MPIS

Manipal Payment and Identity Solutions Limited

Listed Mainboard NSE & BSE Fresh Issue + OFS
🔥🔥🔥🔥🔥

A leading provider of payment, identity, and secure solutions manufacturing plastic and metal cards, cheque solutions, RFID products, and IoT-enabled smart tagging systems for banking, fintech, and government clients across India and international markets.

Price Band
₹322–₹339
Lot Size
44 shares
Issue Size
₹805.00 Cr
GMP
₹-15
Est. Listing
-4.4%
Subscription
1.42×
Open Date
09 Sep
Close Date
11 Sep
Allotment
15 Sep
Listing Date
17 Sep
Min Investment
₹14,916

Overview

About the Company

Incorporated in 2008, Manipal Payment & Identity Solutions Limited is part of The Manipal Group. The company provides payment solutions including payment cards, cheque solutions, NFC/QR codes, and payment-enabled wearables. Its identification solutions encompass driving licences, registration certificates, and national identity cards. The secure solutions vertical covers secure logistics, personalisation of insurance policies, tamper-evident envelopes, and holograms. The company also offers smart tagging and IoT solutions with RFID and QR code capabilities. As of March 31, 2026, the company operated 10 facilities across India including card manufacturing plants, personalisation bureaus, cheque printing centers, and Central Cards Processing Centres. It served over 300 customers including major banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, and 60 fintech companies. The company exports to UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, UAE and European countries. It had 1,809 permanent employees and 1,509 contracted employees as of March 31, 2026.

Company Details

Founded
2008
Headquarters
Manipal, Karnataka
Industry
Payment Solutions, Identity Solutions, Secure Printing, Smart Tagging and IoT
Employees
3,318 (1,809 permanent + 1,509 contracted as of March 31, 2026)
Promoter
Tonse Gautham Pai, T.Satish U.Pai, Sandhya S.Pai, Manipal Technologies Ltd., Manipal Media Network Ltd., Tridevitha Consultancy Services Pvt.Ltd. and Tridevita Family Trust 2017
Issue Type
Fresh Issue + OFS

📋 Objects of Issue (Use of Proceeds)

  • › Capital expenditure on purchase and setup of new and used equipment: ₹238.43 crores
  • › General corporate purposes: ₹81.57 crores

✅ Strengths

  • ✓ Serves banks, fintechs, NBFCs and government clients in India and overseas with over 300 customers across domestic and international markets
  • ✓ Offers a wide range of payment, identity, secure printing and smart tagging solutions including RFID, QR code and IoT-based tracking and anti-counterfeiting solutions
  • ✓ Generates revenue from both product sales and related personalisation and printing services providing diversified income streams
  • ✓ Strong relationships with major banks including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and 60 fintech companies
  • ✓ Operates 10 specialized facilities across India including manufacturing plants, personalisation bureaus, cheque printing centers and Central Cards Processing Centres
  • ✓ Established export presence in UK, Singapore, Bahrain, Hong Kong, UAE, Europe and other international markets

⚠️ Risks

  • ! A large share of the company's revenue comes from its top 10 customers creating concentration risk
  • ! The business depends heavily on a limited number of suppliers for raw materials which could disrupt operations
  • ! A significant portion of revenue is generated from card manufacturing and related products indicating limited product diversification
  • ! Failure to meet payment network security standards could severely impact its operations and customer relationships
  • ! The company has reported past regulatory non-compliance related to RBI reporting requirements
  • ! Revenue growth slowed to 6% while PAT dropped by 10% between FY2025 and FY2026 indicating profitability pressure