Motilal Oswal Investment Advisors Ltd.
Axis Capital Ltd.
ICICI Securities Ltd.
IIFL Capital Services Ltd.
Nuvama Wealth Management Ltd.
Company Profile
Manipal Payment & Identity Solutions Limited is part of the Manipal Group. The Company provides payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, non-banking finance companies and governments across domestic and international markets. Its payment solutions include payment cards, cheque solutions, Near-Field Communication (NFC)/Quick Response (QR) codes, payment-enabled wearable and digital automation solutions.
Its customers include State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Punjab and Sind Bank, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank. As on today, the Company had relationships with 60 fintech companies, including Airtel Payments Bank Limited and Scapia, for services such as manufacturing co-branded credit cards, debit cards and prepaid cards. It has also entered into agreements for manufacturing and personalising cards for Revolut, a global fintech and neo-bank operating in India.
For the year/period ended (Rs. in Cr.)
| FY26 | FY25 | FY24 | |
|---|---|---|---|
| Total Revenue | 1,356.59 | 1277.11 | 1267.97 |
| Profit After Tax | 253.46 | 282.21 | 249.17 |
| EPS | 11.26 | 13.41 | 12.03 |
| EBITDA Margin (%) | 33.60% | 32.01% | 28.04% |
| PAT Margin (%) | 18.68% | 22.10% | 19.65% |
For year/ period ended ( in Cr.)
| Company Name | Market Cap (Cr.) | Price | P/BV | P/E | Sales (Cr.) FY26 |
Net Profits(Cr.) FY26 |
|---|---|---|---|---|---|---|
| Manipal Payment | 7858.17* | 339 | 6.94 | 31.02 | 1356.59 | 253.46 |
| Pine Labs Ltd. | 19,171.3 | 166.15 | 3.24 | 150.6 | 2,710.59 | 112.72 |
| Seshaasai Technologies | 6,193.93 | 382.8 | 4.17 | 23.48 | 1,441.14 | 239.81 |
*Market cap @upper band
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
At the upper band of IPO Rs. 339, the stock is valued at 31.02 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.