💡Overview & Quick Summary
Manika Plastech Limited IPO Summary: Manika Plastech Limited is launching an Initial Public Offering (IPO) of ₹125.50 Crore (Fresh Issue: ₹92.50 Cr; Offer for Sale: ₹33.00 Cr for 76,74,418 equity shares by VRIDAA Holding Trust, total 2,91,86,045 equity shares of face value ₹2 each) priced in a band of ₹40 to ₹43 per share, open for subscription from September 11 to September 16, 2026. Manika Plastech is a design-led, precision-engineered rigid polymer packaging (RPP) manufacturer catering to critical industries including energy storage, food & dairy, paints, and chemicals. The company owns 30 registered designs as unique IP, complies with Japanese (JIS) and German (DIN) technical battery casing standards, and operates 7 facilities (6 manufacturing, 1 painting) across Dadra, Dehradun, Hosur, Panipat, and Una. Fresh proceeds fund plant & machinery capex (₹54.93 Cr) and debt repayment (₹15.00 Cr). Financially, Total Income grew to ₹437.26 Cr in FY26, PAT rose 16% YoY to ₹22.40 Cr, and RONW improved to 15.18%. At the ₹43 cap price, the issue trades at a P/E of 18.22x - representing a deep discount to listed peers Mold-Tek Packaging (32.34x) and Hitech Corporation (37.85x), against an industry average of 35.10x. Sushil Finance recommends Subscribe.
1. IPO Overview
Manika Plastech Limited has announced its Initial Public Offering (IPO) parameters. The issue opens for subscription on Sep 11, 2026, and closes on Sep 16, 2026. The price band has been fixed at ₹40 to 43 Per Share with a face value of ₹2/- per share. The minimum bid lot size is 348 Shares and in multiples thereafter. The issue size aggregates up to ₹125.50 crore across 2,91,86,045 equity shares.
| Issue Parameter |
Details |
| Price Band |
₹40 to 43 Per Share |
| Issue Opens on |
Sep 11, 2026 |
| Issue Closes on |
Sep 16, 2026 |
| Lot Size |
348 Shares & in Multiples thereafter |
| Issue Size |
₹125.50 Cr. |
| No of Shares |
2,91,86,045 |
| Face Value |
₹2/- |
| Listing |
BSE & NSE |
| Lead Managers |
Pantomath Capital Advisors Pvt. Ltd. |
| Registrar |
MUFG Intime India Pvt. Ltd. |
2. Key IPO Details
The total offer of ₹125.50 crore comprises a Fresh Issue of ₹92.50 crore and an Offer for Sale (OFS) of ₹33.00 crore. The allocation structure across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors is detailed below:
Offer Structure
| Issuance |
in Cr. |
| Fresh Issue |
92.50 |
| Offer for Sale |
33.00 |
| Total |
125.50 |
Issue Breakup
| Reservation for |
% of Issue |
in Cr. (at upper band) |
| QIB |
50% |
62.75 |
| HNI |
15% |
18.83 |
| RETAIL |
35% |
43.92 |
| TOTAL |
100% |
125.50 |
3. Company Overview
Manika Plastech Limited is a design-led, precision-engineered rigid polymer packaging ("RPP") manufacturer catering to diversified critical industries such as energy storage, dairy and edible food products, paints and chemicals.
Its product portfolio spans high-performance battery casings, pails and thinwall containers, with 30 designs registered as unique IP under the Designs Act, 2000.
The Company provides end-to-end RPP solutions — design and development, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery through 7 operating facilities (6 manufacturing units and 1 painting facility) located in Dadra, Dehradun, Hosur, Panipat and Una.
As of July 31, 2026, it employed 352 employees and 809 contract labourers, serving 168-242 customers across 24 states and union territories, including Grasim Industries, Kansai Nerolac Paints, Luminous Power Technologies and Livguard Energy Technologies.
4. Objects of the Issue
The Company proposes to utilise the Rs. 92.50 crore Fresh Issue proceeds primarily towards:
- Capital Expenditure for Plant & Machinery: Funding capital expenditure for purchase of plant & machinery amounting to Rs. 54.93 crore.
- Debt Repayment / Prepayment: Repayment/prepayment of certain borrowings amounting to Rs. 15.00 crore.
- General Corporate Purposes: The balance towards general corporate purposes.
The Company will not receive any proceeds from the Rs. 33.00 crore Offer for Sale of up to 76,74,418 Equity Shares, which will accrue entirely to the Promoter Selling Shareholder, VRIDAA Holding Trust, after applicable expenses and taxes.
5. Highlights
- Proximity to key customer locations: 7 operating facilities (6 manufacturing units and 1 painting facility) across Dadra, Dehradun, Hosur, Panipat and Una provide operational flexibility, quick turnaround and strong customer retention.
- Integrated, value-added capabilities: In-house design and development, with 30 registered designs as unique IP, and battery casings compliant with Japanese (JIS) and German (DIN) technical standards.
- De-risked, diversified business model: Revenue is spread across battery casings (56.5% of FY2026 revenue) and pails & thinwall containers (30.5%), serving industries from energy storage to food & dairy, paints and automotive.
- Longstanding customer relationships: Served 168-242 customers across 24 states/UTs over the last 3+ years, with top 20 customers averaging a relationship tenure of over 10 years, including Grasim Industries, Kansai Nerolac Paints, Luminous Power and Livguard Energy.
