Manipal Payment and Identity Solutions Limited
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.
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
📋 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