Manika Plastech
FinMinutes Deep Business Model & Edge
Manika Plastech Limited is an Indian design-led, precision-engineered rigid polymer packaging manufacturing company catering to critical industries such as energy storage, food and dairy, paints, chemicals, and automotive. The company operates 7 operating facilities across India with an aggregate installed manufacturing capacity of 29,200 MTPA as of Fiscal 2026.
What this company actually does — full breakdown ▾
Manika Plastech Limited specializes in precision injection-moulded rigid polymer packaging products, primarily high-performance battery casings, industrial pails, food-grade in-mould labelling (IML) thinwall containers, and automotive component painting services. Serving over 168 to 242 customers across 24 states and union territories in India as well as overseas export markets, key clients include Livguard Energy Technologies, Luminous Power Technologies, Genus Innovation, Kansai Nerolac Paints, JSW Paints, Indigo Paints, Vadilal, and TVS Motor Company. Geographically, domestic sales accounted for 97.60% (₹ 425.50 Crore / ₹ 4,255.04 million) and export sales contributed 2.37% (₹ 10.31 Crore / ₹ 103.12 million) of total operational revenue in Fiscal 2026, with export destinations including Nepal, Sri Lanka, South Africa, Oman, and the Philippines. Manika Plastech operates 7 Operating Facilities (6 Manufacturing Facilities in Dehradun, Hosur, Panipat, Una, and Dadra, plus 1 Paint Facility in Hosur) and 2 regional warehouses in Jodhpur and Pune. Raw materials such as Polypropylene Co-Polymer (PPCP) and Acrylonitrile Butadiene Styrene (ABS) are sourced from domestic and international suppliers, with top 5 suppliers representing 78.29% of purchases in FY26. At scale, the company operates 93 moulding machines with an aggregate installed capacity of 29,200 MTPA, generating ₹ 435.98 Crore (₹ 4,359.82 million) in revenue from operations in Fiscal 2026.
- Battery Casings — Precision injection-moulded battery containers and lids (2.5 AH to 1,000 AH) for home UPS, automotive, and industrial batteries, generating ₹ 246.49 Crore (₹ 2,464.87 million / 56.54% of revenue) in Fiscal 2026.
- Pails & Thinwall Containers — Rigid plastic pails (250 ml to 25 ltr) for paints, lubricants, and chemicals, and food-grade IML thinwall containers (100 ml to 1,000 ml) for dairy and food products, generating ₹ 133.02 Crore (₹ 1,330.18 million / 30.51% of revenue) in Fiscal 2026.
- Painting Facility — Services in relation to painting of automotive components for two-wheeler and commercial EV manufacturers at Hosur, generating ₹ 13.87 Crore (₹ 138.72 million / 3.18% of revenue) in Fiscal 2026.
- Other Operating Revenue — Revenue from trading, sale of meter boxes, scrap, automotive components, and other miscellaneous income, generating ₹ 42.61 Crore (₹ 426.05 million / 9.77% of revenue) in Fiscal 2026.
Manika Plastech's competitive moat is founded on its in-house design and tool development capabilities (30 registered designs, 800+ active moulds), strategic geographic co-location of manufacturing facilities within close proximity of key customer plants, and long-standing relationships averaging over 10 years with top 20 customers across high-specification end-user industries.
The Offer
Follow the Money — Use of Proceeds
- Funding the capital expenditure towards purchase of plant and machinery — ₹54.93 cr
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company — ₹15.00 cr
- General Corporate Purposes
Valuation at the Offer Price
The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings, so the post-issue figure will differ once the fresh capital is deployed. The peer group is the one the filing itself names. A premium is not the same thing as expensive and a discount is not the same thing as cheap — the peer table and the reasons sit further down this page.
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 6 live components.
100% of the designed weighting had real data behind it on this issue. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.
How this is measured12%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured12%
What changed between the draft prospectus and the final one. A period roll-forward or a refreshed industry report is expected and scores neutral. A statutory auditor replaced mid-process, a prior year restated, an offer-for-sale expanded late, new statutory dues disclosed, or a risk factor quietly removed all score against. Where only one of the two documents has been read, this component is dropped from the weighting rather than guessed.
How this is measured32%
Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.
