Manika Plastech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 11.22×
- Big non-institutionalbNII · above ₹10 lakh
- 74.16×
- Small non-institutionalsNII · ₹2–10 lakh
- 51.42×
- Retail individualRII · up to ₹2 lakh
- 23.98×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 58,37,210 | 6,54,79,332 | ₹282 Cr | 11.22× |
| Non-institutional | 43,77,907 | 29,14,64,964 | ₹1,253 Cr | 66.58× |
| Big non-institutionalwithin NII | 29,18,605 | 21,64,32,336 | ₹931 Cr | 74.16× |
| Small non-institutionalwithin NII | 14,59,302 | 7,50,32,628 | ₹323 Cr | 51.42× |
| Retail individual | 1,02,15,116 | 24,49,17,180 | ₹1,053 Cr | 23.98× |
| Total | 2,04,30,233 | 60,18,61,476 | ₹2,588 Cr | 29.46× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 16 Sept, 06:05 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 11 Sep 2026 – 16 Sep 2026
- Listing date
- 21 Sep 2026
- Face value
- ₹2 per share
- Price band
- ₹40 – ₹43
- Issue price
- ₹43 per share
- Lot size
- 348 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹125 Cr
- Fresh issue
- ₹92.50 Cr 2,15,11,627 shares
- Offer for sale
- ₹33 Cr 76,74,418 shares
- Market cap at offer price
- ₹501 Cr
- Promoter holding
- 100.00% → 74.95% pre-issue → post-issue
- ISIN
- INE0KWF01020
- CIN
- U74999DN1996PLC000469
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- Gala Number C/22-26, First Tax Free Industrial Estate, Silvassa Khanvel Road, Village Saily, Silvassa – 396 230, Dadra & Nagar Haveli, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 59,87,209 | 27.99% | 27.99% |
| Anchor investor · within QIB | 87,55,813 | — | 40.94% |
| NII (HNI) | 46,19,913 | 21.60% | 21.60% |
| bNII > ₹10L · within NII | 30,79,942 | — | 14.40% |
| sNII < ₹10L · within NII | 15,39,971 | — | 7.20% |
| Retail (RII) | 1,07,79,797 | 50.40% | 50.40% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 2,13,86,919 | — | 100.00% |
Net offer to the public of 2,13,86,919 shares, out of a total issue of 2,13,86,919. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 348 shares per lot, in multiples, at ₹43
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 348 | ₹14,964 |
| Retail (max) | 13 | 4,524 | ₹1,94,532 |
| S-HNI (min) | 14 | 4,872 | ₹2,09,496 |
| S-HNI (max) | 66 | 22,968 | ₹9,87,624 |
| B-HNI (min) | 67 | 23,316 | ₹10,02,588 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹43 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.36 | 4.49 |
| P/E (×) | 18.22 | 9.58 |
| Price to book (×) | 2.77 | — |
| Market cap | — | ₹501 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 15.18%
- ROCE
- 19.00%
- Debt / equity
- 0.60
- PAT margin
- 5.12%
- EBITDA margin
- 13.34%
- NAV per share
- ₹15.54
- Price to book
- 2.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 437.26 | 412.59 | 368.76 |
| Revenue from operations | 435.98 | 406.5 | 360.77 |
| Other income | 1.28 | 6.09 | 7.99 |
| Total expenses | 406.83 | 387.16 | 352.4 |
| Operating profit | 30.43 | 25.43 | 16.36 |
| Operating margin | 6.96% | 6.16% | 4.44% |
| Profit before tax | 30.44 | 25.43 | 16.36 |
| Profit after tax | 22.4 | 19.33 | 11.53 |
| PAT margin | 5.12% | 4.69% | 3.13% |
| Balance sheet | |||
| Total assets | 323.69 | 320.99 | 252.93 |
| Current assets | 154.35 | 159.46 | 106.3 |
| Current liabilities | 137.09 | 155.11 | 104.23 |
| Total liabilities | 176.08 | 195.81 | 144.93 |
| Net worth | 147.62 | 125.18 | 108 |
| Current ratio | 1.13× | 1.03× | 1.02× |
| Return on equity | 15.17% | 15.44% | 10.68% |
| Cash flow | |||
| Operating cash flow | 44.3 | 36.88 | 35.42 |
| Investing cash flow | -18.72 | -23.05 | -53.29 |
| Financing cash flow | -26.39 | -13 | 17.78 |
| Net cash flow | -0.81 | 0.82 | -0.09 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding the capital expenditure towards purchase of plant and machinery ₹54.93 Cr
The company proposes to incur capital expenditure to purchase plant and machinery including injection moulding machines, injection blow moulding machines, injection stretch blow moulding machines, moulds, IML robots, and other auxiliary equipment to enhance manufacturing capabilities, diversify product offerings, and increase production capacity from MTPA to MTPA.
