Manika Plastech IPO is a Mainboard Book Built public issue by Manika Plastech Limited. The public issue consists of a fresh issue of equity shares along with an Offer for Sale (OFS) by the promoter selling shareholder. The company’s equity shares are proposed to be listed on both the BSE and NSE.
The objective of the fresh issue is to fund capital expenditure towards the purchase of plant and machinery, repay or prepay certain borrowings, and meet general corporate purposes. The proceeds from the Offer for Sale will be received by the selling shareholder.
Manika Plastech Limited is a design-led manufacturer of precision-engineered rigid polymer packaging products. The company manufactures battery casings, pails and thinwall containers for industries such as energy storage, automotive, paints, lubricants, chemicals, dairy and edible food products.
The company operates manufacturing facilities across different locations in India and serves a diversified customer base. Its product portfolio includes battery casings, industrial pails, food-grade thinwall containers and other specialised plastic products designed for application-specific requirements.
The organised packaging and rigid polymer products industry continues to benefit from demand across automotive, energy storage, paints, chemicals, food, dairy and other industrial sectors. Investors should carefully evaluate the company’s financial performance, customer concentration, raw material costs, competitive position, IPO valuation and future expansion plans before making an investment decision.
Table of Contents
Manika Plastech IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Manika Plastech IPO |
| Company Name | Manika Plastech Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹2 Per Equity Share |
| Price Band | ₹40 to ₹43 Per Share |
| Issue Size | ₹125.50 Crore |
| Fresh Issue | ₹92.50 Crore |
| Offer for Sale | ₹33.00 Crore |
| IPO Open Date | 11 September 2026 |
| IPO Close Date | 16 September 2026 |
| Anchor Investor Bidding | 10 September 2026 |
| Basis of Allotment | 17 September 2026 |
| Refund Initiation | 18 September 2026 |
| Shares Credited to Demat Account | 18 September 2026 |
| Listing Date | 21 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 348 Equity Shares |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Manager | Pantomath Capital Advisors Private Limited |
The Manika Plastech IPO comprises a fresh issue of up to 2,15,11,627 equity shares aggregating up to ₹92.50 crore and an Offer for Sale of up to 76,74,418 equity shares aggregating up to ₹33.00 crore.
Manika Plastech IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 10 September 2026 |
| IPO Opening Date | 11 September 2026 |
| IPO Closing Date | 16 September 2026 |
| Basis of Allotment | 17 September 2026 |
| Refund Initiation | 18 September 2026 |
| Shares Credited to Demat Account | 18 September 2026 |
| Listing Date | 21 September 2026 |
The above IPO schedule is based on the currently announced issue timetable and may be subject to changes by the company or stock exchanges.
Manika Plastech IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The QIB portion includes the applicable Anchor Investor allocation. The final allocation may vary depending on valid bids received during the IPO subscription period.
Manika Plastech IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 348 Shares | ₹14,964 |
| Retail Maximum | 13 Lots | 4,524 Shares | ₹1,94,532 |
| S-HNI Minimum | 14 Lots | 4,872 Shares | ₹2,09,496 |
| S-HNI Maximum | 66 Lots | 22,968 Shares | ₹9,87,624 |
| B-HNI Minimum | 67 Lots | 23,316 Shares | ₹10,02,588 |
The application amounts shown above are calculated using the upper price band of ₹43 per equity share.
About Manika Plastech Limited
Manika Plastech Limited was incorporated in 1996 and is engaged in the manufacturing of precision-engineered rigid polymer packaging products. The company develops and manufactures products including battery casings, pails and thinwall containers for various industrial and consumer applications.
The company serves diversified industries including energy storage, automotive, paints, lubricants, chemicals, dairy and edible food products. Its products are designed to meet application-specific requirements related to durability, protection, handling and packaging performance.
Manika Plastech has expanded its manufacturing presence across multiple locations in India. The company has developed long-standing relationships with customers across its target industries and has also invested in product development and manufacturing capabilities.
Business Operations
Manika Plastech Limited operates a diversified rigid polymer packaging manufacturing business.
- Battery Casings – The company manufactures rigid polymer battery casings used in energy storage applications.
