Manika Plastech, a major player in the rigid polymer packaging space, has filed its IPO papers with SEBI. The public issue is a mix of a fresh issue and an Offer for Sale (OFS). The fresh issue is looking to raise up to INR 115 crore, and the promoter entity VRIDAA Holding Trust is offering 1.5 crore equity shares for sale.
The equity shares with a face value of INR 2 each will be listed on both BSE and NSE. Pantomath Capital Advisors is the Book Running Lead Manager, and MUFG Intime India is the Registrar to the issue.
Manika Plastech IPO Snapshot: Key Details
| Particular | Details |
|---|---|
| Fresh Issue | INR 115 crore |
| Offer for Sale | 1.5 crore equity shares by VRIDAA Holding Trust |
| Face Value | INR 2 per share |
| Listing Exchanges | BSE & NSE |
| Lead Manager | Pantomath Capital Advisors |
| Registrar | MUFG Intime India |
Use of Proceeds: Growth-Focused Objectives
Manika Plastech plans to utilise the net proceeds from the fresh issue as follows:
- INR 59.82 crore for capital expenditure—primarily for new plant and machinery at existing facilities.
- INR 25.0 crore towards repayment/prepayment of borrowings.
- The remainder will be used for general corporate purposes
About the Company: Engineering Rigid Solutions
Founded in 1996, Manika Plastech is a precision-engineered, design-led manufacturer of rigid polymer packaging (RPP) solutions. The firm has made its mark across critical industries including:
- Energy Storage (Battery Casings)
- Dairy & Edible Oils (Thinwall Containers)
- Paints & Chemicals (Pails)
- Automotive (Component Painting)
With 36 registered industrial designs and a client base spanning 24 Indian states, the company boasts deep integration with clients’ supply chains. Facilities are strategically located near major customers for optimal delivery and cost-efficiency.
Operating Presence:
- 6 Manufacturing Facilities (Dehradun, Dadra, Una, Hosur, Panipat)
- 1 Painting Facility (Hosur)
- 5 Warehouses (Jodhpur, Pune, Katni, Hosur, Dehradun)
Installed Capacity: 27,600 MTPA, to be expanded to 36,800 MTPA post-IPO investment.
Financial Performance: A Story of Stability and Consistency
Revenue & Profitability
| Metric | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
| Revenue from Operation | 332.82 | 396.51 | 360.77 | 295.58 |
| EBITDA | 31.96 | 33.74 | 30.98 | 30.10 |
| EBITDA Margin (%) | 9.60 | 8.51 | 8.59 | 10.18 |
| PAT | 9.97 | 11.32 | 11.55 | 11.69 |
| PAT Margin (%) | 2.99 | 2.84 | 3.13 | 3.87 |
The company has delivered consistent profitability with improving margins and a stable return profile. The Return on Equity (ROE) was 9.96% in 9M FY25, while Return on Capital Employed (ROCE) stood at 9.56%.
Strengths and Business Moats
- Integrated Manufacturing: From design to delivery, including mould development and heat sealing.
- Customisation & Compliance: Products comply with JIS and DIN technical standards for battery casings.
- Sustainability Push: 10–16% of polymer consumption from recycled sources; solar power comprises 12% of total energy usage.
Client Base and Revenue Mix
The company’s revenue concentration is high, with the top five customers accounting for over 64% of total revenue. Long-term relationships, however, offer some insulation—many of its top 20 customers have been associated for over 9 years.
Product-wise Revenue (9M FY25):
- Battery Casings: INR 197.69 crore (66.88%)
- Pails & Thinwall Containers: INR 82.5 crore (27.92%)
- Other Revenue: INR 13.74 crore (4.65%)
Geographic Revenue Mix (9M FY25):
- Northern India: 59.64%
- Southern India: 24.98%
- Western India: 12.84%
- Exports: 1.76%
Growth Strategy
- Expand into eastern and southern India with potential new plants.
- Diversify product range by adding injection stretch blow moulding capabilities (for bottles/containers).
- Cater to surging demand in battery storage, EV, and dairy sectors.
Conclusion
Manika Plastech IPO arrives at a time when India’s packaging and energy storage sectors are witnessing rapid growth. With a diversified product base, strong client linkages, and an ongoing sustainability drive, the company positions itself as a credible long-term play. The IPO will not only provide growth capital but also signal the company’s next phase of expansion into untapped regions and adjacent product categories.
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