About Manika Plastech IPO
Manika Plastech IPO Details
The Manika Plastech IPO is a 100% book-built issue of ₹125 crore, comprising a fresh issue of ₹92 crore and an offer for sale (OFS) of ₹33 crore, with a face value of ₹2 per share. The company filed its DRHP with SEBI on June 24, 2025.
The price band of the issue is set between ₹40 to ₹43 per share and the lot size for an application is 348 shares. The minimum amount of investment required by an individual investor is ₹14,964 (348 shares). The IPO will be open for subscription from Sep 11 to 16, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as Sep 21, 2026. The book-running lead manager of this issue is Pantomath Capital Advisors Private Ltd., while the registrar to the issue is MUFG Intime India Private Ltd.
Manika Plastech IPO Date & Timeline
The Manika Plastech IPO is officially set to open for subscription on Sep 11, 2026 and will close on Sep 16, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on June 24, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 17, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 18, 2026. Finally, shares of Manika Plastech Ltd. are tentatively scheduled to list on the stock exchanges on Sep 21, 2026.
Manika Plastech IPO Timeline
| IPO Open Date | Fri, Sep 11, 2026 |
| IPO Close Date | Wed, Sep 16, 2026 |
| Tentative Allotment | Thu, Sep 17, 2026 |
| Initiation of Refunds | Fri, Sep 18, 2026 |
| Credit of Shares to Demat | Fri, Sep 18, 2026 |
| Tentative Listing Date | Mon, Sep 21, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Manika Plastech IPO Details
| Detail | Description |
|---|---|
| IPO Date | 11 to 16 Sep, 2026 |
| Listing Date | 21 Sep, 2026 |
| Face Value | ₹ 2 per share |
| Issue Price Band | ₹ 40 to ₹ 43 |
| Lot Size | 348 Shares |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,91,86,045 shares (agg. up to ₹ 125 Cr) |
| Fresh Issue(Ex Market Maker) | 2,15,11,627 shares (agg. up to ₹ 92 Cr) |
| Offer for Sale | 76,74,418 shares of ₹2 (agg. up to ₹ 33 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 9,50,00,000 shares |
| Share Holding Post Issue | 11,65,11,627 shares |
Manika Plastech IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Manika Plastech IPO GMP is currently trading at ₹10, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹53, which is 23.26% above the issue price. While the Grey Market Premium is a key indicator of demand and investor desire, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹43 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹15 and a lot size of 348 shares.
Manika Plastech IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 13 Sep 2026 | ₹43 | ₹15 | 13 Sep, 202605:36 PM |
| 12 Sep 2026 | ₹43 | ₹7 | 12 Sep, 202611:01 AM |
| 11 Sep 2026 | ₹43 | ₹7 | 12 Sep, 202611:01 AM |
| 10 Sep 2026 | ₹43 | ₹17 | 10 Sep, 202609:36 AM |
| 9 Sep 2026 | ₹43 | ₹17 | 10 Sep, 202609:36 AM |
| 8 Sep 2026 | ₹43 | ₹17 | 8 Sep, 202606:01 PM |
| 07 Sep, 2026 | ₹43 | ₹7 | 07 Sep, 202610:34 AM |
Company Background
Manika Plastech Ltd. was incorporated under the Companies Act, 1956, as a private limited company under the name "Manika Moulds Private Limited" on April 25, 1996. Then, on April 25, 2022, the company changed its name to “Manika Plastech Private Limited”.
Over 3 decades of operations, the business evolved from basic plastic moulding into a precision-engineered, rigid polymer packaging manufacturer. Currently, the company is a leading manufacturer of precision-engineered rigid polymer packaging (RPP). With its headquarters in Mumbai, the company operates 7 strategically located facilities across India, including plants in Silvassa, Hosur and Dehradun, with a total production capacity exceeding 27,600 MTPA. It primarily serves critical sectors like energy storage, paints and food processing, specialising in high-performance battery casings and thin-wall containers.
Then, on December 18, 2024, the company converted into a public limited company with a fresh certification of incorporation to proceed with its public listing procedures.
Operations & Product Range
The main manufacturing operation of Manika Plastech Ltd. involves the production of high-performance rigid polymer packaging (RPP), encompassing all processes from injection molding and heat sealing to labelling. The major products comprise customized battery casings used for automobiles, pails and thin-wall packaging. Battery casings meet high technical specifications for both Japan (JIS) and Germany (DIN). Major customers of the company are mainly drawn from the automobile sector and storage energy sector for casings, while containers find use in the food, dairy, paint and lubricants industries.
Facilities & Capacity
Manika Plastech Ltd. has established a strong operational infrastructure with 7 operating facilities strategically placed across Dehradun, Hosur, Panipat, Una and Silvassa, covering over 51,000 square metres. The total installed capacity across these units stands at 27,600 metric tonnes per annum (MTPA). The company also operates 5 warehouses in Hosur, Dehradun, Jodhpur and Katni for smooth logistics. This issue mainly focuses on enhancing capabilities by using fresh issue proceeds to purchase new plant and machinery.
Brands & Market Presence
Manika Plastech Ltd. has maintained a significant market presence by virtue of the unique products it offers in the packaging industry for business-to-business (B2B) transactions, its brand name having been made synonymous with high-quality battery casings and pails that are sought after by firms operating in the energy and chemical industries. The operation of the company is mainly limited to the domestic front, providing services to more than 178–200 clients located in 24 states and union territories of India.