2 Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company ₹15 Cr
The company proposes to utilize proceeds towards repayment/pre-payment of existing borrowings to de-leverage its financial position, achieve favorable debt-equity ratio, reduce interest outflow, and enable utilization of additional amounts from internal accruals for further business growth and expansion.
3 General Corporate Purposes —
The company expects to utilize proceeds towards general corporate purposes including funding growth opportunities, strengthening marketing capabilities, meeting ongoing contingencies, funding capital or operating expenditures, executing new projects, and other purposes as approved by the Board, subject to not exceeding % of Gross Proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Manika Plastech
Manika Plastech Limited was incorporated on April 25, 1996 as 'Manika Moulds Private Limited' and converted to a public limited company in December 2024. The company is engaged in the business of manufacturing rigid plastic packaging (RPP) products, with a focus on battery casings and pails & thinwall containers. It operates manufacturing facilities in Dehradun (Uttarakhand), Una (Himachal Pradesh), Hosur (Tamil Nadu), Dadra (Dadra and Nagar Haveli and Daman and Diu) and Panipat (Haryana), plus a painting facility in Hosur. The company serves customers across battery, paint, FMCG and other industries, with approximately 93%-98% of revenue from repeat customers. It also operates a wholly-owned subsidiary, Manika Automotive Private Limited.
Management
Nikunj Mohanlal Kapadia
CEO
Munjal Nikunj Kapadia
MD
Strengths
As stated in the offer document
Proximity to key customers locations, operational flexibility enables customer retention and customer service
The company has a customer focused manufacturing strategy with most Operating Facilities and warehouses situated in close proximity to customers, offering enhanced customer service and reducing delivery time, inventories and related costs.
Entry Barriers for Competitors and Retention Drivers/Exit Barriers for customers
The company's association with key customers for over two decades creates competitive edge, with products subject to long qualification processes and customers facing high switching costs and exit barriers.
Integrated value-added services through in-house design, development, and labelling capabilities
The company provides one-stop-shop services from design to delivery, with 30 registered designs under Designs Act 2000, over 2,700 SKUs of battery casings, over 2,900 SKUs of pails and over 1,000 SKUs of thinwall containers.
De-risked business model with diverse industry applications / customer base / suppliers / location / product portfolio and operational flexibility
The company has manufactured 6,773 products across segments through over 800 moulds, serving 168-242 customers in 24 states/union territories with total installed capacity of 29,200 MTPA distributed across six Manufacturing Facilities.
Longstanding relationships with well-known customers and well-established supply chain
Customers partnered for over a decade contributed 43.75%, 42.34%, 42.15% and 31.30% to revenue from operations during respective periods, with 93.26% to 97.88% revenue from repeat customers.
Integrated quality assurance infrastructure
The company has dedicated quality assurance team of 63 employees with certifications like ISO 9001:2015, ISO 45001:2018, ISO 14001:2015 and IATF 16949, maintaining sales returns less than 0.65% of revenue from operations.
Commitment to sustainable packaging and adherence to ESG Standards
The company uses 13-30% recycled polymers in total polymer consumption, 72 out of 93 injection moulding machines have energy-efficient SERVO motors, and solar power constitutes 18.04% to 26.61% of total power consumption.
Experienced promoters and management team, having domain knowledge
The management team is led by experienced promoters representing first and second generation with each Individual Promoter holding more than two decades experience in the RPP industry.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives 58%-69% of its operating revenue from its top five customers, creating significant dependency on a limited customer base. Loss of any major customer or reduction in revenue from these customers could materially impact business operations and financial performance.
Geographic Proximity and Customer Dependence
The company sets up operating facilities and warehouses in proximity to key customers' manufacturing units, exposing operations to fluctuations in customer business scale and industry trends. Any downturn in customer operations or their industries could directly impact demand and business operations.
Product Concentration in Battery Casings
About 54%-68% of revenue from operations is derived from battery casings sales during recent periods. Any significant loss of sales in battery casings or reduction in demand could adversely affect business, financial condition, and cash flows.
