Manika Plastech IPO
IPO Open Now
₹13,920 / 348 shares
Price Range: ₹40 – ₹43 per share
Bidding Dates11 Sept, 2026 – 16 Sept, 2026
Min Investment₹13,920
Lot Size348
Issue Size₹125.50 Cr.
IPO Overview
IPO Subscription Details
Retail Subscription2.08x
Non-Institutional Buyers (sHNI)2.38x
Non-Institutional Buyers (bHNI)0.58x
Qualified Institutional Buyers (QIB)0x
Total Subscription1.31xOver-subscribed
IPO Timeline
IPO Offer Start11 Sept, 2026
IPO Offer Ends16 Sept, 2026
Allotment Finalisation17 Sept, 2026
Refund Initiation18 Sept, 2026
Listing of Shares21 Sept, 2026
IPO Analysis
Strengths
- The company has a customer focused manufacturing strategy with most Operating Facilities and warehouses situated in close proximity to customers, offering enhanced customer service and reducing delivery time, inventories and related costs.
- The company's association with key customers for over two decades creates competitive edge, with products subject to long qualification processes and customers facing high switching costs and exit barriers.
- The company provides one-stop-shop services from design to delivery, with 30 registered designs under Designs Act 2000, over 2,700 SKUs of battery casings, over 2,900 SKUs of pails and over 1,000 SKUs of thinwall containers.
Risks
- The company derives 58%-69% of its operating revenue from its top five customers, creating significant dependency on a limited customer base. Loss of any major customer or reduction in revenue from these customers could materially impact business operations and financial performance.
- The company sets up operating facilities and warehouses in proximity to key customers' manufacturing units, exposing operations to fluctuations in customer business scale and industry trends. Any downturn in customer operations or their industries could directly impact demand and business operations.
- About 54%-68% of revenue from operations is derived from battery casings sales during recent periods. Any significant loss of sales in battery casings or reduction in demand could adversely affect business, financial condition, and cash flows.
Objects of the Issue
The company proposes to incur capital expenditure to purchase plant and machinery including injection moulding machines, injection blow moulding machines, injection stretch blow moulding machines, moulds, IML robots, and other auxiliary equipment to enhance manufacturing capabilities, diversify product offerings, and increase production capacity from MTPA to MTPA.
The company proposes to utilize proceeds towards repayment/pre-payment of existing borrowings to de-leverage its financial position, achieve favorable debt-equity ratio, reduce interest outflow, and enable utilization of additional amounts from internal accruals for further business growth and expansion.
The company expects to utilize proceeds towards general corporate purposes including funding growth opportunities, strengthening marketing capabilities, meeting ongoing contingencies, funding capital or operating expenditures, executing new projects, and other purposes as approved by the Board, subject to not exceeding % of Gross Proceeds.
Yearly Financial Results
Consolidated — ₹ Crores
| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 360.77 | 406.50 | 435.98 |
| Expenses | 352.40 | 387.16 | 406.83 |
| Other Income | 7.99 | 6.09 | 1.28 |
| Total Revenue | 368.76 | 412.59 | 437.26 |
| Profit Before Tax | 16.36 | 25.43 | 30.44 |
| Net Profit | 11.53 | 19.33 | 22.40 |
Balance Sheet
Consolidated — ₹ Crores
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 252.93 | 320.99 | 323.69 |
| Current Assets | 106.30 | 159.46 | 154.35 |
| Fixed Assets | 146.63 | 161.53 | 169.35 |
| Total Equity & Liabilities | 252.93 | 320.99 | 323.69 |
| Total Liabilities | 144.93 | 195.81 | 176.08 |
| Current Liabilities | 104.23 | 155.11 | 137.09 |
| Non Current Liabilities | 40.70 | 40.70 | 38.98 |
| Total Equity | 108.00 | 125.18 | 147.62 |
Cash Flow
Consolidated — ₹ Crores
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | -0.09 | 0.82 | -0.81 |
| Investing Activities | -53.29 | -23.05 | -18.72 |
| Operating Activities | 35.42 | 36.88 | 44.30 |
| Financing Activities | 17.78 | -13.00 | -26.39 |
About Manika Plastech
The company is a design-led, precision engineered, rigid polymer packaging manufacturing company, catering to diversified critical industries such as energy storage, dairy and edible food products, paints, and chemicals. The company's products are designed and developed in-house, with 30 designs registered as unique intellectual property. The company provides RPP solutions.
Documents
Source: DRHP
Discussion
Share your thoughts, ask questions, or discuss this IPO with other investors.
No comments yet. Be the first to share your thoughts!
Leave a Comment