- Integrated quality assurance infrastructure: Quality infrastructure across the value chain, from raw material sourcing to heat sealing, labelling and delivery, supporting consistent product quality for large, reputed customers.
6. Brief Financial Performance & Metrics
**Not Annualized
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
368.76 |
412.59 |
437.26 |
| Total Expenditure |
352.40 |
387.16 |
406.83 |
| EBITDA |
30.86 |
45.30 |
58.14 |
| Profit Before Tax |
16.36 |
25.43 |
30.44 |
| Profit After Tax |
11.53 |
19.33 |
22.40 |
| E.P.S. (Diluted) (Rs.) |
1.21 |
2.03 |
2.36 |
| P/E (Diluted)* |
35.54x |
21.18x |
18.22x |
| RONW/ROE (%) |
10.68% |
15.44% |
15.18% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
17/9/2026 |
| Initiation of refunds/unblocking ASBA Fund |
18/9/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
18/9/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
21/9/2026 |
PRICE CHART (@43) (Retail Category)
| LOT SIZE |
Amount (Rs.) |
| 348 | 14,964 |
| 696 | 29,928 |
| 1,044 | 44,892 |
| 1,392 | 59,856 |
| 1,740 | 74,820 |
| 2,088 | 89,784 |
| 2,436 | 1,04,748 |
| 2,784 | 1,19,712 |
| 3,132 | 1,34,676 |
| 3,480 | 1,49,640 |
| 3,828 | 1,64,604 |
| 4,176 | 1,79,568 |
| 4,524 | 1,94,532 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
4,872 |
2,09,496 |
| Big HNI |
23,316 |
10,02,588 |
8. Our View / Recommendation
Official Analyst Recommendation: SUBSCRIBE
Sushil Finance Research Stance & Valuation View
Manika Plastech is a niche, design-led rigid polymer packaging manufacturer with genuine moats — JIS/DIN-certified battery-casing capability, in-house design (30 registered IP designs) and customer relationships averaging over 10 years with marquee names such as Grasim Industries, Kansai Nerolac and Luminous Power.
Consolidated Total Income grew from Rs. 368.76 crore in FY2024 to Rs. 437.26 crore in FY2026, up 6% in FY2026, while PAT rose 16% YOY to Rs. 22.40 crore, improving RONW to 15.18% in FY2026.
At the cap price of Rs. 43, the issue is priced at 15.18% a meaningful discount to listed peers Mold-Tek Packaging (32.34x) and Hitech Corporation (37.85x), against an industry average of 35.10x.
The Rs. 92.50 crore Fresh Issue funds capacity expansion and debt repayment, while the Rs. 33.00 crore Offer for Sale lets the promoter partially monetise, with promoters retaining approximately 75% of the company post-issue.
Given the reasonable relative valuation, improving profitability and genuine customer-retention moats, we recommend Subscribe.
9. Frequently Asked Questions (FAQs)
Q1. What is the business model and product portfolio of Manika Plastech Limited?
Manika Plastech Limited is a design-led, precision-engineered rigid polymer packaging (RPP) manufacturer catering to critical industries such as energy storage, dairy & edible food products, paints, and chemicals. Its product portfolio spans high-performance battery casings (56.5% of FY2026 revenue) and pails & thinwall containers (30.5% of FY2026 revenue), with 30 registered designs as unique IP under the Designs Act, 2000.
Q2. What is the issue size and breakup of Manika Plastech IPO?
The issue aggregates to ₹125.50 crore (2,91,86,045 equity shares), consisting of a Fresh Issue of ₹92.50 crore and an Offer for Sale (OFS) of ₹33.00 crore (76,74,418 equity shares) by the promoter selling shareholder, VRIDAA Holding Trust. The reservation is 50% for QIB (₹62.75 Cr), 15% for HNI (₹18.83 Cr), and 35% for Retail (₹43.92 Cr).
Q3. What are the key objects of the issue for Manika Plastech?
The ₹92.50 crore fresh issue proceeds will be used primarily towards funding capital expenditure for the purchase of plant & machinery (₹54.93 crore), repayment/prepayment of certain borrowings (₹15.00 crore), and the balance for general corporate purposes.
Q4. What is the minimum investment for Retail and HNI investors in Manika Plastech IPO?
At the upper band of ₹43, 1 lot for Retail (348 shares) requires ₹14,964 (up to 13 lots / 4,524 shares for ₹1,94,532). For Small HNI (sHNI), the minimum bid is 4,872 shares (₹2,09,496), and for Big HNI (bHNI), the minimum bid is 23,316 shares (₹10,02,588).
Q5. How does Manika Plastech compare with listed peers on valuation?
At the cap price of ₹43, Manika Plastech trades at a diluted P/E of 18.22x based on FY2026 earnings. This is a meaningful discount compared to listed industry peers such as Mold-Tek Packaging (32.34x) and Hitech Corporation (37.85x), against an industry average multiple of 35.10x.
Q6. What is Sushil Finance's recommendation on Manika Plastech IPO?
Sushil Finance recommends Subscribe based on reasonable relative valuation, strong customer-retention moats (average tenure of over 10 years with top 20 clients), JIS/DIN compliance, in-house IP, robust capacity expansion via fresh issue proceeds, and promoter retention of approximately 75% post-issue.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
