Manika Plastech IPO
Manika Plastech IPO is a mainboard IPO raising ₹125 Cr at ₹40 – ₹43 a share. The smallest application you can make is 348 shares, costing ₹14,964 at the top of the band. Bidding closes on 16 Sept 2026 and the shares list on 21 Sept 2026. So far it has been subscribed 1.42× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding opens on 11 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Manika Plastech is a rigid polymer packaging (RPP) manufacturer that designs and produces precision-engineered plastic components in-house, mainly battery casings (for automotive, inverter, railways and renewable energy use), pails (for paints, lubricants and industrial chemicals) and food-grade thinwall containers (for dairy and edible products). It also runs a painting facility at Hosur that paints automotive components for vehicle makers. Output is sold across India (with small exports), and the company is one of the top three Indian players for recycled/post-consumer recycled polymer processing, per the Technopak Report.
How it earns
It earns by selling manufactured rigid polymer packaging products (battery casings, pails, thinwall containers) and by providing component-painting services to automotive customers; revenue is recognised on sale of these finished goods plus a small trading/miscellaneous stream.
Who buys
Diversified base of 168–242 customers across 24 Indian states/union territories in the three months ended June 30, 2026 and the last three Fiscals. Key named customers: Luminous Power Technologies, Livguard Energy Technologies, Genus Innovation, HSD Batteries, Sakthi Accumulators, Surya Batteries, Zunax Energy Products (battery casings); Vadilal Industries, Grasim Industries, Kansai Nerolac Paints, JSW Paints (pails/thinwall); Ultraviolette Automotive and TVS Motor Company (painting facility). Repeat customers drove 93.26% of Q1FY27 revenue and 96.38% of FY26 revenue. Customers with 10+ year relationships contributed 43.75% (Q1FY27), 42.34% (FY26), 42.15% (FY25) and 31.30% (FY24) of revenue from operations.
Scale
7 operating facilities (6 manufacturing plants in Dehradun, Hosur, Panipat, Una and Dadra, plus 1 paint facility at Hosur) and 2 warehouses (Pune, Jodhpur); aggregate installed capacity of 29,200 MTPA across 51,000+ sq. m.; 93 injection moulding machines; revenue from operations of ₹435.98 crore in FY26 (₹360.77 crore in FY24); founded 1996.
What it says sets it apart
- Six manufacturing facilities and two warehouses deliberately sited 1–26 km from key customers' plants (e.g., Panipat plant 1 km from Grasim Industries, Una plant 5–6 km from Luminous and Livguard, Hosur plant 3 km from Kansai Nerolac), cutting lead times and logistics cost.
- High switching cost for customers due to lengthy product-approval audits (e.g., one thinwall-container customer and Jotun India each took about a year to onboard) and the critical-application nature of battery casings, pails and chemical containers.
- In-house design and development capability backed by 30 registered designs under the Designs Act, 2000, 870 owned moulds, a 6,773-product portfolio and a 29-member in-house design team as of July 31, 2026.
- Manufacturing flexibility: machinery is largely fungible across plants (e.g., injection moulding machines were relocated between Dadra, Hosur, Dehradun, Una and Panipat in FY25 and FY26) so the same equipment can serve sudden shifts in product demand.
- Sustainable manufacturing footprint — 72 of 93 installed injection moulding machines use SERVO motors, solar power at Dadra and Hosur met 18.04%–26.61% of total power consumption in the period, and recycled polymers made up 13%–30% of polymer consumption (Q1FY27) and 10.59%–26.21% of raw material purchases across the period.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs43 / stated EPS Rs2.36 (Fiscal 2026 (FY26) basic & diluted EPS, restated consolidated; adjusted for sub-division of equity shares on Feb 3, 2025). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
Retail: 2.12× their allocation. QIB: 0.35×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Pantomath Capital Advisors Private Limited — median +0.8% across the 18 of its issues we can price. All lead managers →
What to watch
- Priced at 18.2× earnings — 52% below the median of the peers the issuer itself names.
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.