Manika Plastech IPO

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To be announced
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About Manika Plastech

Manika Plastech is a precision-engineered rigid polymer packaging manufacturer serving energy storage, dairy, food, paints, and chemicals industries. Established in 1996, the company operates seven manufacturing facilities across India with 27,600 MTPA capacity, specializing in high-performance battery casings, pails, and thinwall containers.
The company provides end-to-end packaging solutions from design and development to manufacturing and delivery, with facilities equipped for injection moulding and advanced labelling technologies. Battery casings contribute approximately 67% of revenue, serving automotive and energy storage sectors, while pails and thinwall containers cater to paints, lubricants, and food packaging needs. The company maintains quality certifications including ISO 9001:2015 and emphasizes sustainability through recycled polymer usage.

Financials of Manika Plastech

Issue size

Funds Raised in the IPO Amount
Overall –
Fresh Issue ₹115 crores
Offer for sale –

Utilisation of proceeds

Purpose INR crores (%)
Funding the capital expenditure towards purchase of plant and machinery 59.82 (52.02%)
Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company 25.00 (21.74%)
General Corporate Purposes –

Strengths

  • Proximity to customers and flexible operations enhance service, retention, responsiveness.
  • High approval thresholds and switching costs create strong entry and exit barriers.
  • In-house design-to-delivery enables customised, high-quality packaging solutions.
  • De-risked model with diversified products, geographies, customers, suppliers, operations.
  • Longstanding ties with key customers, suppliers ensure recurring business stability.
  • Robust quality systems, audits, automation ensure high reliability and compliance.
  • Strong focus on sustainable packaging, energy efficiency, and recycled materials.

Risks 

  • Over 64% revenue from top 5 customers; loss poses material risk.
  • Heavy reliance on battery casings; demand dip could hurt performance.
  • High supplier concentration and no long-term contracts pose procurement risk.
  • High revenue dependence on North India increases regional concentration risk.
  • Absence of long-term contracts increases risk of customer attrition.
  • Limited experience in new verticals may affect execution and competitiveness.
  • Environmental regulations on plastics may impact demand and raw material usage.
  • Product defects may lead to claims, sales returns, and reputational damage.

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