Manika Plastech IPO Review: Key Details, Company Overview and Financials
- September 9, 2026
- Posted by: Lakshit Sharma
- Category: IPO
Manika Plastech IPO price band Rs 40 to Rs 43. Opens 11 Sep, closes 16 Sep 2026. Issue size Rs 125.50 Cr. Lists 21 Sep on BSE, NSE.
Quick Answer
The Manika Plastech IPO is a Rs 125.50 crore bookbuilding issue priced between Rs 40 and Rs 43 per share, open for bidding from 11 to 16 September 2026. The rigid polymer packaging manufacturer, known for battery casings, pails and thinwall containers, combines a Rs 92.50 crore fresh issue with a Rs 33 crore offer for sale by promoter entity VRIDAA Holding Trust. Shares are proposed to list on BSE and NSE around 21 September 2026, on the back of FY26 revenue growth of around 6 percent and profit growth of around 16 percent.
The Manika Plastech IPO is a bookbuilding issue of Rs 125.50 crore, comprising a fresh issue of 2,15,11,627 equity shares worth Rs 92.50 crore and an offer for sale of 76,74,418 equity shares worth Rs 33 crore by promoter entity VRIDAA Holding Trust. The IPO will open for subscription on 11 September 2026 and close on 16 September 2026. The allotment is expected to be finalised on 17 September 2026, while the shares are proposed to list on BSE and NSE around 21 September 2026.
The Manika Plastech IPO price band is set at Rs 40 to Rs 43 per share, with a lot size of 348 shares. Retail investors must apply for a minimum of 348 shares, requiring an investment of Rs 14,964, and can apply for up to 13 lots (4,524 shares, Rs 1,94,532). HNI investors need to apply for at least 14 lots, or 4,872 shares, amounting to Rs 2,09,496.
Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the Manika Plastech IPO, while MUFG Intime India Pvt. Ltd. is the registrar to 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.
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Company Overview
Incorporated in 1996, Manika Plastech Limited manufactures rigid polymer packaging products, including battery casings, pails and thinwall containers, along with automotive components. Its battery casings serve the automotive and energy storage industries and are designed to Japanese and German technical standards (JIS and DIN), while its pails and thinwall containers are used to package paints, lubricants, industrial chemicals, and dairy and food products.
The company operates seven facilities in India, comprising six manufacturing units in Dehradun, Hosur, Panipat, Una and Dadra, plus one painting facility in Hosur. During the three months ended 30 June 2026 and the preceding three fiscal years, Manika Plastech served between 168 and 242 customers across 24 states and union territories, with its top 20 customers maintaining an average relationship tenure of over 10 years. Key customers across its facilities include Livguard Energy Technologies, Luminous Power Technologies, Genus Innovation, Kansai Nerolac Paints, JSW Paints, Grasim Industries, Vadilal Industries and TVS Motor Company. As of 31 July 2026, the company had 352 employees and 809 contract labourers.
Read on for the complete Manika Plastech IPO details, including price band, lot size, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 11 to 16 September 2026 |
| Allotment | Thu, 17 September 2026 |
| Listing Date | Mon, 21 September 2026 (tentative) |
| Face Value | Rs 2 per share |
| Price Band | Rs 40 to Rs 43 |
| Lot Size | 348 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Issue cum Offer for Sale |
| Total Issue Size | 2,91,86,045 shares (agg. up to Rs 125.50 Cr) |
| Fresh Issue | 2,15,11,627 shares (agg. up to Rs 92.50 Cr) |
| Offer for Sale | 76,74,418 shares (agg. up to Rs 33 Cr) |
| Investor Reservation | QIB: not more than 50%; Retail: not less than 35%; NII (HNI): not less than 15% of the offer |
| Shareholding Pre-Issue | 9,50,00,000 shares |
| Shareholding Post-Issue | 11,65,11,627 shares |
| Listing Exchange | BSE, NSE |
(Compiled from the RHP/DRHP and market updates)
Industry Context
- Rigid polymer packaging, including battery casings, pails and thinwall containers, serves a diverse set of end industries such as automotive, energy storage, paints, lubricants, agrochemicals, food and dairy, and construction chemicals, providing manufacturers with broad demand diversification.
- The automotive battery casing segment is closely linked to growth in the lead-acid and emerging battery storage markets in India, including demand from inverter, UPS and electric vehicle related applications.
