Pantomath Capital Advisors Pvt. Ltd.

Company Profile

Manika Plastech Limited, founded in 1996, is an Indian manufacturer specializing in customized rigid polymer packaging solutions. The company produces item categories such as battery casings, pails, and food-grade thinwall containers tailored to international quality standards. Its end-to-end services encompass design, raw material sourcing, manufacturing, labeling, quality assurance, and distribution. Catering to wide-ranging sectors—including automotive, energy storage, paints, lubricants, agrochemicals, and food—the company served 168 to 242 clients across 24 Indian states and union territories during the three months ending June 30, 2026, and the preceding three fiscal years.

The firm operates seven total facilities across India, comprising six manufacturing plants in Dadra, Dehradun, Hosur, Panipat, and Una, along with a dedicated painting unit in Hosur for automotive components. Its top 20 clients average relationship tenures exceeding 10 years, serving major companies like TVS Motor, Vadilal, Luminous Power, and Kansai Nerolac.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Proximity to key customers locations, operational flexibility enables customer retention and customer service
• Entry Barriers for Competitors and Retention Drivers/Exit Barriers for customers
• Integrated value-added services through in-house design, development, and labelling capabilities
• De-risked business model with diverse industry applications / customer base / suppliers / location / product portfolio and operational flexibility
• Longstanding relationships with well-known customers and well-established supply chain
• Integrated quality assurance infrastructure
• Commitment to sustainable packaging and adherence to ESG Standards
• Experienced promoters and management team, having domain knowledge.

The Company MANIKA PLASTECH LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Funding the capital expenditure towards purchase of plant and machinery (Rs. 54.93 Cr.)
• Repayment and/or pre-payment, in part or full, of certain borrowings availed by Company (Rs. 15.00 Cr.)
• General Corporate Purposes

At the upper band of IPO Rs. 43, the stock is valued at 9.58 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.