Business Overview
Manipal Payment and Identity Solutions Limited, formerly MCT Cards & Technology Limited, manufactures and personalises payment cards, identity documents and secure printed products for banks, fintechs, non-banking finance companies and governments. Its payment solutions cover payment cards, cheque solutions, near-field communication and quick-response codes, payment-enabled wearables and digital automation; its identification solutions cover driving licences, registration certificates and national identity cards along with transit management; its secure solutions cover secure logistics, insurance policy and premium-notice personalisation and tamper-evident packaging, holograms and coated products; and its smart tagging and internet of things solutions cover excise labels with holograms and encrypted quick-response codes, radio-frequency identification track-and-trace and anti-counterfeiting.
The Company was incorporated on February 19, 2008 and is part of The Manipal Group, which began in 1948 as a printer serving banks. Per the F&S Report, the Company held an estimated 36.4% share of India’s credit card issuance market and 30.9% of the debit card issuance market in Fiscal 2026, billing 13.54 million credit cards and 72.66 million debit cards, and was among the largest manufacturers of payment cards both globally and in India. It was the highest ranked company in India and 14th globally by shipment of payment cards with chips and magstripe in 2023.
The Company operates 10 facilities across India and five central cards processing centres at Port Blair, Raipur, Mumbai, Nagpur and Aurangabad, and had over 1,800 employees as of March 31, 2026. It served over 300 customers in Fiscal 2026 across domestic and international markets, exporting to the United Kingdom, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia and the United Arab Emirates among others.
Revenue from operations was ₹1,326.75 Crore in Fiscal 2026 against ₹1,256.07 Crore and ₹1,247.52 Crore, EBITDA ₹455.83 Crore at a 33.60% margin, and profit after tax ₹253.46 Crore against ₹282.21 Crore and ₹249.17 Crore, giving basic earnings per share of ₹11.53. The Company acquired the variable data printing and secure logistics division of promoter Manipal Technologies Limited with effect from March 31, 2024, and its smart tagging and internet of things, holograms, coated products and other security printed products business with effect from April 1, 2025.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | Wednesday, September 9, 2026 to Friday, September 11, 2026 |
| Issue Type | 100% Book Built Offer – Fresh Issue and Offer for Sale |
| Basis of Allotment | On or about Tuesday, September 15, 2026 |
| Tentative Listing Date | On or about Thursday, September 17, 2026, on BSE and NSE |
| Face Value | ₹2 per Equity Share |
| Price Band | ₹322 to ₹339 per Equity Share |
| Lot Size | 44 Equity Shares and in multiples thereof |
| Minimum Retail Investment | ₹14,916 for 1 lot of 44 Equity Shares at the upper band |
| Maximum Retail Investment | ₹1,93,908 for 13 lots of 572 Equity Shares at the upper band |
| Minimum HNI Investment | ₹2,08,824 for 14 lots (Small HNI); ₹10,14,288 for 68 lots (Big HNI), at the upper band |
| Offer Size | Up to ₹805.00 Crore, being 2,37,46,313 Equity Shares |
| Fresh Issue | 94,39,528 Equity Shares aggregating up to ₹320.00 Crore |
| Offer for Sale | 1,43,06,785 Equity Shares aggregating up to ₹485.00 Crore |
| Selling Shareholder | Manipal Technologies Limited |
| Post-Offer Market Capitalisation | ₹7,858.17 Crore at ₹339; ₹7,464.11 Crore at ₹322 |
| Promoter & Promoter Group Holding (Pre-Offer) | 62.65% |
| Promoter & Promoter Group Holding (Post-Offer) | 53.92% |
| Book Running Lead Managers | Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited and Nuvama Wealth Management Limited |
| Registrar to the Offer | MUFG Intime India Private Limited |
Objects of the Offer
The Company proposes to utilise the Net Proceeds of the Fresh Issue towards the following objects. It will not receive any proceeds from the Offer for Sale, which accrue to Manipal Technologies Limited after deducting its portion of Offer related expenses and taxes.
