Manipal Payment and Identity Solutions Limited reported consolidated net profit of ₹77.7 crore for Q1FY27, up 129.1% YoY from ₹33.92 crore in Q1FY26. Revenue from operations rose 47.8% YoY to ₹419.0 crore, supported by broad-based growth across domestic and international businesses.

The Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, at its meeting held on October 1, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by statutory auditors Manian & Rao, Chartered Accountants. The board meeting commenced at 4:30 pm IST and concluded at 6:00 pm IST.

Standalone financial performance

The following table presents the standalone unaudited financial results (all amounts in Indian Rupees million):

On the cost side, cost of materials consumed rose to ₹1,475.57 million in Q1FY27 from ₹855.58 million in Q1FY26, while finance costs fell sharply to ₹44.05 million from ₹337.38 million over the same period. Depreciation and amortisation expense stood at ₹185.06 million. Employee benefits expense was ₹324.53 million.

Consolidated financial performance

On a consolidated basis, which includes subsidiaries Manipal Payment & Identity Solutions Nigeria Limited and Manipal Payment & Identity Solutions UK Limited, revenue from operations for Q1FY27 stood at ₹4,189.56 million (₹419.0 crore), against ₹2,835.19 million in Q1FY26. Consolidated net profit came in at ₹777.02 million (₹77.7 crore), compared with ₹339.23 million a year ago.

The Nigeria subsidiary contributed total revenue of ₹316.66 million and net profit after tax of ₹16.13 million for the quarter. The UK subsidiary reported total revenue of ₹0.03 million and a net loss after tax of ₹35.96 million.

Key operational highlights

The company highlighted strong performance across domestic and international businesses. The contribution of international business to revenue rose to 15.3% in Q1FY27 from 3.9% in Q1FY26, driven by growing export traction. Operational EBITDA stood at ₹124.2 crore, an increase of 44.1% YoY, with an EBITDA margin of 29.6%.

Management noted that favourable product mix, with a higher contribution from premium, technology-driven and value-added offerings, aided EBITDA growth. Margins remained stable sequentially, while the YoY moderation primarily reflected pre-operative costs associated with new geographies and facilities. As revenues from these investments ramp up, these costs are expected to be absorbed more efficiently.

Mr. K Girish Kini, Executive Director & CEO, stated that the company started FY27 on a strong note with healthy traction across product categories, supported by the continued scale-up of international business and premium offerings, including metal cards.

Business segment breakdown

The company categorised its revenue into Core and Emerging segments. Core businesses, which include domestic payment cards, government ID solutions, digital automation, and secure logistics, generated ₹262 crore in Q1FY27, representing a 22% YoY increase. This segment accounted for 63% of total revenue.

Emerging businesses, comprising exports, metal cards, tax stamps, and RFID/IoT solutions, saw revenue jump to ₹157 crore from ₹69 crore in Q1FY26, marking a 2.3x YoY growth. The emerging segment's share of total revenue expanded to 37% from 24% a year earlier. Key drivers included the operational status of the Nigeria bureau, new multi-year IoT contracts, and the expansion of the metal card portfolio with over 10 variants across top issuers.

Board approvals and ESOP ratification

Beyond the financial results, the board also approved proposals to be placed before members via postal ballot through remote e-voting. These include the ratification of the MCT Employee Stock Option Plan 2024 under Regulation 12(1) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, covering authority to grant up to 1,08,84,475 options exercisable into up to 1,08,84,475 equity shares of face value ₹2 each. The board also approved amendments to the plan, including a change in its name to "MPi Employee Stock Option Plan 2024" and updates to the company's name and other consequential amendments. The postal ballot notice will be sent electronically to members whose names appear in the register as on the cut-off date.

IPO context and first-time listing results

These Q1FY27 results are the first to be prepared and presented under Regulation 33 of the Listing Regulations, following the company's listing on the National Stock Exchange of India Limited and BSE Limited on September 17, 2026. The IPO comprised 2,37,46,313 equity shares of face value ₹2 each at an issue price of ₹339 per equity share, including a share premium of ₹337 per equity share. The offering included a fresh issue of 94,39,528 equity shares and an offer for sale of 1,43,06,785 equity shares by the promoter selling shareholder. The total IPO size was ₹805 crore, including a ₹320 crore fresh issue, with ₹238 crore earmarked for capex to support capacity expansion.

What the numbers show

The consolidated PAT margin improved significantly to 18.3% in Q1FY27 from 11.6% in Q1FY26. This expansion was driven by operating leverage coupled with lower finance costs. While revenue grew 47.8% YoY, the sharp reduction in finance costs (from ₹337.38 million to ₹44.05 million on a standalone basis) contributed substantially to the near-tripling of profit before tax. The rise in international business share to 15.3% indicates successful execution of the company's global expansion strategy initiated prior to listing.

A notable divergence exists between the growth rates of the Core and Emerging segments. While Core revenue grew 22%, Emerging revenue grew 127% (2.3x), shifting the revenue mix significantly toward higher-growth, potentially higher-margin areas like metal cards and exports. Additionally, despite a 48% rise in revenue, EBITDA margin contracted slightly by 80 bps YoY, reflecting the absorption of seeding and development costs (~₹7.7 crore) for new initiatives alongside adverse forex movements and elevated raw material prices.

Earnings call details

Manipal Payment hosted an earnings conference call with investors and analysts on October 5, 2026, at 4:00 pm IST. Senior management provided a brief discussion on the quarterly outcomes before opening the floor for a question and answer session. Participants joined via Zoom webinar or through dial-in facilities. The transcript of this call has been uploaded to the company's website pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company profile

Manipal Payment is a provider of payment, identity, secure, and Smart Tagging & IoT solutions. Its portfolio serves banks, fintechs, non-banking financial companies, governments, and enterprises across domestic and international markets. The company's offerings include:

• Payment solutions: Payment cards, NFC/QR solutions, payment-enabled wearables, and digital automation.
• Identity solutions: Driving licences, registration certificates, national identity cards, and transit management systems.
• Smart Tagging & IoT: Tax stamps, RFID, and other tagging and tracking solutions.

Manipal Payment is pursuing growth across new product verticals, with card payments currently forming about 57% of its business, as the company sets its sights on metal cards, RFID solutions, and tax stamps.

Diversification across payment and security products

The company's expansion strategy spans three distinct product categories, each targeting different segments of the payments and security printing market.

Card payments as the core business

Card payments remain the dominant revenue contributor for Manipal Payment, accounting for about 57% of the company's overall business. The remaining share is distributed across other product and service lines, reflecting the company's existing diversification beyond cards.

Expansion into adjacent verticals

The plans to grow in metal cards, RFID, and tax stamps indicate the company's intent to move into higher-value and security-focused product segments. Metal cards represent a premium tier within the card manufacturing space, while RFID and tax stamps address broader identity, tracking, and revenue protection applications.