# Manipal Payment and Identity Solutions Limited: IPO analysis

> Manipal Payment and Identity Solutions Limited (CIN U72900KA2008PLC045316) has filed a Prospectus with SEBI for an IPO, priced at ₹322.00 to ₹339.00 per share. In FY26 it reported revenue of ₹1,327 Cr (+5.6% on FY25) and a net profit of ₹253 Cr. Promoters hold 61.6% before the IPO. Our fact-check of its claims found no medium or high concerns across 63 claims checked.

- Page: https://ipo.innerkore.com/company/U72900KA2008PLC045316/manipal-payment-and-identity-solutions-limited/
- CIN: U72900KA2008PLC045316
- Last updated: 21 Sep 2026

## Key facts

- **Company:** Manipal Payment and Identity Solutions Limited
- **CIN:** U72900KA2008PLC045316
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 21 Sep 2026
- **Price band:** ₹322.00 to ₹339.00 per share
- **Final offer price:** ₹339.00 per share
- **Lot size:** 44 shares
- **Bidding opens:** 9 Sep 2026
- **Bidding closes:** 11 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹1,327 Cr
- **Revenue growth:** +5.6%
- **Net profit FY26:** ₹253 Cr
- **Revenue CAGR FY24 to FY26:** 3.1%
- **Promoter holding (pre-IPO):** 61.6%
- **Lead managers:** Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Built Offer Nuvama Wealth Management Limited
- **Registrar:** MUFG Intime India Private Limited
- **Fact-check flags:** 0 high, 0 medium, 0 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (look closer): 29.7x P/E. At the top of the band, on FY26 profit; 9.5x book value.
- **Growth** (concern): 3.1% a year. Sales FY24 to FY26; latest year +5.6%.
- **Profitability** (looks fine): 19.1% net margin. FY26; operating margin steady.
- **Debt** (looks fine): 0x equity. ₹0.4 crore borrowed at the end of FY26.
- **Profit into cash** (looks fine): 82% of profit. Operations brought in ₹208 crore against ₹253 crore of profit in FY26.
- **One-off income** (look closer): 9% of profit. Other and one-off income is 9% of pre-tax profit; management describes 4 one-off items.
- **Red flags** (looks fine): None serious. 63 claims checked: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 1,248 | 1,256 | 1,327 |
| Sales growth | – | 0.7% | 5.6% |
| Operating profit | 335 | 388 | 426 |
| Operating margin | 26.9% | 30.9% | 32.1% |
| Net profit | 249 | 282 | 253 |
| Net margin | 20.0% | 22.5% | 19.1% |
| Net worth | 90 | 304 | 792 |
| Borrowings | 449 | 473 | 0.42 |
| Return on equity | 278.1% | 92.8% | 32.0% |

## Non-recurring items (as described by management)

- The estimated liability for product warranties is recorded when products are sold. (p.444)
- Exceptional items were subtracted from the calculation of EBITDA. (p.448)
- Other income increased by 41.85% from ₹21.04 Crore in Fiscal 2025 to ₹29.84 Crore in Fiscal 2026, primarily as a result of an increase in profit on sale of investment from ₹43.90 Lakh in Fiscal 2025 to ₹7.15 Crore in Fiscal 2026. This was primarily due to redemption of investments in mutual funds. (p.452)
- Exceptional items amounted to ₹110.00 Crore in Fiscal 2025, resulting from the sale of equity shares and convertible debentures of Primacy Industries Private Limited to MTL. (p.454)

## Use of proceeds (fresh issue)

- Capital Expenditure on Equipment: ₹238 crore
- General corporate purposes: ₹57 crore

