Manika PlastechIPO Review — Financials, Valuation & Peers
A data-only look at the Manika Plastech IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 368.76 | 11.53 | 30.86 | 107.99 | 252.93 | 93.06 | — |
| FY 2025 | 412.59 | 19.33 | 45.3 | 125.17 | 320.99 | 97.45 | — |
| FY 2026 | 437.26 | 22.4 | 58.14 | 147.62 | 323.69 | 88.19 | — |
| Jun 2026 (interim) | 162.71 | 13.07 | 24.38 | 156.78 | 317 | 92.46 | 2.36 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 18.22x
- P/E (post-issue)
- 9.58x
- RoNW
- 8.34%
- RoE
- 8.34%
- RoCE
- 8.34%
- Debt / Equity
- 0.59
- EPS (pre-issue)
- ₹2.36
- EPS (post-issue)
- ₹4.49
- EBITDA Margin
- 15.01%
- PAT Margin
- 8.03%
- P/BV
- 2.61x
- NAV / share
- ₹16.5
- Market Cap
- ₹501 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Manika Plastech | 2.36 | 15.54 | — | 15.18% | — |
| Hitech Corporation | 8.84 | 165.72 | 37.85x | 5.34% | 2.02x |
| Mold-Tek Packaging | 21.93 | 207.64 | 32.34x | 10.56% | 3.43x |
| Shaily Engineering Plastics | 36.97 | 155.95 | 88.85x | 23.71% | 21.11x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, Vridaa Holding Trust</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 74.95%
- Dilution
- 25.05%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Manika Plastech operates at an EBITDA margin of 15.01% and a net (PAT) margin of 8.03% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 8.34% and a return on equity (RoE) of 8.34%. At the upper band, the post-issue market capitalisation works out to about ₹501 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of Manika Plastech and what is their holding?
- The promoters are <p>Nikunj Mohanlal Kapadia, Munjal Nikunj Kapadia, Mihir Nikunj Kapadia, Pratik Nikunj Kapadia, Vridaa Holding Trust</p>. Promoter holding is 100% before the issue and 74.95% after listing.
- What is the P/E ratio of the Manika Plastech IPO?
- At the upper price band, the Manika Plastech IPO is valued at 18.22× pre-issue earnings and 9.58× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Manika Plastech IPO?
- The net proceeds go primarily toward funding the capital expenditure towards purchase of plant and machinery, among 3 disclosed objects.