Manika Plastech IPO

About Manika Plastech IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to TBA equity shares of face value of ₹2 each aggregating up to ₹115 crores. The offer for sale portion includes up to 1,50,00,000 equity shares of face value of ₹2 each. The total number of shares and aggregate amount are yet to be finalised.

Manika Plastech Limited serves as an end-to-end provider for RPP solutions for their products to customers, starting from design to development, sourcing raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery. Over the years, they have developed the capability of providing their customers with customised packaging products. Their facilities are equipped to design automotive battery casings compliant with Japanese and German technical standards developed and published by Japanese Industrial Standards ("JIS") and Deutsches Institut für Normung ("DIN"), respectively, which enables them to align their products with the final product specifications and quality requirements of their customers. JIS and DIN ensure compatibility with existing filling and labelling lines and provide consistent performance characteristics (Source: Technopak Report).

Objectives of Manika Plastech IPO

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

Industry Outlook

India is the fastest-growing rigid polymer packaging market globally. The Indian rigid polymer packaging market has a large TAM, with a current size of ₹98,764 crores in fiscal 2024. It is projected to grow at a CAGR of 7.00%, reaching ₹1,38,522 crores by fiscal 2029. India's growth is driven by the country's expanding economy, rapid urbanisation, and evolving consumer preferences. The growth is further propelled by increasing demand from industries such as paint & lubricants, energy sector, food and beverages, personal care, e-commerce, pharmaceuticals, agrochemicals, etc., supported by a growing population and rising disposable incomes. The RPP sector plays a vital role in protecting products, enhancing their appeal, and ensuring convenience across industries (Source: Technopak Report).

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 a strong presence in the country over the years. These companies, with vast experience and strategically located plants across India, are key to the sector's growth. The diverse range of packaging solutions highlights their significant role in addressing market demands and driving innovation within the industry.

Company Information

Manika Plastech Limited is 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. The company's products are designed and developed in-house, with 36 designs registered as unique intellectual property, out of which two have been applied for renewal, under the Designs Act, 2000 and the Designs Rules, 2001 (Source: Technopak Report).

With focus on application-specific performance, durability, product safety and efficiency, they have their product portfolio built around precision-engineered solutions such as high-performance battery casings, pails & thinwall containers, each tailored to serve industrial and consumer use cases. These offerings cater to a broad spectrum of industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, food, and dairy, among others. The company undertakes production in injection-moulded, rigid polymer components, such as precision battery casings that are integral to the performance and durability of energy storage systems. While pails serve packaging needs across paints, lubricants, and industrial chemicals, the food-grade thinwall containers are used for secure packaging and distribution of dairy and edible products. The packaging is designed to align with the shelf life of the product it holds, ensuring that its structural strength, ability to protect, and ease of handling are maintained throughout the product's expected lifecycle, across different end-use environments (Source: Technopak Report).

Strengths of Manika Plastech IPO

• Proximity to key customer locations, operational flexibility enables customer retention and customer service.
• Entry barriers for competitors and retention drivers/exit barriers for customers.
• Integrated value-added services through in-house design, development, and labelling capabilities.
• De-risked business model with diverse industry applications/customer base/suppliers/location/product portfolio and operational flexibility.
• Longstanding relationships with well-known customers and well-established supply chain.
• Integrated quality assurance infrastructure
• Commitment to sustainable packaging and adherence to ESG Standards
• Experienced promoters and management team, having domain knowledge

Risks of Manika Plastech IPO

• Any significant loss of sales in their battery casings due to reduction in demand for such products or downturn in their end-use industries.
• Any loss of, or a significant reduction in their repeat customers or revenue generated from them.
• Any fluctuation in prices of their raw materials.
• Any key raw material used by them or end-use consumer product that is packaged using their products is banned in India.
• Any shutdown of their operating facilities or other production problems caused by unforeseen events.
• No long-term contract with any supplier
• Sales Concentration in Northern India
• Increase in product categories and products may expose them to newer risks

Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports / annual results as available of the respective company for the Fiscal 2025, submitted to stock exchanges.*Financial information for the Company is derived from the Restated Consolidated Financial Information as at and for the Fiscal 2024.

Notes: i. Basic and diluted earnings per Equity Share are computed in accordance with Indian Accounting Standard 33.

ii.Net asset value per share represents Net worth divided by total number of shares at the end of the year/period.

iii. Price/earnings ratio for the peer group has been computed based on the closing market price of equity shares on stock exchanges as on June 13, 2025, divided by the earnings per share for the Fiscal 2024.

iv. Return on Net Worth is calculated as Net profit for the period / year as a percentage of Net worth.

Anchor Investor Bidding Date: TBA

Registrar: MUFG Intime India Private Limited Book Running Lead Managers: Pantomath Capital Advisors Private Limited

Business Model

The company earns its revenue through providing end-to-end RPP solutions for their products to customers, starting from design to development, sourcing raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery.

Company Growth Trajectory

The company's total income reduced by ₹30.39 crore i.e. 7.61% to ₹368.76 crore in fiscal 2024 from ₹399.16 crore in fiscal 2023.

Their revenue from operations decreased by ₹35.74 crore i.e. 9.01% to ₹360.77 crore in fiscal 2024 from ₹396.51 crore in fiscal 2023. The decrease was primarily attributable to a reduction in the prices of raw materials due to price fluctuations in the global market.

Their other income increased by ₹5.34 crore i.e. 201.93% to ₹7.99 crore in fiscal 2024 from ₹2.65 crore in fiscal 2023. The increase was primarily due to an increase in interest income to ₹0.56 crore in fiscal 2024 from ₹0.07 crore in fiscal 2023, increase in the government subsidy in the form of SGST subsidy pertaining to Una manufacturing facility to ₹6.27 crore in fiscal 2024 from ₹1.52 crore in fiscal 2023, and recognition of gain on derivatives of ₹0.55 crore in fiscal 2024 which was nil in fiscal 2023.

They recorded a profit for the year of ₹11.55 crore in fiscal 2024 compared to ₹11.32 crore in fiscal 2023.

EBITDA of Manika Plastech Limited was recorded as ₹31.96 crore in fiscal 2022 and ₹30.98 crore in fiscal 2024. EBITDA margin was recorded as 9.60% in fiscal 2022 and 8.59% in fiscal 2024, which increased to 10.18% during 9M fiscal 2025.

Company Market Position

Manika Plastech Limited has a diversified customer base of 178-200 customers in 24 states/union territories in India in the nine-month period ended 31 December 2024, and the last three fiscals. Owing to their history of over two decades in offering RPP products, they have directly served nearly all of their customers across multiple end-user industries, which has effectively helped them limit their exposure to a particular segment. Their customers who have been associated with them for more than 10 years contributed 65.27%, 34.76%, 29.17% and 28.90% to their revenues from operations in the nine-month period ended 31 December 2024 and the fiscals 2024, 2023 and 2022, respectively, which indicates the depth of their relationships with them.

As of 31st March,2024, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹368.761 crores, ₹11.545 crores, and ₹30.982 crores, respectively.

How to check allotment status of Manika Plastech Limited IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Manika Plastech Limited IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Manika Plastech Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Manika Plastech Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Manika Plastech Limited IPO allotment status.

Go to NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Manika Plastech Limited IPO bid and allotment details will be displayed.

How to apply for Manika Plastech Limited IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your 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.