## Fact-checked claims

- **NONE** (PromoterBackground): Tridevita Family Trust – 2017 was formed in 2017, and T. Satish U. Pai is its settlor.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Tridevita Family Trust was formed in 2017 and that T. Satish U. Pai is its settlor.
- **NONE** (PromoterBackground): Abhay Anant Gupte was appointed as an additional Director (Non-Executive) on May 13, 2024.. No current web search results were found to corroborate, contradict, or provide any information regarding the appointment of Abhay Anant Gupte as an additional Director (Non-Executive) on May 13, 2024.
- **NONE** (PromoterBackground): Tonse Gautham Pai was appointed as an additional Director (Non-Executive) on May 13, 2024.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Tonse Gautham Pai was appointed as an additional Director (Non-Executive) on May 13, 2024.
- **NONE** (PromoterBackground): Ramachandra Kasargod Kamath was appointed as an additional Independent Director on May 13, 2024.. No current web search results were found to corroborate, contradict, or provide any information regarding the appointment of Ramachandra Kasargod Kamath as an additional Independent Director on May 13, 2024.
- **NONE** (PromoterBackground): Padmaja Shailen Ruparel was appointed as an additional Independent Director on May 13, 2024.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Padmaja Shailen Ruparel was appointed as an additional Independent Director on May 13, 2024.
- **NONE** (PromoterBackground): Marachai Kongboonma resigned as a Director (Non-Executive) on March 14, 2024.. No current web search results were found to corroborate, contradict, or provide any information regarding the resignation of Marachai Kongboonma as a Director (Non-Executive) of Manipal Payment and Identity Solutions Limited on March 14, 2024.
- **NONE** (PromoterBackground): No Directors have been paid or were entitled to any remuneration by Subsidiaries, including contingent or deferred compensation accrued for Fiscal 2026.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that no directors have been paid or were entitled to any remuneration by subsidiaries for Fiscal 2026.
- **NONE** (PromoterBackground): Directors are entitled to sitting fees for attending Board and committee meetings, with specific remuneration amounts disclosed for Fiscal 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that directors are entitled to sitting fees for attending Board and committee meetings with specific remuneration amounts disclosed for Fiscal 2026.
- **NONE** (SubsidiaryPerformance): The total cards issuance market in India was 265.7 million units in Fiscal 2020 and is expected to reach 575.0 million units by Fiscal 2030, growing at a CAGR of 12.9% in the Fiscal 2026 to 2030 period.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the market size projections mentioned in the claim.
- **NONE** (SubsidiaryPerformance): India's annual disposable income per capita is expected to more than double from USD 1,920 in 2020 to USD 4,140 in 2030.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about India's annual disposable income per capita doubling from USD 1,920 in 2020 to USD 4,140 in 2030.
- **NONE** (SubsidiaryPerformance): The upper and lower middle classes are estimated to account for 43.5% and 34.2% of the population by Calendar Year 2030.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the demographic estimates mentioned in the claim from the DRHP.
- **NONE** (SubsidiaryPerformance): The share of the working-age population is predicted to rise from 66.8% in Calendar Year 2018 to 68.3% in 2024 and 68.9% by Calendar Year 2030.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the predicted rise in the working-age population share as stated in the DRHP claim.

## Common questions

### How big is the Manipal Payment and Identity Solutions Limited IPO?

The size of the Manipal Payment and Identity Solutions Limited IPO is not stated in a form we could read from its Prospectus. Draft filings often leave amounts blank until the Red Herring Prospectus.

### What are Manipal Payment and Identity Solutions Limited's revenue and profit?

Manipal Payment and Identity Solutions Limited reported revenue from operations of ₹1,327 Cr in FY26, +5.6% versus FY25. Net profit was ₹253 Cr (FY25: ₹282 Cr). Revenue grew at a compound rate of 3.1% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### How much do promoters own in Manipal Payment and Identity Solutions Limited?

Promoters hold 61.6% of Manipal Payment and Identity Solutions Limited before the IPO. Largest holders listed: Limited^ (61.6%); IV (6.3%); Think Investments PCC (2.9%).

### How will Manipal Payment and Identity Solutions Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Capital Expenditure on Equipment (₹238 Cr); General corporate purposes (₹57 Cr).

### What are the red flags in Manipal Payment and Identity Solutions Limited's Prospectus?

We fact-checked 63 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does Manipal Payment and Identity Solutions Limited do?

Manipal Payment and Identity Solutions Limited के IPO की DRHP में एक detail है जो अक्सर नज़रअंदाज़ कर दिया जाता है: पिछले तीन fiscal years, FY24, FY25, और FY26 के दौरान, इस कंपनी के equity shares पर कोई dividend घोषित नहीं किया गया है।

### Who manages the Manipal Payment and Identity Solutions Limited IPO?

Book running lead managers: Motilal Oswal Investment Advisors Limited, Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Built Offer Nuvama Wealth Management Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original Manipal Payment and Identity Solutions Limited IPO documents?

All 3 filings for Manipal Payment and Identity Solutions Limited (Addendum, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Manipal Payment & Identity Solutions Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789991047553.pdf) (Prospectus, filed 21 Sep 2026)
- [Manipal Payment and Identity Solutions Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Manipal%20Payment%20&%20Identity%20Solutions%20Limited%20-%20AP_p.pdf) (Addendum, filed 4 Sep 2026)
- [Manipal Payment and Identity Solutions Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788501782616.pdf) (Red Herring Prospectus, filed 4 Sep 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.