Manika Plastech IPO DRHP: ₹69.93 Cr fresh issue; revenue ₹435.98 Cr; listing 21-Sep
- Manika Plastech files DRHP for ₹69.93 crore fresh issue IPO
- Revenue reached ₹435.98 crore in FY2026 with PAT at ₹22.40 crore
- Funds earmarked for machinery capex and debt repayment
- IPO opens on 11-Sep-2026 with listing scheduled for 21-Sep-2026
*this image is generated using AI for illustrative purposes only.
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.
| Metric | FY2024 | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 360.77 | 406.50 | 435.98 | 162.45 |
| PAT (₹ Cr) | 11.53 | 19.33 | 22.40 | 13.07 |
| Total Assets (₹ Cr) | 252.93 | 320.99 | 323.69 | 317.00 |
| Total Equity (₹ Cr) | 108.00 | 125.18 | 147.62 | 156.78 |
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.
How will the planned capacity expansion impact Manika Plastech's ability to capture market share in the rapidly growing energy storage sector?
What is the expected timeline for the unorded machinery purchases, and how might delays affect the projected ROI from the IPO proceeds?
Could the high concentration of revenue from the top five customers pose a significant threat to stability if key clients shift suppliers post-listing?
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