Manika Plastech IPO
IPO Details
Bidding Dates
11 Sep '26 - 16 Sep '26
Minimum Investment
₹14,964/1 lot (348 shares)
Price Range
₹40 - ₹43
Maximum Investment
₹1,94,532/13 lots (4524 shares)
Retail Discount
N.A.
Issue Size
₹125.50 Cr
Investor category and sub category
Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)Manika Plastech IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Sep 11, 26
IPO Closing Date
Sep 16, 26
Basis of Allotment
Sep 17, 26
Initiation of Refunds
Sep 18, 26
IPO Listing Date
Sep 21, 26
About Manika Plastech IPO
Manika Plastech IPO is a 100% book-built issue comprising a fresh issue of equity shares aggregating up to ₹92.50 crores and an offer for sale of up to 7,674,418 equity shares of face value of ₹2 each by the promoter selling shareholder, VRIDAA Holding Trust.
The IPO will open for subscription on Friday, September 11, 2026, and close on Wednesday, September 16, 2026, with anchor investor bidding scheduled for Thursday, September 10, 2026. The equity shares are proposed to be listed on BSE and NSE, with BSE acting as the designated stock exchange.
The face value of the equity shares is ₹2 each. The price band and minimum bid lot size will be decided by the company in consultation with the lead manager and advertised at least two working days prior to the bid opening date.
Pantomath Capital Advisors Private Limited is the book-running lead manager, while MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar to the offer.
About Manika Plastech Limited
Incorporated in 1996 as Manika Moulds Private Limited, the company was converted into a public limited company and renamed Manika Plastech Limited in December 2024. Headquartered with its registered office in Silvassa and corporate office in Mumbai, it is a manufacturer of precision-engineered rigid plastic packaging (RPP) products and an automotive component painting provider.
The company's core operations encompass design, tooling, injection moulding, and painting across a diversified portfolio of products, primarily including battery casings (containers and lids), industrial pails, and thin-wall packaging containers. Its offerings are supplied to leading manufacturers across industries such as automotive, energy storage, home inverters, paints, chemicals, lubricants, and food products.
Manika Plastech operates across seven operating facilities strategically located near key client clusters, comprising six manufacturing facilities situated in Una (Himachal Pradesh), Dehradun (Uttarakhand), Panipat (Haryana), Hosur (Tamil Nadu), and Dadra (Dadra and Nagar Haveli), alongside a dedicated automotive parts painting facility in Hosur.
As of Fiscal 2026, the company catered to 242 customers across 24 states and union territories in India, achieving an annual production volume of 21,023 metric tonnes. As of June 30, 2026, the company supported its operations with a workforce of 363 permanent employees alongside 744 contract workers.
Industry Outlook
The Indian Rigid Plastic Packaging (RPP) market was valued at approximately ₹1,066.65 billion (₹1,06,665 crore) in FY25 and is projected to expand at a CAGR of 6.75%, reaching an estimated ₹1,385.22 billion (₹1,38,522 crore) by FY29.
India represents the fastest-growing rigid plastic packaging market globally, propelled by core end-use demand across paints, lubricants, energy storage, food & beverages, personal care, e-commerce, pharmaceuticals, and agrochemicals.
The domestic battery casing market in India was valued at approximately ₹39.00 billion (₹3,900 crore) in FY25 and is forecasted to grow at a CAGR of ~12%, reaching ₹61.00 billion (₹6,100 crore) by FY29.
Expansion in battery casings is underpinned by the accelerated growth of end-use sectors including electric vehicles (EVs), renewable energy storage systems (ESS), automotive OEM demand, and domestic home inverter systems.
India's nominal Gross Domestic Product (GDP) registered a CAGR of 9.36% between FY19 and FY24 and is projected to grow at a CAGR of 11.98% from FY24 to FY29 to reach ~USD 6.50 trillion, driving broad-based industrial and packaging volume growth.
The transition toward sustainable packaging frameworks, increased adoption of post-consumer recycled (PCR) plastics, and Extended Producer Responsibility (EPR) mandates are driving industry consolidation toward organized, technologically compliant packaging players.
Manika Plastech IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
To fund capital expenditure towards the purchase of plant and machinery.
Repayment and/or pre-payment, in part or in full, of certain borrowings availed by the company
Towards general corporate expenses.
Financial Performance of Manika Plastech Limited
Particulars | FY26 | FY25 | FY24 |
Revenue from operations (₹ lakh) | 43,598.20 | 40,650.20 | 36,077.20 |
EBITDA (₹ lakh) | 5,816.50 | 4,528.80 | 3,086.20 |
EBITDA Margin (%) | 13.34 | 11.14 | 8.55 |
PAT (₹ lakh) | 2,240.20 | 1,933.10 | 1,153.30 |
PAT Margin (%) | 5.12 | 4.69 | 3.13 |
Net Worth / Total Equity (₹ lakh) | 14,761.70 | 12,517.50 | 10,799.70 |
RoNW / ROE (%) | 15.18 | 15.44 | 10.68 |
RoCE (%) | 18.77 | 14.79 | 8.84 |
Manika Plastech Limited Peer Details Comparison
Company Name | Total Income / Revenue (₹ Cr) | Basic EPS (₹) | RoNW / RoE (%) | NAV per share (₹) |
Manika Plastech Limited | 437.26 | 2.36 | 15.18% | 15.54 |
Hitech Corporation Limited | 640.40 | 8.84 | 5.34% | 165.72 |
Mold-Tek Packaging Limited | 886.61 | 21.93 | 10.56% | 207.64 |
Shaily Engineering Plastics Limited | 990.67 | 36.97 | 23.71% | 155.95 |
Strengths and Opportunities of Manika Plastech IPO
Displays a strong financial position as revenue grew at a 9.93% CAGR (₹360.77 Cr to ₹435.98 Cr) and Restated PAT expanded at a 39.38% CAGR (₹11.53 Cr to ₹22.40 Cr) from FY24 to FY26, with FY26 PAT margin at 5.12%, RoE at 15.18%, and RoCE at 18.77%.
