| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1247.52 | 1256.07 | 1326.75 |
| Expenses | 967.62 | 1032.65 | 1004.93 |
| Other Income | 20.45 | 21.04 | 29.84 |
| Total Revenue | 1267.97 | 1277.11 | 1356.59 |
| Profit Before Tax | 300.35 | 354.46 | 349.26 |
| Net Profit | 249.17 | 282.21 | 253.46 |
Manipal Payment and Identity Solutions
Manipal Payment and Identity Solutions IPO
₹14,168
0.25 xOver-subscribedBidding Dates 09 Sept, 26 -11 Sept, 26
Min Investment ₹14,168
Lot Size44
Price Range ₹322 – ₹339
Issue Size ₹805.00 Cr.
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IPO Subscription Details
Retail Subscription Details
1.05 x
Non-Institutional Buyers (sHNI)
0.27 x
Non-Institutional Buyers (bHNI)
0.17 x
Qualified Institutional Buyers (QIB)
0 x
Total0.25 x
0.25 x IPO Timeline
IPO Offer Start
09 Sept,26
IPO Offer Ends
11 Sept,26
Allotment Finalisation
15 Sept,26
Refund Initiation
16 Sept,26
Listing of Shares
17 Sept,26
IPO Analysis
Strengths
The company was among the largest manufacturers of payment cards globally and in India in Fiscal 2026, with an estimated market share of approximately 36.4% in the credit card issuance market and 30.9% in the debit card issuance market in India, having produced 13.54 million credit cards and 72.66 million debit cards during Fiscal 2026.
The company catered to a diverse set of over 300 customers in Fiscal 2026, with 211 customers (61.34% of total customer base) serviced for more than five years. The company served 22 private banks, 12 PSBs, 11 small finance banks and 78 co-operative banks in Fiscal 2026.
The company offers a wide suite of products including payment cards, cheque solutions, NFC/QR codes, payment-enabled smart wearables, digital automation solutions, identification solutions, secure solutions, and smart tagging and IOT solutions. The company launched India's first rPVC Rupay card in 2024 and was among the largest manufacturers of DI cards in India in Fiscal 2026.
Risks
The company's top 10 customers accounted for 58.67%, 60.98% and 62.51% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any key customers or reduction in revenue from such customers may have an adverse effect on the company's business, financial condition and results of operations.
Purchases from the company's top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of total purchases in Fiscals 2026, 2025 and 2024, respectively. The company relies on timely supply of different raw materials for manufacturing, and business could be adversely affected if suppliers fail to meet delivery obligations or raise prices.
The company is required to comply with extensive security requirements to be registered with payment networks such as MasterCard and RuPay. Failure to comply with such security requirements may lead to revocation of registration, which may adversely affect business, financial condition, results of operations and cash flows.
Objectives
The company proposes to utilize funds for purchasing and setting up new and second-hand equipment at various facilities including card manufacturing, personalization bureaus, cheque printing facilities, central cards processing centers, and Smart Tagging and IoT Solutions facility across multiple locations to expand capacity and support new product lines.
The company intends to deploy balance funds towards general corporate purposes including strategic initiatives, funding growth opportunities, acquisitions, brand building, payment for raw materials, lease expenses, employee related expenses, insurance, repairs and maintenance, and other ordinary business purposes as approved by the Board.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1102.71 | 1409.67 | 1160.90 |
| Current Assets | 907.73 | 1127.02 | 742.50 |
| Fixed Assets | 194.98 | 282.64 | 418.40 |
| Total Equity & Liabilities | 1102.71 | 1409.67 | 1160.90 |
| Total Liabilities | 1013.10 | 1105.42 | 369.00 |
| Current Liabilities | 190.75 | 678.40 | 256.28 |
| Non Current Liabilities | 822.35 | 427.02 | 112.72 |
| Total Equity | 89.61 | 304.25 | 791.90 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 499.71 | -474.54 | 123.23 |
| Investing Activities | -75.88 | -586.13 | 243.07 |
| Operating Activities | 308.57 | 284.38 | 207.67 |
| Financing Activities | 267.02 | -172.79 | -327.51 |
About Manipal Payment and Identity Solutions
The company provides payments solutions, identification solutions, secure solutions, and smart tagging and internet of things (IOT) solutions to banks, fintechs, non-banking finance companies and governments across domestic and international jurisdictions. Incorporated on February 19, 2008, the company is part of The Manipal Group, which commenced operations in 1948 as...more
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