Manika Plastech IPO
Price Band
₹40 – ₹43
Issue Size
₹125.5 Cr
Issue Dates
11 Sept – 16 Sept 2026
Listing Date
21 Sept 2026
About Manika Plastech Ltd.
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. 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. 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.
IPO Details
| Price Band | ₹40 – ₹43 |
| Face Value | ₹2 |
| Issue Size | ₹125.5 Cr |
| Fresh Issue | ₹92.5 Cr |
| Offer for Sale | ₹33 Cr |
| Total Shares Offered | 2,91,86,045 |
| Listed On | Both |
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: (1) Funding the capital expenditure towards purchase of plant and machinery - Rs. 54.93 Cr; (2) Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company - Rs. 15.00 Cr; (3) General Corporate Purposes (amount not disclosed). Total of specified objects: Rs. 69.93 Cr. The Offer for Sale of 76,74,418 equity shares of Rs. 2 each (aggregating Rs. 33.00 Cr) comprises shares sold entirely by VRIDAA Holding Trust (Promoter).
Key Financial Metrics
EPS (Basic)
₹2.36
P/E Ratio
18.22x
ROE
8.34%
ROCE
8.34%
Debt / Equity
0.59
Financial Performance
| Particulars (₹ Cr) | FY2024 | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| EBITDA | 30.86 | 45.3 | 58.14 | 24.38 |
| PAT | 11.53 | 19.33 | 22.4 | 13.07 |
| Total Assets | 252.93 | 320.99 | 323.69 | 317 |
| Net Worth | 107.99 | 125.17 | 147.62 | 156.78 |
| Total Borrowings | 93.06 | 97.45 | 88.19 | 92.46 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 348 shares | ₹14,964 | — |
| retail_max | 348 shares | — | ₹1,94,532 |
| shni_min | 14 × 348 | ₹2,09,496 | — |
| shni_max | 348 shares | — | ₹9,87,624 |
| bhni_min | 67 × 348 | ₹10,02,588 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB Shares Offered | 50% | No |
| Retail Shares Offered | 35% | Yes |
| NII (HNI) Shares Offered | 15% | No |
Registrar & Lead Managers
Registrar
Lead Managers (1)
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Manika Plastech IPO (this IPO) | — | 501 | ₹2.36 | 18.22x | 8.34% |
| Knack Packaging Ltd. | Yes | — | — | 18.33x | — |
| Dhaval Packaging Ltd. | Yes | — | — | 12.05x | — |
| Diksha Polymers Ltd. | Yes | — | — | 9.79x | — |
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