Manika Plastech Ltd IPO

Plastic products

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Price Band

₹40 – ₹43

Lot Size

348

Minimum Bid Quantity

348

Minimum Investment

₹14964

Issue Size

₹125.5Cr

Opens

2026-09-11

Closes

2026-09-16

Listing

21-09-2026

Subscription Status

Qualified Institutional Buyers

10.94 x

Non-Institutional Investor

62.99 x

Retail Individual Investor

22.31 x

Total

27.91 x

IPO Details

Issue Type

EQUITY

Face Value

₹2

Tick Size

1

ISIN

INE0KWF01020

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Manika Plastech is a design-led, precision-engineered rigid polymer packaging manufacturing company catering to industries including energy storage, dairy and edible food products, paints, chemicals, automotive, telecommunications, lubricants, and agrochemicals. The company offers customised rigid polymer packaging solutions, covering product design and development, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance and delivery. Its portfolio includes high-performance battery casings, pails and food-grade thinwall containers, with 30 registered designs under its intellectual property portfolio. The company has seven operating facilities, including six manufacturing facilities across Dehradun, Hosur, Panipat, Una and Dadra, along with a dedicated paint facility in Hosur.

Pros

  • • The company claims to benefit from operating facilities and warehouses located close to key customers, including Panipat within 1 km of Grasim Industries, Pune and Jodhpur warehouses within 2 km of Jotun India and Indigo Paints, respectively, and Una within 5–6 km of Luminous and Livguard. It claims that proximity reduces delivery timelines and logistics costs, while fungible machinery provides flexibility to address changing customer demand.
  • • The company claims that its long-standing customer relationships, proximity-based infrastructure, and extensive product approval processes create barriers for new competitors. Customer-specific approvals, periodic audits, switching costs, and tailored product requirements are also claimed to strengthen customer retention and make replacing existing suppliers more difficult.
  • • The company claims to offer integrated rigid polymer packaging solutions from product design and development to mould coordination, manufacturing, quality testing, labelling and delivery. It claims to have registered 30 battery casing designs, own 870 moulds, and offer in-mould labelling, heat transfer labelling, and screen printing. During the period ended June 30, 2026, and the preceding three fiscal years, it claims to have sold over 2,700 battery casing SKUs, 2,900 pail SKUs, and 1,000 thinwall container SKUs. As of July 31, 2026, its in-house design team comprised 29 full-time employees.

Cons

  • • The company faces significant customer concentration risk despite serving 168 customers during the period ended June 30, 2026, and 242, 214, and 184 customers in FY26, FY25, and FY24, respectively. Revenue from its top five customers stood at Rs 274.46 crore (62.95%) in FY26, Rs 277.94 crore (68.37%) in FY25 and Rs 231.99 crore (64.30%) in FY24. The loss of key customers, reduced orders, cancellations, pricing pressure, or delayed payments could materially affect revenue, profitability, cash flows, and financial performance.
  • • The company remains dependent on battery casings, which contributed Rs 246.49 crore (56.54%) in FY26, Rs 266.50 crore (65.56%) in FY25, and Rs 242.64 crore (67.26%) in FY24. In comparison, pails and thinwall containers contributed Rs 133.02 crore (30.51%), Rs 112.83 crore (27.76%), and Rs 84.09 crore (23.31%), respectively. Any decline in battery casing demand due to technological changes, substitute products, geopolitical factors, or pricing fluctuations could materially affect revenue and profitability.
  • • The company derived a substantial portion of revenue from repeat customers amounting to Rs 420.20 crore (96.38%) in FY26, Rs 387.03 crore (95.21%) in FY25, and Rs 353.13 crore (97.88%) in FY24. Repeat customers during the same period numbered 161, 145, and 139, respectively. This dependence creates concentration risk, as the loss of key repeat customers or a reduction in their orders could materially impact revenue, cash flows, and financial performance.

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