How this is measured10%
The post-issue earnings multiple against the peer median disclosed in the filing. A discount to the median scores well and a premium scores badly. When the filing does not disclose comparable peer multiples, this component is dropped from the weighting rather than held at a made-up neutral.
How this is measured6%
A proxy for syndicate strength, based today only on how many lead managers are on the issue: 75 where three or more banks are involved, 60 otherwise. We have not built a bank-by-bank track record, so treat this as a rough signal. When the filing does not disclose the syndicate, this component is dropped from the weighting rather than guessed.
How this is measured28%
Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.
3-Year Financial & Growth Trend
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 435.982 | 402.133 | 368.514 |
| Net Profit (₹ Cr) | 23.591 | 17.024 | 12.609 |
| PAT Margin | 5.41% | 4.23% | 3.42% |
Revenue Breakdown
- Battery Casings: 56.54%
- Pails & Thinwall Containers: 30.51%
- Other Operating Revenue: 9.77%
- Painting Facility: 3.18%
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Our read of the filing is solid, but demand is thin so far. Books fill late — most retail and institutional bids land in the final hours — so this may simply be the clock. Or the market may know something the filing does not say.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Why the numbers moved, in management’s own words
Taken from the Management’s Discussion and Analysis section of the filing. A number tells you what happened; this is the company’s explanation of why, and whether it calls the cause temporary or structural.
| Metric | Move | Management's stated reason | Type |
|---|---|---|---|
| Revenue from Operations (FY26 vs FY25) | ↑ 8.4% | Revenue from operations increased primarily due to higher sales volume of battery casings and expansion in customer base across battery and pail segments. | Structural |
| Cost of materials consumed (FY26 vs FY25) | ↑ 6.0% | Cost of materials consumed increased due to higher production volumes and raw material consumption of Polypropylene Co-Polymer (PPCP). | Cyclical |
| Employee benefits expense (FY26 vs FY25) | ↑ 19.7% | Employee benefits expense increased due to annual increments and additions to headcount across manufacturing facilities. | Structural |
| Other expenses (FY26 vs FY25) | ↑ 36.8% | Other expenses rose mainly due to higher power and fuel costs, freight and forwarding expenses, and job work charges incurred for expanded manufacturing operations. | Cyclical |
| Restated Profit After Tax (PAT) (FY26 vs FY25) | ↑ 38.6% | Restated PAT grew significantly due to top-line revenue expansion, improved product mix toward high-margin IML thinwall containers, and operational efficiencies. | Structural |
| Total borrowings (FY26 vs FY25) | ↓ 42.9% | Total borrowings reduced significantly following repayment of term loans and reduced working capital debt utilization from operating cash flow accruals. | Structural |
| Inventories (FY26 vs FY25) | ↑ 42.3% | Inventories increased due to higher stocking of raw materials (polypropylene granules) and finished goods to meet advance order commitments. | Cyclical |
| Net cash from operating activities (FY26 vs FY25) | ↓ 18.2% | Operating cash flows decreased slightly due to inventory additions and trade working capital requirements ahead of year-end dispatches. | Cyclical |
| Revenue from Operations (FY25 vs FY24) | ↑ 9.1% | Revenue increased driven by growth in demand for rigid pails and thinwall containers in food and paint sectors. | Structural |
| Restated Profit After Tax (PAT) (FY25 vs FY24) | ↑ 35.0% | PAT expanded due to gross margin improvements and lower interest expenses from term loan repayments. | Structural |
Headwinds
- Volatility in polymer raw material prices (Polypropylene and ABS) sector persistent
Fluctuations in crude oil derived polymer resin prices impact raw material cost of sales, though price pass-through mechanisms with major customers help insulate operating margins. - High customer concentration in top 5 suppliers for polymer raw materials company persistent
Sourcing 78.29% of raw materials from top 5 suppliers exposes operations to supply chain bottlenecks, which management mitigates through long-term relationships and dual-sourcing.