The company is a leader in specialised rigid polymer packaging, commanding high-barrier battery casing solutions engineered to stringent Japanese (JIS) and German (DIN) technical benchmarks.
Repeat clients accounted for 96.38% of FY26 operational revenue, backed by deep multi-year institutional relationships and high switching barriers across marquee industrial customers.
Operates seven strategically located operating facilities across 51,000 square meters with an installed manufacturing capacity of 27,600 MTPA, positioning plants within 1 to 26 km of major client clusters to optimize freight costs and lead times.
In-house design, tooling, precision injection moulding, and automated painting infrastructure supported 21,023 MT in production volume across 242 customers in FY26.
The domestic battery casing market is estimated at ₹3,900 Cr in FY25 and projected to grow at a ~12% CAGR to ₹6,100 Cr by FY29, driven by EV adoption, power backups, and grid storage systems.
India's rigid plastic packaging (RPP) TAM is valued at ₹1,06,665 Cr in FY25 and is forecasted to reach ₹1,38,522 Cr by FY29 at a 6.75% CAGR, accelerated by FMCG, paints, and chemicals expansion.
Risks and Threats of Manika Plastech IPO
Top five customers accounted for 58.75% of operating revenue in the three months ended June 30, 2026, and 62.95%, 68.37%, and 64.30% across FY26, FY25, and FY24, with the top 10 customers generating up to 78.62% of revenue without long-term binding volume commitments.
The product portfolio is heavily concentrated in battery casings, which contributed 54.38% of operating revenue in the three months ended June 30, 2026, and 56.54%, 65.56%, and 67.26% across FY26, FY25, and FY24, exposing the company to cyclical downturns in the automotive and inverter industries.
Overwhelming dependence on repeat customers, which generated 93.26% of revenue in the three months ended June 30, 2026, and 96.38%, 95.21%, and 97.88% across FY26, FY25, and FY24, leaving revenues vulnerable if key accounts scale back orders.
High raw material and supplier concentration, with polypropylene copolymer (PPCP) comprising 89.41% of material purchases in Q1 FY27 (74.67% in FY26) and the top five suppliers accounting for 78.29% to 79.85% of total procurement under purchase-order-based arrangements without long-term supply contracts.
Significant regional concentration in Northern India, which contributed 50.92% of revenue in the three months ended June 30, 2026 (53.31% in FY26 and 57.66% in FY25), with Himachal Pradesh alone accounting for 26% to 39% of total operational revenues.
Ownership and control concentration in VRIDAA Holding Trust, which holds 97.00% of pre-offer share capital, creating complex multi-tier trust structures in tracing ultimate beneficial ownership alongside post-offer voting control.
Manika Plastech IPO Reservation
Investor Category | Shares Offered |
QIB Shares Offered | Not more than 50% of the Net Issue |
Retail Shares Offered | Not less than 35% of the Net Issue |
NII Shares Offered | Not less than 15% of the Net Issue |
Manika Plastech IPO Promoter Holding
The promoters of the company are Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and Vridaa Holding Trust.
Share Holding Pre-Issue | 100% |
Share Holding Post Issue | 74.95% |
Manika Plastech IPO Prospectus
Manika Plastech IPO Registrar and Lead Managers
Manika Plastech IPO Lead Managers
Pantomath Capital Advisors Private Limited
Registrar for Manika Plastech IPO
MUFG Intime India Private Limited
Contact Number: +91 810 811 4949
Email Address: manikaplastech.ipo@in.mpms.mufg.com
How To Apply for Manika Plastech IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Manika Plastech IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Manika Plastech IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.
Contact Details of Manika Plastech IPO
Registered Office: Gala Number C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road, Village Saily, Silvassa – 396 230, Dadra & Nagar Haveli, India.
Phone: +91 22 4223 4300
E-mail: cs@manikaplastech.com
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
Manika Plastech IPO FAQs
What minimum lot size can retail investors subscribe to?
Retail investors can apply for a minimum of one lot, comprising 348 equity shares. At the upper price band of ₹43 per share, the minimum investment required is ₹14,964.
When will the Manika Plastech IPO be allotted? .
The basis of allotment date for Manika Plastech is expected to be finalised on September 17, 2026
How to increase your chances of getting a Manika Plastech IPO allotment?
Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.
Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.
Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.
Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.
How do I approve the UPI mandate request for the Manika Plastech IPO?
After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.
Can I submit more than one application for the public issue of Manika Plastech Limited using one PAN?
No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.
What is 'pre-apply' for Manika Plastech Limited IPO?
Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.
If I pre-apply for the Manika Plastech Limited IPO, when will my order get placed?
Pre-apply allows investors to apply for the Manika Plastech Limited IPO two days before the subscription period opens on Sep 11, 2026, ensuring an early submission of your application.
When will I know if my Manika Plastech Limited IPO order is placed?
You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.
Where is the Manika Plastech Limited IPO getting listed?
The Manika Plastech Limited IPO is proposed to be listed on the NSE and BSE platforms. The listing date is September 21, 2026.