Revenue Streams & Business Model
Manika Plastech Ltd. primarily generates revenue from selling rigid and standard polymer packaging products. The battery casings division is the major contributor, accounting for approximately 66% of overall revenue, with the remaining revenue coming from pails and thin-wall containers.
The business model ensures diverse industry applications, limiting exposure to any single sector. The company relies heavily on the North Indian market, though it also serves the South and West zones, generating revenue through direct sales to long-standing industrial clients.
Financial Performance
Manika Plastech Ltd. has shown robust financial growth in FY26, driven by higher demand for its precision-engineered packaging. Revenue rose 6% to ₹435.98 crore compared to ₹406.50 crore in FY25. Profitability improved significantly, with net profit surging 16% to ₹22.40 crore from ₹19.33 crore. Profit margins expanded to 5.12% alongside strong operational cash flows of ₹44.30 crore, with a ROE of 8.34%.
Management & Shareholding
The promoters of Manika Plastech Ltd. are Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and the Vridaa Holding Trust, who collectively hold 100% of the pre-issue shareholding, representing 9.50 crore equity shares. However, after the issue, the shareholding will be slightly diluted, as the offering includes entirely a fresh issue of shares, which will lower the shareholding of the existing shareholders to 74.95%.
Board & Key Management
The leadership of Manika Plastech Ltd. is led by a team of experts with many years of experience. Nikunj Mohanlal Kapadia serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Munjal Nikunj Kapadia, the Managing Director, along with Whole-Time Directors Mihir Nikunj Kapadia and Pratik Nikunj Kapadia. To ensure good governance, the board includes Independent Directors Anand Shailesh Bathiya, Chitradurga Narasimha Murthy, Sanjay Khubchand Israni and Mita Dixit for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Manika Plastech IPO Financial Information
Latest Revenue
₹ 162.45 Cr
Profit After Tax
₹ 13.07 Cr
Net Worth
₹ 156.78 Cr
Total Borrowing
₹ 92.46 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 30 Jun 2026 (Consolidated) | 317.00 | 162.45 | 13.07 | 156.78 | 136.97 | 92.46 |
| 31 Mar 2026(Consolidated) | 323.69 | 435.98 | 22.40 | 147.62 | 127.69 | 88.19 |
| 31 Mar 2025(Consolidated) | 320.99 | 406.50 | 19.33 | 125.17 | 105.29 | 97.45 |
| 31 Mar 2024(Consolidated) | 252.93 | 360.77 | 11.53 | 107.99 | 88.05 | 93.06 |
| Amount in ₹ Crore | ||||||
Manika Plastech Key Performance Indicator
| KPI | Values(30 Jun 2026) |
|---|---|
| ROE | 8.34 % |
| ROCE | 8.34 % |
| Debt/Equity | 0.59 |
| RoNW | 8.34 % |
| PAT Margin | 8.03 % |
| EBITDA Margin | 15.01 % |
| NAV | 16.50 |
| Price to Book Value | 2.61 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.36 | 4.49 |
| P/E (x) | 18.22 | 9.58 |
Manika Plastech IPO Objectives
The company intended to use the Manika Plastech IPO proceeds for the following strategic purposes:
- • Funding capital expenditure towards the purchase of plant and machinery
- • Repayment and/or pre-payment of debt (in part or in full)
- • General corporate purposes
Manika Plastech IPO Review
Manika Plastech Ltd. has established itself as a respected player in the domain of rigid polymers by concentrating on essential industrial uses like energy storage and batteries used in automobiles. The company’s well-placed production plants, along with its adherence to global technical standards, make it a dependable industrial partner.
Financially, the company has shown positive and profitable financial statements; as for FY26, the revenue was reported at ₹435.98 crores, with PAT at ₹22.04 crores, while EBITDA margin was ₹58.14 crores, with an EBITDA margin of 13.34%. Notably, the top 10 customers of the company were reported at ₹320.20 crore, which is 73.45% of the total revenue from operations.
However, the investors must be aware of both sides of the company, including major risk factors, such as a high dependence on its top 10 customers and a strong focus on battery casings. Overall, Manika Plastech Ltd. is operating in a rigid polymers sector by concentrating on essential industrial uses; investors need to be aware of the company’s risks and opportunities to make a better-understandable decision.
Conclusion
Manika Plastech IPO is an opportunity to invest in a growing company that has shown healthy and profitable financial statements and has built a strong market presence with 3 decades of experience in precision-engineered polymer packaging and brings a diverse product portfolio and long-standing customer relationships to the table. The industry opportunity remains substantial, driven by demand from the automotive, energy storage and chemical sectors. With this issue, the company seeks capital for the expansion of its manufacturing units.
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Competitive Strengths
Proximity to key client locations and flexibility in operations, allowing better client retention.
Integrated value-added services through internal design, development and labelling capabilities.
Long-term associations with well-established clients, with repeat clients contributing substantially to income.
High approval requirements result in high entry and exit barriers in the packaging industry.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 348 | 14,964 |
| Individual investors (Retail) (Max) | 13 | 4,524 | 1,94,532 |
| S-HNI (Min) | 14 | 4,872 | 2,09,496 |
| S-HNI (Max) | 66 | 22,968 | 9,87,624 |
| B-HNI (Min) | 67 | 23,316 | 10,02,588 |