Tailwinds
- Expanding demand for electric vehicle (EV) batteries and home energy storage systems macro
Government decarbonization mandates and rapid EV transition drive sustained demand for high-precision injection moulded battery containers and lids. - Co-located manufacturing facilities near key customer manufacturing hubs company
Operating 7 strategically located plants across major industrial corridors minimizes freight costs, reduces lead times, and secures long-standing customer retention.
| Facility | Period | Utilisation |
|---|---|---|
| Polymer Moulding Facilities (29,200 MTPA aggregate capacity) | FY26 | 74.8% |
| Polymer Moulding Facilities (29,200 MTPA aggregate capacity) | FY25 | 71.2% |
| Polymer Moulding Facilities (29,200 MTPA aggregate capacity) | FY24 | 68.3% |
Issue Timeline
Dates as carried by the exchange feed. Allotment, refund and credit dates move more often than the open and close dates do.
- Refunds initiated2026-09-18
- Pre Application Start2026-09-10
- Bidding Start2026-09-11
- Bidding End2026-09-16
- Allotment Process Start2026-09-17
- Allotment Finalization2026-09-18
- Listing Day2026-09-21
- Mandate End2026-10-28
Applying, and Who Handles the Allotment
Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe profit and loss as filed, then what we derive from it — kept apart.
Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.
| Income Statement — as filed (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 435.98 | 402.13 | 368.51 |
| Other Income | 2.38 | 3.28 | 2.85 |
| Total Income | 438.36 | 405.42 | 371.37 |
| Cost of Materials Consumed | 298.67 | 281.82 | 258.45 |
| Changes in Inventories | -17.82 | 0.02 | 2.32 |
| Employee Benefit Expense | 24.31 | 20.30 | 18.06 |
| Finance Cost | 3.52 | 5.09 | 7.02 |
| Depreciation & Amortisation | 18.06 | 17.65 | 15.23 |
| Other Expenses | 78.48 | 57.38 | 52.88 |
| Total Expenses | 405.22 | 382.26 | 353.97 |
| Profit Before Exceptional Items and Tax | 33.14 | 23.15 | 17.40 |
| Profit Before Tax | 33.14 | 23.15 | 17.40 |
| Tax Expense | 9.55 | 6.13 | 4.79 |
| Profit After Tax | 23.59 | 17.02 | 12.61 |
| Other Comprehensive Income | -0.08 | -0.06 | -0.05 |
| Total Comprehensive Income | 23.52 | 16.96 | 12.56 |
| EPS - Basic | 2.48 | 1.79 | 1.33 |
| EPS - Diluted | 2.48 | 1.79 | 1.33 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Share Capital | 19.00 | 19.00 | 19.00 |
| Reserves & Surplus | 136.39 | 112.87 | 95.91 |
| Net Worth | 155.39 | 131.87 | 114.91 |
| Long-term Borrowings | 0.23 | 3.99 | 13.99 |
| Short-term Borrowings | 16.36 | 25.07 | 41.29 |
| Total Borrowings | 16.59 | 29.07 | 55.27 |
| Trade Payables | 126.96 | 122.96 | 114.28 |
| Current Liabilities | 173.24 | 165.73 | 171.79 |
| Total Liabilities | 178.60 | 176.62 | 192.36 |
| Property, Plant & Equipment | 180.09 | 177.31 | 176.85 |
| Capital Work in Progress | 3.43 | 0.45 | 0.12 |
| Intangible Assets | 0.09 | 0.10 | 0.13 |
| Inventories | 59.99 | 42.17 | 42.19 |
| Trade Receivables | 74.37 | 74.34 | 74.40 |
| Cash & Equivalents | 0.66 | 0.35 | 0.38 |
| Current Assets | 148.65 | 129.57 | 128.81 |
| Total Assets | 333.99 | 308.49 | 307.27 |
Cash FlowWhere the cash actually went. Often the most honest statement of the three.
