Financial Performance Summary

Revenue Performance:

  • H1 FY27 Revenue from operations: ₹849.4 crore, growth of 40.3% YoY
  • Q2 FY27 Revenue: ₹430.4 crore, growth of 33.6% YoY
  • Growth driven by healthy performance across Core and Emerging businesses
  • International business accounted for 12.8% of revenue (vs. 5.4% in H1 FY26)

Profitability Metrics:

  • H1 FY27 EBITDA (excluding other income): ₹255.5 crore, up 29.1% YoY
  • H1 FY27 EBITDA margin: 30.1%
  • Q2 FY27 EBITDA: ₹131.3 crore, up 17.5% YoY
  • Q2 FY27 EBITDA margin: 30.5%
  • Profit after tax (PAT) H1 FY27: ₹158.6 crore, growth of 45.4% YoY
  • PAT Q2 FY27: ₹80.9 crore, growth of 7.7% YoY
  • PAT margin improved by 67 bps to 18.7% in H1 FY27

Cost and Investment Impact:

  • Seeding and development costs for new businesses, geographies and facilities: ₹8.7 crore (after tax) in Q2 FY27, ₹16.5 crore (after tax) in H1 FY27
  • Lower finance costs supported PAT growth
  • Revenue growth, favourable product mix and operating leverage supported EBITDA performance

Operational and Strategic Developments

International Expansion:

  • UK Personalisation Bureau became operational during Q2 FY27
  • Nigeria bureau (operationalised in Q1 FY27) continues to gain business traction
  • Expanded customer base across South Asia and Middle East through partner network

Business Segment Updates:

  • Domestic Payment Cards: Maintained strong market position with established bank relationships, product innovation, and premiumisation
  • Premium Payment Solutions: Strengthening metal card offerings and manufacturing capabilities
  • Smart Tagging & IoT: Scaling tax stamp programmes and RFID solutions in India and overseas across retail, pharmaceutical, jewellery, and logistics
  • Identity & Digital Automation: Increasing customer engagements across government identity programmes and digital banking automation

Capacity Expansion:

  • Advancing investments in manufacturing capacity, product development and technology infrastructure
  • Supported by planned deployment of IPO proceeds

Management Commentary

Mr. K Girish Kini, Executive Director & CEO, commented on the results:

  • Delivered healthy year-on-year growth reflecting sustained business momentum
  • H1 performance supported by consistent traction in Core businesses and increasing contribution from Emerging segments
  • Diversified business portfolio building scalable platform for long-term growth
  • Expanded customer base across domestic and international markets
  • UK card personalisation bureau operationalisation marks important milestone in international expansion
  • Promising growth opportunities in metal cards, secure authentication, and Smart Tagging & IoT solutions
  • Focus remains on deepening customer relationships, expanding international presence, and scaling higher-value, technology-driven offerings
  • Backed by growing order pipeline and expected execution of key projects, anticipating strong performance in H2 FY27
  • Well positioned to sustain growth and create long-term value for stakeholders

Company Overview

Manipal Payment and Identity Solutions Limited is a provider of payment, identity, secure and Smart Tagging & IoT solutions, serving banks, FinTechs, NBFCs, governments and enterprises across domestic and international markets.

Payment portfolio includes: payment cards, NFC/QR solutions, payment-enabled wearables and digital automation

Identity solutions include: driving licences, registration certificates, national identity cards and transit management solutions

Smart Tagging & IoT solutions include: Tax Stamps, RFID and other tagging and tracking solutions