Date: October 1, 2026

Financial Performance Highlights (Consolidated Q1 FY27 vs Q1 FY26)

Revenue:

  • Revenue from operations stood at ₹419.0 crore, representing 47.8% year-on-year growth
  • Strong performance across domestic and international businesses supported broad-based revenue growth
  • International business contribution increased significantly to 15.3% of revenue from 3.9% in Q1 FY26

Profitability:

  • Operational EBITDA reached ₹124.2 crore, an increase of 44.1% year-on-year
  • EBITDA margin stood at 29.6%
  • Profit after tax (PAT) surged 129.1% to ₹77.7 crore
  • PAT margin improved to 18.3% from 11.6% in Q1 FY26

Performance Drivers:

  • Favourable product mix with higher contribution from premium, technology-driven and value-added offerings aided EBITDA growth
  • Operating leverage coupled with lower finance costs bolstered PAT growth
  • YoY margin moderation primarily reflected pre-operative costs associated with new geographies and facilities
  • Management expects these costs to be absorbed more efficiently as revenues from these investments ramp up

Operational and Strategic Developments

IPO and Funding:

  • Successfully completed ₹805 crore IPO, including a ₹320 crore fresh issue
  • ₹238 crore earmarked for capex to support capacity expansion across manufacturing and technology infrastructure

Business Expansion:

  • Deepened customer relationships through new programmes and expanded offerings across payment cards, fulfilment, identity and digital automation solutions
  • Expanded international business through new customer engagements across key geographies
  • Strengthened premium and differentiated payment-card offerings, led by metal cards and other value-added solutions
  • Scaled Smart Tagging, RFID and IoT capabilities across identification, authentication and traceability applications
  • Continued investments in R&D, technology and manufacturing to support innovation and evolving customer requirements

Management Commentary

Mr. K Girish Kini, Executive Director & CEO, commented on the strong start to FY27 with 48% year-on-year revenue growth and broad-based performance across the portfolio. He highlighted healthy traction across product categories, supported by the continued scale-up of international business and premium offerings including metal cards.

The management emphasized their consistent investment in R&D, technology and product capabilities to address evolving customer requirements across payments, identity and secure solutions. Their technology-led approach, domain expertise and longstanding customer relationships enable development of differentiated solutions across existing and new markets.

Going forward, the company remains focused on deepening customer relationships, expanding international presence, strengthening premium and technology-driven offerings, and continuing to invest in innovation and capacity.

Business Overview

Manipal Payment and Identity Solutions Limited provides payment, identity, secure and Smart Tagging & IoT solutions, serving banks, FinTechs, NBFCs, governments and enterprises across domestic and international markets. Their payment portfolio includes payment cards, NFC/QR solutions, payment-enabled wearables and digital automation, while identity solutions include driving licences, registration certificates, national identity cards and transit management solutions.