🚫 Avoid
Listed
Packaging
Manika Plastech Limited IPO
₹125 Cr · Fresh Issue & OFS · Packaging
Price Band
₹40 – ₹43
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹125 Cr
Fresh Issue & OFS
Market Cap
₹501 Cr
At upper band
P/E Ratio
22.4x
P/S: 1.1x
Listing Date
21 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
11 Sep 2026
✓
Closes
16 Sep 2026
✓
Allotment
17 Sep 2026
✓
Refund
18 Sep 2026
✓
Listing
21 Sep 2026
IPO India Hub: Strong Avoid
Conviction
3/10
The company faces severe revenue contraction (−37.2% CAGR over 2 years) and declining profitability, which overshadow its fair valuation at 0.97× sector midpoint. The sharp drop from ₹437.3 Cr (FY-1) to ₹162.7 Cr (FY0) signals operational distress that cannot be justified by capex plans alone.
Listing Performance
Issue Price
₹43
Allotment price
Listing Price
₹43
+0% on listing day
Current Price (CMP)
₹46.01
+7% vs issue
Listed On
21 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation at sector parity
The P/E of 22.4x sits at 0.97× the niche/unlisted sector midpoint of 23x, placing it within the Subscribe threshold for valuation alone. This fair entry point would normally support conviction if fundamentals were stable.
✓ Strength
Strong balance sheet and returns
Debt/Equity of 0.6x is conservative, and ROCE of 18.77% demonstrates reasonable capital efficiency. The company plans to deploy ₹54.93 Cr toward capex and reduce debt by ₹15 Cr, signaling disciplined capital allocation.
⚠ Risk
Catastrophic revenue collapse
Revenue plummeted 62.8% from ₹437.3 Cr (FY-1) to ₹162.7 Cr (FY0), a one-year drop that dwarfs the 2-year CAGR of −37.2%. This is not cyclical softness but structural deterioration requiring urgent explanation and credible recovery evidence.
⚠ Risk
Profitability erosion and margin squeeze
Net Profit Margin of 8% is below the 15% threshold needed to justify premium valuations, and PAT declined 41.5% year-on-year despite the company's stated capex and debt-reduction plans. The EBITDA margin of 13.34% offers limited cushion if revenue remains depressed.
₹ Valuation
Fair P/E masked by deteriorating earnings
At 22.4x P/E and 1.1x P/S, the company appears fairly valued against sector norms (18–28x P/E). However, this valuation assumes earnings stabilization; if FY0 revenue of ₹162.7 Cr persists or worsens, the true P/E will expand sharply, making today's price expensive.
👁 Watch
Post-listing revenue trajectory is critical
Investors must scrutinize Q1 FY2027 results within 3–4 months of listing to confirm whether the ₹162.7 Cr FY0 figure was a one-time shock or the start of sustained decline. Any further contraction will invalidate the IPO thesis entirely.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Manika Plastech Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹435.98 Cr
Net Profit
₹22.40 Cr
Industry
Packaging
Issue Type
Fresh Issue & OFS
Promoters
NIKUNJ MOHANLAL KAPADIA, MUNJAL NIKUNJ KAPADIA, MIHIR NIKUNJ KAPADIA, PRATIK NIKUNJ KAPADIA AND VRIDAA HOLDING TRUST
Lead Managers
Pantomath Capital Advisors
Quick Actions
Frequently Asked Questions
Avoid. The company faces severe revenue contraction (−37.2% CAGR over 2 years) and declining profitability, which overshadow its fair valuation at 0.97× sector midpoint. The sharp drop from ₹437.3 Cr (FY-1) to ₹162.7 Cr (FY0) signals operational distress that cannot be justified by capex plans alone.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹40 – ₹43.
The IPO opens on 11 Sep 2026. It closes on 16 Sep 2026. Allotment is expected on 17 Sep 2026. Refunds initiate on 18 Sep 2026. Listing on BSE and NSE is on 21 Sep 2026.
The lead managers for the IPO are Pantomath Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 21 Sep 2026 at ₹43 against an issue price of ₹43 (+0% on listing day). The current market price (CMP) is approximately ₹46.01 (+7% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 16 Sep 2026. The company faces severe revenue contraction (−37.2% CAGR over 2 years) and declining profitability, which overshadow its fair valuation at 0.97× sector midpoint. The sharp drop from ₹437.3 Cr (FY-1) to ₹162.7 Cr (FY0) signals operational distress that cannot be justified by capex plans alone.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 16 Sep 2026. The IPO is priced at a P/E of 22.4x. Market cap at issue price is ₹501 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 16 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Manika Plastech Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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