Manika Plastech IPO

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.

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: