Manika Plastech Limited is engaged in the manufacturing of rigid polymer packaging products, primarily including battery casings, pails and thinwall containers. The Company also manufactures automotive components and provides painting services for automotive components.
Its products cater to diverse industries, including automobiles, railways, renewable energy, power back-up, paints, lubricants, construction chemicals, agrochemicals and FMCG.
The Company provides customised packaging solutions and has product design and development capabilities. Its automotive battery casings are manufactured according to customer requirements and standards such as JIS and DIN, along with customised labelling solutions.
During the three-month period ended June 30, 2026 and the preceding three fiscals, the Company sold over 2,700 SKUs of battery casings, 2,900 SKUs of pails and 1,000 SKUs of thinwall containers. It has manufactured 6,773 products across its product segments and owns over 800 moulds.
The Company served 168 to 242 customers across 24 states and union territories during the three-month period ended June 30, 2026 and the preceding three fiscals. Its top 20 customers had an average relationship tenure of over 10 years as of June 30, 2026.
Manika Plastech operates seven operating facilities, comprising six manufacturing facilities and one painting facility, located across Dadra, Dehradun, Hosur, Panipat and Una. Its manufacturing infrastructure had an aggregate installed capacity of 29,200 MTPA.
Manika Plastech IPO – Details
| IPO Opening Date | 11 September 2026 |
| IPO Closing Date | 16 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,91,86,045 Shares Worth ₹125.50 Crore Fresh Issue: 2,15,11,627 Shares Worth ₹92.50 Crore Offer For Sale: 76,74,418 Shares Worth ₹33.00 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹40 – ₹43 per share |
| Market Lot | 348 Shares |
| Min Order | 348 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Manika Plastech IPO – Date Schedule
| IPO Open Date | 11 September 2026 |
| IPO Close Date | 16 September 2026 |
| Basis of Allotment | 17 September 2026 |
| Initiation of Refund | 18 September 2026 |
| Credit of Shares to Demat Account | 18 September 2026 |
| IPO Listing Date | 21 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 16, 2026 |
Manika Plastech IPO – Lots Size & Price
| 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 |
| S-HNI (Max) | 66 | 22,968 | ₹9,87,624 |
| B-HNI (Min) | 67 | 23,316 | ₹10,02,588 |
Competitive Strength
- Proximity to key customers locations, operational flexibility enables customer retention and customer service.
- Entry Barriers for Competitors and Retention Drivers/Exit Barriers for customers.
- Integrated value-added services through in-house design, development, and labelling capabilities.
- De-risked business model with diverse industry applications / customer base / suppliers / location / product portfolio and operational flexibility.
- Longstanding relationships with well-known customers and well-established supply chain.
- Integrated quality assurance infrastructure.
- Commitment to sustainable packaging and adherence to ESG Standards.
- Experienced promoters and management team, having domain knowledge.
Company Promoters
- Nikunj Mohanlal Kapadia
- Munjal Nikunj Kapadia
- Mihir Nikunj Kapadia
- Pratik Nikunj Kapadia
- Vridaa Holding Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹368.76 Cr | ₹352.40 Cr | ₹11.53 Cr | ₹93.06 Cr |
| 31 March 2025 | ₹412.59 Cr | ₹387.16 Cr | ₹19.33 Cr | ₹97.45 Cr |
| 31 March 2026 | ₹437.26 Cr | ₹406.83 Cr | ₹22.40 Cr | ₹88.19 Cr |
| 30 June 2026 | ₹162.71 Cr | ₹145.16 Cr | ₹13.07 Cr | ₹92.46 Cr |
Key Performance Indicator
| KPI | Values (Jun 30, 2026) |
|---|---|
| ROE | 8.34% |
| ROCE | 8.34% |
| Debt/Equity | 0.59 |
| RoNW | 8.34% |
| PAT Margin | 8.03% |
| EBITDA Margin | 15.01% |
| NAV | 16.50 |
| Price to Book Value | 2.61 |
| Pre IPO | Post IPO | |
| EPS (₹) | 2.36 | 4.49 |
| P/E (x) | 18.22 | 9.58 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding the capital expenditure towards purchase of plant and machinery. | ₹54.93 |
| Repayment and/or pre-payment, in part or full, of certain borrowings availed by Company. | ₹15.00 |
| General Corporate Purposes. |
Manika Plastech IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Hitech Corporation Limited | 37.85 |
| 2 | 5 | Mold-Tek Packaging Limited | 32.34 |
| 3 | 2 | Shaily Engineering Plastics Limited | 88.85 |
✅Strengths
- Diversified Product Portfolio across battery casings, pails and thinwall containers serving multiple industries.
- Longstanding Customer Relationships with a high proportion of repeat customers and several relationships spanning over a decade.
- Wide Manufacturing Network with six manufacturing facilities across multiple regions and 29,200 MTPA installed capacity.
- Capacity Expansion Plans to increase installed capacity to 38,000 MTPA and diversify product offerings.
⚠️Risks
- Raw Material Price Volatility could impact production costs and profitability.
- Limited Long-Term Customer Agreements could affect business if key customers reduce purchases.
- Competitive Industry with competition from larger players having greater resources.
- Expansion Execution Risk due to plans to enter new product categories and technologies.
Manika Plastech IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 74.95% |
Manika Plastech IPO Prospectus
Company Contact Information
| Manika Plastech Ltd. Gala Number C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road, Village Saily, Dadra and Nagar Haveli, Daman and Diu, 396230 Phone: +91 22 4223 4300 Email: cs@manikaplastech.com Website: https://manikaplastech.com/ |
Manika Plastech IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: manikaplastech.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Manika Plastech IPO Lead Manager(s)
| 1. Pantomath Capital Advisors Private Limited |
Manika Plastech IPO FAQs
| What is the Manika Plastech IPO? Manika Plastech IPO is a main-board IPO. The issue is priced at ₹40 to ₹43 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Manika Plastech IPO open? The IPO is to open on 11 September 2026 for QIB, NII, and Retail Investors. |
| What is Manika Plastech IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Manika Plastech IPO Size? Manika Plastech IPO size is ₹125.50 Crore. |
| What are the Manika Plastech IPO Minimum and maximum lot sizes for Retail? The minimum bid is 348 Shares with ₹14,964, while the maximum bid is 4524 Shares with ₹1,94,532. |
| What is the Manika Plastech IPO Allotment Date? Manika Plastech IPO allotment date is 17 September 2026. |
| What is the Manika Plastech IPO Listing Date? Manika Plastech IPO listing date is 21 September 2026. The IPO is to be listed on the BSE and the NSE. |
