Manipal Payment Q1 PAT Soars 129% YoY

Manipal Payment and Identity Solutions Limited – Investor Presentation Summary

BSE: 544916, NSE: MPIMANIPAL

86.20 million payment cards billed as of fiscal 2026
Market share of approximately 31.7% in debit and credit card issuance in India as of March 31, 2026
36.4% market share in credit card issuance
30.9% market share in debit card issuance
Produced over 1.0 billion Aadhaar and government ID cards
Deployed 5000+ kiosks in India, with 500+ kiosks for SBI
Serves 88+ RTOs for polycarbonate DL/RC cards
Key drivers: Domestic card volumes, secure logistics, government ID programs, and kiosk deployments

Core businesses revenue: ₹262 crore, up 22% year-over-year
Emerging businesses revenue: ₹157 crore, up 2.3 times year-over-year
Emerging businesses contributed 37% of total revenue
Explanation: Growth in core driven by domestic card volumes and secure logistics; emerging growth from metal cards and tax stamps wins

Revenue: ₹419.0 crore
EBITDA (excl. other income): ₹124.2 crore
PAT: ₹77.7 crore
EPS: ₹3.39 diluted
EBITDA margin: 29.6%
PAT margin: 18.3%
YoY comparison: Revenue up 48%, EBITDA up 44%, PAT up 129%, EPS up 116%
QoQ comparison: Revenue up 23%, EBITDA up 31%, PAT up 37%, EPS up 34%
Drivers: Operating leverage, growth in core and emerging businesses
Comparison to market estimates: Not specified
Key Risks: Adverse forex movements, elevated raw material prices, geopolitical headwinds

Domestic vs Export Revenue: Export contributed 15.3% of revenue, up from 3.9% a year ago
Regional Breakdown: Operations in APAC, Middle East, Africa, UK & Europe, Americas; Nigeria bureau operational and certified

Investments in innovation: Metal cards with patented technology, LED payment cards, biometric cards development, biodegradable excise labels, secure holograms, VVPAT rolls
5 patents registered, 30 applications filed internationally
Received Letter of Award for in-house built RuPay DI applet
26 personnel in R&D, recognized by DSIR, Government of India
Expected impact: Enhanced product offerings and market expansion
Strategic rationale: Expanding into high-growth markets, reducing operational costs

Global payment cards in circulation: 18.6 billion in 2023, expected to grow to 22.4 billion by 2030 at 2.7% CAGR
India payment cards issued: 257 million in FY20, expected to grow to 535 million by FY30 at 13.1% CAGR
Top-4 players hold dominant share; MPi has approximately 31.7% market share
Impact on company: Positive growth outlook supported by market expansion

Strategic outlook: Despite challenges, operating leverage kept EBITDA margin resilient at 29.6%
FY Guidance: Not explicitly provided
Market Share Targets: Not specified
Risks and Opportunities: Highlighted adverse forex and raw material prices, but growth in international and emerging businesses