- NEUTRAL
Annual Revenue Manipal Payment and Identity Annual Revenue is Rs 0 Cr which is growth of 0% YoY.
- NEUTRAL
Annual Net Profit Manipal Payment and Identity Annual Net Profit is Rs 0 Cr which is growth of 0% YoY.
Manipal Payment and Identity Solutions was incorporated on February 19, 2008. The company provides payment, identification, secure, and smart tagging solutions to banks, fintech companies, non-banking finance firms, and governments. Its offerings include payment cards, identity cards, security packaging, and Internet of Things-based tagging and tracking solutions for domestic and international clients
| Bidding Dates |
|---|
| 09 Sep 2026 - 11 Sep 2026 |
| Subscription |
|---|
| 1.42x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,168 | 1 | 13 | 44 | 23.7 M | ₹322 - ₹339 | 53.92 % | ₹7,646.3 M - ₹8,050.0 M | RHP DOC |
Manipal Payment and Identity IPO SUBSCRIPTION STATUS
11 Sep '26Total1.42x
Retail Individual Investor2.19x
HNI (NII) Investors1.22x
Qualified Institutional Buyers1.26x
Manipal Payment and Identity IPO overall subscription rate was 1.42 times the total available shares
Manipal Payment and Identity IPO retail subscription rate was 2.19 times in the retail segment
Manipal Payment and Identity IPO non-institutional investor subscription rate was 1.22 times in the non-institutional investor category
Manipal Payment and Identity IPO Qualified Institutional Bidder subscription rate was 1.26 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
11 Sep 2026 (Day 3) | 2.19x | 1.22x | 1.26x |
10 Sep 2026 (Day 2) | 1.22x | 0.24x | 0.03x |
09 Sep 2026 (Day 1) | 0.73x | 0.13x | 0x |
Manipal Payment and Identity FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 1,326.8 | 253.5 | 207.7 | 126.3 | 33.6% |
| FY25 | 1,256.1 | 282.2 | 284.4 | 218.7 | 32.01% |
| FY24 | 1,247.5 | 249.2 | 308.6 | 296.8 | 28.0% |
Manipal Payment and Identity IPO SUBSCRIPTION STATUS DETAILS
Manipal Payment and Identity had 23.7 M shares on offer
Manipal Payment and Identity IPO offer price was in the range ₹322 - ₹339
Manipal Payment and Identity IPO minimum Investment was ₹14168
Manipal Payment and Identity IPO issue size was ₹ 7,646.3 M - ₹ 8,050.0 M
Manipal Payment and Identity had a minimum lot size of 44 Shares per application
Manipal Payment and Identity NUMBER OF SHARES ON OFFER
Total23.7 M
Fresh Issue9.4 M
Offer for Sale14.3 M
Post Issue Promoter Holding %53.92 %
Manipal Payment and Identity IPO IMPORTANT DATES
| Issue Open Date | 09 Sep 2026 |
| Issue close Date | 11 Sep 2026 |
| Allotment Date | 15 Sep 2026 |
| Refund Date | 16 Sep 2026 |
| Demat Account Credit Date | 16 Sep 2026 |
| Listing Date | 17 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Manipal Payment and Identity Allotment Status | Exchange/ Registrar |
Manipal Payment and Identity IPO subscription opened on 09 Sep 2026, and closed on 11 Sep 2026
IPO allotment for Manipal Payment and Identity was finalized on Tuesday, 15 Sep 2026
IPO listing for Manipal Payment and Identity was on NSE and BSE on Thursday, 17 Sep 2026
Manipal Payment and Identity IPO LISTING GAINS
| Issue Price (adjusted) | 339.0 |
| Listing Open Price | 330.0 |
| Listing Close Price | 345.1 |
| Listing Gain% | -2.6% |
| Current Gain% | -9.5% |
Manipal Payment and Identity Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Manipal Payment and Identity Solutions Ltd. | 306.6 | 7108.3 | 28 | -2.8 | 5.2 | 32 | 21.8 | 1356.6 | 6.2 | 253.5 | -10.2 | 10.9 | -10.2 |
| One97 Communications Ltd. | 1650 | 105992.3 | 124 | 0.5 | 11.1 | 3.4 | 2.3 | 9291 | 21.9 | 553 | 184 | 13.3 | 241.4 |
| PB Fintech Ltd. | 931 | 43082.3 | 53.5 | 0.7 | 5.5 | 9.2 | 7.7 | 7166.4 | 33.1 | 669.9 | 89.8 | 17.4 | 74.6 |
| Affle 3I Ltd. | 1506.5 | 21677.9 | 43.6 | 2.4 | 7.3 | 12.4 | 10.3 | 2787.6 | 18.1 | 454.9 | 19.1 | 34.5 | 18.5 |
| Pine Labs Ltd. | 157.6 | 18202.3 | 113.8 | 0.4 | 6.1 | 1.9 | 0.8 | 2847.2 | 22.3 | 112.5 | 177.3 | 1.4 | 313.7 |
| Nazara Technologies Ltd. | 401.6 | 16410.5 | 1247 | -15.9 | 8.1 | 2.8 | 2.2 | 3072.6 | 79.1 | 95.8 | 26.4 | 0.3 | -78.6 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Manipal Payment and Identity annual results: revenue, profit, P&L, and margins as of Mar 2025 – 11 year history
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| Indicator | Graph | Mar '25 | Mar '24 |
|---|---|---|---|
| 1,120.3 | 1,048.7 | ||
Operating Exp. Ann. | 754 | 761.9 | |
Operating Profit Ann. | 345.2 | 267.3 | |
OPM Ann. % | 30.81% | 25.49% | |
| 913.5 | 812.1 | ||
EBITDA Ann. | 366.2 | 286.9 | |
EBITDA Ann. margin % | 32.69% | 27.35% | |
Interest Ann. | 109.8 | 22.1 | |
Depr. | 49.7 | 28.1 | |
PBT Ann. | 316.8 | 236.7 | |
Tax Ann. | 76.3 | 53.8 | |
| 240.5 | 182.9 | ||
Net Profit Ann. | 240.5 | 182.9 | |
NPM Ann. % | 21.88% | 17.77% | |
EPS Adj. latest Ann. | 10.4 | 7.9 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
6.8%
Net Profit Ann.
