Manika Plastech Limited
Open now11–16 Sep 2026
Updated 2026-09-11 (IST)
What Manika Plastech Limited does
We are 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.
Manika Plastech Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| Fiscal 2024 | Fiscal 2025 | Fiscal 2026 | ||
|---|---|---|---|---|
| Sales | 361 | 407 | 436 | |
| Operating Profit | 31 | 45 | 58 | |
| OPM % | 8.6% | 11.1% | 13.3% | |
| Net Profit | 12 | 19 | 22 | |
| Total Debt | 93 | 97 | 88 |
Manika Plastech Limited IPO offer structure
Total: ₹126 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Funding the capital expenditure towards purchase of plant and machinery: ₹55 cr
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company: ₹15 cr
Manika Plastech Limited promoters and holding
- Nikunj Mohanlal Kapadia: Chairman and Non-Executive Director
- Munjal Nikunj Kapadia: Managing Director
- Mihir Nikunj Kapadia: Whole-time Director
- Pratik Nikunj Kapadia: Whole-time Director
- VRIDAA Holding Trust: Corporate Promoter
Manika Plastech Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Proximity to key customers locations, operational flexibility enables customer retention and customer service (p.132)
- Entry Barriers for Competitors and Retention Drivers/Exit Barriers for customers (p.132)
- Integrated value-added services through in-house design, development, and labelling capabilities (p.132)
- De-risked business model with diverse industry applications / customer base / suppliers / location / product portfolio and operational flexibility (p.132)
- Longstanding relationships with well-known customers and well-established supply chain (p.132)
- About 58%-69% of our operating revenue came from our top five customers. (p.25)
- Setting up facilities in proximity of key customers exposes us to potential fluctuations in their scale of business. (p.26)
- About 54% - 68% of our revenue was derived from the sale of battery casings. (p.27)
- We derived about 93%-98% of our revenue from repeat customers. (p.28)
- Our Subsidiary, Manika Automotive Private Limited has incurred losses and negative cash flows in the past. (p.29)
Manika Plastech Limited peer comparison: DRHP median P/E 37.9x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Hitech Corporation Limited | Rs 328.35 -0.8% | 32.1x | 10.7% | 4.0% | live |
| Mold-Tek Packaging Limited | Rs 685.55 -0.6% | 32.3x | 18.8% | 12.2% | live |
| Shaily Engineering Plastics Limited | Rs 3,371.35 -2.1% | 87.7x | 31.5% | 39.6% | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Manika Plastech Limited market and competition
The Indian packaging industry is highly fragmented, comprising both domestic and international companies. Local players like Manjushree Technopack Limited, Manika Plastech Limited, SSF Plastics India Limited, and Mold-Tek Packaging Limited, alongside global companies such as TPAC Packaging India Private Limited, have established strong presence in the country over the years.
Manika Plastech Limited outlook, as the document states it
We are embarking on a growth strategy which involves strengthening our core capabilities across focus industries and building scale, investing in enhancing our design capabilities, expanding our geographical footprint, strengthening our supply chain ecosystem and enhancing our product diversity and complexity, and exploring adjacencies.
Never miss an IPO like this
Every upcoming IPO analysed: subscription, GMP and a DRHP breakdown, in your inbox, free. One email when each one opens.
Manika Plastech Limited IPO: common questions
When does the Manika Plastech Limited IPO open and close?
The Manika Plastech Limited IPO is open from 11 Sep 2026 to 16 Sep 2026.
What is the Manika Plastech Limited IPO price band?
The price band is ₹40–₹43 per share.
What is the lot size and minimum investment for the Manika Plastech Limited IPO?
One lot is 348 shares, and a retail application must be at least one lot. That is about ₹14,964 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
What is the grey-market premium (GMP) for the Manika Plastech Limited IPO?
As of 11 Sep 2026 the indicative GMP is +25.6%. GMP is unregulated and self-reported. Never decide on it alone.
When are the Manika Plastech Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 17 Sep 2026, refund/unblock around 18 Sep 2026 and listing around 19 Sep 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Manika Plastech Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 505 mainboard IPOs that have listed on the NSE since 2003, 359 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.