Manipal Payment and Identity Solutions

Among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026

The company was among the largest manufacturers of payment cards globally and in India in Fiscal 2026, with an estimated market share of approximately 36.4% in the credit card issuance market and 30.9% in the debit card issuance market in India, having produced 13.54 million credit cards and 72.66 million debit cards during Fiscal 2026.

Long-standing relationships with marquee customers

The company catered to a diverse set of over 300 customers in Fiscal 2026, with 211 customers (61.34% of total customer base) serviced for more than five years. The company served 22 private banks, 12 PSBs, 11 small finance banks and 78 co-operative banks in Fiscal 2026.

Expansive product portfolio, powered by innovation, offering comprehensive solutions

The company offers a wide suite of products including payment cards, cheque solutions, NFC/QR codes, payment-enabled smart wearables, digital automation solutions, identification solutions, secure solutions, and smart tagging and IOT solutions. The company launched India's first rPVC Rupay card in 2024 and was among the largest manufacturers of DI cards in India in Fiscal 2026.

Technology-driven facilities and operations, with a focus on security compliance

The company has certifications from payment networks including Mastercard (over 16 years), RuPay (over nine years) and other payment networks. The company's facilities are certified for PCIDSS (Level 1) Version 4.0.1 for secure data management and the Manipal Facility is certified for 'INTERGRAF' (Central Bank Level).

Experienced management team with committed employee base, backed by the Manipal Group

The company is part of The Manipal Group and is led by a qualified senior management team with considerable industry experience. As of March 31, 2026, the company had over 1,800 employees, many of whom are trained and specialized employees with experience in IT infrastructure, card production and technical aspects.

Customer Concentration Risk

The company's top 10 customers accounted for 58.67%, 60.98% and 62.51% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any key customers or reduction in revenue from such customers may have an adverse effect on the company's business, financial condition and results of operations.

Supplier Concentration and Raw Material Dependency

Purchases from the company's top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of total purchases in Fiscals 2026, 2025 and 2024, respectively. The company relies on timely supply of different raw materials for manufacturing, and business could be adversely affected if suppliers fail to meet delivery obligations or raise prices.

Payment Network Registration and Compliance Requirements

The company is required to comply with extensive security requirements to be registered with payment networks such as MasterCard and RuPay. Failure to comply with such security requirements may lead to revocation of registration, which may adversely affect business, financial condition, results of operations and cash flows.

Promoter Guarantee Dependencies

The company's Promoter, Tonse Gautham Pai, has provided guarantees in connection with borrowings. The company's business, financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of the guarantees provided by the Promoter in connection with borrowings.

Operational Disruption Risk

Any slowdown, system outages, or disruption in the company's manufacturing operations, personalization bureaus and printing facilities could have an adverse impact on business operations and financial performance. The company serves customers through 10 facilities across India.

Revenue Concentration in Card Manufacturing

The company generates a significant portion of revenues from sale of cards manufactured by it, with cards representing 57.25%, 58.40% and 59.61% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse developments affecting this vertical may adversely affect business, results of operations, financial condition, and cash flows.

Cybersecurity and Data Breach Risk

Breaches in the security of the company's systems may adversely affect business, financial condition and results of operations. The company handles sensitive cardholder data, making it a potential target of cyber-attacks and threats to IT systems.

Foreign Exchange and Import/Export Risk

The company imports a substantial portion of raw material requirements (49.56%, 43.70% and 51.70% of total purchases in Fiscals 2026, 2025 and 2024) and exports products to international markets (7.21%, 4.33% and 1.41% of revenue from operations). The company's inability to handle risks associated with import and export could affect business and revenue.

Capacity Under-utilization Risk

Under-utilization of manufacturing facilities, personalization bureaus and printing facilities could have an adverse effect on business, results of operations and financial condition. The company's capacity utilization varies across different product lines, with some showing declining trends.

Contingent Liabilities Exposure

As of March 31, 2026, the company had contingent liabilities of ₹1,422.08 million that have not been accounted for in financial statements, primarily related to taxation matters including central excise (₹1,348.63 million), customs duty (₹57.22 million), and bank guarantees (₹1,307.75 million).