Manika Plastech IPO: Price Band, Lot Size, Financials & Review
Manika Plastech IPO listed on BSE & NSE on Mon, 21 Sep 2026. The issue was subscribed 29.46x overall.
- Open Date
- 11 Sep 2026
- Close Date
- 16 Sep 2026
Last updated
- Price band
- ₹40 – ₹43
- Lot size
- 348 shares
- Min. investment
- ₹14,964
- Issue size
- ₹125.5 Cr
- Last GMP
- +₹1
- Subscribed
- 🔥 29.46x
Manika Plastech IPO details
Manika Plastech IPO is a ₹125.5 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹92.5 Cr (73.71%) with an offer for sale of ₹33 Cr (26.29%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Fri, 11 Sep 2026 to Wed, 16 Sep 2026. Allotment was finalised on Thu, 17 Sep 2026, and the shares listed on BSE & NSE on Mon, 21 Sep 2026.
The price band is ₹40 to ₹43 per share and the lot size is 348 shares, so the minimum retail application is ₹14,964. Retail investors can apply for up to 13 lots (4,524 shares, ₹1,94,532).
MUFG Intime India Pvt Ltd is the registrar, and Pantomath Capital Advisors Pvt Ltd is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Manika Plastech IPO GMP before listing was +₹1 (+2.33% against the upper price band of ₹43), implying an estimated listing price of ₹44. Across 10 days of tracking, GMP ranged from +₹1 (20 Sep) to +₹15 (12 Sep).
| Last GMP | +₹1 |
|---|---|
| GMP vs upper band | +2.33% |
| Estimated listing price | ₹44 |
| Highest (12 Sep) | +₹15 |
| Lowest (20 Sep) | +₹1 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Manika Plastech IPO day-wise GMP.
Subscription
Day-wise subscription →Manika Plastech IPO was subscribed 29.46x overall: QIB 11.22x, NII 66.58x and retail 23.98x.
| Category | Subscribed |
|---|---|
| QIB | 11.22x |
| NII | 66.58x |
| └ bNII (above ₹10 lakh) | 74.16x |
| └ sNII (₹2–10 lakh) | 51.42x |
| Retail | 23.98x |
| Total | 29.46x |
Final figures at the close of bidding on 16 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Manika Plastech IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 87,55,813 | 30.00% |
| Qualified Institutions | 58,37,210 | 20.00% |
| Non-Institutional | 43,77,907 | 15.00% |
| └ SNII | 14,59,302 | 5.00% |
| └ BNII | 29,18,605 | 10.00% |
| Retail Investors | 1,02,15,116 | 35.00% |
| Total | 2,91,86,046 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Manika Plastech IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 348 | ₹14,964 |
| Retail (Max) | 13 | 4,524 | ₹1,94,532 |
| S-HNI (Min) | 14 | 4,872 | ₹2,09,496 |
| S-HNI (Max) | 66 | 22,968 | ₹9,87,624 |
| B-HNI (Min) | 67 | 23,316 | ₹10,02,588 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹92.5 Cr (73.71%) with an offer for sale of ₹33 Cr (26.29%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹43, the issue is priced at 18.22x pre-issue earnings and 9.58x post-issue earnings per share.
Listed peers with positive earnings trade at a median P/E of 37.85x (3 companies).
Promoter holding falls from 100.00% before the issue to 74.95% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹2.36 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 18.22x |
| EPS (post-issue) EPS on the enlarged share capital | ₹4.49 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 9.58x |
| Promoter holding (pre-issue) | 100.00% |
| Promoter holding (post-issue) | 74.95% |
Manika Plastech Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹412.59 Cr to ₹437.26 Cr, and profit after tax rose from ₹19.33 Cr to ₹22.4 Cr. The PAT margin for 31 Mar 2026 was 5.12%.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 317.00 | 323.69 | 320.99 | 252.22 |
| Total Income | 162.71 | 437.26 | 412.59 | 368.76 |
| Profit After Tax | 13.07 | 22.40 | 19.33 | 11.55 |
| EBITDA | 24.38 | 58.14 | 45.30 | 30.86 |
| Net Worth | 156.78 | 147.62 | 125.17 | 107.99 |
| Reserve & Surplus | 136.97 | 127.69 | 105.29 | 88.05 |
| Total Borrowings | 92.46 | 88.19 | 97.45 | 93.06 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Jun 2026 | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|---|
| ROE % | 8.34 | 15.18 | 15.44 | 10.70 |
| ROCE % | 8.34 | 18.77 | 14.79 | 8.91 |
| Debt / Equity | 0.59 | 0.60 | 0.78 | 0.86 |
| RoNW % | 8.34 | 15.18 | 15.44 | 10.68 |
| Pat Margin % | 8.03 | 5.12 | 4.69 | 3.13 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Manika Plastech Ltd | 2 | — | 2.36 | 2.36 | 15.18% | 15.54 |
| Hitech Corporation Ltd | 10 | 37.85 | 8.84 | 8.84 | 5.34% | 165.72 |
| Mold-Tek Packaging Ltd | 5 | 32.34 | 21.93 | 21.93 | 10.56% | 207.64 |
| Shaily Engineering Plastics Ltd | 2 | 88.85 | 36.97 | 36.83 | 23.71% | 155.95 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding the capital expenditure towards purchase of plant and machinery |
| 2 | Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company |
| 3 | General Corporate Purposes |
About Manika Plastech Limited
Incorporated in 1996, Manika Plastech Limited is a manufacturer of rigid polymer packaging (RPP) products, catering to diverse industrial and consumer applications. Its product portfolio includes battery casings, pails and thinwall containers, along with automotive components.