| Issue Objects | Est. Amt (₹ Cr.) |
|---|---|
| Funding capital expenditure towards purchasing and setting up of new and second-hand equipment at the card manufacturing facility, personalisation bureaux, cheque printing facilities, the Chhattisgarh central cards processing centre and the smart tagging and IoT facility | 238.43 |
| General corporate purposes | To be finalised |
Key Strengths and Opportunities
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Among the Largest Payment Card Manufacturers Globally and in India
The Company was among the largest manufacturers of payment cards both globally and in India in Fiscal 2026, and was the highest ranked company in India and 14th ranked globally by shipment of payment cards with chips and magstripe in 2023, per the F&S Report. It held an estimated market share of approximately 36.4% in the credit card issuance market and 30.9% in the debit card issuance market in India for Fiscal 2026, having produced 13.54 million credit cards and 72.66 million debit cards. -
Long-Standing Customer Relationships Across Banks, Fintechs and Government
The Company catered to over 300 customers in Fiscal 2026, and in that year serviced 211 customers – 61.34% of its total customer base – for more than five years. Revenue from customers of more than five years’ standing was ₹964.50 Crore or 72.70% of revenue from operations in Fiscal 2026. It served 22 private banks, 12 public sector banks, 11 small finance banks and 78 co-operative banks in Fiscal 2026, including State Bank of India, Bank of India, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Federal Bank. -
Broad Product Portfolio Spanning Twelve Card Formats and Four Solution Lines
Within cards alone the Company offers colour core, touch-and-feel, holographic, embossed-varnish, clear, gilded-edge, metallic foil stamped, light-emitting diode, image, PVC, metal and recycled PVC cards, alongside prepaid, gift and meal cards. It launched India’s first recycled PVC RuPay card in 2024 and was among the largest manufacturers of dual interface cards in India in Fiscal 2026. Beyond centralised issuance it offers instant card issuance within bank branches through connected kiosks, self-service passbook printing kiosks, and bundled cards, cheques and logistics. -
Certification-Led Entry Barriers and a Patent in Metal Cards
Certifications from payment networks range from an average of nine years to 16 years, require periodic inspection of facilities, have been renewed without interruption, and serve as eligibility conditions to manufacture and personalise cards for networks such as RuPay and Mastercard. As of March 31, 2026 the Company was one of the select few to have issued metal cards in India and is one of the leading metal card manufacturers holding a patent for metal card manufacturing, per the F&S Report. -
Long-Tenured Management Team Backed by The Manipal Group
The Company is part of The Manipal Group, which offers solutions across banking, financial services and insurance, media publishing, consumer goods and retail and to government entities. Its senior team is long-tenured within the group, and as of March 31, 2026 the Company had over 1,800 employees, many trained and specialised in information technology infrastructure, card production and the technical aspects of its operations.
Key Risks
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Cards are 57.25% of Revenue and the Underlying Debit Card Market is Contracting
Manufactured and traded cards contributed 57.25% of revenue from operations in Fiscal 2026, against 58.40% and 59.61% in the two prior years. The Company notes that debit card transaction volume and value have declined as UPI adoption has increased, and shifts towards digital wallets, virtual cards or alternative payment form factors may reduce demand for physical cards. -
A Promoter is Subject to Insolvency Proceedings Following Invocation of a Personal Guarantee
Promoter Tonse Gautham Pai provided a personal guarantee of USD 80,061,000 and Group Company Primacy Industries Private Limited a corporate guarantee of USD 55,486,000 for credit facilities availed by MVP Group International Inc. from Bank of Baroda’s New York branch. On MVP’s inability to repay, the Bank invoked the personal guarantee and initiated insolvency proceedings against Tonse Gautham Pai. The Karnataka High Court granted an interim stay by order dated July 12, 2024 and the matter remains pending. -
Related Party Transactions Reached 96.10% of Revenue from Operations in Fiscal 2025
Related party transactions were ₹201.95 Crore or 15.22% of revenue from operations in Fiscal 2026, ₹1,207.12 Crore or 96.10% in Fiscal 2025 and ₹103.90 Crore or 8.33% in Fiscal 2024. Certain customers and suppliers are also related parties, and some of the Company’s properties are leased from related parties. -
Capacity Utilisation has Fallen Across Four of Five Product Lines
Capacity utilisation for plastic card manufacturing was 69.05%, 65.95% and 86.36% in Fiscals 2026, 2025 and 2024; for cheque leaf printing 32.19%, 34.63% and 44.39%; for secure solutions offset printing 36.73%, 38.51% and 54.52%; and for tax stamps 67.78%, 77.65% and 81.81%. The Company states that failure to use existing capacity optimally could strain financial and operational efficiency. -
The Top Ten Customers Supply 58.67% of Revenue, and One of Them is the Promoter
The top ten customers accounted for 58.67%, 60.98% and 62.51% of revenue from operations in Fiscals 2026, 2025 and 2024, the top five for 38.58%, 40.94% and 43.03%, and the largest single customer for 9.93%, 11.64% and 10.97%. In Fiscal 2026 the third largest customer was Manipal Technologies Limited, a related party, at ₹110.66 Crore or 8.34% of revenue from operations.