- Manufacturers that design products to international technical standards, such as JIS and DIN for automotive battery casings, are better positioned to serve quality-conscious customers including large branded battery and paint manufacturers.
- Long-term customer relationships are common in this industry, since packaging specifications are often customised and qualified for specific customer applications, creating switching costs once a supplier is approved.
- Polymer resin price volatility, linked to crude oil prices, remains a key margin consideration across the rigid packaging industry, making raw material cost management an important operating factor.
Business Strengths
Here are the key strengths investors evaluating the Manika Plastech IPO should weigh:
- An established operating history since 1996, with seven operating facilities across India and long-standing relationships with recognised customers such as Livguard, Luminous, Kansai Nerolac and TVS Motor Company, with top 20 customers averaging over 10 years of relationship tenure.
- A diversified product and end-industry base spanning automotive battery casings, paints and lubricants pails, and food-grade thinwall containers, reducing dependence on any single customer or sector.
- Products engineered to international JIS and DIN technical standards for automotive battery casings, supporting credibility with quality-conscious original equipment customers.
- Steady financial growth, with FY26 revenue up around 6 percent and profit after tax up around 16 percent, and fresh issue proceeds earmarked for capacity expansion through new plant and machinery.
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Business Risks
Alongside these strengths, the Manika Plastech IPO also carries the following business risks:
- FY26 return ratios were relatively modest for a manufacturing business, with ROE and RoNW at 15.18 percent and a debt-to-equity ratio of 0.60, and net worth roughly doubled during FY26 following the company’s IPO-related capital adjustments, which investors should factor in when assessing historical return ratios.
- The Rs 33 crore offer for sale by promoter entity VRIDAA Holding Trust will not benefit the company, and promoter shareholding will decline from 100 percent to 74.95 percent after the issue.
- The business is exposed to volatility in polymer resin prices, and PAT margins, at around 5.12 percent for FY26, remain modest relative to the scale of revenue.
- Total borrowings of around Rs 88.19 crore as of FY26 remain a factor to monitor, and the company faces typical manufacturing risks including capacity utilisation and customer concentration among its top accounts.
Financial Performance
The Manika Plastech IPO comes after a period of steady growth. The company’s revenue increased by around 6 percent and profit after tax rose by around 16 percent between the year ended 31 March 2025 and 31 March 2026.
Manika Plastech Ltd. – Financials (Rs in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Total Income | 43,726.00 | 41,259.00 | 36,876.00 |
| EBITDA | 5,814.00 | 4,530.00 | 3,086.00 |
| EBITDA Margin (%) | 13.30% (computed) | 10.98% (computed) | 8.37% (computed) |
| Profit After Tax (PAT) | 2,240.00 | 1,933.00 | 1,153.00 |
| Net Worth | 14,762.00 | 12,517.00 | 10,799.00 |
| Total Borrowings | 8,819.00 | 9,745.00 | 9,306.00 |
| Debt-to-Equity Ratio | 0.60 | Not separately disclosed | Not separately disclosed |
Amounts in Rs Lakh unless stated otherwise, compiled from the Manika Plastech IPO RHP (restated consolidated basis). EBITDA margin figures are computed from disclosed absolute figures. Debt-to-equity for FY25 and FY24 was not separately disclosed in the available RHP data. For the three months ended 30 June 2026, the company separately reported total income of Rs 162.71 crore and profit after tax of Rs 13.07 crore, a stub quarter not included in the annual comparison above.
Key Ratios and Metrics
The table below summarises the key ratios and metrics relevant to the Manika Plastech IPO as of the latest reported period.
These ratios offer a quick snapshot of how the Manika Plastech IPO is priced relative to the company’s profitability and net worth.
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Equity (ROE) | 15.18% |
| Return on Capital Employed (ROCE) | 18.77% |
| Debt-to-Equity Ratio | 0.60 |
| Return on Net Worth (RoNW) | 15.18% |
| PAT Margin | 5.12% |
| EBITDA Margin | 13.34% |
| Net Asset Value (NAV per share) | Rs 15.54 |
| Price to Book Value | 2.77x |
Objects of the Offer
The company proposes to utilise the net proceeds from the Manika Plastech IPO towards the following objects.
- Capital expenditure towards purchase of plant and machinery (Rs 54.93 Cr)
- Repayment or prepayment of borrowings (Rs 15.00 Cr)
- General corporate purposes
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Conclusion
Here is the bottom line on the Manika Plastech IPO.
