Manika Plastech

ListedListed 21 Sep 2026MainboardNSE: MANIKACheck allotment

Current price₹ 46.13+7.28% since issue

Listing day0%

Issue price: ₹ 43
Issue size: ₹ 125.5 Cr.
Min. investment: ₹ 14,964
Listing price: ₹ 43
Subscribed: 28.14x
Lot size: 348 shares
P/E: 9.58
RoNW: 8.34%
RoCE: 8.34%
Debt / Equity: 0.59
PAT margin: 8.03%
EBITDA margin: 15.01%
RoE: 8.34%
EPS: ₹ 4.49
NAV: ₹ 16.50
Promoter stake: 74.95%

About

Manika Plastech Limited was started in 1996. It makes rigid polymer packaging, which means hard plastic containers and casings rather than film or flexible packing. It makes three main things. Battery casings are the hard plastic boxes that hold automotive batteries, and the company designs these to Japanese JIS and German DIN technical standards to meet what each customer specifies. Pails are the buckets used to pack paints, lubricants and industrial chemicals. Thinwall containers are the food grade tubs used to pack and distribute dairy products and other edible items. The company handles the whole job in house, covering design and development, buying the raw material, manufacturing, heat sealing, labelling, quality checks and delivery. Its customers come from many industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals and food and dairy. Over the three months ended 30 June 2026 and the three financial years before that, it served between 168 and 242 customers across 24 states and union territories in India.

Timeline

Opens
11 Sep
done
Closes
16 Sep
done
Allotment
17 Sep
done
Refunds
18 Sep
done
Demat credit
18 Sep
done
Listing
21 Sep
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 20 on 7 Sep 2026
Lowest: ₹ 1 on 20 Sep 2026
First quoted: ₹ 20 on 7 Sep 2026

Subscription

How many times each investor group bid for its share, as of 21 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	348	₹ 14,964
Retail (Max)	13	4,524	₹ 1,94,532
S-HNI (Min)	14	4,872	₹ 2,09,496
B-HNI (Min)	67	23,316	₹ 10,02,588

Company overview

Financials

Financials by year

Assets	317	323.69	320.99	252.93
Total Income	162.71	437.26	412.59	368.76
Profit After Tax	13.07	22.4	19.33	11.53
EBITDA	24.38	58.14	45.3	30.86
NET Worth	156.78	147.62	125.17	107.99
Reserves and Surplus	136.97	127.69	105.29	88.05
Total Borrowing	92.46	88.19	97.45	93.06

Strengths

This is the cheapest mainboard issue in the current batch on earnings, at about 9.58 times on an EPS of Rs 4.49.
Profit has nearly doubled in two years, from Rs 11.53 crore in FY2024 to Rs 19.33 crore in FY2025 and Rs 22.40 crore in FY2026.
EBITDA has improved strongly, from Rs 30.86 crore in FY2024 to Rs 45.30 crore in FY2025 and Rs 58.14 crore in FY2026.
The company has a long record of about 30 years, having started in 1996.
Its customers are spread across many industries, from automotive and energy storage to paints, agrochemicals and dairy, so it is not tied to one sector.
Making battery casings to JIS and DIN standards is a technical requirement that not every packaging maker can meet, which helps hold on to automotive customers.
It does the full job in house, from design and material sourcing through to heat sealing, labelling and delivery.
Rs 54.93 crore of the issue money goes into plant and machinery, which adds real production capacity.

Risks

The profit margin is thin at 5.12%. In plastic packaging the polymer itself is most of the cost, so a small change in resin price moves profit sharply.
Growth has slowed. Total income rose only 6% in FY2026, from Rs 412.59 crore to Rs 437.26 crore.
Debt is high and is not coming down. Borrowing was Rs 92.46 crore as on 30 June 2026 against a net worth of Rs 156.78 crore, and it has stayed in the Rs 88 crore to Rs 97 crore range for three years.
Return on net worth is only 15.18%, which is modest for a manufacturing business of this size.
Total assets have stopped growing, moving from Rs 320.99 crore in FY2025 to Rs 323.69 crore in FY2026 and Rs 317.00 crore as on 30 June 2026.
The raw material is polymer, which is linked to crude oil prices and is largely outside the company's control.
The latest column in the offer document is only a three month period ending 30 June 2026, so it cannot be compared with the full years before it.
This is a fresh issue combined with an offer for sale, and promoter holding falls from 100% to 74.95% after the issue.

What the money is for

Objects of the issue

Funding the capital expenditure towards purchase of plant and machinery	54.93
Repayment and/or pre-payment, in part or full, of certain borrowings availed by Company	15
General Corporate Purposes	—

Promoters

Nikunj Mohanlal Kapadia
Munjal Nikunj Kapadia
Mihir Nikunj Kapadia
Pratik Nikunj Kapadia
Vridaa Holding Trust

Promoter holding100%→74.95%before → after the issue · down 25.05 points

Anchor investors

5 anchors put in ₹ 3.76 Cr., including 2 mutual funds.

Anchor investors

BHARAT VALUE FUND	41,04,199	1.76	46.87%
TRUST MF MULTI CAP FUND	13,95,480	0.6	15.94%
FINAVENUE CAPITAL TRUST-FINAVENUE GROWTH FUND	11,62,791	0.5	13.28%
NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE	11,62,791	0.5	13.28%
TRUST MF LARGE & MID CAP FUND	9,30,552	0.4	10.63%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 2 a share
Registrar: MUFG Intime India Private Limited
Lead managers: Pantomath Capital Advisors Pvt Ltd
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.