408.77	355.57
NET Worth	1,107.34	619.70	405.05
Reserves and Surplus	747.43	262.89	48.25
Total Borrowing	0.42	472.87	449.47

Key performance indicators

P/E Ratio

31.02

EPS (₹)

10.93

RoE

29.35%

RoCE

32.69%

RoNW

22.93%

PAT Margin

18.68%

EBITDA Margin

33.60%

Debt / Equity

0.00

NAV (₹)

48.84

✓ Strengths

• The margin is strong for a manufacturing business, with a PAT margin of 22.10%, RoNW of 45.54% and RoCE of 33.97%.

• The company has cleared almost all its debt. Borrowing came down from Rs 472.87 crore in FY2025 to just Rs 0.42 crore in FY2026.

• Net worth has grown sharply, from Rs 405.05 crore in FY2024 to Rs 619.70 crore in FY2025 and Rs 1,107.34 crore in FY2026.

• EBITDA has improved every year, from Rs 355.57 crore in FY2024 to Rs 408.77 crore in FY2025 and Rs 455.83 crore in FY2026.

• The customer list is deep and reputed, covering State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and many more, with over 300 customers in FY2026.

• The card business reaches every kind of issuer, with 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks and 34 fintech companies.

• The business is spread across payments, identity documents, secure printing and IoT tagging rather than one product line.

• Being part of The Manipal Group gives it standing with banks and government buyers, and Rs 238.43 crore of the issue goes into new equipment.

⚠ Risks

• Profit actually fell in the latest year. Profit after tax came down 10% from Rs 282.21 crore in FY2025 to Rs 253.46 crore in FY2026, while income rose only 6%.

• The issue is priced at about 31.02 times earnings on an EPS of Rs 10.93, which is a high multiple for a business whose profit is going down rather than up.

• Total assets shrank from Rs 1,409.67 crore in FY2025 to Rs 1,160.90 crore in FY2026.

• The core payment card business depends on banks continuing to issue physical cards. The growth of UPI and digital payments works against physical card volumes over time.

• The identity solutions business depends on government contracts, which come through tenders and can be delayed or cancelled with budget cycles.

• A large part of the revenue comes from a small number of big banks, so losing one issuer relationship would be felt quickly.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding falls from 62.1% to 53.92% after the issue.

Promoters & holding

Tonse Gautham Pai, T.Satish U.Pai, Sandhya S.Pai, Manipal Technologies Ltd, Manipal Media Network Ltd, Tridevitha Consultancy Services Pvt.Ltd. and Tridevita Family Trust 2017

Pre-issue promoter holding

62.1%

Post-issue promoter holding

53.92%

Data refreshed 07 Nov 2026, 04:58 pm IST. GMP is unofficial market sentiment, not investment advice.