- Price band
- ₹40 – ₹43
- Issue size
- ₹126 Cr
- Lot size
- 348 sh
- Bidding
- 11 – 16 Sep
- Grey market
- —
Face value ₹2.00
74% fresh capital
Lists 21 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Manika Plastech is a Silvassa injection moulder of rigid plastic packaging — battery casings, pails and thin-wall containers — listed on the mainboard on 21 September 2026 after a Rs 125.5 Cr issue at a band of Rs 40 to Rs 43, made up of a Rs 92.5 Cr fresh issue and a Rs 33 Cr offer for sale. Revenue was Rs 368.76 Cr in FY24, Rs 412.59 Cr in FY25 and Rs 437.26 Cr in FY26, with EBITDA of Rs 30.86 Cr, Rs 45.3 Cr and Rs 58.14 Cr and profit after tax of Rs 11.53 Cr, Rs 19.33 Cr and Rs 22.4 Cr over the same three years. The issue was subscribed 29.46 times on the closing day, 16 September 2026. It listed at Rs 43, the top of the band, closed the first day at Rs 43.14 and last traded at Rs 44.88 on 23 October 2026, 4.37% above the listing price.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Manika Plastech, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1996 · Gala No. C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road, Village Saily, Silvassa 396230, Dadra & Nagar Haveli, India · 352 employees
Manika Plastech makes rigid plastic packaging by injection moulding. Three product lines: battery casings — the polymer boxes that hold lead-acid automotive and inverter batteries — pails for paints, lubricants and industrial chemicals, and thin-wall containers for dairy and packaged food. Products are designed in-house, with 36 designs registered under the Designs Act as of the June 2025 DRHP. Casings are built to Japanese (JIS) and German (DIN) standards so they fit customers' existing filling and labelling lines. Buyers are industrial, not retail: the DRHP's top-ten list names Livguard, Luminous Power, Genus Innovation, JSW Paints, Kansai Nerolac, Jotun India, Indigo Paints, UNO Minda, Grasim and HSD Batteries. Incorporated at Silvassa in 1996 as Manika Moulds Private Limited; six manufacturing plants plus a paint shop at Hosur.
Revenue is per-piece sales of injection-moulded parts made on customer-specific tooling. Battery casings supplied 66.88% of revenue from operations in the nine months to 31 December 2024, pails and thin-wall containers 27.92% (DRHP). The economics are resin conversion: cost of materials consumed ran at 65.37% of total income over that same nine-month period, the main input being polypropylene co-polymer. The structural constraint is the lag on that input — the DRHP states price increases are passed to customers under pre-negotiated terms, so margins compress until the revision takes effect. Output is capped by moulding capacity, about 29,200 MTPA at the time of the issue. Demand is concentrated: the top ten customers were 81.16% of revenue in the nine months to December 2024.
The company on paper
- Legal name
- Manika Plastech Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 25 Apr 1996
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999DN1996PLC000469
- Sector
- Materials · Rigid plastic packaging — injection-moulded battery casings, pails and thin-wall containers
- Employees
- 352
- Registered office
- Gala No. C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road, Village Saily, Silvassa 396230, Dadra & Nagar Haveli, India
- Promoters
- Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, Vridaa Holding Trust
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 75.0%
- Website
- manikaplastech.com
The numbers
Financial performance
Revenue has compounded at 8.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
74% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹92.50 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹33.00 Cr
- Total issue size
- ₹126 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 25.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹43.00
- Listed at
- ₹43.00
- Listing gain
- unchanged 0.0%
- Since listing
- up 7.2%
- Against the issue price
- up 7.2%
Trading at ₹46.09 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 348
- At cut-off price
- ₹43.00
- Amount blocked
- ₹14,964
One lot is 348 shares at ₹14,964. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~4%
chance of one lot, per application
- Retail subscription
- 23.98×
- Applicants per share available
- 24.0× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹43.00
listed at, 0.0% against the issue price
- Issue price
- ₹43.00
- Premium said
- —
- If allotted 348 shares
- ₹0
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin was higher in each successive period the record carries: Rs 30.86 Cr on Rs 368.76 Cr of revenue in FY24 (8.37%), Rs 45.3 Cr on Rs 412.59 Cr in FY25 (10.98%), Rs 58.14 Cr on Rs 437.26 Cr in FY26 (13.30%) and Rs 24.38 Cr on Rs 162.71 Cr in the quarter to 30 June 2026 (14.98%).
- Net worth was higher at each balance-sheet date on record — Rs 107.99 Cr at FY24, Rs 125.17 Cr at FY25, Rs 147.62 Cr at FY26 and Rs 156.78 Cr at 30 June 2026 — while total borrowings were Rs 93.06 Cr, Rs 97.45 Cr, Rs 88.19 Cr and Rs 92.46 Cr. Borrowings to net worth therefore fell at every date: 0.86x, 0.78x, 0.60x and 0.59x.
- Profit after tax rose across both intervals the annual record covers, from Rs 11.53 Cr in FY24 to Rs 19.33 Cr in FY25 (up 67.65%) and Rs 22.4 Cr in FY26 (up 15.88%).
- The quarter to 30 June 2026 carried revenue of Rs 162.71 Cr and profit after tax of Rs 13.07 Cr. For scale, and as our own arithmetic rather than a figure in the record, a quarter of FY26's Rs 437.26 Cr revenue and Rs 22.4 Cr profit would be Rs 109.32 Cr and Rs 5.6 Cr.
What to weigh against it
- Revenue growth was slower over the second of the two intervals the record covers: Rs 368.76 Cr to Rs 412.59 Cr is 11.89% from FY24 to FY25, and Rs 412.59 Cr to Rs 437.26 Cr is 5.98% from FY25 to FY26. Profit growth was likewise 67.65% then 15.88%.
- The business description, citing the June 2025 DRHP, states that the top ten customers were 81.16% of revenue in the nine months to 31 December 2024 and that battery casings supplied 66.88% of revenue from operations in that period, with pails and thin-wall containers at 27.92%.
- The DRHP, as summarised in the record, states that resin price increases are passed to customers under pre-negotiated terms and that margins compress until the revision takes effect. The financials carry no expense line for any period (expensesCr is null for FY24, FY25, FY26 and the June 2026 quarter), so the cost base behind the EBITDA figures cannot be examined from the record.
- Total borrowings did not fall in a straight line: Rs 93.06 Cr at FY24, Rs 97.45 Cr at FY25, Rs 88.19 Cr at FY26 and Rs 92.46 Cr at 30 June 2026, the last figure Rs 4.27 Cr above the FY26 close.
Easy to miss in the prospectus
- The record holds one subscription row only — day three, 16 September 2026, with QIB at 11.22x, NII at 66.58x, retail at 23.98x and 29.46x overall. Day-one and day-two demand are not covered, and the anchor book and allocation fields are null.
- offerObjects is empty and valuation is null, so the record does not state what the Rs 92.5 Cr of fresh proceeds was for, nor any issue-price multiple. Pre- and post-issue share counts are also null, so no market capitalisation can be computed from it.
- The revenue splits and customer concentration quoted in the business description belong to the nine months to 31 December 2024, a period the financials array does not carry; its periods are FY24, FY25, FY26 and the quarter to 30 June 2026.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Pantomath Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited
How these figures were checked
Reconciled to Manika Plastech's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Manika Plastech Limited — Draft Red Herring Prospectus, dated 24 June 2025 (company website) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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