Manika Plastech IPO

The Manika Plastech mainboard IPO opens for subscription on 11 Sept 2026 and closes on 16 Sept 2026, offered at a price band of ₹40–43 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹125.5 crore. Retail investors bid in lots of 348 shares, a minimum application of ₹14,964.

Issue structure

The offer combines a fresh issue of ₹92.5 crore with an offer for sale (OFS) of ₹33 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding the capital expenditure towards purchase of plant and machinery (₹54.93 crore), alongside repayment and/or pre-payment, in part or full, of certain borrowings availed by company (₹15 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Manika Plastech reported revenue of ₹162.71 crore and a net profit of ₹13.07 crore. Revenue declined from ₹368.76 crore in FY2024 to ₹162.71 crore in FY2026 (-56.0%). Net worth stood at ₹156.78 crore at the end of FY2026. At the upper band, that puts the issue at roughly 18.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 9.58× post-issue earnings and 2.61× book value, against a return on net worth of 8.34% and a debt-to-equity ratio of 0.59. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Hitech Corporation and Mold-Tek Packaging, with a median peer P/E of about 37.9×. The issue's own post-issue P/E works out to 9.58×.

Promoters

The promoters of the company are <p>Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, Vridaa Holding Trust</p>. Promoter holding stands at 100% before the issue and comes down to 74.95% after listing.

Grey market premium (GMP)

In the unofficial grey market, Manika Plastech shares are quoted at a premium of ₹7 implying an expected listing around ₹50, about +16.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Manika Plastech IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Manika Plastech

Manika Plastech Limited is an Indian company engaged in the manufacturing of specialized polymer-based packaging solutions . The company primarily produces multilayer barrier films and containers, which are widely used in industries such as food and beverages, pharmaceuticals, personal care, agrochemicals, and lubricants. These packaging solutions are designed to enhance product shelf life, maintain quality, and provide protection from moisture, oxygen, and other environmental factors. Manika Plastech is known for using advanced co-extrusion technology to manufacture high-barrier multilayer containers and films. It serves both domestic and international markets and has built long-term partnerships with major clients by offering customized, reliable, and innovative packaging products. The company emphasizes sustainability, efficiency, and adherence to global quality standards in its manufacturing processes. Currently, it has seven operating facilities in Dehradun, Hosur, Panipat, Una and Dadra across 51,000 square meters with an installed capacity of 27,600 MTPA. Also, the company has five warehouses in Hosur, Dehradun, Jodhpur and Katni. Competitive strengths Proximity to key customers locations with operational flexibility Entry Barriers for Competitors and Retention Drivers/Exit Barriers for customers Integrated value-added services through in-house design, development, and labelling capabilities Diverse industry applications / customer base / suppliers / location / product portfolio Longstanding relationships with well-known customers and well-established supply chain Integrated quality assurance infrastructure