Repeat Customer Dependency
The company derives 93%-98% of revenue from repeat customers, making it highly vulnerable to customer retention issues. Loss of repeat customers or reduction in orders could materially impact business operations and financial performance.
Leasehold Property Risks
The company operates from leasehold premises for key manufacturing facilities generating 19.98% to 33.95% of revenue. Non-renewal, termination, or changes in lease terms could disrupt operations and result in additional capital expenditure and time delays.
Raw Material Supplier Concentration
About 66%-80% of total purchases come from top five suppliers without long-term purchase agreements. Any reduction or discontinuation of supplies from key suppliers could adversely affect ability to procure quality materials at competitive prices.
Interest Rate and Debt Service Risk
The company has significant borrowings (₹779.46 million as of July 31, 2026) with floating rate debt of ₹533.79 million. Interest rate fluctuations and inability to meet debt obligations could adversely affect business operations and financial condition.
Working Capital Requirements
The company has significant working capital requirements with net working capital of ₹953.17 million as of June 30, 2026. Inability to maintain sufficient cash flows or realize receivables and inventories could adversely affect operations and financial condition.
Regulatory and Environmental Compliance
The company requires various statutory licenses and environmental approvals for operations. Failure to obtain, maintain, or renew required approvals could disrupt operations, and the company has paid environmental compensation charges of ₹0.50 million in Fiscal 2025.
Technology and Manufacturing Equipment Risks
The company is expanding into injection stretch blow molding technology without prior experience in this manufacturing process. Additionally, 72.12% of planned machinery purchases from Net Proceeds are yet to be ordered, creating implementation and cost overrun risks.
Company Analysis
from RHPManika Plastech Limited manufactures rigid plastic packaging (RPP) products including battery casings and pails & thinwall containers for automotive, industrial, and consumer goods industries.
Manika Plastech Limited was incorporated on April 25, 1996 as 'Manika Moulds Private Limited' and converted to a public limited company in December 2024. The company is engaged in the business of manufacturing rigid plastic packaging (RPP) products, with a focus on battery casings and pails & thinwall containers. It operates manufacturing facilities in Dehradun (Uttarakhand), Una (Himachal Pradesh), Hosur (Tamil Nadu), Dadra (Dadra and Nagar Haveli and Daman and Diu) and Panipat (Haryana), plus a painting facility in Hosur. The company serves customers across battery, paint, FMCG and other industries, with approximately 93%-98% of revenue from repeat customers. It also operates a wholly-owned subsidiary, Manika Automotive Private Limited.
Objects of the Issue
- Funding the capital expenditure towards purchase of plant and machinery p.46
- Repayment or prepayment of certain borrowings availed by the Company ₹150 million p.54
- —
- Funding the capital expenditure towards purchase of plant and machinery ₹549.29 million p.115
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company ₹150.00 million p.125
- General Corporate Purposes [●] million (not to exceed 25% of Gross Proceeds of ₹925.00 million) p.128
- Funding the capital expenditure towards purchase of plant and machinery for scaling production capabilities, diversifying product offerings including ISBM machines and additional injection molding machines, and expanding geographic footprint ₹549.29 million p.210
- Repayment/pre-payment, in part or full, of certain borrowings availed by the company to reduce outstanding indebtedness and debt servicing costs, maintain better debt to equity ratio, and enable utilization of internal accruals for business growth ₹150 million p.211
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹2/- each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹2/- each aggregating up to ₹ 925.00 million
- Offer for Sale
- Up to 7,674,418 Equity Shares of face value of ₹2/- each aggregating up to ₹ [●] million by VRIDAA Holding Trust
- Price Band
- Price band of a minimum price of ₹[●] per Equity Share (Floor Price) and the maximum price of ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹2/- each and in multiples of [●] Equity Shares
- Face Value
- ₹2/- per Equity Share
Business Model
The company manufactures rigid plastic packaging products through injection moulding technology, serving original equipment manufacturers (OEMs) and brand owners who require customized packaging solutions. Revenue is generated from the sale of battery casings (54%-68% of revenue), pails & thinwall containers (28%-31% of revenue), painting services, and other operating revenue. The company operates on a customer-focused manufacturing strategy with facilities located in proximity to key customers for efficient delivery and inventory management.