The Manika Plastech IPO reflects an established rigid polymer packaging manufacturer with a diversified customer base, long-standing relationships with recognised brands, and internationally aligned product standards for its automotive battery casing business.
However, relatively modest return ratios, the offer for sale component, exposure to polymer price volatility, and a debt-to-equity ratio of 0.60 are factors that could affect the investment case for the Manika Plastech IPO.
Overall, investors weighing the Manika Plastech IPO should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
What are the Manika Plastech IPO dates, and when will it list?
Ans. The Manika Plastech IPO opens for subscription on 11 September 2026 and closes on 16 September 2026. The allotment is expected to be finalised on 17 September 2026, refunds and credit of shares are expected by 18 September 2026, and the shares are tentatively scheduled to list on both BSE and NSE around 21 September 2026.
What is the price band and minimum investment for the Manika Plastech IPO?
Ans. The price band for the Manika Plastech IPO is set at Rs 40 to Rs 43 per equity share, with a lot size of 348 shares. Retail investors must apply for a minimum of one lot, which costs Rs 14,964 at the upper price band, and can bid for up to 13 lots (4,524 shares, Rs 1,94,532).
What does Manika Plastech Limited actually manufacture?
Ans. Manika Plastech manufactures rigid polymer packaging products, including battery casings for the automotive and energy storage industries, pails used to package paints, lubricants and industrial chemicals, and thinwall containers used for dairy and food products. Its automotive battery casings are designed to Japanese (JIS) and German (DIN) technical standards, and the company also manufactures automotive components, operating across seven facilities in Dehradun, Hosur, Panipat, Una and Dadra.
Who are Manika Plastech’s key customers?
Ans. The company serves a diversified base of 168 to 242 customers across 24 Indian states and union territories, with its top 20 customers maintaining an average relationship tenure of over 10 years as of June 2026. Its customer list includes well-known names such as Livguard Energy Technologies, Luminous Power Technologies, Genus Innovation, HSD Batteries, Kansai Nerolac Paints, JSW Paints, Grasim Industries, Vadilal Industries and TVS Motor Company, spanning battery, paint, food and automotive applications.
Is the Manika Plastech IPO a fresh issue or does it include an offer for sale?
Ans. The Manika Plastech IPO combines a fresh issue of 2,15,11,627 equity shares worth Rs 92.50 crore with an offer for sale of 76,74,418 equity shares worth Rs 33 crore by promoter entity VRIDAA Holding Trust. This means about 74 percent of the issue size will bring in fresh capital for the company, while the remaining roughly 26 percent will go to the promoter entity monetising part of its existing stake, and promoter shareholding overall will decline from 100 percent to 74.95 percent after the issue.
How will Manika Plastech use the proceeds from its fresh issue?
Ans. The largest allocation, Rs 54.93 crore, is earmarked for capital expenditure towards the purchase of plant and machinery, which should support capacity expansion across the company’s manufacturing facilities. A further Rs 15 crore is set aside for repayment or prepayment of borrowings, which should help ease the company’s debt-to-equity ratio of 0.60, with the remaining amount from the fresh issue going towards general corporate purposes.
What are the main risks or concerns flagged for the Manika Plastech IPO?
Ans. The company’s FY26 return ratios, with ROE and RoNW both at 15.18 percent, are relatively modest for a manufacturing business, and investors should note that net worth roughly doubled during the period covered by the RHP due to capital adjustments ahead of the IPO, which can distort simple year-on-year return-ratio comparisons. The Rs 33 crore offer for sale will not bring in funds for the company, and PAT margins of around 5.12 percent for FY26 remain modest relative to the scale of revenue. The business is also exposed to polymer resin price volatility, and total borrowings of around Rs 88.19 crore remain a balance sheet factor to monitor going forward.
Who are the lead manager and registrar for the Manika Plastech IPO?
Ans. Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the Manika Plastech IPO, responsible for structuring and managing the offer process. MUFG Intime India Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants’ demat accounts.
Is the Manika Plastech IPO a good investment?
Ans. Manika Plastech offers exposure to an established rigid polymer packaging manufacturer with a diversified, long-tenured customer base and internationally aligned product standards for its battery casing business, which are genuine positives for investors interested in industrial packaging. At the same time, relatively modest return ratios, the offer for sale component, and exposure to polymer price volatility are factors that call for careful evaluation. As always, investors should study the RHP in detail, track subscription demand, and assess their own risk appetite before applying.