Manika Plastech IPO
Since its incorporation in 1996, Manika Plastech has been involved in the manufacturing of rigid polymer packaging products. Its product range includes the manufacturing of battery casings, pails, and thin-wall containers used in packaging, industrial, and consumer applications.
IPO GMP
+₹1
+2% expected gain
Price Band
₹43
Lot Size
348 shares
Min Investment
₹14,964
Listing Date
September 21, 2026
About Manika Plastech
Company overview, business, and key facts.
Since its incorporation in 1996, Manika Plastech has been involved in the manufacturing of rigid polymer packaging products. Its product range includes the manufacturing of battery casings, pails, and thin-wall containers used in packaging, industrial, and consumer applications.
Manika Plastech provides complete polymer packaging solutions, from design, development, sourcing of raw materials, manufacturing, heat sealing, labelling, and delivery. Moreover, the company operates 7 manufacturing facilities situated in Dehradun, Hosur, Panipat, Una, and Dadra, and 1 painting facility located in Hosur. As of June 2026, the company has served 168 to 242 customers across various industries such as automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food, and dairy.
Founded
1996
Promoters
Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, Vridaa Holding Trust
Website
http://www.manikaplastech.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Proximity to Major Customers: The proximity of company’s facilities to the manufacturing units of its major customers helps in customer retention, quick response, and effective customer service.
- Entry Barriers and Customer Retention: Operational and customer base of the company can act as an entry barrier to its competitors and hinder switching to other suppliers. Its customer relations provide continuity to its business.
- Integrated Value-Added Services: Manika Plastech delivers integrated services by way of designing, product development, and labelling along with manufacturing. This provides the company the capacity to deliver tailor-made rigid polymer packaging solutions.
Risks
- High Concentration of Customers: Around 58% to 69% of revenue from operations came from the five major customers for the three months ended June 30, 2026, and the prior three Fiscals. Loss of a major customer or reduced revenues from any such customer can impact the company’s business.
- Dependencies on Locations of Major Customers: The firm typically sets up its operations close to the manufacturing facilities of its major customers to fulfill their needs. Hence, any changes in the level of business conducted by these customers or negative developments in their particular industries will impact the business of the company.
- Dependency on Battery Cases:The company derived its operational revenue from battery cases in an amount that was about 54%–68% for the three-month period ending June 30, 2026 and the three Fiscal periods prior to it. A fall in battery cases sales would negatively impact the business of the company.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Manika Plastech IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Market cap at upper band
₹501.0 Cr
Post-IPO shares × upper price band
P/E on 2026 profit
22.4x
Peer median 37.9x (discount of 40.9%)
Price to sales
1.15x
Revenue growth, 2026
+6%
8.9% a year over the period
Profit growth, 2026
+15.9%
39.4% a year over the period
Profit margin (PAT)
5.1%
EBITDA margin 13.34%
ROE / ROCE
15.18% / 18.77%
As published in the offer document
Debt to equity
0.6
Promoter holding
100% → 74.95%
Before → after the IPO
Issue mix
73.7% fresh / 26.3% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹348
348 shares on ₹14,964. GMP is unofficial.
What stands out
- Priced at a 40.9% discount to the peer median P/E of 37.9.
Watch-outs
- 1 use-of-proceeds item(s) have no disclosed amount.
- GMP has fallen 94.7% from its peak of ₹19 to ₹1.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
IPO Analysis SummaryAI-generated
A plain-language review of Manika Plastech's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Manika Plastech IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Manika Plastech IPO is trading at a grey market premium (GMP) of +₹1 (+2% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 27.91x overall — QIB: 10.94x, NII: 62.99x, Retail: 22.31x.
Manika Plastech IPO subscription has closed. The shares are expected to list on September 21, 2026.
The minimum investment required is ₹14,964 for 348 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Proximity to Major Customers: The proximity of company’s facilities to the manufacturing units of its major customers helps in customer retention, quick response, and effective customer service.; Entry Barriers and Customer Retention: Operational and customer base of the company can act as an entry barrier to its competitors and hinder switching to other suppliers. Its customer relations provide continuity to its business.. Investors should note the following risks: High Concentration of Customers: Around 58% to 69% of revenue from operations came from the five major customers for the three months ended June 30, 2026, and the prior three Fiscals. Loss of a major customer or reduced revenues from any such customer can impact the company’s business.; Dependencies on Locations of Major Customers: The firm typically sets up its operations close to the manufacturing facilities of its major customers to fulfill their needs. Hence, any changes in the level of business conducted by these customers or negative developments in their particular industries will impact the business of the company..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Manika Plastech IPO — Frequently Asked Questions
What is Manika Plastech IPO GMP today?
Manika Plastech IPO GMP (grey market premium) today is +₹1, suggesting an estimated listing gain of +2%. GMP is indicative and subject to change.
What is the price band of Manika Plastech IPO?
The price band for Manika Plastech IPO is ₹43 with a lot size of 348 shares. The minimum investment required is ₹14,964.
When is Manika Plastech IPO allotment date?
Manika Plastech IPO allotment is expected to be finalised on September 17, 2026. You can check your allotment status on the registrar's website (MUFG Intime India Pvt. Ltd.) using your PAN number.
When will Manika Plastech IPO list on NSE/BSE?
Manika Plastech IPO is expected to list on BSE, NSE on September 21, 2026.
How to check Manika Plastech IPO allotment status?
To check Manika Plastech IPO allotment status, visit the registrar's website (MUFG Intime India Pvt. Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Manika Plastech IPO?
Manika Plastech IPO has a GMP of +₹1. Before applying, review the company's financials, business model, issue structure (OFS vs fresh issue), and sector outlook. IPOLyst is not a SEBI-registered investment advisor — please consult a qualified financial advisor before investing.
What is the lot size of Manika Plastech IPO?
The lot size for Manika Plastech IPO is 348 shares per lot. The minimum investment for retail investors is ₹14,964. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.