1Y CHG
31.5%
Operating Exp. Ann.
1Y CHG
-1%
Manipal Payment and Identity INFORMATION ON IPO ISSUE
About Manipal Payment and Identity
Manipal Payment and Identity Solutions was incorporated on February 19, 2008. The company provides payment, identification, secure, and smart tagging solutions to banks, fintech companies, non-banking finance firms, and governments. Its offerings include payment cards, identity cards, security packaging, and Internet of Things-based tagging and tracking solutions for domestic and international clients
Object of the Issue
- Funding the capital expenditure requirements of the company towards purchasing and setting up of new and secondhand equipment at card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka, personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Uttar Pradesh, and personalization bureau in Navi Mumbai, Maharashtra, cheque printing facilities in Navi Mumbai, Maharashtra and Howrah, West Bengal, central cards processing centers at Chhattisgarh RTO, and Smart Tagging and IoT Solutions facility in Manipal
- General corporate purposes
Manipal Payment and Identity - PROMOTERS
| Name |
|---|
| Tonse Gautham Pai |
| T. Satish U. Pai |
| Sandhya S. Pai |
Manipal Payment and Identity - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Kukkundoor Girish Kini | Executive Director and Chief Executive Officer |
| Tonse Gautham Pai | Director (Non-Executive) |
| Abhay Anant Gupte | Director (Non-Executive) |
| Baikadi Narahari | Director (Non-Executive) |
| Ramachandra Kasargod Kamath | Independent Director |
| Padmaja Shailen Ruparel | Independent Director |
| Rohan Ajila | Independent Director |
| Binoy Sandip Parikh | Independent Director |
Manipal Payment and Identity Book Running Lead Manager
Motilal Oswal Investment Advisors Limited
mpi.ipo@motilaloswal.com
Axis Capital Limited
manipal.ipo@axiscap.in
ICICI Securities Limited
mpisl.ipo@icicisecurities.com
IIFL Capital Services Limited
mpi.ipo@iiflcap.com
Nuvama Wealth Management Limited
mpi.ipo@nuvama.com
Manipal Payment and Identity Registrar to the Offer
MUFG Intime India Private Limited
manipalpayment.ipo@in.mpms.mufg.com
Manipal Payment and Identity Strengths
Market leadership
The company is among the largest manufacturers of payment cards both globally and in India as of FY25. The company’s billing of chip-based payment cards also reflects strong volume growth, supported by increasing digital and card-based transactions
Strength
Diverse product portfolio
The company offers a wide range of products spanning payment, identification, secure, and smart tagging solutions. Its offerings include payment cards, NFC and QR code solutions, driving licenses, national identity cards, secure logistics, holograms, and RFID-based track-and-trace systems
Strength
Advanced technology infrastructure
The company operates technology-driven facilities with a strong focus on security compliance. It holds long-standing certifications from major payment networks such as RuPay and Mastercard, ensuring adherence to strict security and quality standards
Strength
Manipal Payment and Identity Risks
Supplier concentration
The company relies heavily on its top ten suppliers, which accounted for over 60% of total raw material costs across recent fiscal years. Its operations depend on the timely supply of key materials such as semiconductor chips, PVC sheets, inks, holograms, and other consumables
Risk
Revenue dependence
A significant portion of the company’s revenue comes from the sale of manufactured cards. Adverse developments in this business segment—such as regulatory changes, increased competition, shifts toward digital payments like UPI, or changes in customer preferences—could negatively impact financial performance
Risk
Compliance risk
The company must maintain strict adherence to the security and certification standards set by payment networks such as Mastercard and RuPay. Failure to comply or renew these certifications could result in loss of registration and restrict the company’s ability to manufacture or personalize cards for these networks
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 485.0 crore, of 14,306,785 shares. It also consists of a fresh issue of Rs 320.0 crore.
The promoters of the company are Tonse Gautham Pai, T. Satish U. Pai and Sandhya S. Pai.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 322.0 - 339.0.
The IPO application opens on Sep 09, 2026 and closes on Sep 11, 2026.
The minimum lot size for the IPO is 44. The maximum lot size for the IPO is 572.
For all category investors, the minimum application amount for this IPO is Rs. 14,168.0, the maximum value for this IPO is Rs 193,908.0.
This IPO will be allotted on Sep 15, 2026.
The refund will be credited to your account on Sep 16, 2026.
The allotted shares will be credited to your demat on Sep 16, 2026.
Manipal Payment and Identity Solutions Ltd.’s shares listed on the stock exchanges on Sep 17, 2026.