- ₹125.5-cr IPO opens Sept 11; price band fixed at ₹40-43, valuing company at nearly ₹501 crore
- More than 29% of FY26 production made from recycled waste, says MD Munjal Kapadia
- ₹54.93 cr fresh capital earmarked for machinery, ₹15 cr for debt reduction as capacity expansion takes shape
- Seven plants, 6,773+ products and 800+ moulds underpin design-led, customised polymer packaging play
- QIBs get 50%, retail 35% and NIIs 15%; minimum retail investment stands at ₹14,964
- Solar, wind and energy-efficient manufacturing strengthen company’s sustainability and SDG alignment
R MANICKAVASAGAM
AHMEDABAD, SEPT 9
At a time when the plastics industry is being challenged to use less virgin material, recycle more and manufacture smarter, Manika Plastech Ltd is taking its sustainability credentials to the public market—with a ₹125.5-crore IPO built around capacity expansion, debt reduction and a distinctly circular approach to rigid polymer packaging.
The design-led precision-engineered packaging manufacturer will open its IPO on September 11, with the price band fixed at ₹40-43 a share. The issue comprises a ₹92.5-crore fresh issue and an OFS of 76.74 lakh shares worth ₹33 crore at the upper band. The shares are proposed to be listed on the BSE and NSE on September 21.
Recycling moves from responsibility to manufacturing strategy
For Manika Plastech, sustainability is increasingly embedded in the production process rather than being treated as a peripheral ESG initiative.
MD Munjal Kapadia said: “Over 29 percent of the products manufactured in FY2025-26 were from recycled waste, which was a record of its sorts in the country. All our plants have renewable energy plants both solar and wind. While Hosur plant in Tamil Nadu has been meeting its 75 per cent of energy needs from solar plant, Silvassa plant in the Union Territory has been utilising renewable energy to meet 70 percent of its needs. Thus, all our plants have been observing sustainability as their goals.”
The company’s sustainability approach includes the use of recycled polymers, energy-efficient machinery and renewable power. Industry disclosures also show recycled polymer usage ranging between 13% and 30% of polymer consumption, while solar accounted for about 18%-27% of power consumption across the relevant periods.
With resource efficiency, responsible production and cleaner energy forming part of the manufacturing strategy, the business is increasingly aligned with the broad objectives of UN Sustainable Development Goals 9, 12 and 13—industry and innovation, responsible consumption and production, and climate action.
“All our production is value-added”
Manika Plastech is also seeking to distance itself from the commodity end of the plastics market.
Answering a query on the nature of its portfolio, Munjal said: “All our production were value-added or customised rather than commodity-oriented.”
That positioning is reflected in a portfolio spanning battery casings, pails, thin-wall containers and automotive components, serving sectors including energy storage, paints, agrochemicals, lubricants, food, dairy and construction chemicals.
The company manufactures more than 6,773 products using over 800 moulds, while its six manufacturing facilities have aggregate installed capacity of about 29,200 MTPA. Its design-led model is supported by 30 registered designs, while repeat customers contribute more than 93% of revenue, indicating significant customer retention.
IPO money to buy machines and cut debt
The fresh issue is aimed squarely at strengthening the manufacturing engine.
Of the ₹92.5 crore fresh issue, approximately ₹54.93 crore will fund plant and machinery, including injection-moulding machines and related equipment, while ₹15 crore will be used for repayment/prepayment of borrowings. The balance will support general corporate purposes.
The capital expenditure is expected to support capacity expansion from the existing base and improve production capabilities as demand rises across its end-user industries.
The company had total borrowings of around ₹88 crore at FY26-end, according to available IPO financial disclosures.
PAT rises 15.9% as packaging portfolio expands
Manika Plastech’s financial trajectory adds weight to its IPO proposition.
Revenue increased from ₹360.77 crore in FY24 to ₹435.98 crore in FY26, while PAT rose from ₹11.53 crore to ₹22.40 crore over the same period. In Q1 FY27, revenue stood at ₹162.45 crore and PAT at ₹13.07 crore.
Battery casings remain a major revenue contributor, reflecting the company’s exposure to the expanding energy-storage and inverter ecosystem.
Share allocation gives retail investors 35%
The ₹125.5-crore IPO will offer 2.9186 crore shares in all. Of the net offer, QIBs have been allocated 50%, NIIs 15% and retail investors 35%. The retail portion works out to about 1.02 crore shares, while QIBs get about 1.46 crore shares and NIIs around 43.78 lakh shares.
The minimum bid is 348 shares, requiring ₹14,964 at ₹43 a share. Anchor bidding is scheduled for September 10, allotment for September 17 and listing for September 21.
Promoted by the Kapadia family, Manika Plastech is effectively asking investors to back a different plastics proposition—one where recyclability, customised engineering and cleaner manufacturing become competitive advantages rather than compliance obligations.