| Cash Flow (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Cash from Operating Activities | 37.07 | 45.31 | 48.91 |
| Capital Expenditure | 20.21 | 15.68 | 14.12 |
| Net Cash from Investing Activities | -17.59 | -15.86 | -14.22 |
| Net Cash from Financing Activities | -18.73 | -29.48 | -34.61 |
| Net Change in Cash | 0.75 | -0.03 | 0.08 |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin (%) | 12.5 | 11.3 | 10.7 |
| EBIT Margin (%) | 8.4 | 7 | 6.6 |
| PAT Margin (%) | 5.4 | 4.2 | 3.4 |
| Return on Equity (%) | 15.2 | 12.9 | 11 |
| Return on Capital Employed (%) | 21.3 | 17.6 | 14.3 |
| Return on Assets (%) | 7.1 | 5.5 | 4.1 |
| Leverage | |||
| Debt / Equity (x) | 0.11 | 0.22 | 0.48 |
| Net Debt / EBITDA (x) | 0.29 | 0.63 | 1.38 |
| Interest Coverage (x) | 10.4 | 5.55 | 3.48 |
| Liquidity | |||
| Current Ratio (x) | 0.86 | 0.78 | 0.75 |
| Quick Ratio (x) | 0.51 | 0.53 | 0.5 |
| Efficiency | |||
| Asset Turnover (x) | 1.31 | 1.3 | 1.2 |
| Receivable Days | 62 | 67 | 74 |
| Inventory Days | 50 | 38 | 42 |
| Payable Days | 106 | 112 | 113 |
| Cash Conversion Cycle (days) | 6 | -7 | 3 |
| Quality of Earnings | |||
| Operating Cash Flow / PAT (x) | 1.57 | 2.66 | 3.88 |
| Accruals Ratio (%) | -4 | -9.2 | -11.8 |
| Capex / Depreciation (x) | 1.12 | 0.89 | 0.93 |
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 5.4% | 4.2% | 3.4% |
| Asset Turnover (Revenue / Assets) | 1.31x | 1.3x | 1.2x |
| Equity Multiplier (Assets / Net Worth) | 2.15x | 2.34x | 2.67x |
| = Return on Equity | 15.2% | 12.9% | 11% |
| Tax Burden (PAT / PBT) | 0.71x | 0.74x | 0.72x |
| Interest Burden (PBT / EBIT) | 0.9x | 0.82x | 0.71x |
| Operating Margin (EBIT / Revenue) | 8.4% | 7% | 6.6% |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Quality of EarningsWhat the statements say when you read them against each other.
What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.
- Operating cash flow was 1.57x reported profit in FY26. Earnings are converting into cash, which is what you want to see and frequently is not the case.
- Between FY24 and FY26 revenue grew 18% while profit grew 87%. Profit expanding at several times the rate of revenue is not automatically a concern — operating leverage does exactly this — but it is worth confirming from the filing whether the gap comes from genuine margin expansion or from one-off items.
- Interest coverage was 10.4x in FY26. Debt servicing is comfortably covered by operating profit.
- The current ratio was 0.86x in FY26 — current liabilities exceeded current assets. The company depends on continued access to short-term funding.
Forensic ModelsBeneish, Altman and Piotroski — plus our own final-year check.
Beneish M-Score
7 of 8 inputsAn eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | 0.923 | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | 0.95 | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | — | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 1.084 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | 0.993 | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | 1.22 | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 0.944 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | -0.0404 | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
The filing does not disclose every input the model needs, so we withhold the composite score rather than substitute a guess. The components we could compute are above.
Altman Z″-Score (emerging markets)
Z″ = 5.75 · SafeA distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.
| X1 — Working Capital / Total Assets | -0.074 |
| X2 — Retained Earnings / Total Assets | 0.408 |
| X3 — EBIT / Total Assets | 0.11 |
| X4 — Net Worth / Total Liabilities | 0.87 |
| Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4 | 5.75 |
Piotroski F-Score (adapted)
8 / 8Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test and score out of eight, and we would rather tell you that than quietly fudge it.
- ✓Positive return on assets
- ✓Positive operating cash flow
- ✓Return on assets improving
- ✓Cash flow exceeds profit (quality of earnings)
- ✓Long-term leverage decreasing
- ✓Current ratio improving
- ✓Gross margin improving
- ✓Asset turnover improving
Ratios Nobody Prints
- Contingent liabilities / Net worth: 5.7%
Contingent liabilities of 8.88 cr against a net worth of 155.39 cr — 5.7% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which. - Cash / Short-term borrowings: 0.04x
Short-term borrowings of 16.36 cr against cash of 0.66 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable. - Promoter remuneration / PAT: 5.7%
Managerial remuneration to the promoter group was 1.34 cr against a profit of 23.59 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth23.59 ÷ 155.39What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
EBIT ÷ (Net Worth + Total Borrowings)36.66 ÷ (155.39 + 16.59) = 36.66 ÷ 171.98Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.
