Manika Plastech IPO Date, Price, GMP, Review, Details

Business Overview

Manika Plastech Limited, incorporated in 1996 and headquartered in Silvassa, is a design led, precision engineered rigid polymer packaging manufacturer serving energy storage, dairy and edible food products, paints and chemicals. Its portfolio is built around battery casings, pails and thinwall containers, with 30 designs registered as intellectual property under the Designs Act, 2000. The Company offers end to end solutions spanning design and development, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery, and designs automotive battery casings compliant with Japanese Industrial Standards and Deutsches Institut Für Normung specifications. Battery casings contributed 56.54% of revenue from operations in Fiscal 2026, pails and thinwall containers 30.51% and the painting facility 3.18%.

The Company operates 7 Operating Facilities, comprising 6 Manufacturing Facilities at Dehradun, Hosur, Panipat, Una and Dadra and 1 Painting Facility at Hosur, with an aggregate installed capacity of 29,200 MTPA. It served 168 to 242 customers across 24 states and union territories, with the top 20 customers averaging over 10 years of relationship. The company has employed 352 employees and 809 contract labour. Key customers include Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, Genus Innovation Limited, Grasim Industries Limited, JSW Paints Limited, Kansai Nerolac Paints Limited, Indigo Paints Limited, Jotun India Private Limited and TVS Motor Company Limited.

IPO Details

Objective of the Issue

• Funding the capital expenditure towards purchase of plant and machinery – ₹54.93 Crores from the Net Proceeds, out of a total estimated cost of ₹58.77 Crores.

• Repayment and / or pre-payment, in part or full, of certain borrowings availed by the Company – ₹15.00 Crores.

• General corporate purposes, not exceeding 25% of the Gross Proceeds.

Key Strengths

• De-Risked Business Model Across Products, Industries, Geographies and Customers
  The Company has manufactured 6,773 products across its segments, designed in house, serving end user industries spanning automobiles, railways, power back up, paints, lubricants, construction chemicals, agrochemicals and FMCG. Aggregate installed capacity of 29,200 MTPA is spread across six Manufacturing Facilities in five states and union territories, and all facilities are capable of producing the varied product range, allowing production to shift between plants. Revenue is spread across Northern India at 53.31%, Southern India at 28.45% and Western India at 14.15% of revenue from operations in Fiscal 2026. Raw materials were procured from 120 suppliers, with imports at 16.49% of total raw material purchase.

• Integrated Value Added Services Through In-House Design, Development and Labelling
  The Company provides one stop services from product design and mould design through manufacturing, quality testing, packing and delivery, and has registered 30 designs for battery containers and battery lids. It sold over 2,700 SKUs of battery casings, over 2,900 SKUs of pails and over 1,000 SKUs of thinwall containers and owns 870 moulds. Three labelling processes are offered, namely in-mould labelling, heat transfer labelling and screen printing.

• Longstanding Relationships with Marquee Customers and an Established Supply Chain
  Repeat customers contributed 96.38% of revenue from operations in Fiscal 2026, with 161 of 242 customers in Fiscal 2026 being repeat customers. Customers who have partnered with the Company for over a decade contributed 42.34% of revenue from operations in Fiscal 2026. On the supply side, the top ten suppliers accounted for 88.95% of raw material supplies and repeat suppliers 94.38% to 99.32% of total purchases over the same periods.

Key Risks

• Customer Concentration
  The top five customers accounted for 62.95% of revenue from operations in Fiscal 2026, 68.37% in Fiscal 2025 and 64.30% in Fiscal 2024, even though the Company served 242, 214 and 184 customers respectively across those periods. The top ten customers contributed 73.45% in Fiscal 2026. Reduction, delay or cancellation of orders from this narrow set would have a material adverse effect on revenue and cash flows.

• Dependence on Battery Casings, Where Revenue Has Declined
  Battery casings generated 56.54% of revenue from operations in Fiscal 2026, 65.56% in Fiscal 2025 and 67.26% in Fiscal 2024. In absolute terms battery casing revenue fell from ₹266.50 Crores in Fiscal 2025 to ₹246.49 Crores in Fiscal 2026. Any further reduction in demand would adversely affect results of operations.

• Raw Material Dependence on PPCP Without Long-Term Purchase Agreements
  Procurement of PPCP constituted 74.67% of total purchases in Fiscal 2026, 73.79% in Fiscal 2025 and 79.29% in Fiscal 2024. The top five suppliers accounted for 78.29% of purchases in Fiscal 2026. The Company has no long-term purchase agreements with these suppliers. Any disruption in PPCP availability or a sharp increase in its price, which tracks crude oil derivatives, may not be passable to customers.

Financial Snapshot