Manika Plastech Limited has appointed Karishma Himatbhai Waghela as the Compliance Officer with effect from January 27, 2025. The appointment was made under Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Waghela is an associate member of the Institute of Company Secretaries of India (ICSI Membership No. A58805). She has been working with Manika Plastech as Company Secretary since January 3, 2025, prior to this new role.

Professional Background

Karishma Himatbhai Waghela holds over six years of experience in secretarial and compliance matters. Her previous roles include:

• Company Secretary and Compliance Officer at Bombay Metrics Supply Chain Limited
• Company Secretary at Padmakshi Financial Services Private Limited
• Company Secretary and Compliance Officer at Omnitex Industries (India) Limited

She continues to hold the position of Compliance Officer in accordance with the Listing Regulations.

Manika Plastech Limited, a precision rigid polymer packaging manufacturer, filed its Draft Red Herring Prospectus for an initial public offering. The company reported revenue of ₹435.98 crore in FY2026 and plans to raise funds for capacity expansion and debt reduction.

About the Company

Incorporated in 1996 and headquartered in Silvassa, Manika Plastech operates seven facilities across India, including six manufacturing units and one paint facility. The company produces over 6,773 products using more than 800 moulds, with a total installed capacity of 29,200 metric tonnes per annum. Its portfolio includes battery casings, pails, and thinwall containers serving energy storage, dairy, paints, and chemical industries. The firm holds 30 registered designs under the Designs Act, 2000 and maintains ISO 9001:2015, ISO 45001:2018, ISO 14001:2015, and IATF 16949 certifications.

Financial Performance

Revenue from operations grew from ₹360.77 crore in FY2024 to ₹435.98 crore in FY2026. Profit after tax improved significantly from ₹11.53 crore to ₹22.40 crore over the same period. In Q1 FY2027 (April–June 2026), revenue stood at ₹162.45 crore with a PAT of ₹13.07 crore.

Why the Company Is Raising Funds

The proposed fresh issue aims to raise ₹54.93 crore for purchasing plant and machinery, including injection moulding machines and IML robots. An additional ₹15.00 crore will be used for the repayment of existing borrowings to de-leverage the balance sheet. General corporate purposes are also included as a use of proceeds.

Business Strengths

Manika Plastech derives 93.26%–97.88% of its revenue from repeat customers, indicating strong retention. Battery casings contribute 54%–68% of revenue. The company utilizes 13%–30% recycled polymers and generates 18.04%–26.61% of its power consumption from solar sources. Seventy-two out of 93 injection moulding machines are equipped with energy-efficient SERVO motors.

Key Risks

Top five customers contribute 58%–69% of operating revenue, creating concentration risk. Battery casings account for 54%–68% of revenue, exposing the firm to sector cyclicality. Additionally, 72.12% of planned machinery purchases from net proceeds remain unorded, posing execution risks. The company also faces interest rate risk on ₹53.38 crore of floating rate debt.

Important IPO Dates

• IPO Opening Date: 11-Sep-2026
• IPO Closing Date: 16-Sep-2026
• Allotment Date: 17-Sep-2026
• Listing Date: 21-Sep-2026

Offer Details

The issue comprises a fresh issue only, with no offer for sale. The total fresh issue size is ₹69.93 crore. The price band and lot size are not disclosed in the DRHP.

Bottom Line

Manika Plastech presents a growing revenue profile and improving profitability, supported by strong customer retention. The IPO proceeds will fund capacity expansion and debt reduction, though significant customer and product concentration risks alongside execution challenges in new technology adoption remain key considerations.