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IPO Open

Fri, Sep 11, 2026

IPO Close

Wed, Sep 16, 2026

Price Band

₹40 to ₹43

Market Cap*

₹501.00 Cr * on Upper Price

IPO Details

  • IPO Date
    11 to 16 Sep, 2026
  • Listing Date
    Mon, Sep 21, 2026
  • Face Value
    ₹2 per share
  • Price Band
    ₹40 to ₹43
  • Lot Size
    348 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE, NSE
  • Total Issue Size
    2,91,86,045 shares (agg. up to ₹125 Cr)
  • Fresh Issue
    2,15,11,627 shares (agg. up to ₹92 Cr)
  • Offer for Sale
    76,74,418 shares of ₹2 (agg. up to ₹33 Cr)
  • Share Holding Pre Issue
    9,50,00,000 shares
  • Share Holding Post Issue
    11,65,11,627 shares

  • IPO Open
    Fri, Sep 11, 2026
  • Allotment
    Thu, Sep 17, 2026
  • Credit of Shares
    Fri, Sep 18, 2026
  • IPO Close
    Wed, Sep 16, 2026
  • Refund
    Wed, Sep 16, 2026
  • Listing
    Mon, Sep 21, 2026

Issue Reservation

Investor Category Shares
QIB Not more than 50% of the Offer size
Retail Not less than 35% of the Offer
NII Not less than 15% of the Offer

IPO Lot Size

Investors can bid for a minimum of 348 shares and in multiples thereof.

Application Lots Shares Amount
Retail (Min) 1 348 ₹14,964
Retail (Max) 13 4,524 ₹1,94,532
S-HNI (Min) 14 4,872 ₹2,09,496
S-HNI (Max) 66 22,968 ₹9,87,624
B-HNI (Min) 67 23,316 ₹10,02,588

About Manika Plastech Ltd.

Incorporated in 1996, Manika Plastech Limited is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails and thinwall containers.

The Company manufactures battery casings, pails and thinwall containers, which cater to various industrial and consumer applications. The Company also manufactures pails used for packaging paints, lubricants and industrial chemicals, while its food-grade thinwall containers are used for the packaging and distribution of dairy and edible food products. Its products are designed to provide structural strength, protection and ease of handling throughout the expected product lifecycle.

Manika Plastech provides end-to-end rigid polymer packaging solutions, covering design and development, sourcing of raw materials, manufacturing, heat sealing, labelling, quality assurance and delivery. The Company has developed capabilities to provide customized packaging products and designs its automotive battery casings in accordance with Japanese and German technical standards, including JIS and DIN standards, to meet customer-specific product specifications and quality requirements.

The Company serves a diversified customer base across multiple end-user industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food and dairy, among others.

During the three-month period ended June 30, 2026 and the preceding three Fiscals, the Company served 168 to 242 customers across 24 states and union territories in India. Its top 20 customers had an average relationship tenure of over 10 years as of June 30, 2026, while its long operating history of over two decades has enabled it to build relationships across multiple industries and reduce dependence on any particular customer or industry segment.

The Company has 7 operating facilities, comprising 6 manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra, and 1 paint facility located in Hosur. As of July 31, 2026, it had an employee base of 352 employees and 809 contract labourers.

The Company operates 6 manufacturing facilities and 1 painting facility across India. Its manufacturing units produce battery casings, pails, thinwall containers and automotive components, while the painting facility is used for painting automotive components.

  1. Dadra: Manufactures pails and thinwall containers, serving Vadilal Industries Limited and other leading food and dairy product manufacturers.
  2. Dehradun: Manufactures battery casings for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited, Genus Innovation Limited and HSD Batteries (India) Pvt. Ltd.
  3. Hosur (Manufacturing): Produces battery casings, pails, thinwall containers and automotive components for customers such as Luminous Power Technologies Private Limited, Kansai Nerolac Paints Limited, JSW Paints Limited, Sakthi Accumulators Private Limited, Surya Batteries and Zunax Energy Products LLP.
  4. Hosur (Painting): Provides painting of automotive components for Ultraviolette Automotive Private Limited, TVS Motor Company Limited and other automotive component and commercial EV manufacturers.
  5. Panipat: Manufactures pails and thinwall containers, with Grasim Industries Limited as a key customer.
  6. Una: Manufactures battery casings, pails and thinwall containers for customers including Livguard Energy Technologies Private Limited, Luminous Power Technologies Private Limited and Kansai Nerolac Paints Limited.(Updated on Sep 8, 2026)