- Industrial Pails – It manufactures pails used for packaging paints, lubricants, chemicals and other industrial products.
- Thinwall Containers – The company produces food-grade thinwall containers for dairy and edible food products.
- Automotive Products – The company also undertakes plastic components and related manufacturing activities for automotive applications.
- Painting Facility – Its painting facility provides specialised painting and coating services for automotive and other applications.
- Customised Packaging – The company develops application-specific rigid polymer packaging products for industrial customers.
The company operates multiple manufacturing facilities across India and caters to customers in several end-use industries.
Industry Overview
India’s rigid polymer packaging industry is supported by demand from sectors such as automotive, energy storage, paints, chemicals, food, dairy and consumer products. Increasing industrial production and the shift towards organised packaging solutions can create opportunities for manufacturers with established production capabilities.
The growing demand for battery and energy-storage products, packaged food, paints, lubricants and industrial chemicals can support long-term demand for specialised polymer packaging products. However, raw material price fluctuations, customer concentration, competition and changes in end-user industries remain important factors for investors to consider.
Business Strategy
Manika Plastech Limited focuses on expanding its manufacturing capabilities, strengthening its product portfolio and improving production capacity through investments in plant and machinery.
The company intends to use a significant portion of the fresh issue proceeds for capital expenditure towards the purchase of plant and machinery. It also plans to repay or prepay certain borrowings, which may help strengthen its financial position.
The company aims to continue serving diversified industrial customers, develop application-specific products, improve manufacturing capabilities and expand its presence across key end-use industries.
Manika Plastech IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operational efficiency and financial stability. Reviewing financial statements over multiple years helps investors understand how the business has developed and how effectively it has generated earnings.
Manika Plastech Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹360.77 Crore | ₹406.50 Crore | ₹435.98 Crore |
| Total Income | ₹368.76 Crore | ₹412.59 Crore | ₹437.26 Crore |
| EBITDA | ₹30.86 Crore | ₹45.30 Crore | ₹58.14 Crore |
| Profit After Tax (PAT) | ₹11.53 Crore | ₹19.33 Crore | ₹22.40 Crore |
| Net Worth | ₹107.99 Crore | ₹125.17 Crore | ₹147.62 Crore |
| Total Borrowings | ₹93.06 Crore | ₹97.45 Crore | ₹88.19 Crore |
The company reported growth in revenue, EBITDA and profit after tax during the three financial years. PAT increased from ₹11.53 crore in FY2024 to ₹22.40 crore in FY2026, while net worth also increased over the same period. Borrowings declined from ₹97.45 crore in FY2025 to ₹88.19 crore in FY2026.
Manika Plastech IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operational efficiency, financial strength and capital utilisation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 15.18% |
| Return on Capital Employed (ROCE) | 18.77% |
| Return on Net Worth (RoNW) | 15.18% |
| EBITDA Margin | 13.34% |
| PAT Margin | 5.12% |
| Debt-to-Equity Ratio | 0.60 |
| Earnings Per Share (EPS) | ₹2.36 |
| Net Asset Value (NAV) Per Share | ₹15.54 |
| Price to Earnings (P/E) | 18.22x |
The company’s FY2026 financial indicators show positive profitability and a debt-to-equity ratio of 0.60. At the upper price band, the IPO valuation should be evaluated along with the company’s earnings, growth prospects and comparable listed companies.
Objects of the Manika Plastech IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Capital Expenditure – Funding the purchase of plant and machinery.
- Debt Repayment – Repayment and/or pre-payment, in part or full, of certain borrowings.
- General Corporate Purposes – Meeting eligible general corporate requirements.
The estimated allocation towards capital expenditure is approximately ₹54.92 crore, while approximately ₹15 crore is proposed towards repayment or pre-payment of certain borrowings.
The proceeds from the Offer for Sale will be received by the selling shareholder and will not form part of the company’s funds.
Manika Plastech IPO Listing Performance
The listing performance reflects how the company’s shares perform on the stock exchanges after the IPO. Since the shares are scheduled to list on 21 September 2026, the actual listing price and listing gain are not yet available.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 21 September 2026 |
| Issue Price | ₹43 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The actual listing performance will be available after the company’s shares commence trading on the stock exchanges. Investors should consider the company’s fundamentals and long-term business prospects rather than relying only on expected listing gains.
