# Manika Plastech Limited: IPO analysis

> Manika Plastech Limited (CIN U74999DN1996PLC000469) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of 76.74 lakh shares, priced at ₹40.00 to ₹43.00 per share. In FY26 it reported revenue of ₹436 Cr (+7.3% on FY25) and a net profit of ₹22 Cr. Promoters hold 99.3% before the IPO. Our fact-check of its claims found 4 medium or high concerns across 62 claims checked.

- Page: https://ipo.innerkore.com/company/U74999DN1996PLC000469/manika-plastech-limited/
- CIN: U74999DN1996PLC000469
- Last updated: 17 Sep 2026

## Key facts

- **Company:** Manika Plastech Limited
- **CIN:** U74999DN1996PLC000469
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 17 Sep 2026
- **Offer for sale:** 76,74,418 shares
- **Price band:** ₹40.00 to ₹43.00 per share
- **Final offer price:** ₹43.00 per share
- **Bidding opens:** 11 Sep 2026
- **Bidding closes:** 16 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹436 Cr
- **Revenue growth:** +7.3%
- **Net profit FY26:** ₹22 Cr
- **Revenue CAGR FY24 to FY26:** 9.9%
- **Promoter holding (pre-IPO):** 99.3%
- **Lead managers:** Pantomath Capital Advisors Private Limited
- **Registrar:** MUFG Intime India Private Limited
- **Fact-check flags:** 3 high, 1 medium, 7 low

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

- **Valuation** (looks fine): 18.2x P/E. At the top of the band, on FY26 profit; 2.8x book value.
- **Growth** (look closer): 9.9% a year. Sales FY24 to FY26; latest year +7.3%.
- **Profitability** (look closer): 5.1% net margin. FY26; operating margin improving.
- **Debt** (look closer): 0.6x equity. ₹88.2 crore borrowed at the end of FY26.
- **Profit into cash** (looks fine): 198% of profit. Operations brought in ₹44.3 crore against ₹22.4 crore of profit in FY26.
- **One-off income** (look closer): 4% of profit. Other and one-off income is 4% of pre-tax profit; management describes 10 one-off items.
- **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing.
- **Red flags** (concern): 4 to review. 62 claims checked: 3 high, 1 medium concern.

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

| | FY24 | FY25 | FY26 | 3M Jun-26 |
|---|---:|---:|---:|---:|
| Sales | 361 | 407 | 436 | 162 |
| Sales growth | – | 12.7% | 7.3% | – |
| Operating profit | 31 | 45 | 58 | 24 |
| Operating margin | 8.6% | 11.1% | 13.3% | 15.0% |
| Net profit | 12 | 19 | 22 | 13 |
| Net margin | 3.2% | 4.8% | 5.1% | 8.1% |
| Net worth | 108 | 125 | 148 | 157 |
| Borrowings | 93 | 97 | 88 | 92 |
| Return on equity | 10.7% | 15.4% | 15.2% | – |

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

- Government grants and subsidies are recognised when there is reasonable assurance that the Company will comply with the conditions attached to them and the grants/subsidy will be received. (p.359)
- Government grants/subsidy whose primary condition is that the Company should purchase, construct or otherwise acquire capital assets, are recognised by deducting them from the carrying value of the eligible assets. (p.359)
- Sundry balance written back of ₹1.20 Lakh was recognized. (p.363)
- Decrease in write back of excess provision for expected credit loss was to ₹0.10 Lakh for Fiscal 2026 from ₹3.26 Crore for Fiscal 2025. (p.364)
- Decrease in Sundry Balance Written Back to ₹4.90 Lakh for Fiscal 2026 from ₹64.10 Lakh for Fiscal 2025. (p.364)
- A deposit of ₹5.60 Lakh was made, resulting in a Profit/Loss on sale of assets of ₹6.20 Lakh. (p.369)
- A write-back of ₹64.10 Lakh was recorded. (p.369)
- Bad trade and sundry balance was written off by ₹3.96 Crore. (p.369)
- Liabilities/provisions no longer required were written back. (p.369)
- Bad trade and sundry balance was written off by ₹4.00 Lakh for Fiscal 2024. (p.369)

