Manipal Payment & Identity Solutions

The company's payment solutions include payment cards, cheque solutions, NFC/QR codes, payment-enabled wearables, and digital automation. Its identification solutions cover driving licences, registration certificates, national identity cards, and transit management, while secure solutions span secure logistics, insurance policy personalisation, tamper-evident envelopes, holograms, and coated products. It also runs smart tagging/IoT and coated products businesses.

In Fiscal 2026 the company served over 300 customers, with its card business alone serving 105+ clients including 18 private banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks, and 34 fintech companies — among them State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and others. As of March 31, 2026, it had relationships with 60 fintech companies including Airtel Payments Bank and Scapia, and an agreement with global neo-bank Revolut. The company exports to markets including the UK, Singapore, Hong Kong, South Africa, Brazil, Nigeria, and the UAE, among others.

It operates 10 facilities across India, including card manufacturing and personalisation units in Manipal, Karnataka, personalisation/cheque printing facilities in Navi Mumbai, Noida, and Chennai, a cheque printing facility in Howrah, and three smart tagging/IoT/coated products facilities in Manipal and Bengaluru. It also runs five Central Cards Processing Centres for driving licence and RC issuance. As of March 31, 2026, the company had 1,809 permanent employees and 1,509 contracted employees.

The ₹805 Cr book-built IPO combines a fresh issue of ₹320 Cr (94.40 lakh shares) with an offer for sale of ₹485 Cr (1.43 crore shares) from promoter entity Manipal Technologies Ltd. The price band is ₹322–₹339 per share, with a lot size of 44 shares. Net proceeds from the fresh issue are earmarked for capital expenditure on equipment (₹238.43 Cr), with the balance toward general corporate purposes — though the stated objects total doesn't fully reconcile with the fresh issue size (see Issue Details flag).

At the upper price band, the IPO is priced at a post-issue P/E of 31.02x (pre-issue: 29.74x) and a Price-to-Book multiple of 6.94x based on FY26 NAV of ₹48.84. RoNW stood at 22.93% for FY26, down sharply from 45.54% in FY25 — net worth roughly doubled year-on-year even as PAT declined 10%, so this ratio compression reflects a much larger equity base rather than weaker absolute profitability; revenue still grew 6% YoY. Total borrowings fell from ₹472.87 Cr to just ₹0.42 Cr, leaving the company essentially debt-free ahead of listing. Promoter shareholding will fall from 62.1% pre-issue to 53.92% post-issue due to the OFS component.