Manipal Payment
What they do: The company is involved in payment and identity solutions, leveraging technology to provide secure and efficient services.
By IPO Milega Research · Published · Updated
The company shows strong profitability with consistent net profits over the years and a healthy profit margin.
- Listing gain
- -2.65%
- Listed at ₹330
- Subscribed
- 1.42x
- Total
- Retail odds
- 46%
- 1 in 2.2
GMP is an unofficial grey market indication.
- Price band
- ₹322-339
- Lot size
- 44 shares
- Min. investment
- ₹14,916
- Issue size
- 805 Cr.
- Open9 Sept 2026
- Close11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 1.26x
- NII
- 1.22x
- Retail
- 2.19x
₹339 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The Grey Market Premium (GMP) of 377 suggests an expected gain of 11.21% on listing, indicating positive market sentiment. This is supported by the company's strong market position, consistent profitability, and strategic timing of the IPO.
Strengths2
- Patent for metal card manufacturing.
- Supplying to top four credit card issuers in India.
Concerns5
- Reliance on top customers for 58.67% of revenue.
- Supply chain disruptions affecting 56.05% of purchases.
- Litigation involving promoter with USD 77.46 million at risk.
- Delays in statutory dues payments leading to penalties.
- Contingent liabilities totaling ₹3,000.53 million.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9161 lots, 44 shares
- Retail Maximum1,93,90813 lots, 572 shares
- S-HNI Minimum2,08,82414 lots, 616 shares
- S-HNI Maximum9,99,37267 lots, 2,948 shares
- B-HNI Minimum10,14,28868 lots, 2,992 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 44 | 14,916 |
| Retail Maximum | 13 | 572 | 1,93,908 |
| S-HNI Minimum | 14 | 616 | 2,08,824 |
| S-HNI Maximum | 67 | 2,948 | 9,99,372 |
| B-HNI Minimum | 68 | 2,992 | 10,14,288 |
Timing
7.0/10The timing of the IPO appears favorable given the company's recent financial activities and the involvement of well-regarded financial institutions. This suggests a strategic move to leverage current market conditions, although external economic factors could impact performance.
- Time to market
- The company's recent financial maneuvers, including significant investments and sales, indicate a readiness to enter the market. The presence of experienced lead managers further supports a well-timed market entry.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE, NSE
Key milestones
- 9 Sept 2026IPO Opens
- 11 Sept 2026IPO Closes
- 15 Sept 2026Basis of Allotment
- 16 Sept 2026Refunds Initiated
- 16 Sept 2026Credit to Demat Account
- 17 Sept 2026Listing Date
Financials
7.0/10- Revenue
- ₹1,357 Cr
- +6.2%
- Profit after tax
- ₹253 Cr
- -10.2%
- Net margin
- 18.7%
- -3.4 pts
- Assets
- ₹1,161 Cr
- -17.6%
- Return on equity
- 32.0
- Debt to equity
- 0.47
- Current ratio
- 2.90
- Revenue CAGR
- 2%
- ROCE
- 32.69%
- Return on net worth
- 22.93%
- NAV per share (₹)
- 48.84
Financial performance trend
Amount ₹ in croresThe company shows strong profitability with consistent net profits over the years and a healthy profit margin. However, the revenue growth is stagnant, and the company has a high debt-to-equity ratio, indicating potential financial risk.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks1
- Operational risks2
- Regulatory risks2
High reliance on key customers and suppliers, regulatory compliance, and significant litigation pose substantial risks to financial stability and operations.
How the company offsets these
Diversifying customer base and suppliers, enhancing compliance measures, and improving insurance coverage.
Financial risks3
- Reliance on top customers for 58.67% of revenue.
- Contingent liabilities totaling ₹3,000.53 million.
- Delays in statutory dues payments leading to penalties.
Market risks1
- Supply chain disruptions affecting 56.05% of purchases.
Operational risks2
- Inadequate insurance coverage for potential losses.
- Dependence on key personnel.
Regulatory risks2
- Litigation involving promoter with USD 77.46 million at risk.
- Non-compliance with environmental and labor laws.
Performance
8.0/10Manipal Payments and Identity Solutions Ltd. is a leading manufacturer of metal and dual interface cards in India, with a strong market position and a patent for metal card manufacturing. The company has a diverse product portfolio and significant revenue from top credit card issuers. However, it faces risks related to customer concentration and regulatory compliance.
- Historical growth
- The company has shown robust revenue growth, reaching ₹13,267.53 million in Fiscal 2026., High
- Market comparison
- The company is well-positioned in a growing market with a CAGR of 12.9% expected for card issuance in India from Fiscal 2026 to 2030.
- Future potential
- Positive, driven by increasing card issuance and favorable macroeconomic factors.
- Operational consistency
- The company has maintained a stable revenue stream with a significant portion from long-term clients, despite risks of customer concentration.
- Experience
- The management team has extensive experience in the payments and identity solutions industry.
- Track record
- Strong track record of innovation and maintaining key client relationships.
Key achievements
- 01Patent for metal card manufacturing.
- 02Supplying to top four credit card issuers in India.
Flexibility
8.0/10The company has a strong market presence in India and internationally, supplying to major credit card issuers and engaging in government projects. It has adapted to market demands by pioneering products like metal cards and recyclable PVC cards, and by expanding its product portfolio to include smart tagging and IoT solutions.
The company shows robust financial performance with consistent revenue growth and profitability. It maintains strong EBITDA margins and has a solid return on equity, although there is a slight decline in profit margins and asset turnover ratios over the years.
The company has demonstrated operational agility by scaling its operations in line with market growth, investing in technology and infrastructure, and expanding its personalization bureaus. It has also successfully integrated acquisitions to enhance its service offerings.
Manipal Payments and Identity Solutions Ltd. demonstrates strong flexibility and adaptability through its diversified product offerings, strategic partnerships, and robust financial performance. The company has a significant market presence in India and internationally, with a focus on innovation and technology-driven solutions. Its ability to adapt to market demands and maintain strong relationships with key customers positions it well for future growth.
- Product diversification
- The company offers a wide range of products including payment cards, identification solutions, secure logistics, and smart tagging and IoT solutions. It has pioneered several innovative products like metal cards and recyclable PVC cards.
- Future adaptability
- The company is well-positioned for future adaptability with its focus on innovation, strategic partnerships, and expansion into global markets. Its strong financial performance and diverse product offerings provide a solid foundation for continued growth and adaptation to market changes.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.