Business Segments
SWOT Analysis
- • Strategic facility placement near customers to minimize delivery delays(p.49)
- • Diversified supplier base with major established suppliers(p.51)
- • Adoption of sustainability practices through recycled polymer incorporation(p.54)
- • Multiple manufacturing facilities across geographies for operational flexibility(p.55)
- • Promoter experience and deep industry knowledge(p.62)
- • Established manufacturing infrastructure with seven operating facilities across India(p.115)
- • Track record of capacity expansion and technological investment in production capabilities(p.115)
- • Advanced manufacturing technologies including injection moulding and in-mould labelling capabilities(p.115)
- • Significant installed production capacity of 29,200 MTPA with expansion planned to 38,000 MTPA(p.115)
- • Strong financial performance with improving margins and profitability(p.135)
- • Proximity to key customers enables reduced logistics costs and enhanced reliability(p.204)
- • Diversified product portfolio across battery casings, pails, thinwall containers reduces business concentration risk(p.205)
- • Long-standing customer relationships spanning over two decades provide revenue stability(p.208)
- • In-house design and development capabilities with 30 registered design patents create competitive differentiation(p.198)
- • Top three player in recycled polymers processing demonstrates sustainability leadership(p.202)
- • Strategic multi-region presence across North, West and South India reduces geographic concentration risk(p.206)
- • High capacity utilization improvement and production growth demonstrate operational efficiency gains(p.202)
- • Integrated value-added services from design through delivery create switching costs and customer retention(p.205)
- • Diversified manufacturing facilities across multiple geographies(p.223)
- • Significant renewable energy integration reducing operational costs(p.223)
- • ISO certifications across quality, environmental and health & safety standards(p.223)
- • Commitment to sustainable packaging and ESG practices(p.223)
- • Waste reduction through recycling of rejected goods and materials(p.223)
- • Comprehensive insurance coverage across all operational risks(p.224)
- • Recognized as 'great workplace' in mid-size organizations category(p.225)
- • Established intellectual property portfolio with design registrations(p.225)
- • Promoters have not extended personal guarantees or provided personal properties for securing bank loans(p.276)
- • Promoters have adequate experience in the plastics manufacturing industry(p.277)
- • No conflicts of interest between promoters and suppliers or third-party service providers(p.277)
- • Promoters are not Willful Defaulters or Fraudulent Borrowers(p.277)
- • Promoters have not been prohibited from accessing capital markets by SEBI(p.277)
- • Established manufacturing capabilities with IP-protected product designs(p.343)
- • Diverse customer base across critical industries with established relationships(p.344)
- • Strategic facility locations near customer manufacturing units(p.345)
- • Compliance with international technical standards(p.344)
- • Growing EBITDA margins demonstrating operational leverage(p.348)
- • Improved debt-to-equity ratio showing deleveraging(p.348)
- • High customer concentration risk(p.29)
- • Geographic concentration of facilities near key customers exposes to business fluctuations(p.30)
- • Heavy dependence on battery casing products(p.31)
- • Repeat customer revenue dependency(p.32)
- • Subsidiary incurring losses(p.33)
- • Reliance on leasehold properties(p.33)
- • Untraceable bank statements for historical allotments(p.36)
- • Missing corporate records and filing delays(p.39)
- • Promoter structure complexity with multiple trusts(p.36)
- • History of delays in statutory dues payments(p.49)
- • High dependence on top suppliers with no long-term agreements(p.51)
- • Concentration in supplier base (66-80% from top five suppliers)(p.51)
- • Limited operating history in newer product lines(p.54)
- • Significant outstanding litigations involving the company(p.50)
- • High proportion of contract workers (67.21% of workforce) creating labor stability risks(p.59)
- • Significant working capital requirements consuming resources(p.60)
- • High financial leverage with increased indebtedness(p.58)
- • Dependence on few key customer relationships and industries for revenue generation(p.132)
- • Geographic concentration of manufacturing facilities in specific regions(p.115)
- • Significant outstanding borrowings that create financial leverage(p.125)
