Manipal Payment and Identity SolutionsIPO Review — Financials, Valuation & Peers
A data-only look at the Manipal Payment and Identity Solutions 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 | 1,267.97 | 249.17 | 355.57 | 405.05 | 1,102.71 | 449.47 | — |
| FY 2025 | 1,277.11 | 282.21 | 408.77 | 619.7 | 1,409.67 | 472.87 | — |
| FY 2026 | 1,356.59 | 253.46 | 455.83 | 1,107.34 | 1,160.9 | 0.42 | 11.4 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 29.74x
- P/E (post-issue)
- 31.02x
- RoNW
- 22.93%
- RoE
- 29.35%
- RoCE
- 32.69%
- Debt / Equity
- 0
- EPS (pre-issue)
- ₹11.4
- EPS (post-issue)
- ₹10.93
- EBITDA Margin
- 33.6%
- PAT Margin
- 18.68%
- P/BV
- 6.94x
- NAV / share
- ₹48.84
- Market Cap
- ₹7,858.17 Cr
As of 31 Mar 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 | Statements |
|---|---|---|---|---|---|---|
| Manipal Payment and Identity Solutions | 11.53 | 48.84 | — | 22.93% | — | Restated |
| Seshaasai Technologies Limited | 15.45 | 88.15 | 24.97x | 16.81% | 4.38x | — |
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>Tonse Gautham Pai, T.Satish U.Pai, Sandhya S.Pai, Manipal Technologies Ltd., Manipal Media Network Ltd., Tridevitha Consultancy Services Pvt.Ltd., Tridevita Family Trust 2017</p>
- Holding (pre-issue)
- 62.1%
- Holding (post-issue)
- 53.92%
- Dilution
- 8.18%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Manipal Payment and Identity Solutions IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
36 anchor investors participated in the Manipal Payment and Identity Solutions IPO ahead of the public offer, together allocated ₹362.25 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to MOTILAL OSWAL SMALL CAP FUND (₹40 crore), ABAKKUS EMERGING OPPORTUNITIES FUND I (₹30 crore) and CSIM INDIA OPPORTUNITIES FUND I (₹20.04 crore). Investor categories represented include Other, Insurance, FII/FPI and Bank. The lock-in on half the anchor shares ends on 15 Oct 2026, with the remainder locked until 14 Dec 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Manipal Payment and Identity Solutions IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Manipal Payment and Identity Solutions operates at an EBITDA margin of 33.6% and a net (PAT) margin of 18.68% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 32.69% and a return on equity (RoE) of 29.35%. At the upper band, the post-issue market capitalisation works out to about ₹7,858.17 crore. These are offer-document figures for the latest reported period (as of 31 Mar 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 capital expenditure on equipment (₹238.43 crore), alongside issue expenses (₹62.02 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Manipal Payment and Identity Solutions reported revenue of ₹1,356.59 crore and a net profit of ₹253.46 crore. Revenue grew from ₹1,267.97 crore in FY2024 to ₹1,356.59 crore in FY2026 (+7.0%). Net worth stood at ₹1,107.34 crore at the end of FY2026. At the upper band, that puts the issue at roughly 29.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 31.02× post-issue earnings and 6.94× book value, against a return on net worth of 22.93% and a debt-to-equity ratio of 0. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Tonse Gautham Pai, T.Satish U.Pai, Sandhya S.Pai, Manipal Technologies Ltd., Manipal Media Network Ltd., Tridevitha Consultancy Services Pvt.Ltd., Tridevita Family Trust 2017</p>. Promoter holding stands at 62.1% before the issue and comes down to 53.92% after listing.
Frequently asked questions
- What is the reservation split in the Manipal Payment and Identity Solutions IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%.
- Who are the promoters of Manipal Payment and Identity Solutions and what is their holding?
- The promoters are <p>Tonse Gautham Pai, T.Satish U.Pai, Sandhya S.Pai, Manipal Technologies Ltd., Manipal Media Network Ltd., Tridevitha Consultancy Services Pvt.Ltd., Tridevita Family Trust 2017</p>. Promoter holding is 62.1% before the issue and 53.92% after listing.
- What is the P/E ratio of the Manipal Payment and Identity Solutions IPO?
- At the upper price band, the Manipal Payment and Identity Solutions IPO is valued at 29.74× pre-issue earnings and 31.02× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Manipal Payment and Identity Solutions IPO?
- The net proceeds go primarily toward capital expenditure on equipment, among 3 disclosed objects.