Manika Plastech IPO Details
Manika Plastech IPO Summary
Manika Plastech IPO opens for subscription on 11 Sep 2026 and closes on 16 Sep 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 21 Sep 2026.
Manika Plastech IPO price band has been fixed at ₹40 – ₹43 per share. The face value is ₹2 per share with a lot size of 348.
Manika Plastech IPO total issue size comprises 2,91,86,045 shares (aggregating up to ₹125.50 Cr). This includes a fresh issue of 2,15,11,627 shares (aggregating up to ₹92.50 Cr). Offer for Sale consists of 76,74,418 shares (aggregating up to ₹33.00 Cr). Pre-issue shareholding stands at 9,50,00,000, which will increase to 11,65,11,627 post-issue.
Manika Plastech IPO carries a ₹2 (4.65%) GMP, reflecting investor sentiment.
Manika Plastech IPO Lot Size :Retail Minimum is 1 lot (348 shares) amounting to ₹14,964. Retail Maximum is 13 lots (4,524 shares) amounting to ₹1,94,532. SHNI Minimum is 14 lots (4,872 shares) amounting to ₹2,09,496. SHNI Maximum is 66 lots (22,968 shares) amounting to ₹9,87,624. BHNI Minimum is 67 lots (23,316 shares) amounting to ₹10,02,588.
Manika Plastech IPO Details
Manika Plastech IPO Subscription
Manika Plastech IPO Application Wise Breakup (Approx)
Manika Plastech IPO Dates
- 11 Sep 2026Opening dateOpen
- 16 Sep 2026Closing dateClose
- 17 Sep 2026Allotment Date Allotment
- 18 Sep 2026Initiation of RefundsRefund
- 18 Sep 2026Credit of SharesCredit
- 21 Sep 2026Listing dateListing
Manika Plastech IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 348 | ₹14,964 |
| Retail Maximum | 13 | 4524 | ₹1,94,532 |
| SHNI Minimum | 14 | 4872 | ₹2,09,496 |
| SHNI Maximum | 66 | 22968 | ₹9,87,624 |
| BHNI Minimum | 67 | 23316 | ₹10,02,588 |
Manika Plastech IPO Reservation
Promoter Holding
Documents
Manika Plastech IPO Valuations
Manika Plastech Financial Information
| Period Ended | 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 |
| Amount in ₹ Crore | ||||
About Manika Plastech IPO
Incorporated in 1996, Manika Plastech Limited is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails and thinwall containers.
The Company manufactures battery casings, pails and thinwall containers, which cater to various industrial and consumer applications. The Company also manufactures pails used for packaging paints, lubricants and industrial chemicals, while its food-grade thinwall containers are used for the packaging and distribution of dairy and edible food products. Its products are designed to provide structural strength, protection and ease of handling throughout the expected product lifecycle.
Manika Plastech provides end-to-end rigid polymer packaging solutions, covering design and development, sourcing of raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery. The Company has developed capabilities to provide customized packaging products and designs its automotive battery casings in accordance with Japanese and German technical standards, including JIS and DIN standards, to meet customer-specific product specifications and quality requirements.
The Company serves a diversified customer base across multiple end-user industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, among others.
During the three-month period ended June 30, 2026 and the preceding three Fiscals, the Company served 168 to 242 customers across 24 states and union territories in India. Its top 20 customers had an average relationship tenure of over 10 years as of June 30, 2026, while its long operating history of over two decades has enabled it to build relationships across multiple industries and reduce dependence on any particular customer or industry segment.
The Company has 7 operating facilities, comprising 6 manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra, and 1 paint facility located in Hosur. As of July 31, 2026, it had an employee base of 352 employees and 809 contract labourers.
The Company operates 6 manufacturing facilities and 1 painting facility across India. Its manufacturing units produce battery casings, pails, thinwall containers and automotive components, while the painting facility is used for painting automotive components.
- Dadra: Manufactures pails and thinwall containers, serving Vadilal Industries Limited and other leading food and dairy product manufacturers.