EBITDA ÷ Revenue54.73 ÷ 435.98Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.
Total Borrowings ÷ Net Worth16.59 ÷ 155.39How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
EBIT ÷ Finance Cost36.66 ÷ 3.52How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.
(Trade Receivables ÷ Revenue) × 365(74.37 ÷ 435.98) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days50 + 62 − 106How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Cash from Operations ÷ PAT37.07 ÷ 23.59Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.
(PAT − Cash from Operations) ÷ Total Assets(23.59 − 37.07) ÷ 333.99 = -13.48 ÷ 333.99The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.
Price × Post-issue Shares₹43.00 × 95,125,000 sharesWhat the whole company is being valued at, if the issue prices at the top of the band.
Market Cap + Total Borrowings − Cash409.04 + 16.59 − 0.66What it would actually cost to buy the whole business: you take on its debt and you get its cash. This is the number a buyer cares about, and it is the reason a P/E on its own can mislead.
Enterprise Value ÷ EBITDA424.97 ÷ 54.73The multiple that includes debt. Two companies on the same P/E — one debt-free, one heavily borrowed — are not the same investment, and only this number tells you so.
Market Cap ÷ PAT409.04 ÷ 23.59The familiar multiple. Useful, but blind to debt — read it alongside EV/EBITDA, never instead of it.
EBIT × (1 − tax rate) ÷ (Net Worth + Debt − Cash)NOPAT ÷ Invested CapitalWhat the business earns on the capital actually at work in it. We do not compare this to a cost of capital: that would need a beta, an unlisted company has none, and inventing one would be theatre.
P/E ÷ trailing PAT growth (%)17.34 ÷ 38.6%PEG was designed for FORWARD growth. This one uses TRAILING growth, because that is all a prospectus gives us — and the final year before an IPO is very often the best year the company will have for a while. A low PEG here may say more about the timing of the filing than about the price. We show it because it was asked for; we show the growth denominator beside it so it cannot mislead you quietly.
Workspace
The post-issue share count is stated as “[•]” in this filing until final pricing, so we derive it: profit after tax divided by earnings per share gives the pre-issue count, and the fresh issue divided by the offer price gives the new shares. Everything below rests on that derivation. It is close, not exact.
The numbers are already loaded. Move the offer price and watch every multiple move with it. Set your own growth and margin and see what they imply two years out. These are your assumptions, not our forecast — we have no view on what this company will earn, and the moment we published one we would be doing something we are not registered to do. What we can do is put the arithmetic in front of you and get out of the way.
Price defaults to the top of the band. Margin defaults to what the company actually reported in FY26.
Projections are arithmetic on the inputs you typed. They are not a forecast, not a recommendation, and not a view on whether this offer is worth taking. Educational only.
Institutional Alpha: DRHP Deep Dive
According to the Technopak Report, India is the fastest-growing rigid plastic packaging (RPP) market globally, driven by surging demand across energy storage, paints, lubricants, food and beverages, personal care, and agrochemicals. The Indian RPP market had a total addressable market of INR 1,066.65 billion (₹ 106,665.00 Crore) in FY2025 and is projected to expand at a CAGR of 6.75% to reach INR 1,385.22 billion (₹ 138,522.00 Crore) by FY2029. The consumer RPP segment accounts for 70.45% of the domestic market. Accelerated household electrification and EV adoption drive strong demand for inverter and automotive battery casings, while urbanization and packaged food growth propel adoption of IML thinwall containers and pails.
Future Planning
Manika Plastech plans to deploy ₹ 54.93 Crore of Fresh Issue proceeds to acquire new high-tonnage injection moulding machines and automated IML robotics, and ₹ 15.00 Crore for debt repayment to optimize capital structure.
Source: p.109, 110Competitive Position
The company maintains a strong competitive position in rigid polymer packaging by offering end-to-end design, tool fabrication, precision moulding, and automated in-mould labelling under one roof.
Source: p.194, 199Execution Track Record
Revenue from operations increased from ₹ 36.85 Crore (₹ 368.51 million) in FY24 to ₹ 43.60 Crore (₹ 435.98 million) in FY26, while Restated PAT grew from ₹ 1.26 Crore to ₹ 2.36 Crore over the same period.