The Company provides end-to-end packaging solutions covering product design and development, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery. It also offers customized packaging solutions based on customer-specific requirements. Its automotive battery casings are designed in accordance with Japanese and German technical standards, including JIS and DIN standards, supporting stringent quality and compatibility requirements.
Manika Plastech serves customers across a wide range of industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, among others. Its pails are used for packaging paints, lubricants and industrial chemicals, while its food-grade thinwall containers are used for dairy and other edible food products.
The Company has built a diversified customer base across India. During the three-month period ended June 30, 2026 and the preceding three Fiscal years, it served between 168 and 242 customers across 24 states and union territories. Its top 20 customers had an average relationship tenure of more than 10 years as of June 30, 2026, reflecting its established customer relationships and long operating history.
Manika Plastech operates seven facilities across India, comprising six manufacturing facilities and one painting facility. Its manufacturing facilities are located in Dadra, Dehradun, Hosur, Panipat and Una, while the painting facility is located in Hosur. The facilities manufacture battery casings, pails, thinwall containers and automotive components, while the Hosur painting facility undertakes painting of automotive components.
Dadra: Manufactures pails and thinwall containers, serving customers in the food and dairy sector.
Dehradun: Manufactures battery casings for customers including Livguard Energy Technologies, Luminous Power Technologies, Genus Innovation and HSD Batteries.
Hosur – Manufacturing: Produces battery casings, pails, thinwall containers and automotive components for customers including Luminous Power Technologies, Kansai Nerolac Paints, JSW Paints, Sakthi Accumulators, Surya Batteries and Zunax Energy Products.
Hosur – Painting: Undertakes painting of automotive components for customers including Ultraviolette Automotive, TVS Motor Company and other automotive component and commercial EV manufacturers.
Panipat: Manufactures pails and thinwall containers, with Grasim Industries among its key customers.
Una: Manufactures battery casings, pails and thinwall containers for customers including Livguard Energy Technologies, Luminous Power Technologies and Kansai Nerolac Paints.
The Company has also developed capabilities in design-led and precision-engineered packaging solutions, with 36 unique product designs registered under the Designs Act, 2000. As of December 31, 2024, its facilities had a combined installed capacity of 27,600 MTPA, which was planned to expand to 36,800 MTPA. During the nine months ended December 2024, battery casings, pails and thinwall containers generated revenue of ₹295.58 crore, with battery casings contributing 66.88% and pails and thinwall containers contributing 27.92%.
With its diversified product portfolio, established manufacturing footprint, customized design capabilities and long-standing customer relationships, Manika Plastech caters to critical packaging requirements across multiple end-user industries.
Promoters
Nikunj Mohanlal Kapadia
Munjal Nikunj Kapadia
Mihir Nikunj Kapadia
Pratik Nikunj Kapadia
Vridaa Holding Trust
Contact details
Manika Plastech Ltd.
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
Phone: +91 22 4223 4300
Email: cs@manikaplastech.com
Website: https://manikaplastech.com/
Manika Plastech IPO FAQs
- What is the Manika Plastech IPO price band?
- The Manika Plastech IPO price band is ₹40 to ₹43 per share.
- What is the Manika Plastech IPO lot size and minimum investment?
- The Manika Plastech IPO lot size is 348 shares. The minimum retail investment is ₹14,964 for one lot at the upper price band. Retail investors can apply for up to 13 lots (4,524 shares), costing ₹1,94,532.
- When was Manika Plastech IPO open for subscription?
- Manika Plastech IPO was open for subscription from Fri, 11 Sep 2026 to Wed, 16 Sep 2026.
- What is the Manika Plastech IPO subscription status?
- Manika Plastech IPO was subscribed 29.46x overall: QIB 11.22x, NII 66.58x and retail 23.98x. Day-wise and category-wise figures are on the subscription page.
- What was the Manika Plastech IPO GMP before listing?
- The last Manika Plastech IPO GMP before listing was +₹1 (+2.33% against the upper price band of ₹43), implying an estimated listing price of ₹44. Across 10 days of tracking, GMP ranged from +₹1 (20 Sep) to +₹15 (12 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Manika Plastech IPO allotment date?
- The Manika Plastech IPO basis of allotment was finalised on Thu, 17 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Manika Plastech IPO listing date?
- Manika Plastech IPO listed on BSE & NSE on Mon, 21 Sep 2026.
- Is the Manika Plastech IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹92.5 Cr (73.71%) with an offer for sale of ₹33 Cr (26.29%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Manika Plastech IPO?
- The registrar for the Manika Plastech IPO is MUFG Intime India Pvt Ltd, and the book running lead manager is Pantomath Capital Advisors Pvt Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.