Manika Plastech IPO is a ₹125.50 crore book-built issue comprising a fresh issue of 2.15 crore shares worth ₹92.50 crores and an offer for sale of 76.74 lakh shares aggregating to ₹33.00 crores. The IPO will be open for subscription from September 11, 2026, to September 16, 2026. The allotment is expected to be finalized on September 17, 2026, with the shares proposed to be listed on both NSE and BSE on September 21, 2026.
The price band is fixed at ₹40 to ₹43 per share, with a lot size of 348 shares. At the upper price band, retail investors need to invest a minimum of ₹14,964 for one lot. Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is appointed as the registrar for the issue.
For detailed information on the company’s business, financials, risk factors, and the proposed utilisation of proceeds, investors should refer to the Manika Plastech IPO Red Herring Prospectus (RHP) before making an investment decision.
Company Overview
Incorporated in 1996, Manika Plastech Limited manufactures rigid polymer packaging products, including battery casings, pails and thinwall containers. Its products serve industries such as automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy. The Company also offers customized packaging solutions covering design, raw material sourcing, manufacturing, labelling, quality assurance and delivery. Its automotive battery casings are manufactured in accordance with Japanese and German standards, including JIS and DIN.
Manika Plastech has built a diversified customer base across India, serving 168 to 242 customers during the three-month period ended June 30, 2026 and the preceding three Fiscals across 24 states and union territories. As of June 30, 2026, its top 20 customers had an average relationship tenure of more than 10 years, reflecting established customer relationships across multiple industries.
The Company operates seven facilities, comprising six manufacturing units and one painting facility. Its manufacturing facilities are located in Dadra, Dehradun, Hosur, Panipat and Una, while the painting facility is located in Hosur. These facilities manufacture battery casings, pails, thinwall containers and automotive components, with the Hosur painting unit focused on automotive components.
The Dadra and Panipat facilities manufacture pails and thinwall containers, serving customers such as Vadilal Industries Limited and Grasim Industries Limited. The Dehradun and Una facilities primarily produce battery casings, pails and thinwall containers for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited and Kansai Nerolac Paints Limited. The Hosur manufacturing facility produces a wider range of products for customers including JSW Paints Limited, Sakthi Accumulators Private Limited and Zunax Energy Products LLP, while its painting facility serves automotive customers such as Ultraviolette Automotive Private Limited and TVS Motor Company Limited.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 11 to 16 Sep, 2026 |
| Allotment | Thu, Sep 17, 2026 |
| Listing Date | Mon, Sep 21, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹40 to ₹43 per share |
| Lot Size | 348 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,91,86,045 shares (agg. up to ₹125 Cr) |
| Fresh Issue | 2,15,11,627 shares (agg. up to ₹92 Cr) |
| Offer for Sale | 76,74,418 shares of ₹2 (agg. up to ₹33 Cr) |
| Shareholding Pre-Issue | 9,50,00,000 shares |
| Shareholding Post-Issue | 11,65,11,627 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- Rising consumption across food, beverages, personal care, paints, lubricants, agrochemicals and other industries is supporting the expansion of India’s rigid plastic packaging market.
- The Indian packaging industry remains fragmented, but increasing competition, quality requirements and operational efficiencies are encouraging a gradual shift towards organised manufacturers.
- Manufacturers are adopting lightweight plastic packaging to reduce material consumption, transportation costs and environmental impact while maintaining product functionality.
- Regulatory initiatives and greater focus on circularity are supporting the development of plastic recycling infrastructure and increasing the use of recycled materials in rigid packaging.
- Growth in renewable energy, electric vehicles, automobile sales and household electrification is increasing the need for energy storage solutions, supporting demand for battery-related packaging products.
Business Strengths
- Manika Plastech manufactures battery casings, pails, thinwall containers and automotive components, allowing it to cater to multiple industries and reduce dependence on a single product category.
- The Company has maintained long-term relationships with customers, with its top 20 customers having an average relationship tenure exceeding 10 years as of June 30, 2026.
- Manika Plastech serves customers across automotive, energy storage, paints, lubricants, food, dairy and other industries, reducing concentration risks associated with individual sectors.
- With six manufacturing facilities and one painting facility across multiple locations, the Company has an established production network supporting its diverse product portfolio and customer requirements.
- The Company offers end-to-end packaging solutions and develops customized products according to customer specifications, including battery casings manufactured to JIS and DIN technical standards.
Business Risks
- The Company serves industries such as automotive, paints, lubricants and energy storage, making its business performance susceptible to fluctuations in demand across these end-user sectors.
- Manufacturing rigid polymer packaging products requires polymer-based raw materials, exposing the Company’s margins and profitability to fluctuations in raw material prices and supply conditions.
- Despite serving customers across industries, a significant portion of business may depend on key customers, and any loss or reduction in orders could impact revenues.
- Manika Plastech operates in a competitive packaging market where pricing pressure, product quality, technological capabilities and customer relationships can influence its ability to retain and acquire customers.
- The Company relies on a sizeable contract workforce alongside its employees, which may expose operations to labour availability, productivity, compliance and workforce-related challenges.
Financial Performance
Manika Plastech Ltd.-Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 4,359.82 | 4,065.02 | 3,607.72 |
| EBITDA | 581.40 | 453.00 | 308.59 |
| EBITDA Margin (%) | 13.34% | 11.14% | 8.55% |
| Profit / (Loss) After Tax (PAT) | 224.02 | 193.31 | 115.33 |
| PAT Margin (%) | 5.12% | 4.69% | 3.13% |
| Return on Capital Employed (ROCE) (%) | 18.77% | 14.79% | 8.84% |
| Return on Equity (%) | 15.18% | 15.44% | 10.68% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| Return on Equity (ROE) | 8.34% | 15.18% |
| Return on Capital Employed (ROCE) | 8.34% | 18.77% |
| Debt-to-Equity Ratio | 0.59 | 0.60 |
| Return on Net Worth (RoNW) | 8.34% | 15.18% |
| PAT Margin | 8.03% | 5.12% |
| EBITDA Margin | 15.01% | 13.34% |
| Net Asset Value (NAV per share) | ₹16.50 | ₹15.54 |
(Source: RHP)
Objects of the Offer
- Capital expenditure: Purchase of new plant and machinery to support the Company’s operational and manufacturing requirements.
- Debt repayment: Repayment or pre-payment, either partially or fully, of certain outstanding borrowings of the Company.
- General corporate purposes: Utilisation of the remaining IPO proceeds for general business and corporate requirements.
Conclusion
Manika Plastech has an established presence in the rigid polymer packaging industry, supported by a diversified product portfolio, long-standing customer relationships and a multi-location manufacturing network. Its presence across automotive, energy storage, paints, food and other industries provides a broad customer base and reduces reliance on any single sector.
However, investors should consider risks related to raw material price fluctuations, customer concentration, competitive pressures and dependence on industrial demand.
Overall, the IPO presents a combination of established operations and growth potential, but investors should evaluate the Company’s financial performance, valuation and industry outlook before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
Paytm Money Ltd. SEBI Reg. No. Broking – INZ000240532; Depository Participant – IN – DP – 416 – 2019, Depository Participant Number: CDSL – 12088800. Trading and clearing member of NSE (90165, M52073), BSE (6707), MCX (57525), NCDEX (1315, M51110), and MSEI (85300). SEBI Reg. No. Research Analyst – INH000020086. Regd. Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. For complete Terms & Conditions and Disclaimers visit: https://www.paytmmoney.com/stocks/policies/terms
