Q1. What is the business of Manika Plastech Limited?

It is a design led, precision engineered rigid polymer packaging manufacturer for energy storage (battery casings), paints, chemicals, dairy/food and allied industries.

Q2. Why is the company raising funds via IPO?

Manika Plastech is raising funds via IPO to fund capital expenditure (new plant/machinery), repay debt and support general corporate purposes for future growth.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO comprises of ₹ 115 Cr as a Fresh Issue + OFS of ~1.50 Cr equity shares. It will be listed on BSE and NSE platforms.

Q4. What are the key risks to an investor?

Key risks include revenue concentration with top customers and heavy dependence on battery casing demand could impact performance.

Q5. What are the potential upsides?

Upsides include diversified industry demand, registered designs and strong client base suggest long‑term growth potential.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Manika Plastech Limited: New IPO, Analysis, GMP, IPO Score

Closed

Manika Plastech Limited: New IPO, Analysis, GMP, IPO Score

Market Cap

₹ 501 Cr

IPO Issue Size

₹ 125 Cr

Expected Price by IPOCorner

₹ 40 – ₹ 43

IPO Score

*Score varies on actual price

Manika Plastech Limited is a design led, precision engineered manufacturer of rigid polymer packaging solutions serving diversified industries including energy storage (battery casings), dairy and edible food products, paints, lubricants and chemicals. Its end‑to‑end offerings cover everything from product design and development to raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery.

Manika Plastech Limited was incorporated in 1996 & currently Mr. Munjal Nikunj Kapadia serves as the Managing Director of the company.

Manika Plastech IPO is of ₹125.50 crores which includes a Fresh Issue of 2.15 crore shares aggregating to ₹ 92.50 crores and offer for sale of 76.74 lakh shares aggregating to ₹ 33.00 crores.

It supplies to major industrial customers such as Livguard, Luminous, UNO Minda, JSW & Indigo Paints across India and is among the top players in rigid polymer packaging with diversified industry reach.

Subscription date to apply for Manika Plastech Limited starts on Fri, Sep 11, 2026. Price band for the IPO is between ₹40 to ₹43 with a lot size of 348 Shares.

Year	2025
Networth	₹ 107.84 Cr
Revenue	₹ 360.77 Cr
EBITDA	₹ 30.98 Cr
PAT	₹ 11.54 Cr
EBITDA Margin	~8.59%
PAT Margin	~ 3.13%
Face Value	Rs.02 per Equity Share

IPO Important Dates

#	Date
Open Date	Fri, Sep 11, 2026
Close Date	Fri, Sep 16, 2026
Anchor Investor Bidding	Thu, Sep 10, 2026
Allotment Date	Thu, Sep 17, 2026
Refunds& Demat Credit	Fri, Sep 18, 2026
Tentative Listing Date	Mon, Sep 21, 2026

Use Of Proceeds

Purpose	Amount
Purchase of plant & machinery	₹ 59.82 Cr
Repayment/pre‑payment of borrowings	₹ 25 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	332.82	396.5	360.77
PAT (₹ Cr)	9.96	11.31	11.54
Asset (₹ Cr)	198.67	217.86	252.21
Net Worth (₹ Cr)	89.76	98.26	107.84

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
15 - Sep	₹ 40 to ₹ 43	₹	₹
14 - Sep	₹ 40 to ₹ 43	₹ 11	₹ 3,828
13 - Sep	₹ 40 to ₹ 43	₹ 15	₹ 5,220
12 - Sep	₹ 40 to ₹ 43	₹ 10	₹ 3,480
11 - Sep	₹ 40 to ₹ 43	₹ 13	₹ 4,524

Pros

Strong design‑led, precision polymer packaging business with diversified industry customers.
Integrated end‑to‑end manufacturing and quality controls drive custom solutions and customer retention.
Established long‑term relationships with reputable clients across energy storage, paints, chemicals, and food sectors.
Use of IPO funds to expand manufacturing capacity and repay debt strengthens the balance sheet.
Strategic plant locations near customers improve logistics and service responsiveness.

Cons

Significant revenue concentration with top customers; losing any might impact financials.
Heavy reliance on battery casing segment demand, which is cyclical.
Regional revenue concentration mostly to North India posseses a geographical risk.
Raw material supply dependence with no long‑term contracts increases procurement risk.
Environmental regulations affecting plastics could pose future headwinds.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
VRIDAA Holding Trust	~ 97 %
Nikunj Mohanlal Kapadia	~ 0.75 %
Munjal Nikunj Kapadia	~ 0.50 %
Mihir Nikunj Kapadia	~ 0.50 %
Pratik Nikunj Kapadia	~ 0.50 %
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	348	1	348	₹ 14,964
Retail (Max)	348	13	4,524	₹ 194,532
HNI (Min)	348	14	4,872	₹ 209,496
HNI (Max)	348	66	22,968	₹ 987,624
Big HNI (Min)	348	67	23,316	₹ 1,002,588

Key Performance Index (KPI)

ROE	15.18%
ROCE	18.77%
RoNW	15.18%

Lead / Book Running Lead Managers

Pantomath Capital Advisors Private Limited

Registrar (RTA)

MUFG Intime India Private Limited

Q1. What is the business of Manika Plastech Limited?
It is a design led, precision engineered rigid polymer packaging manufacturer for energy storage (battery casings), paints, chemicals, dairy/food and allied industries.
Q2. Why is the company raising funds via IPO?
Manika Plastech is raising funds via IPO to fund capital expenditure (new plant/machinery), repay debt and support general corporate purposes for future growth.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO comprises of ₹ 115 Cr as a Fresh Issue + OFS of ~1.50 Cr equity shares. It will be listed on BSE and NSE platforms.
Q4. What are the key risks to an investor?
Key risks include revenue concentration with top customers and heavy dependence on battery casing demand could impact performance.
Q5. What are the potential upsides?
Upsides include diversified industry demand, registered designs and strong client base suggest long‑term growth potential.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.