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Manika Plastech IPO

Manika Plastech IPO

Plastic Products
open
₹13,920Min. investment
  1. Pre-apply
    10 Sep
  2. Bid start
    11 Sep
  3. Bid end
    16 Sep
  4. Allotment
    17 Sep
  5. Release of funds
    18 Sep
  6. Demat transfer
    18 Sep
  7. Listing
    21 Sep

Manika Plastech Limited IPO Details

SectorPlastic Products
Price range₹40.00 – ₹43.00
IPO type
Regular
Lot size348 shares
Issue size₹125Cr
Red Herring Prospectus
Read
Market Cap
₹501CrLower than sector avg
RevenueApr 20NaN - Mar 20FY
₹435.98CrHigher than sector avg
Growth rate3Y CAGR
9.93%

Manika Plastech Limited IPO Overview

Manika Plastech IPO date

Manika Plastech IPO will open for subscription on September 11, 2026, and the closing date for the IPO is September 16, 2026. After this, investors are expected to be updated about the allotment status on September 17, 2026.

Investors who got IPO allotment can expect shares to be credited to their demat account on September 18, 2026. The shares will be listed on NSE and BSE on Monday, September 21, 2026.

Manika Plastech IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹40 and ₹43 per share. Interested investors can choose a price within this band to apply.

The IPO is a book-building issue, comprising an offer for sale of ₹33 crore and a fresh issue of ₹92 crore. Manika Plastech IPO listing price will be determined on September 21, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Manika Plastech IPO lot size

Manika Plastech Limited IPO details have been declared. The minimum lot size for an application is 348 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹125 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹435.98Cr
This sector
₹428.83Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹22.4Cr
This sector
₹23.13Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹501Cr
This sector
₹1,429.77Cr
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P/E ratio
Lower ratio usually means stock is undervalued
This IPO
18.22
This sector
52.17
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.60
This sector
0.88
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Objectives

Capital expenditure
59.30%
General corporate purposes
24.40%
Repayment of borrowings
16.20%

Strength and Weakness

Integrated design and customer retention

The company owns over 800 moulds and has 30 registered battery-casing designs. Its top 20 customer relationships average over 10 years, supporting repeat demand and customer-specific product development.

Proximity and manufacturing flexibility

Six manufacturing facilities and one painting facility serve major customer clusters. FY26 utilisation was 74%, rising to 80% in Q1FY27; spare capacity and shared machinery offer scope to serve additional demand.

Product diversification and margins

Pails/thinwall revenue increased to ₹133.02 crore in FY26 from ₹84.09 crore in FY24, while painting contributed ₹13.87 crore in FY26. EBITDA margin rose from 8.55% to 13.34% over the same period, strengthening the earnings base.

Industry growth and capacity expansion

The battery-casing market to reach ₹6,100 crore by FY29, at approximately 12% CAGR from FY25. Planned capacity expansion from 29,200 to 38,000 MTPA provides scope to address this demand.

Resource-efficient manufacturing

Of 93 injection-moulding machines, 72 use SERVO motors to optimise energy consumption. Recycled polymers constituted about 13–30% of polymer consumption in Q1FY27, supporting the company’s focus on reducing virgin-polymer use.

Scope for deleveraging

Up to ₹15 crore is earmarked for debt repayment, against ₹77.95 crore of borrowings at July 31, 2026. The company expects lower interest outgo and an improved debt-equity ratio to release internal accruals for growth.

About Manika Plastech Limited

Manika Plastech IPO will open for subscription on 11 September 2026. The IPO will remain open till 16 September, followed by listing on Monday, 21 September. Incorporated in 1996, Manika Plastech is a design-led manufacturer of rigid polymer packaging serving energy storage, paints, chemicals, food and dairy customers.
The company’s business model spans in-house design and development, raw-material sourcing, injection moulding, heat sealing, labelling, quality assurance and delivery, enabling customised packaging solutions. Its battery casings protect energy-storage systems; pails package paints and lubricants, while food-grade thinwall containers support dairy and edible products.
FY26 revenue from operations stood at ₹435.98 crore. Battery casings contributed ₹246.49 crore, or 56.5%, while pails and thinwall containers accounted for ₹133.02 crore, or 30.5%. Automotive-component painting contributed 3.1%, with other operating revenue accounting for 9.7%. The latter includes trading, meter boxes, automotive components and miscellaneous income. The pails and thinwall contribution increased from 23.3% in FY24, indicating a broader revenue mix.
The company operates seven facilities comprising six manufacturing facilities across Dehradun, Hosur, Panipat, Una and Dadra, alongside a painting facility in Hosur. Its facilities cover over 51,000 square metres, supported by warehouses in Pune and Jodhpur. Aggregate installed capacity was 29,200 tonnes annually at the RHP date; planned machinery investment would increase this to 38,000 tonnes. FY26 capacity utilisation was 74%.
The business is predominantly domestic, with northern India contributing 53.3% of FY26 revenue, followed by southern India at 28.4% and western India at 14.1%; exports represented 2.3%. Its customer footprint extends across 24 states and union territories. Locating facilities close to customers supports delivery scheduling, inventory management and logistics efficiency.
Manika served 242 customers in FY26, including 161 repeat customers, which contributed 96.3% of revenue in FY26. Its disclosed relationships include Livguard and Luminous in battery casings; Grasim, Kansai Nerolac and JSW Paints in packaging; Vadilal in food and dairy; and TVS Motor and Ultraviolette in automotive-component painting. The top 20 customers had average relationships exceeding ten years as at June 30, 2026. The product platform includes 30 registered battery-casing designs and over 800 owned moulds. Across the disclosed quarter and preceding three financial years, it sold over 2,700 battery-casing SKUs, 2,900 pail SKUs and 1,000 thinwall-container SKUs. Battery casings span 2.5–1,000 ampere-hours, while thinwall containers range from 100 millilitres to one litre. Customised designs and interchangeable manufacturing infrastructure allow support of a broad range of customer specifications and product applications.
Manika supplies battery casings, pails and thinwall containers to the rigid plastic packaging industry in India. The market is expected to grow from ₹1,06,665 crore in FY25 to ₹1,38,522 crore in FY29, at a CAGR of 6.75%. Expansion is supported by demand from paints, energy and food, population growth and rising disposable incomes. The battery-casing segment is expected to grow from ₹3,900 crore to ₹6,100 crore during the same period at a CAGR of about 12%.
The company’s strategic benefit is its proximity to the key customer locations, enabling the company to serve better and respond to customer requirements more flexibly. Established supply relationships help retain customers and boost service delivery. To meet this demand, the company plans to expand capacity from 29,200 to 38,000 MTPA to serve existing and new customers. The company is also planning to expand its product portfolio through the introduction of Injection Stretch Blow Moulding (ISBM) technology.
The new technology will enable it to produce bottles and containers for additional industries including personal care, cosmetics, beverages and pharmaceuticals. In addition, Manika plans to expand its geographical presence by setting up a new manufacturing facility in southern India, which will help the company strengthen its presence in the region and add new customers.
Now, Manika Plastech Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹92 crore and an offer for sale of ₹33 crore. The total issue size of the IPO is ₹125 crore. Its shares will be listed on the NSE and BSE.

How to apply for Manika Plastech IPO?

If you are interested in this investment opportunity but unsure how to apply for an Manika Plastech IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Manika Plastech IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Manika Plastech IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Frequently asked questions

Investors can apply for the Manika Plastech IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Manika Plastech IPO is 125 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 11 Sep 2026, 10:00 AM