Company Financials (Restated Consolidated)

Manika Plastech Ltd.’s revenue increased by 6% and profit after tax (PAT) rose by 16% between the financial year ending with March 31, 2026 and March 31, 2025.   (Amount in ₹ Crore)

Period Ended 30 Jun 2026 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 317.00 323.69 320.99 252.93
Total Income 162.71 437.26 412.59 368.76
Profit After Tax 13.07 22.40 19.33 11.53
EBITDA 24.38 58.14 45.30 30.86
NET Worth 156.78 147.62 125.17 107.99
Reserves and Surplus 136.97 127.69 105.29 88.05
Total Borrowing 92.46 88.19 97.45 93.06

Recently Listed IPOs in Packaging

Company Issue Type Issue Size Issue Price PE Ratio Listing Day Close Listing Gain/Loss % LTP
Knack Packaging Ltd. Mainboard ₹439.50 Cr ₹170 18.33 ₹182.98 +7.64% ₹185.93
Dhaval Packaging Ltd. SME ₹36.36 Cr ₹97 12.05 ₹111.68 +15.13% ₹119.05
Diksha Polymers Ltd. SME ₹17.90 Cr ₹112 9.79 ₹120.20 +7.32% ₹200.00

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 Funding the capital expenditure towards purchase of plant and machinery
    54.93
  • 2 Repayment and/or pre-payment, in part or full, of certain borrowings availed by Company
    15.00
  • 3 General Corporate Purposes
  • Total
    69.93

Key Performance Indicator (KPI)

KPI Jun 30, 2026 Mar 31, 2026
ROE 8.34% 15.18%
ROCE 8.34% 18.77%
Debt/Equity 0.59 0.60
RoNW 8.34% 15.18%
PAT Margin 8.03% 5.12%
EBITDA Margin 15.01% 13.34%
NAV 16.50 15.54
Price to Book Value 2.61 2.77

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 2.36 4.49
P/E (x) 18.22 9.58
Market Cap at Offer Price ₹409Cr. ₹501.00 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 100% 74.95%
Public 25.05%
Total 100% 100%

Company Promoters: Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia and Vridaa Holding Trust.

Offer For Sale – Selling Shareholder

Name Category No. of Shares Offered Amount (₹ cr.)
VRIDAA Holding Trust Promoter 76,74,418 33.00
Total 76,74,418 33.00

IPO Registrar

MUFG Intime India Pvt.Ltd.

IPO Lead Manager(s)

  1. Pantomath Capital Advisors Pvt.Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Manika Plastech Ltd. Address
Gala Number C/22-26,
First Tax Free Industrial Estate, Silvassa
Khanvel Road, Village Saily,
Silvassa, Dadra and Nagar Haveli and Daman and Diu, 396230

IPO FAQs

Manika Plastech IPO is a main-board IPO of 2,91,86,045 equity shares of the face value of ₹2 aggregating up to ₹125 Crores. The issue is priced at ₹40 to ₹43. The minimum order quantity is 348.

The IPO opens on Fri, Sep 11, 2026, and closes on Wed, Sep 16, 2026.

MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Manika Plastech IPO using UPI as a payment gateway. Angel One customers can apply in Manika Plastech IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Manika Plastech IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Manika Plastech IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Manika Plastech IPO opens on Fri, Sep 11, 2026 and closes on Wed, Sep 16, 2026.

Manika Plastech IPO lot size is 348, and the minimum amount required for application is ₹14,964.

You can apply in Manika Plastech IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Manika Plastech IPO will be done on Thursday, September 17, 2026, and the allotted shares will be credited to your demat account by Fri, Sep 18, 2026. Check the Manika Plastech IPO allotment status.

The Manika Plastech IPO listing date is not yet announced. The tentative date of listing is Mon, Sep 21, 2026.

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