Manika Plastech IPO

Manika Plastech has quietly become the company battery-pack and paint-can makers turn to when they need containers built to spec rather than off a shelf. Battery casings alone made up more than half of FY26 revenue, and 30 registered casing designs plus a library of over 800 moulds let it turn around custom orders that generic packaging manufacturers can't. What stands out in its numbers isn't growth so much as stickiness — 96% of FY26 revenue came from repeat customers, a retention rate that's unusually high for an industrial packaging business and suggests the company has become genuinely embedded in its clients' supply chains. Six manufacturing facilities plus a dedicated automotive-component painting unit round out a network built for proximity to customers, keeping logistics costs and lead times down. Margins have been climbing steadily too, with EBITDA margin up from 8.55% in FY24 to 13.34% in FY26.

This ₹125.5 crore issue split fairly evenly between fresh capital and an exit for the promoter's holding trust — ₹92.5 crore fresh, ₹33 crore offer for sale. The bulk of the new money has a clear destination: nearly ₹55 crore is earmarked for plant and machinery, with another ₹15 crore going to pay down existing borrowings, leaving the rest for general corporate use. Priced at ₹40–43, the stock opened flat at ₹43 on debut, with grey market premiums having cooled sharply in the run-up to listing after peaking near 40% in the first week of bidding — a sign early enthusiasm faded somewhat by the time shares actually hit the market. Investor demand still finished solid despite that cooling: the issue closed 29.46 times subscribed overall, led by the HNI segment at over 66 times.