Financial Snapshot
| Key Performance Indicator | Units | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Revenue from Operations | ₹ Cr. | 1,326.75 | 1,256.07 | 1,247.52 |
| Revenue Growth | % | 5.63% | 0.69% | NA |
| Cards, Manufactured and Traded | ₹ Cr. | 759.52 | 733.48 | 743.70 |
| Tax Stamps, Holograms, Thermal and RFID | ₹ Cr. | 180.13 | 158.51 | 216.06 |
| Cheque Books, Collaterals and Identity Cards | ₹ Cr. | 120.92 | 110.75 | 109.63 |
| Personalisation of Cards | ₹ Cr. | 49.94 | 54.87 | 85.68 |
| Revenue from Exports | ₹ Cr. | 95.70 | 54.43 | 17.62 |
| Total Income | ₹ Cr. | 1,356.59 | 1,277.11 | 1,267.97 |
| EBITDA | ₹ Cr. | 455.83 | 408.77 | 355.57 |
| EBITDA Margin | % | 33.60% | 32.01% | 28.04% |
| Profit After Tax | ₹ Cr. | 253.46 | 282.21 | 249.17 |
| PAT Margin | % | 18.68% | 22.10% | 19.65% |
| Basic EPS | ₹ | 11.53 | 13.65 | 12.05 |
| Diluted EPS | ₹ | 11.26 | 13.41 | 12.03 |
| Return on Equity | % | 29.35% | 55.08% | 79.42% |
| Return on Net Worth | % | 22.93% | 45.54% | 61.51% |
| Return on Capital Employed | % | 32.69% | 33.97% | 51.95% |
| Net Worth, as Restated | ₹ Cr. | 1,105.38 | 619.70 | 405.05 |
| NAV per Equity Share | ₹ | 48.84 | 29.68 | 19.59 |
| Total Borrowings | ₹ Cr. | 0.42 | 472.87 | 449.47 |
| Net Working Capital Days | Days | 70.80 | 45.55 | 41.71 |
| Inventories | ₹ Cr. | 182.76 | 109.44 | 112.13 |
| Trade Receivables | ₹ Cr. | 197.38 | 139.07 | 119.24 |
| Cash Flow from Operating Activities | ₹ Cr. | 207.67 | 284.38 | 308.57 |
| Volume of Banking Cards | Million | 86.20 | 86.15 | 92.00 |
Peer Comparison
| Company | Revenue (₹ Cr.) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Manipal Payment and Identity Solutions Limited | 1,326.75 | 30.11 | 22.93 |
| Seshaasai Technologies Limited | 1,441.14 | 24.97 | 16.81 |
Valuation
| Particulars | Details |
|---|---|
| Price Band | ₹322 to ₹339 per Equity Share |
| Post-Offer Market Capitalisation | ₹7,858.17 Crore at ₹339; ₹7,464.11 Crore at ₹322 |
| Market Cap / FY2026 Revenue from Operations | 5.92 times |
| P/E on FY2026 Basic EPS of ₹11.53 | 29.40 times at ₹339; 27.93 times at ₹322 |
| P/E on FY2026 Diluted EPS of ₹11.26 | 30.11 times at ₹339; 28.60 times at ₹322 |
| Industry Peer Group P/E | 24.97 times (Seshaasai Technologies Limited, sole listed peer) |
| EV / FY2026 EBITDA | 15.97 times at ₹339 |
| NAV per Equity Share (Pre-Offer, FY2026) | ₹48.84 |
| P/B on Pre-Offer NAV | 6.94 times at ₹339 |
| Post-Offer Book Value per Share | ₹61.49 |
| P/B on Post-Offer Book Value | 5.51 times at ₹339 |
| Net Worth, as Restated (FY2026) | ₹1,105.38 Crore |
| Total Borrowings (FY2026) | ₹0.42 Crore |
| Return on Net Worth (FY2026) | 22.93% |
| Return on Capital Employed (FY2026) | 32.69% |
Conclusion
Manipal Payment and Identity Solutions Limited offers a strong market position, with an estimated 36.4% share of India’s credit card issuance market and 30.9% share of the debit card issuance market in FY26. Its long-standing relationships with banks, fintechs and government entities, high entry barriers through payment-network certifications, and diversified secure-printing capabilities provide a strong business foundation. Financially, the company remains healthy, with FY26 revenue of ₹1,326.75 Crore, EBITDA of ₹455.83 Crore and an EBITDA margin of 33.6%. Its 32.69% ROCE and near debt-free balance sheet are additional positives. However, revenue growth remains modest at 5.6%, while capacity utilisation has declined across most product lines. The increasing adoption of UPI also poses a structural risk to physical card demand, which still contributes 57.25% of revenue. At the upper price band of ₹339, the IPO is valued at around 30.1x FY26 diluted P/E, a premium to its listed peer Seshaasai Technologies at 24.97x. Overall, the company’s strong positioning and financial profile could support healthy investor interest. Hence, we suggest a “Subscribe for Listing Gains” rating to the IPO.
