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HomeIPOManika Plastech

About Manika Plastech

Manika Plastech Limited is a manufacturer of specialized polymer packaging solutions in India. The firm mainly deals with the production of multilayer barrier films and containers, which find applications in industries such as food and beverages, pharmaceuticals, personal care, agrochemicals, and lubricants. Such packaging products are meant to prolong product shelf life, ensure its quality, and protect it against moisture, oxygen, and other environmental factors. Manika Plastech specializes in the use of high-end co-extrusion technology for production of high barrier multilayer containers and films. This firm operates on the domestic and international fronts and has developed long-lasting relationships with key clients through its customized, reliable, and innovative packaging products. Sustainability, efficiency, and following of global standards is at the heart of the company's manufacturing activities. At the moment, there are seven operational manufacturing plants of the firm located in Dehradun, Hosur, Panipat, Una and Dadra covering a total area of 51,000 square meters and having an installed capacity of 27,600 MTPA. There are also five warehouses in Hosur, Dehradun, Jodhpur, and Katni.

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National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Antala Industries

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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Manika Plastech

Manika Plastech

Open Date

Sep 11, 2026

Close Date

Sep 16, 2026

listed

Min Investment

₹14,964

Lot Size

348 Shares

Issue Size

₹125.5 Cr

Price Range

₹40 - ₹40

Listing Date

Sep 21, 2026

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RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹1(+2.33%)GMP
2.33%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Manika Plastech IPO - Issue Objectives

The company will use ₹54.93 crore for purchase of plant and machinery. The company will utilise ₹15 crore to repay certain outstanding borrowings. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Capital expenditure

59.3%

Repayment of borrowings

16.2%

General corporate purposes

24.4%

1

Capital expenditure

The company will use ₹54.93 crore for purchase of plant and machinery.

59.30%
2

Repayment of borrowings

The company will utilise ₹15 crore to repay certain outstanding borrowings.

16.20%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

24.40%

IPO Subscription Status

QIB
11.22x
NII
66.58x
Individual
23.98x
Total
29.46x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Manika Plastech

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Integrated design and customer retention

The company owns over 800 moulds and has 30 registered battery-casing designs. Its top 20 customer relationships average over 10 years, supporting repeat demand and customer-specific product development.

02

Proximity and manufacturing flexibility

Six manufacturing facilities and one painting facility serve major customer clusters. FY26 utilisation was 74%, rising to 80% in Q1FY27; spare capacity and shared machinery offer scope to serve additional demand.

03

Product diversification and margins

Pails/thinwall revenue increased to ₹133.02 crore in FY26 from ₹84.09 crore in FY24, while painting contributed ₹13.87 crore in FY26. EBITDA margin rose from 8.55% to 13.34% over the same period, strengthening the earnings base.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Customer concentration and contract visibility

The top five and top ten customers generated 62.95% and 73.45% of FY26 revenue. Only a few customers have long-term agreements, with orders generally placed periodically; reduced purchases can materially affect sales.

02

Polymer costs and supplier dependence

Polypropylene copolymer (PPCP) represented 74.67% of FY26 purchases; the top five raw-material suppliers accounted for 78.29%. Purchases lack long-term contracts, while delayed cost pass-through exposes margins.

03

Contact Details

Manika Plastech

Gala Number C/22-26, First Tax Free Industrial Estate, Silvassa, Khanvel Road, Village Saily, Silvassa, Dadra and Nagar Haveli and Daman and Diu, 396230

+912242234300
cs@manikaplastech.com
http://www.manikaplastech.com/

Manika Plastech IPO - FAQs

Manika Plastech IPO is a Mainboard IPO. The issue is priced at 40-₹43. The minimum order quantity is 348 Shares. The IPO opens on 11 Sep, and closes on 16 Sep. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-09-10
  • Bidding Starts2026-09-11
  • Bidding Ends2026-09-16
  • Allotment Finalisation2026-09-17
  • Release of Funds2026-09-18
  • Demat Transfer2026-09-18
  • Listing2026-09-21
04

Industry growth and capacity expansion

The battery-casing market to reach ₹6,100 crore by FY29, at approximately 12% CAGR from FY25. Planned capacity expansion from 29,200 to 38,000 MTPA provides scope to address this demand.

05

Resource-efficient manufacturing

Of 93 injection-moulding machines, 72 use SERVO motors to optimise energy consumption. Recycled polymers constituted about 13–30% of polymer consumption in Q1FY27, supporting the company’s focus on reducing virgin-polymer use.

06

Scope for deleveraging

Up to ₹15 crore is earmarked for debt repayment, against ₹77.95 crore of borrowings at July 31, 2026. The company expects lower interest outgo and an improved debt-equity ratio to release internal accruals for growth.

Battery-casing exposure and seasonality

Battery-casing revenue fell 7.51% in FY26 to ₹246.49 crore but still represented 56.54% of sales. Battery and ice-cream packaging demand is seasonal, limiting the visibility implied by a strong June quarter.

04

Expansion execution and demand absorption

Orders were yet to be placed for 72.12% of proposed IPO-funded machinery expenditure. With FY26 capacity utilisation at 74%, timely procurement and sufficient customer demand are critical to earning returns on the expansion to 38,000 MTPA.

05

Receivables and cash conversion

Trade receivables rose from ₹44.8 crore in FY24 to ₹65.7 crore in FY26; FY25 bad-debt write-offs were ₹3.2 crore. Delayed collections could increase working-capital requirements and affect cash flows.

06

Environmental and approval compliance

At the RHP date, consent for renewal to operate the facility at Una, remained pending after two returns for deficiencies. FY25 environmental compensation and groundwater restoration charges totalled ₹5 lakh; delays in maintaining approvals could disrupt operations.