One of India’s leading providers of secure payment, identification, and authentication products, Manipal Payment and Identity Solutions (MPISL), has filed an Updated Draft Red Herring Prospectus (UDRHP–I) with the Securities and Exchange Board of India (SEBI). Manipal Payment IPO, comprising a fresh issue of equity shares aggregating up to INR 400 crore and an OFS of up to 1.75 crore shares by promoter Manipal Technologies — aims to raise funds for capacity expansion, modernisation, and strategic initiatives in India’s rapidly digitising payments and identity ecosystem.
Motilal Oswal, Axis Capital, ICICI Securities, IIFL Capital Services, Nuvama are appointed as the lead bankers. Notably, ace investor Mukul Agrawal holds 58,31,220 shares (2.60% pre-IPO stake) in the company, signalling strong fundamentals.
A 75-Year Legacy Reinvented for the Digital Era
Founded as part of the Manipal Group, MPISL (formerly MCT Cards & Technology) has evolved from a traditional security printing company into a diversified technology and secure identity enterprise. Headquartered in Manipal, Karnataka, the company today spans payments, government identity solutions, secure printing, tax stamps, cheques, and smart IoT tagging.
Its manufacturing footprint includes six major facilities across Manipal, Chennai, Noida, Navi Mumbai, and Howrah, integrating both high-security print and digital personalisation capabilities. MPISL supplies to major Indian and international banks, government departments, and corporate clients across 20+ countries.
The company’s end-to-end offerings — from card design and chip embedding to secure packaging and fulfilment — make it one of the few Indian entities with full-spectrum capabilities across physical and digital identity products.
Manipal Payment IPO: Financial Performance
MPISL’s financial trajectory has mirrored India’s shift toward digital payments.
As per the restated financial statements in its UDRHP–I:
| Particulars | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue from operations | 902.17 | 1,247.52 | 1,256.07 | 283.52 |
| Profit after tax | 117.67 | 249.17 | 282.21 | 33.93 |
| EBITDA margin (%) | 19.42 | 28.04 | 32.01 | 32.57 |
| Earnings per share (INR) | 5.69 | 12.05 | 13.65 | 1.57* |
*not annualized
The company’s profitability nearly doubled over two years, buoyed by operational efficiency, product diversification, and a strategic tilt toward high-margin segments such as metal cards and smart identity solutions.
FY25 also included a one-time exceptional gain of INR 110 crore, but even excluding that, the firm’s core earnings have shown a steady compound annual growth rate (CAGR) exceeding 40% since FY23.
Manipal Payment IPO: Structure & Utilisation of Proceeds
Manipal Payment and Identity Solutions IPO comprises:
- Fresh Issue: up to INR 400 crore for capital expenditure and general corporate purposes.
- Offer for Sale (OFS): up to 1.75 crore equity shares by promoter Manipal Technologies.
The funds will primarily be used for equipment upgrades, automation, and R&D investments to scale production of metal, biometric, and eco-friendly payment cards.
Industry Landscape: India’s Multi-Trillion Digital Payments Opportunity
The Indian payments ecosystem has undergone a structural shift since 2016, driven by demonetization, fintech innovation, and regulatory push. While UPI dominates digital transactions, card-based payments remain integral, particularly for high-value transactions, cross-border use, and authentication-linked services.
According to the Frost & Sullivan report cited in the Manipal Payment and Identity Solutions IPO UDRHP:
- India’s total payment card base is projected to grow from 31.8 crore (2023) to 51.9 crore (2030) at a CAGR of 11.4%.
- The market value of cards is expected to expand from INR 2,600 crore (FY25) to INR 6100 crore (FY30), implying a CAGR of 18.8%.
- Card penetration in India remains low at ~1.3 cards per adult, compared to 7.2 in the U.S., highlighting long-term room for growth.
Government initiatives such as Jan Dhan Yojana, RuPay, and the National Common Mobility Card (NCMC) continue to widen access, while fintech–bank partnerships are driving innovation in co-branded credit and prepaid cards.
Product Evolution
Manipal Payment’s transformation aligns with the global trend toward premium and sustainable card products. While PVC cards are projected to decline by 10.2% CAGR through 2030, metal and eco-friendly cards are poised to explode:
| Card Type | FY25 Value | FY30F Value | CAGR (FY25–30) |
|---|---|---|---|
| Metal Cards | 300.3 | 2,341.6 | 51.8% |
| Eco-friendly Cards | 17.0 | 569.0 | 106.1% |
MPISL holds a patent in metal card manufacturing, giving it a unique competitive moat as premium credit cards proliferate among affluent consumers. The company also produces biometric, LED, and wearable cards, showcasing its R&D-led innovation strategy.
Manipal Payment IPO: Competitive Landscape
MPISL operates in a globally competitive field with major players such as Thales, Idemia, Giesecke+Devrient (G+D), and CPI Card Group. In India, domestic peers include Seshaasai, KL Hi-Tech, and Idemia India.
However, MPISL differentiates itself through vertical integration, cost efficiency, and compliance-based production, which collectively enable it to serve both domestic banking clients and international card issuers.
Governance and Corporate Stewardship
MPISL’s promoters — T. Satish U. Pai, Sandhya S. Pai, Tonse Gautham Pai, and group entities — continue to hold a controlling stake through Manipal Technologies Limited, Manipal Media Network Limited, and associated trusts.
The board includes independent directors and experienced professionals from finance and manufacturing sectors, underscoring governance continuity within the larger Manipal Group legacy.
Manipal Payment IPO: Verdict
Market experts view MPISL IPO as a rare intersectional play between secure manufacturing, payments infrastructure, and digital identity — a theme gaining institutional traction amid India’s fintech boom. The company’s integrated value chain, patent-backed innovation make it a potential fintech manufacturing proxy, much like Dixon Technologies or Syrma SGS in electronics.
The company combines legacy trust with scalable technology, which gives it a structural advantage in a market where both physical and digital identity solutions will coexist for decades.
Conclusion
As India accelerates toward a unified digital economy, Manipal Payment and Identity Solutions finds itself at the confluence of trust, technology, and transformation. Manipal Payment IPO UDRHP filing represents more than a fundraising milestone — it is a signal of how traditional manufacturing enterprises are evolving into fintech enablers.
With a strong order pipeline, certified infrastructure, and credible governance, Manipal Payment and Identity Solutions IPO could emerge as one of FY26’s most anticipated listings — positioning it not just as a secure print giant, but as a pillar of India’s next-generation payments and identity architecture.
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