Company Overview

Business Description: Manika Plastech Limited is a design-led, precision engineered rigid polymer packaging manufacturing company catering to diversified critical industries including energy storage, dairy and edible food products, paints, and chemicals. The company manufactures rigid plastic packaging (RPP) products with focus on battery casings, pails, and thinwall containers, serving customers across automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food, and dairy industries. The company operates 7 facilities (6 manufacturing, 1 painting) across Dehradun, Hosur, Panipat, Una, and Dadra with total area over 51,000 square meters and installed capacity of 29,200 MTPA.

Subsidiaries: Manika Automotive Private Limited (100% subsidiary, incorporated January 2020, not yet operational)

Offer Details

Offer Type: Initial Public Offering (IPO)

Offer Size: 29,186,045 equity shares of face value ₹2 each aggregating ₹1,255 million

  • Fresh Issue: 21,511,627 equity shares (₹925 million)
  • Offer for Sale: 7,674,418 equity shares by VRIDAA Holding Trust (₹330 million)

Price Band: ₹40 to ₹43 per share (final price ₹43)

Listing: BSE and NSE (BSE designated exchange)

Timeline: Anchor investor bidding September 10, 2026; Public offer September 11-16, 2026; Expected listing September 21, 2026

Financials

Key Financials:

| Period | Revenue (₹ million) | EBITDA (₹ million) | PAT (₹ million) | Margin |

| 3M Jun 2026 | 1,624.54 | 243.81 | 130.72 | 8.05% |

| Fiscal 2026 | 4,359.82 | 581.40 | 224.02 | 5.14% |

| Fiscal 2025 | 4,065.02 | 453.00 | 193.31 | 4.75% |

| Fiscal 2024 | 3,607.72 | 308.59 | 115.33 | 3.20% |

Capital Structure:

  • Pre-IPO Capital: 95,000,000 equity shares (₹190 million)
  • Post-IPO Capital: 116,511,627 equity shares (₹233.02 million)
  • Promoter Holding: Pre-IPO 99.25% (VRIDAA Trust 97%, individuals 2.25%); Post-IPO 74.34%
  • Public Holding: 25.06% post-IPO

Credit Rating: CARE BBB+ (Positive) long-term, CARE A2 short-term

Debt: Total borrowings ₹924.62 million as of June 30, 2026; Debt-to-equity 0.59

Use of Proceeds

Fresh Issue Proceeds (₹925 million):

  • Capital expenditure for plant & machinery: ₹549.29 million (61.89%)
  • Debt repayment: ₹150 million (16.22%)
  • General corporate purposes: ₹117.10 million (21.89%)

Capacity Expansion: From 29,200 MTPA to 38,000 MTPA

Risk Factors

Business Risks:

  • High customer concentration (top 5 customers: 58-69% revenue)
  • Dependence on battery casings segment (54-68% revenue)
  • Raw material price volatility (PPCP constitutes 74-89% of purchases)
  • Seasonal demand patterns in end-user industries
  • Competition from organized and unorganized players

Market Risks:

  • Economic cycles affecting end-user industries
  • Foreign exchange fluctuations (16.49% raw material imports)
  • Environmental regulations on plastic usage

Regulatory Risks:

  • Compliance with Plastic Waste Management Rules and EPR regulations
  • Past delays in statutory payments and filings
  • Ongoing legal proceedings: ₹8.52 million GST disputes, ₹13.16 million cheque dishonor cases

Management & Promoters

Promoters: Nikunj Mohanlal Kapadia (Chairman), Munjal Nikunj Kapadia (MD), Mihir Nikunj Kapadia (Director), Pratik Nikunj Kapadia (Director), VRIDAA Holding Trust

Management Team: Mukesh Chandrakant Thakkar (CFO), Karishma Himatbhai Waghela (Company Secretary)

Experience: Promoters have over two decades of experience in rigid plastic packaging industry

Market & Industry

Industry Overview:

  • Indian RPP market: ₹1,066.65 billion FY2025, expected 6.75% CAGR to ₹1,385.22 billion by FY2029
  • Battery casing market: ₹39.00 billion FY2025, expected ~12.00% CAGR to ₹61.00 billion by FY2029
  • Growth drivers: Urbanization, rising disposable incomes, renewable energy expansion, EV adoption

Competitors: Manjushree Technopack, TPAC Packaging, SSF Plastics, Mold-Tek Packaging, Hitech Corporation, National Polyplast

Customers: 168-242 customers across 24 states/UTs including Livguard Energy, Luminous Power, Grasim Industries, JSW Paints, Sakthi Accumulators

Legal & Compliance

Regulatory Approvals:

  • SEBI observation letter October 29, 2025
  • BSE/NSE in-principle approval September 3, 2025
  • Various quality certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, IATF 16949

Intellectual Property: 30 registered designs for battery casings under Designs Act, 2000

Advisors: Pantomath Capital Advisors (BRLM), CNK & Associates (auditors), Technopak Advisors (industry report)

Corporate Identity: U74999DN1996PLC000469

Corporate Office: Mumbai, Maharashtra