- • Corporate records and filings with missing or discrepant documentation(p.109)
- • Significant dependence on battery casings segment representing 54-67% of revenues(p.215)
- • Limited geographic presence in Eastern and Central India constrains market reach(p.200)
- • Reliance on third-party mould manufacturers creates dependency and potential supply disruptions(p.200)
- • High proportion of raw material imports (16.49%) exposes company to forex and supply chain risks(p.202)
- • Modest PAT margins of 5.12% in FY2026 indicate limited profitability despite revenue growth(p.193)
- • Heavy reliance on few key customers without long-term supply agreements(p.224)
- • Potential inadequacy of insurance coverage for all losses(p.224)
- • Risk of non-compliance with health, safety and environmental regulations(p.223)
- • Company acquired multiple properties from promoters and related entities, creating potential conflict of interest(p.276)
- • High leverage with significant borrowings from multiple lenders including secured and unsecured loans(p.312)
- • Substantial contingent liabilities related to disputed tax claims(p.319)
- • Dividend restrictions due to borrowing covenants and financial obligations(p.280)
- • High customer concentration with top 2 customers generating majority of revenue(p.345)
- • Dependence on limited number of raw material suppliers without long-term contracts(p.346)
- • Significant reliance on battery casing business segment(p.346)
- • High working capital requirements affecting liquidity(p.348)
- • Substantial outstanding litigations related to dishonoured cheques from customers(p.380)
- • GST compliance disputes with potential financial impact(p.384)
- • Multiple outstanding GST liabilities across jurisdictions(p.384)
- • Significant trade payables concentration with material creditors(p.385)
- • Growing demand for battery casings from renewable energy and EV sectors(p.50)
- • Expansion of manufacturing capacity and geographic reach(p.61)
- • Growth in thinwall container and automotive painting verticals(p.54)
- • Planned significant capacity expansion to increase production from 29,200 to 38,000 MTPA(p.115)
- • Introduction of advanced ISBM, IBM and injection moulding technologies to enhance product capabilities(p.124)
- • Growing Indian rigid plastic packaging market projected to expand at 6.75% CAGR(p.149)
- • Rising demand for battery casings driven by EV and energy storage growth(p.163)
- • Consolidation of fragmented market favoring organized players with scale(p.157)
- • Battery casing market expected to grow at 12% CAGR reaching INR 61 billion by FY 2029(p.213)
- • EV adoption and PLI scheme driving significant growth in battery and packaging demand(p.213)
- • Renewable energy expansion to 500 GW by 2030 driving battery storage demand(p.171)
- • Government regulations mandating 30-60% recycled content creating tailwind for recycled polymer usage(p.212)
- • Rigid plastic packaging market growing at 6.75% CAGR to reach INR 1,385 billion by FY 2029(p.199)
- • Planned expansion to 38,000 MTPA capacity and ISBM technology entry into new segments(p.210)
- • Rising demand from multiple end-use segments including food, dairy, personal care and pharmaceuticals(p.212)
- • Expansion through establishment of new manufacturing facilities(p.227)
- • Diversification into new product categories(p.237)
- • Capacity expansion through painting facility setup(p.237)
- • Business development through customer recognition and awards(p.238)
- • Company has production facilities across multiple states enabling geographic diversification(p.290)
- • Export market presence with sales to Nepal, Sri Lanka, Zimbabwe, UAE, and other countries(p.324)
- • Significant capital expenditure commitments indicating expansion plans and growth initiatives(p.319)
- • Positive revenue growth trend with strong operational profitability(p.316)
- • Access to capital markets through proposed IPO to fund expansion and reduce leverage(p.290)
- • Large and growing Indian RPP market with strong CAGR(p.344)
- • Rising demand from renewable energy and EV sectors(p.347)
- • Expansion of pails and thinwall products portfolio(p.346)
- • New paint facility operations with growth potential(p.346)
- • Customer diversification across multiple industries(p.343)
- • Tax benefits under state investment policies(p.367)
- • Loss of top customers due to industry downturns(p.29)
- • Reduction in battery casing demand(p.31)
- • Interest rate fluctuation risk(p.40)
- • Power shortage and interruption risk(p.40)
- • Government subsidy withdrawal risk(p.42)
- • Geographic concentration in northern India(p.48)
- • Transportation and logistics dependency(p.48)