Manika Plastech IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. As the issue is currently open, subscription figures can change throughout the bidding period.
Manika Plastech IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 0.36x |
| Non-Institutional Investors (NII) | 1.26x |
| Retail Individual Investors (RII) | 2.24x |
| Employee Category | — |
| Total Subscription | 1.49x |
The above subscription figures are the available Day 1 figures and may change as bidding continues until 16 September 2026.
Manika Plastech IPO Review
Manika Plastech Limited operates in the rigid polymer packaging segment and manufactures battery casings, industrial pails, thinwall containers and other precision-engineered plastic products. The company serves multiple industries, including energy storage, automotive, paints, chemicals, dairy and food.
The company has demonstrated growth in revenue and profitability over the last three financial years. Revenue from operations increased from ₹360.77 crore in FY2024 to ₹435.98 crore in FY2026, while PAT increased from ₹11.53 crore to ₹22.40 crore during the same period.
The fresh issue provides funds for capital expenditure and debt repayment. Investment in plant and machinery may support future production capacity and operational capabilities, while debt repayment can help reduce borrowings.
However, investors should consider risks related to customer concentration, fluctuations in polymer raw material prices, competition, dependence on end-user industries, manufacturing operations and execution of expansion plans.
Overall, Manika Plastech operates in a specialised manufacturing segment with exposure to multiple industrial sectors. Investors should carefully evaluate its financial performance, valuation, customer concentration, competitive position and future expansion plans before investing.
Manika Plastech IPO Strengths
- Diversified Product Portfolio – Products include battery casings, pails, thinwall containers and other specialised polymer products.
- Multiple End-Use Industries – The company serves energy storage, automotive, paints, chemicals, food and dairy sectors.
- Established Manufacturing Presence – The company has multiple manufacturing facilities across different locations in India.
- Long-Term Customer Relationships – The company has established relationships with customers across its target industries.
- Growing Financial Performance – Revenue, EBITDA and PAT have increased over the FY2024 to FY2026 period.
- Fresh Capital for Expansion – A significant portion of the fresh issue proceeds is proposed to be used for plant and machinery.
Manika Plastech IPO Risk Factors
- Customer Concentration – Dependence on major customers may affect revenue if important customer relationships or order volumes decline.
- Raw Material Price Volatility – Changes in polymer and other raw material prices can affect manufacturing margins.
- Competitive Industry – The company operates in a competitive packaging and plastic products market.
- Dependence on End-User Industries – Slowdowns in automotive, energy storage, paints, chemicals, food or other served industries may affect demand.
- Capital Expenditure Execution – The benefits of planned investment in plant and machinery depend on effective implementation.
- Operational Risks – Manufacturing activities are exposed to equipment, maintenance, production and operational risks.
- Outstanding Borrowings – The company has existing borrowings and interest obligations.
- Regulatory Requirements – Changes in environmental and manufacturing regulations may increase compliance requirements and costs.
Manika Plastech IPO Promoters
Manika Plastech Limited has been promoted by Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and Vridaa Holding Trust.
The promoters have been associated with the company and its business operations for several years and have contributed to the development of its manufacturing and product capabilities.
Manika Plastech IPO Promoters Details
| Promoter | Designation / Relationship |
|---|---|
| Nikunj Mohanlal Kapadia | Promoter |
| Munjal Nikunj Kapadia | Promoter |
| Mihir Nikunj Kapadia | Promoter |
| Pratik Nikunj Kapadia | Promoter |
| Vridaa Holding Trust | Promoter Group |
Manika Plastech IPO Management Team
The company is led by an experienced management team with expertise in manufacturing, business operations, finance and corporate governance.
| Name | Designation |
|---|---|
| Nikunj Mohanlal Kapadia | Chairman & Non-Executive Director |
| Munjal Nikunj Kapadia | Managing Director |
| Mihir Nikunj Kapadia | Whole-Time Director |
| Pratik Nikunj Kapadia | Whole-Time Director |
| Mukesh Chandrakant Thakkar | Chief Financial Officer |
| Karishma Himatbhai Waghela | Company Secretary & Compliance Officer |
The management and board also include independent directors with experience across business, finance and corporate governance.