## Use of proceeds (fresh issue)

- Funding the capital expenditure towards purchase of plant and machinery: ₹55 crore
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company: ₹15 crore
- General Corporate Purposes*: ₹12 crore

## Fact-checked claims

- **HIGH** (LitigationStatus): No other material litigation is outstanding against Directors as of the date of the Red Herring Prospectus.. The search results indicate that there is mention of legal cases, specifically pending criminal and tax fraud cases against directors and promoters, which contradicts the claim that no other material litigation is outstanding. One source suggests that almost all directors and promoters have pending cases.
- **HIGH** (LitigationStatus): No other material litigation is outstanding against Promoters as of the date of the Red Herring Prospectus.. The search results suggest potential issues regarding the promoters, as one source mentions pending criminal and tax fraud cases against directors and promoters. This directly contradicts the claim that no other material litigation is outstanding against the promoters.
- **HIGH** (LitigationStatus): No other material litigation is outstanding against the Company as of the date of the Red Herring Prospectus.. The search results suggest potential litigation issues, as one source mentions that almost all directors and promoters have pending criminal and tax fraud cases. This directly contradicts the claim that no other material litigation is outstanding.
- **MEDIUM** (LitigationStatus): The Company received a show cause notice under section 73 of the Central GST Act, 2017 concerning differences in ITC, non-filing of GSTR-3B by suppliers, and excess ITC availed, with quantified differences totaling ₹34.40 Lakh.. The search results mention legal cases related to the company, including potential tax fraud cases (Result [3]), and refer to the Red Herring Prospectus (Result [2]), which might relate to the claim about show cause notices and ITC issues. However, none of the provided snippets explicitly confirm or deny the specific claim regarding a show cause notice under section 73 of the Central GST Act concerning the quantified differences of ₹34.40 Lakh.
- **LOW** (SubsidiaryPerformance): The company was incorporated as a private limited company under the name ‘Manika Moulds Private Limited’ pursuant to a certificate of incorporation dated April 25, 1996.. Several search results corroborate the claim, stating that Manika Plastech Limited was incorporated as a private company under the name 'Manika Moulds Private Limited' on April 25, 1996. This information is found across multiple sources related to share prices and IPO details.
- **LOW** (SubsidiaryPerformance): SSF Plastics India Limited focuses on Bottles and containers, Caps, closures, and tubs, as well as Engineering plastics components.. Several search results suggest that SSF Plastics India Ltd operates in the plastic packaging and engineering plastics space and includes products like bottles and containers. One result mentions the company's revenue growth, and another details its operations within this sector.
- **LOW** (SubsidiaryPerformance): Manjushree Technopack Limited offers products such as Containers, Caps & Closure, Pumps and Dispensers, and Recyclable materials.. The search results indicate that Manjushree Technopack has experience in the rigid plastic packaging space and has capacity related to plastics into bottles and containers. However, the results do not explicitly list the specific product categories mentioned in the DRHP claim (Containers, Caps & Closure, Pumps and Dispensers, and Recyclable materials).
- **LOW** (PromoterBackground): Anand Shailesh Bathiya was a director of Goldcrest Corporation Limited, which was voluntarily delisted on October 12, 2022.. One search result mentions Goldcrest Corporation Ltd in the context of corporate actions, but it does not confirm the specific claim regarding Anand Shailesh Bathiya being a director and the exact voluntary delisting date. Another result mentions Goldcrest Corporation Ltd in relation to securities.
- **LOW** (SubsidiaryPerformance): A Power Purchase Agreement was executed with Varush Plantation Private Limited (VPPL) for the supply of power, including an agreement to invest in VPPL's equity shares.. The search results mention entities like VARUSH MANUFACTURERS PRIVATE LIMITED and VIKASH AGRO PLANTATION PRIVATE LIMITED, and also VARUSH GLOBAL SERVICES LIMITED, which are related to 'Varush' but do not explicitly confirm the specific Power Purchase Agreement or equity investment agreement mentioned in the DRHP claim.
- **LOW** (SubsidiaryPerformance): The Company has a power purchase agreement with Varush Plantation Private Limited (VPPL) for the supply of power.. The search results mention entities like VARUSH MANUFACTURERS PRIVATE LIMITED and VARUSH GLOBAL SERVICES LIMITED, which are related to 'Varush' but do not explicitly confirm a power purchase agreement between Manika Plastech Limited and Varush Plantation Private Limited (VPPL).
- **LOW** (PromoterBackground): The company can make applications to statutory and governmental authorities like the Stock Exchange, SEBI, RBI, and Registrar of Companies for necessary approvals and exemptions.. The search results mention Manika Plastech in the context of IPOs and regulatory scrutiny, specifically noting that IPOs involving companies like Veegaland Developers and Manika Plastech have opened, which relates to the broader regulatory environment mentioned in the claim. However, the results do not directly confirm the company's ability to make such applications for approvals.
- **NONE** (PromoterBackground): The settlor of the VRIDAA Holding Trust is Late Malti Nikunj Kapadia.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding the settlor of the VRIDAA Holding Trust being Late Malti Nikunj Kapadia. The search results focus on various other legal and financial matters.