Source: p.278, 279Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Aniket Multani (Executive Director & CEO)
Litigation: Pending litigation against Company: Tax proceedings of ₹ 0.38 Crore (₹ 3.84 million) and Civil proceedings of ₹ 0.05 Crore (₹ 0.50 million). Pending litigation against Directors/Promoters: Tax proceedings of ₹ 0.12 Crore (₹ 1.20 million).
Auditor / RPT Flags: Statutory Auditor B S R & Co. LLP issued unmodified examination reports on the Restated Consolidated Financial Information for Fiscal 2026, 2025, and 2024. CARO reports disclosed minor delays in statutory dues deposit (TDS and Provident Fund) and technical delay in quarterly stock statement submissions to working capital banks.
Peers & Valuation
| Company | P/E | P/B | RoE | Margin |
|---|---|---|---|---|
| Hitech Corporation Limited | 37.85 | — | 5.34 | — |
| Mold-Tek Packaging Limited | 32.34 | — | 10.56 | — |
| Shaily Engineering Plastics Limited | 88.85 | — | 23.71 | — |
At the ₹43 upper band, the issue is priced at 17.3x earnings — a 51% discount to the peer median of 35.1x. This is the arithmetic of the price band against the peers the filing itself lists; it is not a view on whether the offer is worth taking.
🔍 Forensic Findings — What the Footnotes Say
Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.
Top 5 suppliers account for 78.29% of raw material polymer purchases in Fiscal 2026 (Polypropylene Co-Polymer resin), exposing manufacturing operations to input supply disruptions.
p.32, 206Trade payables stood at ₹ 12.70 Crore (₹ 126.96 million) in FY26, alongside trade receivables of ₹ 7.44 Crore (₹ 74.37 million), reflecting supplier credit terms for polymer resin.
p.278, 318Offer for Sale of 7,674,418 Equity Shares by Selling Shareholder VRIDAA Holding Trust alongside Fresh Issue of ₹ 92.50 Crore.
p.3, 89Pending litigation against Company: Tax proceedings of ₹ 0.38 Crore (₹ 3.84 million) and Civil proceedings of ₹ 0.05 Crore (₹ 0.50 million). Pending litigation against Directors/Promoters: Tax proceedings of ₹ 0.12 Crore (₹ 1.20 million).
p. 79, 88, 209, 278 and 1 moreStatutory Auditor B S R & Co. LLP issued unmodified examination reports on the Restated Consolidated Financial Information for Fiscal 2026, 2025, and 2024. CARO reports disclosed minor delays in statutory dues deposit (TDS and Provident Fund) and technical delay in quarterly stock statement submissions to working capital banks.
p. 79, 88, 209, 278 and 1 moreShort-term borrowings of ₹16.36 cr against cash of ₹0.66 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.
rule: cash < 0.5x short-term debtCompany's Claims vs Reality
We stress-test each claim against the filing's own data.
Supported by Technopak Industry Report metrics highlighting 29,200 MTPA installed moulding capacity across 7 operating facilities and 10+ year customer retention with top battery OEMs.
p.142, 194, 209Proprietary SWOT — Company-Specific
Strengths
- Pan-India manufacturing network with 7 operating facilities (29,200 MTPA capacity) co-located near major customer industrial hubs.
- In-house design and mould development capabilities with 30 registered designs and 800+ active precision moulding tools.
- Sticky, long-standing customer relationships averaging over 10 years with market leaders like Livguard, Luminous, Kansai Nerolac, and Vadilal.
Weaknesses
- High raw material concentration with top 5 suppliers contributing 78.29% of total polymer purchases in FY26.
- Product concentration with battery casings generating 56.54% of operational revenue in Fiscal 2026.
Opportunities
- Rapid expansion of EV battery manufacturing and energy storage systems driving demand for specialized injection-moulded battery containers.
- Capacity expansion funded by ₹ 54.93 Crore IPO Fresh Issue proceeds for purchase of advanced high-tonnage injection moulding machinery.
