Manika Plastech IPO

About Manika Plastech IPO

The Manika Plastech IPO, a mainboard IPO, opens on Friday, September 11, 2026 and closes on Wednesday, September 16, 2026. The allotment of shares will take place on Thursday, September 17, 2026. The credit of shares to the demat account will take place on Friday, September 18, 2026. The initiation of refunds will take place on Friday, September 18, 2026. The listing of shares will take place on Monday, September 21, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 21,511,627 shares aggregating up to ₹92.50 crore. The offer for sale portion includes 7,674,418 shares of ₹2 aggregating up to ₹33 crore. The total number of shares and aggregate amount are 29,186,045 shares aggregating up to ₹125.50 crore.

Manika Plastech IPO's price band is set at ₹40 to ₹43 per share. The lot size for an application is 348. The minimum amount of investment required by a retail investor is ₹14,964 (348 shares) based on the upper price band.

Manika Plastech is a design-led, precision-engineered rigid polymer packaging manufacturer supplying battery casings, pails, and thinwall containers to industries such as energy storage, automotive, paints, chemicals, food, and dairy. Battery casings contributed 56.54% of revenue from operations in Fiscal 2026. The company operates seven facilities and holds 30 registered product designs as intellectual property.

Objectives of Manika Plastech IPO

• Funding the capital expenditure towards purchase of plant and machinery.
• Repayment and/or pre-payment, in part or full, of certain borrowings availed by the company.
• General corporate purposes.

Industry Outlook

Rigid plastic packaging protects products through injection and blow moulding. The Indian RPP market was valued at ₹1,066.65 billion in FY 2025, and the Technopak Report describes India as the fastest-growing RPP market globally. It is projected to reach ₹1,385.22 billion by FY 2029, a compound annual growth rate of 6.75% over the period. Demand comes from paints and lubricants, energy, food and beverages, personal care, e-commerce, pharmaceuticals, and agrochemicals.

Battery casings are a distinct high-growth segment within this market. The India battery casing market stood at ₹39.00 billion in FY 2025. It is expected to grow at roughly 12% a year and reach ₹61.00 billion by FY 2029. This expansion tracks the scale-up of domestic battery manufacturing and renewable energy integration.

About Manika Plastech

Manika Plastech manufactures rigid polymer packaging. Its products are designed and developed in-house, with 30 designs registered as intellectual property under the Designs Act, 2000. The core portfolio spans high-performance battery casings, pails, and thinwall containers, each engineered for a specific industrial or consumer use case. The company runs seven operating facilities. Six are manufacturing units located in Dehradun, Hosur, Panipat, Una, and Dadra, and one is a paint facility in Hosur. Facilities are set up close to key customers to cut logistics and packaging costs. This customer-focused footprint improves reliability and shortens delivery cycles.

Its facilities can design automotive battery casings compliant with Japanese Industrial Standards and Deutsches Institut für Normung specifications. The company served 214 customers in Fiscal 2025 and 242 in Fiscal 2026. Its top-ten customers include Livguard Energy Technologies, Luminous Power Technologies, Genus Innovation, Grasim Industries, JSW Paints, Kansai Nerolac Paints, Indigo Paints, and TVS Motor company. As at July 31, 2026, the company employed 352 people and 809 contract labourers, and it has been certified a 'great workplace' by Great Place To Work, India.

Strengths of Manika Plastech

• The company holds 30 registered product designs, giving it a defensible, design-led position in precision rigid packaging.
• In-house design, development, heat-transfer labelling, and screen printing let the company offer integrated, value-added packaging services end-to-end.
• A diversified mix across battery casings, pails, thinwall containers, and a painting facility spreads revenue across automotive, energy, paints, and food industries.

Risks of Manika Plastech

• Facilities are deliberately located near key customers, tying the company's output to those customers' own production volumes and industry cycles.
• Repeat customers drove 93% to 98% of revenue, making any drop in repeat orders a material threat to sales.
• The company does not own all of its manufacturing sites, relying on lease and license agreements that expose operations to renewal and tenure risk.

Anchor Investor Bidding Date

Thursday, September 10, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private
E-mail: manikaplastech.ipo@in.mpms.mufg.com;
Telephone: +91 810 811 4

Book Running Lead Manager
Pantomath Capital Advisors Private

Manika Plastech Contact Details
Gala Number C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road,
Village Saily, Silvassa – 396 230, Dadra & Nagar Haveli, India.
Email: cs@manikaplastech.com
Phone: +91 22 4223 4300

Manika Plastech Business Model

The company earns its revenue through the manufacture and sale of rigid polymer packaging products, principally battery casings, pails, and thinwall containers, sold to industrial and consumer customers. Revenue is concentrated in battery casings, which contributed 56.54% of Fiscal 2026 revenue from operations, followed by pails and thinwall containers at 30.51%, with a painting facility and other operating revenue making up the balance. The company locates facilities near key customers such as Livguard, Luminous, and JSW Paints to secure repeat, high-volume orders and lower logistics costs.

Manika Plastech Growth Trajectory

Manika Plastech 's Total Income for FY26 was ₹437.26 crore, whereas in FY25 and FY24 it was ₹412.59 crore and ₹368.76 crore, respectively.

The Profit After Tax for FY26 was ₹22.40 crore, whereas in FY25 and FY24 it was ₹19.33 crore and ₹11.53 crore, respectively.

Their EBITDA for FY26 was ₹58.14 crore, whereas in FY25 and FY24 it was ₹45.30 crore and ₹30.86 crore, respectively.

Manika Plastech Market Position

Manika Plastech supplies precision rigid packaging to leading customers across the energy-storage, automotive, paints, and food industries. Its seven operating facilities span Dehradun, Hosur, Panipat, Una, and Dadra, positioned near customer plants to serve them reliably. The company holds IATF 16949, ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, and its top-ten customers include Livguard, Luminous, Genus Innovation, Grasim Industries, JSW Paints, Kansai Nerolac, Indigo Paints, and TVS Motor.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹437.26 crore, ₹22.40 crore, and ₹58.14 crore, respectively.

How to apply for Manika Plastech IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.