## Common questions

### How big is the Manika Plastech Limited IPO?

Manika Plastech Limited's IPO comprises an offer for sale of 76.74 lakh shares, according to its Prospectus. The price band was ₹40.00 to ₹43.00 per share and the final offer price was ₹43.00 per share.

### What are Manika Plastech Limited's revenue and profit?

Manika Plastech Limited reported revenue from operations of ₹436 Cr in FY26, +7.3% versus FY25. Net profit was ₹22 Cr (FY25: ₹19 Cr). Revenue grew at a compound rate of 9.9% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### How much do promoters own in Manika Plastech Limited?

Promoters hold 99.3% of Manika Plastech Limited before the IPO. Largest holders listed: VRIDAA Holding Trust (97.0%); Nikunj Mohanlal Kapadia# (0.8%); Munjal Nikunj Kapadia# (0.5%).

### How will Manika Plastech Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Funding the capital expenditure towards purchase of plant and machinery (₹55 Cr); Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company (₹15 Cr); General Corporate Purposes (₹12 Cr). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in Manika Plastech Limited's Prospectus?

We fact-checked 62 claims from the filing against the open web: 3 raised a high concern, 1 medium and 7 low. The most notable: The search results indicate that there is mention of legal cases, specifically pending criminal and tax fraud cases against directors and promoters, which… The search results suggest potential issues regarding the promoters, as one source mentions pending criminal and tax fraud cases against directors and… The search results suggest potential litigation issues, as one source mentions that almost all directors and promoters have pending criminal and tax fraud… This is an automated screen, not a verdict; each finding links to its sources.

### What does Manika Plastech Limited do?

तो एक चीज़ जो अक्सर नज़रअंदाज़ कर दी जाती है, वो है कि Manika Plastech Limited की DRHP में mentioned Power Purchase Agreement की वैल्यूएशन, जो कि लगभग ₹50 Crore है, यह पूरे company valuation के मुकाबले कितना कम है।

### Who manages the Manika Plastech Limited IPO?

Book running lead managers: Pantomath Capital Advisors Private 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 Manika Plastech Limited IPO documents?

All 3 filings for Manika Plastech Limited (DRHP, DAP, 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

- [Manika Plastech Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789624812439.pdf) (Prospectus, filed 17 Sep 2026)
- [Manika Plastech Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788774340354.pdf) (Draft Red Herring Prospectus, filed 7 Sep 2026)
- [Manika Plastech Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Manika%20IPO%20-%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 7 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.