- Dehradun: Manufactures battery casings for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, Genus Innovation Limited and HSD Batteries (India) Pvt. Ltd.
- Hosur (Manufacturing): Produces battery casings, pails, thinwall containers and automotive components for customers such as Luminous Power Technologies Private Limited, Kansai Nerolac Paints Limited, JSW Paints Limited, Sakthi Accumulators Private Limited, Surya Batteries and Zunax Energy Products LLP.
- Hosur (Painting): Provides painting of automotive components for Ultraviolette Automotive Private Limited, TVS Motor Company Limited and other automotive component and commercial EV manufacturers.
- Panipat: Manufactures pails and thinwall containers, with Grasim Industries Limited as a key customer.
- Una: Manufactures battery casings, pails and thinwall containers for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited and Kansai Nerolac Paints Limited.
Strength Of Manika Plastech IPO
- 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.
Risk Of Manika Plastech IPO
- About 58%-69% of our operating revenue came from our top five customers, though we served between 168 - 242 customers during the three months ended June 30, 2026, and the prior three Fiscals. The loss of any of our top customers, or the loss of revenue from these top customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
- In order to cater to the requirements of our key customers and maintain our relationship with them, we typically set up our Operating Facilities or warehouses in proximity of their manufacturing units, which exposes our facilities to potential fluctuations in the scale of business of our customers and related industry trends.
- Out of our diversified product portfolio, about 54% - 68% of our revenue from operations was derived from the sale of battery casings during the three month period ended June 30, 2026 and the preceding three Fiscals. Any significant loss of sales in our battery casings could have an adverse effect on our business, financial condition, results of operations and cash flows.
- We derived about 93%-98% of our revenue from operations from repeat customers in the three month period ended June 30, 2026 and the preceding three Fiscals, and any loss of, or a significant reduction in the repeat customers or revenue generated from them could adversely affect our business, results of operations, financial condition and cash flows.
- Our Subsidiary, Manika Automotive Private Limited has incurred losses and negative cash flows in the past. Such losses or negative cash flows may impact our reputation or business or financial results, on a consolidated basis.
- We do not own certain premises used by our Company. Disruption of our rights as licensee/ lessee or termination of the agreements with our licensors/ lessors would adversely impact our operations and, consequently, our business.
- We have in past entered into related party transactions and we may continue to do so in the future.
- Our Promoter, VRIDAA Holding Trust, is a private trust, and our Promoter Group comprises multiple trusts, which may lead to concerns in determining ultimate control and beneficial ownership of the Company.
- We are unable to trace bank statements for certain allotments made by our Company. In the event we are found not to be in compliance with any applicable regulations in relation to such allotments, we may be subject to regulatory actions or penalties for any such possible non-compliance and our business, financial condition and reputation may be adversely affected.
- There have been a few instances of non-compliances in the past with respect to reporting requirements related to our erstwhile subsidiary, Aquiline Inc (FZE) for which the Ministry of Corporate Affairs, imposed a fine of Rs. 0.03 million on each of our Individual Promoters. Consequently, we may be subject to regulatory actions and penalties for any such non-compliance in the future and our business, financial condition and reputation may be adversely affected.
Objectives Manika Plastech IPO
1. Funding the capital expenditure towards purchase of plant and machinery
2. Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company
3. General Corporate Purposes
Company Contact Details
Manika Plastech Limited
Gala Number C/22-26,
First Tax Free Industrial Estate, Silvassa
Khanvel Road, Village Saily,
Silvassa, Dadra and Nagar Haveli and Daman and Diu, 396230
Phone: +91 22 4223 4300
Email: cs@manikaplastech.com
Website: http://www.manikaplastech.com/
Registrar Contact Details
Manika Plastech FAQs
The Manika Plastech IPO is a MAINBOARD public issue comprising 29186045 equity shares with a face value of ₹2 each, aggregating to a total issue size of ₹125.50 Cr. The issue price has been fixed at ₹43 per equity share, and the minimum application size is 348 shares.
The IPO opens for subscription on 11 Sep 2026, and closes on 16 Sep 2026.
MUFG Intime India Pvt Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹2 (4.65%).
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