Manika Plastech IPO
Manika Plastech IPO opens on September 11, 2026 and closes on September 16, 2026. The IPO has a price band of ₹40 to ₹43 per share and a lot size of 348 shares. The company plans to raise approximately ₹125.50 crore through a fresh issue and an offer for
Manika Plastech IPO Details
anika Plastech Limited is a rigid polymer packaging manufacturer focused on precision-engineered products used across industries such as energy storage, automotive, paints, lubricants, agrochemicals, food, dairy and construction chemicals. The company manufactures products including battery casings, pails, containers, thin-wall packaging and automotive components. The company operates seven manufacturing facilities with an aggregate installed capacity of approximately 29,200 MTPA as of June 2026. Its business has expanded across multiple product categories while battery casings continue to remain an important contributor to revenue.
Manika Plastech IPO GMP
Manika Plastech IPO GMP is an unofficial grey-market indicator and should not be treated as an official indication of the listing price. As of the latest available update, the reported GMP is ₹0, while reliable grey-market activity remains limited before the IPO opens.
Manika Plastech IPO Timeline (Tentative)
The Manika Plastech IPO is scheduled to open on September 11 and close on September 16, 2026. The basis of allotment is expected on September 17, followed by refunds and demat credit on September 18. The shares are expected to list on September 21, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Sep 11, 2026 |
| IPO Close Date | Wed, Sep 16, 2026 |
| Basis of Allotment | Thu, Sep 17, 2026 |
| Initiation of Refunds | Fri, Sep 18, 2026 |
| Credit of Shares to Demat | Fri, Sep 18, 2026 |
| Listing Date | Mon, Sep 21, 2026 |
| Anchor Bidding | September 10, 2026 |
| IPO Opens | September 11, 2026 |
| IPO Closes | September 16, 2026 |
| Basis of Allotment | September 17, 2026 |
| Refund Initiation | September 18, 2026 |
| Shares Credit to Demat | September 18, 2026 |
| Listing | September 21, 2026 |
Manika Plastech IPO Lot Size
The IPO lot size is 348 shares. At the upper price band of ₹43, one lot requires an application amount of ₹14,964.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 348 | ₹14,964 |
| Retail Maximum | 13 | 4,524 | ₹1,94,532 |
| S-HNI Minimum | 14 | 4,872 | ₹2,09,496 |
| S-HNI Maximum | 67 | 23,316 | ₹10,02,588 |
| B-HNI Minimum | 68 | 23,664 | ₹10,17,552 |
Manika Plastech IPO Reservation
The Manika Plastech IPO reserves 50% of the net offer for Qualified Institutional Buyers, 15% for Non-Institutional Investors and at least 35% for Retail Individual Investors. The anchor bidding is scheduled for September 10, 2026.
Manika Plastech IPO Subscription
The IPO is yet to open for subscription. Subscription figures will be updated after bidding begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Manika Plastech
Manika Plastech Limited is a design-led manufacturer of rigid polymer packaging solutions. The company develops and manufactures standardised and customised packaging products for energy storage, automotive, paints, lubricants, agrochemicals, food, dairy and other industrial applications.
Its product portfolio includes battery casings, pails, thin-wall containers, automotive components and automotive component painting. The company has developed a broad range of products using its moulding and manufacturing capabilities and has progressively expanded its production capacity.
As of June 2026, the company had seven manufacturing facilities and approximately 29,200 MTPA of installed capacity. Its customer base includes established companies across the battery, paints, automotive and consumer-related industries.
Strengths
- Design-led and precision-engineered rigid polymer packaging business.
- Diverse product portfolio covering battery casings, pails, thin-wall containers and automotive components.
- Seven manufacturing facilities with approximately 29,200 MTPA installed capacity as of June 2026.
- Presence across energy storage, automotive, paints, agrochemicals, food, dairy and chemical-related industries.
- Revenue, EBITDA and PAT increased during FY2024-FY2026.
- EBITDA margin improved from approximately 8.55% in FY2024 to 13.34% in FY2026.
- FY2026 operating cash flow remained positive.
- Proposed IPO-funded capital expenditure is expected to support additional manufacturing capacity and product expansion.
Risks to Consider
- Battery casings continue to contribute a significant portion of revenue.
- A substantial share of revenue is generated from major customers, creating customer concentration risk.
- The company operates in a competitive packaging industry with listed peers such as Mold-Tek Packaging, Shaily Engineering Plastics and Hitech Corporation.
- The company had total borrowings of approximately ₹88.19 crore as of March 2026 and ₹92.46 crore as of June 2026.
- Operating cash-flow conversion relative to EBITDA has moderated in recent periods.
- Future performance depends on successful capacity expansion, customer retention and continued demand across its end-user industries.
Manika Plastech Financials (₹ Cr)
Manika Plastech has reported consistent improvement in revenue and profitability across the three financial years ended March 2024, March 2025 and March 2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹368.76 Cr | ₹11.53 Cr | ₹252.93 Cr | ₹107.99 Cr |
| FY2025 | ₹412.59 Cr | ₹19.33 Cr | ₹320.99 Cr | ₹125.17 Cr |
| FY2026 | ₹437.26 Cr | ₹22.40 Cr | ₹323.69 Cr | ₹147.62 Cr |
KPIs & Valuation
The company's FY2026 revenue was approximately ₹437.26 crore and PAT was ₹22.40 crore. EBITDA increased to ₹58.14 crore in FY2026 from ₹45.30 crore in FY2025.
Objects of the Issue
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Funding capital expenditure towards the purchase of plant and machinery – approximately ₹54.93 crore.
- Repayment and/or pre-payment, in part or full, of certain borrowings – ₹15.00 crore.
- General corporate purposes – balance amount.
- The proposed machinery investment is intended to support capacity expansion and the company's broader product-development plans.
Promoters, Lead Managers & Registrar
Pantomath Capital Advisors Private Limited is the Book Running Lead Manager for the Manika Plastech IPO, while MUFG Intime India Private Limited is appointed as the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| manikaplastech.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Manika Plastech IPO Review
Manika Plastech has demonstrated improving operating performance over FY2024-FY2026, with revenue increasing from ₹368.76 crore to ₹437.26 crore and PAT increasing from ₹11.53 crore to ₹22.40 crore. EBITDA also increased from ₹30.86 crore to ₹58.14 crore during the same period.
The IPO provides fresh capital for machinery and partial debt repayment, while the OFS provides an exit opportunity to the selling shareholder. Investors should nevertheless evaluate customer concentration, dependence on battery-related products, competition and debt levels before making an investment decision.
How to Apply
Investors can apply for the Manika Plastech IPO through supported brokers, banks and other IPO application channels during the bidding period.
Through UPI
- Log in to your broker or supported IPO application platform.
- Select Manika Plastech IPO.
- Enter the required number of lots.
- Provide your UPI ID.
- Submit the IPO application.
- Approve the UPI mandate received from your bank.
- Ensure sufficient funds remain available until the allotment process is completed.
Prospectus & Documents
The company's IPO material and investor-related documents are available through its official investor section.
Last updated Sep 7, 2026.