Manika Plastech IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | https://in.mpms.mufg.com |
| IPO Allotment Status | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
| Email ID | [email protected] |
| Contact Number | +91 810 811 4949 |
The registrar to the issue is MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited.
Manika Plastech IPO Lead Manager Details
The Book Running Lead Manager is responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Pantomath Capital Advisors Private Limited |
| Contact Person | Amit Maheshwari |
| Email ID | [email protected] |
| Phone | 180 088 98711 |
| Website | https://www.pantomathgroup.com |
Pantomath Capital Advisors Private Limited is the Book Running Lead Manager for the Manika Plastech IPO.
Manika Plastech Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Manika Plastech Limited |
| Registered Office | Gala Number C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road, Village Saily, Silvassa – 396230, Dadra and Nagar Haveli |
| Website | https://www.manikaplastech.com |
| Email ID | [email protected] |
| Phone | +91 22 4223 4300 |
The company’s corporate and registered office details are disclosed in its offer documents.
How to Check Manika Plastech IPO Allotment Status
Investors can check the Manika Plastech IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through MUFG Intime India Private Limited
- Visit the official MUFG Intime IPO allotment portal.
- Select Manika Plastech IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Manika Plastech IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
The basis of allotment is scheduled for 17 September 2026, followed by refund initiation and demat credit on 18 September 2026.
Manika Plastech IPO Conclusion
Manika Plastech IPO provides investors with an opportunity to invest in a manufacturer of precision-engineered rigid polymer packaging products serving multiple industrial and consumer segments. The company manufactures battery casings, pails, thinwall containers and other specialised plastic products.
The company has reported growth in revenue and profitability over recent financial years, while the fresh issue proceeds are intended to support capital expenditure and repayment or pre-payment of borrowings. Its exposure to energy storage, automotive, paints, chemicals, food and dairy provides diversification across several end-use industries.
However, investors should also consider customer concentration, raw material price fluctuations, competition, dependence on end-user industries, manufacturing risks and the execution of planned capital expenditure.
A detailed assessment of the company’s financial performance, IPO valuation, business strategy, competitive position, industry outlook and future expansion plans can help investors determine whether the IPO is suitable for their investment objectives.
Manika Plastech IPO FAQs
What is Manika Plastech IPO?
Manika Plastech IPO is the Mainboard public issue of Manika Plastech Limited, a manufacturer of rigid polymer packaging products.
What is the price band of Manika Plastech IPO?
The price band of the Manika Plastech IPO is ₹40 to ₹43 per equity share.
What is the issue size of Manika Plastech IPO?
The total issue size of the Manika Plastech IPO is ₹125.50 crore, comprising a fresh issue of ₹92.50 crore and an Offer for Sale of ₹33.00 crore.
When will the Manika Plastech IPO open?
The IPO will open for subscription on 11 September 2026.
When will the Manika Plastech IPO close?
The IPO will close for subscription on 16 September 2026.
On which stock exchanges will Manika Plastech shares be listed?
The company’s equity shares are proposed to be listed on BSE and NSE.
What is the lot size of Manika Plastech IPO?
The minimum lot size is 348 equity shares. At the upper price band of ₹43, the minimum investment is ₹14,964.
Who is the registrar for the Manika Plastech IPO?
MUFG Intime India Private Limited is the registrar to the Manika Plastech IPO.
Who is the registrar of Manika Plastech IPO?
MUFG Intime India Private Limited is the registrar to the Manika Plastech IPO.
What does Manika Plastech Limited do?
Manika Plastech Limited manufactures rigid polymer packaging products such as battery casings, pails and thinwall containers for industries including energy storage, automotive, paints, chemicals, dairy and food.
What are the objects of the Manika Plastech IPO?
The company intends to use the fresh issue proceeds for purchasing plant and machinery, repayment or pre-payment of certain borrowings and general corporate purposes.
