Manika Plastech

The company's product portfolio includes battery casings, pails used for packaging paints, lubricants, and industrial chemicals, and food-grade thinwall containers used for dairy and edible food product packaging. It offers end-to-end rigid polymer packaging solutions covering design and development, raw material sourcing, manufacturing, heat sealing, labelling, quality assurance, and delivery. Its automotive battery casings are designed to Japanese and German technical standards (JIS and DIN) to meet customer-specific requirements.

The company serves a diversified customer base across automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, and food and dairy industries. During Q1 FY27 and the preceding three fiscals, it served between 168 and 242 customers across 24 states and union territories in India, with its top 20 customers averaging over 10 years of relationship tenure as of June 30, 2026.

The company operates 7 facilities — 6 manufacturing units in Dehradun, Hosur, Panipat, Una, and Dadra, plus 1 painting facility in Hosur. As of July 31, 2026, it had 352 employees and 809 contract labourers. Key customers by facility include Vadilal Industries (Dadra), Livguard Energy Technologies, Luminous Power Technologies, and Genus Innovation (Dehradun), Kansai Nerolac Paints and JSW Paints (Hosur manufacturing), Ultraviolette Automotive and TVS Motor Company (Hosur painting), and Grasim Industries (Panipat).

The ₹125.50 Cr book-built IPO combines a fresh issue of ₹92.50 Cr (2.15 crore shares) with an offer for sale of ₹33.00 Cr (76.74 lakh shares) from promoter entity Vridaa Holding Trust. The price band is ₹40–₹43 per share, with a lot size of 348 shares. Net proceeds from the fresh issue are earmarked for capital expenditure on plant and machinery (₹54.93 Cr) and repayment/prepayment of borrowings (₹15.00 Cr), with the balance toward general corporate purposes.

At the upper price band, the IPO is priced at a post-issue P/E of 9.58x (pre-issue: 18.22x) — an unusual inversion where the post-issue multiple is cheaper, worth flagging given the corresponding EPS increase from pre- to post-issue (see KPI section). The Price-to-Book multiple stands at 2.61x based on the Jun 30, 2026 NAV of ₹16.50. Revenue grew 6% and PAT grew 16% year-on-year between FY25 and FY26. Promoter shareholding was 100% pre-issue and falls to 74.95% post-issue — the company was wholly promoter-owned prior to listing.