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Manika Plastech
๐
Founded: 1996
๐ India
๐ฅ employees
๐ manikaplastech.com
๐ Face Value: โน5
๐ฆ Market Cap: โน501.00 Cr
Price Band
โน40 โ โน43
Issue Size
โน125.50 Cr
Lot Size
348 shares
Min. Investment
โน14,964
GMP
+โน10 (+23.3%)
Est. Return
+23.3%
Listing Date
21 Sept 2026
Registrar
MUFG Intime India
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Very High Interest
GMP: +23.3% above issue price
โญ Overall Signal
High Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.94x subscribed
Issue Details
Fresh Issueโน92.50 Cr
Offer for Sale (OFS)โน33.00 Cr
Total Issue Sizeโน125.50 Cr
Face Valueโน5
Market Cap (at issue)โน501.00 Cr
Listing ExchangeBSE, NSE
๐
Open Date11 Sept 2026
๐ Close Date16 Sept 2026
โ๏ธ Cut-off Price Date16 Sept 2026
๐๏ธ Allotment Date17 Sept 2026
๐ธ Refund Initiation18 Sept 2026
๐ Demat Credit18 Sept 2026
๐ Listing Date21 Sept 2026
Objects of the Issue
- ๐ฐ Capital expenditure for new plant & machinery, including ISBM production lines (โน54.93 Cr)
- ๐ฐ Repayment/prepayment of certain borrowings (โน15.00 Cr)
- ๐ฐ General corporate purposes
About the Company
Manika Plastech, incorporated in 1996, manufactures rigid polymer packaging โ mainly battery casings, pails and thinwall containers โ for customers in automotive, energy storage, telecom, paints, lubricants, agrochemicals, construction chemicals, and food and dairy across 24 Indian states. It runs six manufacturing facilities in Dehradun, Hosur, Panipat, Una and Dadra plus one painting facility, with production engineered to meet Japanese (JIS) and German (DIN) technical standards.
Strengths
- โ Profit after tax nearly doubled between FY24 and FY26 alongside steadily expanding EBITDA and PAT margins
- โ Sells across a wide mix of end-markets โ automotive, energy storage, telecom, paints, agrochemicals and food & dairy โ reducing dependence on any single sector
- โ Manufacturing meets Japanese (JIS) and German (DIN) standards, supporting relationships with quality-conscious OEM customers
- โ Runs on a meaningfully deleveraged balance sheet and draws roughly three-quarters of the Hosur plant's power from solar
- โ Priced at a lower P/E than listed rigid-packaging peers Mold-Tek Packaging and Hitech Corporation while posting a higher return on net worth
Risk Factors
- โ ๏ธ A single crude-oil-linked raw material, PPCP, made up close to three-quarters of purchases, exposing margins to input-cost swings
- โ ๏ธ The ten largest suppliers accounted for the large majority of raw material purchases, concentrating supply-chain risk
- โ ๏ธ The largest share of IPO proceeds funds new ISBM production technology the company has not operated before
- โ ๏ธ Smaller revenue base than the listed peers used for valuation comparison
Subscription Status
0.94x Overall
QIB: โ
NII: 0.8x
RII: 1.6x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 0.36x | 1.26x | 2.24x | 1.45x |
| Day 2 | โ | โ | โ | 0.00x |
| Day 3 | โ | โ | โ | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
0%
Pre-IPO
โ --75.0%
74.95%
Post-IPO
Founders & Leadership
NK
Nikunj Mohanlal Kapadia
Promoter
Leads the Kapadia family promoter group behind Manika Plastech, a three-decade-old rigid polymer packaging manufacturer serving automotive, energy-storage and FMCG customers across India
IPO Timeline
โ
Open Date
11 Sept 2026
๐
Close Date
16 Sept 2026
๐๏ธ
Allotment Date
17 Sept 2026
๐
Listing Date
21 Sept 2026
Key Financials
Revenueโน437.26 Cr
PATโน22.40 Cr
EPSโน4.49
P/E Ratio9.58x
ROE8.34%
Market Capโน501.00 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Assets | โ | โ | โ |
| Total Income | 437.26 | 412.59 | 368.76 |
| Profit After Tax | 22.40 | 19.33 | 11.53 |
| EBITDA | 58.14 | โ | โ |
| Net Worth | 147.62 | 125.17 | โ |
| Reserves & Surplus | โ | โ | โ |
| Total Borrowing | โ | โ | โ |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 15.17 | 15.44 |
| EBITDA Margin (%) | 13.30 | NaN |
| Debt / Equity | NaN | NaN |
| Net Worth (Rs. Cr) | 147.62 | 125.17 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน4.49 | โ |
| P/E (x) | 9.58x | โ |
| ROE (%) | 8.34% | โ |
| Promoter Holding | 0% | 74.95% |
| Market Cap | โน501.00 Cr | |
IPO Registrar
IPO FAQs
Manika Plastech IPO is a mainboard IPO with an issue size of โน125.50 Cr at a price band of โน40 โ โน43. Minimum lot size is 348 shares (minimum investment ~โน14,964). Opens on 11 Sept 2026 and closes on 16 Sept 2026. Proposed listing on BSE, NSE. Registrar: MUFG Intime India.