Threats (material, not boilerplate)
- Raw material price volatility in polypropylene resin and ABS polymer compounds impacting gross margins. risk_section
Why it matters: Polymer raw material cost constitutes 68.51% of total operational revenue (₹ 29.87 Crore in FY26), making profitability sensitive to crude oil and petrochemical price spikes. - Environmental regulations regarding single-use plastics and plastic waste management compliance (PWM Rules). risk_section
Why it matters: Regulatory mandates on recycled plastic content or extended producer responsibility (EPR) require ongoing compliance investments.
Live Subscription Status
Allotment Status
Check your allotment on the registrar's portal → Registrar: MUFG Intime India
Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (28 Oct 2026) is the date to raise with your bank.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
How will the ₹ 92.50 Crore Fresh Issue proceeds be allocated?
The proceeds will be deployed as follows: ₹ 54.93 Crore for capital expenditure towards purchasing new plant and machinery, ₹ 15.00 Crore for repayment/prepayment of debt, and the remainder for general corporate purposes.
p.109, 110What is the segment and customer concentration profile?
Battery casings generated 56.54% of revenue in FY26, while pails and thinwall containers contributed 30.51%. Top 10 customers accounted for 54.12% of total operational revenue in Fiscal 2026.
p.30, 194, 340What drove PAT growth to ₹ 2.36 Crore in Fiscal 2026?
Restated PAT grew 38.58% YoY in FY26 driven by an 8.42% top-line revenue increase, higher proportion of value-added IML thinwall containers, and reduced interest expense from debt reduction.
p.278, 298What are the key raw material and supply chain risks?
Polymer resin (PPCP) accounts for the vast majority of raw material expenses, with top 5 suppliers supplying 78.29% of inputs. Price volatility in crude oil derivatives poses margin risk if not passed through.
p.28, 32, 206Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 21 Sep 2029Minimum Promoters' Contribution3 years
- 21 Sep 2027Promoters' Excess Contribution1 year
- 21 Mar 2027Pre-Offer Equity Capital (Other than Promoters)6 months
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
What Changed Between the DRHP and the RHP
Companies file a draft prospectus, then a final one. The changes in between are rarely reported, and they can be revealing.
| Item | In the DRHP | In the RHP / Addendum |
|---|---|---|
| Reporting Period Reporting period updated from stub period (H1 FY25) in DRHP to full year Fiscal 2026 financial results in RHP, dropping Fiscals 2023 and 2022. | Six months period ended September 30, 2024 and Fiscals 2024, 2023, and 2022 | Three financial years ended March 31, 2026, March 31, 2025, and March 31, 2024 |
| Restated Financials Restated financial statements updated to full year Fiscal 2026. Revenue grew 8.42% in FY26 to ₹ 435.98 Crore and restated PAT reached ₹ 23.59 Crore. | Restated Revenue from Operations of ₹ 402.13 Crore (₹ 4,021.33 million) and PAT of ₹ 17.02 Crore (₹ 170.24 million) for Fiscal 2025; H1 FY25 Revenue of ₹ 201.50 Crore | Restated Revenue from Operations of ₹ 435.98 Crore (₹ 4,359.82 million) and PAT of ₹ 23.59 Crore (₹ 235.91 million) for Fiscal 2026; Net Worth of ₹ 155.39 Crore (₹ 1,553.88 million) |
| Offer for Sale OFS share quantity finalized at 7,674,418 Equity Shares as stated in RHP. | Offer for Sale of up to 7,674,418 Equity Shares by Selling Shareholder VRIDAA Holding Trust | Offer for Sale of 7,674,418 Equity Shares at Price Band of ₹ [•] to ₹ [•] per Equity Share |
| Contingent Liabilities Contingent liabilities increased to ₹ 0.89 Crore as of March 31, 2026 due to higher outstanding bank guarantees and tax demands. | Total contingent liabilities of ₹ 0.75 Crore (₹ 7.54 million) as of March 31, 2025 | Total contingent liabilities of ₹ 0.89 Crore (₹ 8.88 million) as of March 31, 2026 |
| Risk Factors Risk factors expanded from 54 to 58 in RHP to disclose full year FY26 operational developments, raw material volatility, and plastic waste management updates. | 54 risk factors disclosed as of June 24, 2025 | 58 risk factors disclosed as of September 3, 2026 |
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.