- • Seasonality in customer industries affecting revenue stability(p.50)
- • Regulatory momentum toward plastic bans and restrictions(p.54)
- • Inability to secure transport services at acceptable costs(p.49)
- • Disruption risks at manufacturing facilities from unforeseen events(p.55)
- • Delays in obtaining and renewing regulatory permits and licenses(p.55)
- • Exchange rate fluctuations on imported raw materials and exports(p.60)
- • Intense competition from regional and smaller players(p.58)
- • Geopolitical conflicts affecting supply chains and costs(p.69)
- • Volatility in crude oil prices directly impacting raw material costs for plastic production(p.156)
- • Stringent and evolving plastic waste management and EPR regulations requiring compliance investment(p.165)
- • Intense competition from organized domestic players and international manufacturers(p.164)
- • Import tariff fluctuations affecting raw material procurement costs and availability(p.156)
- • Risk of delays and cost overruns in capital expenditure implementation plans(p.121)
- • Highly fragmented packaging industry with both domestic and global competitors intensifying competition(p.182)
- • Dependence on few key customers creates revenue concentration risk(p.206)
- • Volatility in raw material prices particularly for polypropylene affects cost structure(p.207)
- • Cyclicality and seasonality in FMCG and automotive segments impacts demand(p.184)
- • Extended Producer Responsibility (EPR) regulations require ongoing compliance and investment(p.167)
- • Forex exposure and geopolitical risks from 16.49% import dependency of raw materials(p.207)
- • Intense competition from larger, well-resourced competitors(p.224)
- • Highly fragmented and competitive packaging industry(p.224)
- • Competitive pressures since incorporation affecting business growth(p.224)
- • Regulatory compliance burden from multiple environmental and labor laws(p.223)
- • Mandatory EPR obligations for plastic waste management and compliance costs(p.233)
- • Exposure to foreign currency fluctuations and exchange rate risks(p.317)
- • Dependency on working capital facilities from multiple banks with variable interest rates(p.313)
- • Sensitivity to changes in input costs and commodity prices affecting manufacturing margins(p.318)
- • Regulatory changes in labour laws creating potential compliance and cost burdens(p.317)
- • Tax and regulatory risks with ongoing disputes and show cause notices(p.319)
- • Intense competition from established and emerging players(p.347)
- • Exposure to raw material price fluctuations and supply disruptions(p.347)
- • Seasonal fluctuations in demand affecting revenues(p.347)
- • Dependency on battery industry cyclicality and economic trends(p.345)
- • Foreign exchange exposure on international transactions(p.332)
- • Interest rate risk on variable rate borrowings(p.333)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nikunj Mohanlal Kapadia | Individual Promoter | — | — |
| Munjal Nikunj Kapadia | Individual Promoter | — | — |
| Mihir Nikunj Kapadia | Individual Promoter | — | — |
| Pratik Nikunj Kapadia | Individual Promoter | — | — |
| VRIDAA Holding Trust | Promoter/Promoter Selling Shareholder | 97.00% | — |
| VRIDAA Holding Trust | Promoter | 97.00% | — |
| Nikunj Mohanlal Kapadia | Promoter | 0.75% | — |
| Munjal Nikunj Kapadia | Promoter | 0.50% | — |
| Mihir Nikunj Kapadia | Promoter | 0.50% | — |
| Pratik Nikunj Kapadia | Promoter | 0.50% | — |
| [●] | Promoter | 94,287,500 Equity Shares (99.25% of issued, subscribed and paid-up capital on fully diluted basis) | — |
| Nikunj Mohanlal Kapadia | Promoter | — | — |
| Munjal Nikunj Kapadia | Promoter | — | — |
| Mihir Nikunj Kapadia | Promoter | — | — |
| Pratik Nikunj Kapadia | Promoter | — | — |
| Nikunj Mohanlal Kapadia | Promoter | 0.75% | — |
| Munjal Nikunj Kapadia | Promoter | 0.50% | — |
| Mihir Nikunj Kapadia | Promoter | 0.50% | — |
| Pratik Nikunj Kapadia | Promoter | 0.50% | — |
| VRIDAA Holding Trust | Promoter Entity | 97.00% | — |
| Nikunj Mohanlal Kapadia | Promoter | 0.75% | — |
| Munjal Nikunj Kapadia | Promoter | 0.50% | — |
| Mihir Nikunj Kapadia | Promoter | 0.50% | — |
| Pratik Nikunj Kapadia | Promoter | 0.50% | — |
| Vridaa Holding Trust | Promoter Group | 97.00% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Manika Plastech THIS ISSUE | 2.36 | 15.54 | 9.58, computed at the offer price | 2.77, computed at the offer price | 15.18% |
| 8.84 | 165.72 | 37.85 | 2.02 | 5.34% | |
| 21.93 | 207.64 | 32.34 | 3.43 | 10.56% | |
| 36.97 | 155.95 | 88.85 | 21.11 | 23.71% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.