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Manipal Payment and Identity Solutions Ltd IPO
Manipal Payment and Identity Solutions Ltd
₹14,168 /44 sharesMinimum investment
IPO details
Minimum investment
₹14,168
Price range
₹322 - ₹339
Lot size
44
Issue size
805 Cr
Face value
2
IPO document
Subscription rate
Data will be available soon
Schedule
9 Sep 2026
IPO open date
11 Sep 2026
IPO close date
15 Sep 2026
Allotment date
15 Sep 2026
Funds unblock or debit
17 Sep 2026
Tentative listing date
About
Founded in
2023
MD/CEO
Mr Abhay Anant Gupte
Parent organisation
Manipal Payment and Identity Solutions Ltd
Manipal Payment and Identity Solutions Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company was among the largest payment card manufacturers globally and in India in FY26. It produced 13.54 million credit cards and 72.66 million debit cards during the year with an estimated market share of approximately 36.4% in India’s credit card issuance market and 30.9% in the debit card issuance market.
The company has long-standing relationships with banks, fintechs, and payment companies. In FY26, it served over 300 customers, including 22 private banks, 12 public sector banks, 11 small finance banks, and 78 co-operative banks. As of March 31, 2026, 211 customers, or 61.34% of its customer base, had been associated with the company for more than five years.
The company has a presence across multiple payment, identification and security-related product categories. Its offerings include payment cards, cheques, contactless payment products, driving licences, registration certificates, national identity cards, secure logistics, tax stamps, RFID-based track-and-trace solutions, holograms and anti-counterfeiting solutions.
The company has an established presence in government identification projects. It has been selected for 17 central and state government projects during the three preceding fiscal years, with project tenures ranging from one to 10 years. It is also designated as a print service provider for national identity cards and has worked with transport authorities in Maharashtra and Chhattisgarh for registration certificates and driving licences.
The company claims to have technology-driven manufacturing and security infrastructure for payment card production. Its facilities use systems for card printing, laminating, punching, milling, chip embedding and personalisation, alongside access controls, CCTV monitoring, security control rooms, hardware security modules, and other cybersecurity measures. It also holds certifications required by payment networks for manufacturing and personalising cards.
The company has a distributed network of personalisation and printing facilities across India. Its multiple personalisation bureaus allow it to provide cards, cheques and related services closer to end customers. As of March 31, 2026, it had a card production capacity of 118.97 million cards.
The company holds certifications and approvals relevant to its payment card and government operations. It states that its government project eligibility has included ISO 27001:2022 for information security management, ISO 14001:2015 for environmental management, and ISO 9001:2015 for quality management systems. It has also received certification for compliance with RuPay card quality and security standards and has approval for its RuPay DI applet.
The company has witnessed a consistent increase in its revenue from operations. Revenue from operations increased from Rs 1,247.52 crore in FY24 to Rs 1,256.07 crore in FY25 and Rs 1,326.75 crore in FY26.
The company is dependent on a limited number of key customers, with its top 10 customers contributing Rs 778.35 crore (58.67%), Rs 765.99 crore (60.98%), and Rs 779.84 crore (62.51%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any loss of these customers, reduction in demand, or decision by them to switch to competitors can adversely affect the company’s business, financial condition, and results of operations.
Purchases from the company’s top 10 suppliers accounted for Rs 313.78 crore (56.05%), Rs 307.62 crore (62.29%), and Rs 354.97 crore (59.69%) of its total purchases in FY26, FY25, and FY24, respectively. Any failure by these suppliers to meet delivery requirements, increase in prices, or disruption in the supply of critical materials could adversely affect the company’s production and financial performance.
The company derives a significant portion of its revenue from the sale of manufactured and traded cards, which contributed Rs 759.52 crore (57.25%), Rs 733.48 crore (58.40%), and Rs 743.70 crore (59.61%) to its revenue from operations in FY26, FY25, and FY24, respectively. Any decline in demand for physical cards due to the growing adoption of UPI, digital wallets, virtual cards, or other alternative payment methods could adversely affect the company’s business, financial condition and results of operations.
The company has previously faced multiple instances of non-compliance with RBI and FEMA requirements relating to foreign inward remittances, filing of Form FC-GPR, allotment of shares, and refund of excess share application amounts, including delays extending up to several years. Such compliance lapses or regulatory action in the future could result in monetary penalties and adversely affect the company’s reputation and business.
The company depends on its relationship with The Manipal Group and its brand recognition for its operations, customer retention, and business growth. Its right to use the Manipal Trademarks is non-exclusive, non-transferable, and revocable, while the company also receives strategic, financial, legal, operational, and marketing advisory services from Manipal Technologies Limited. Any deterioration in this relationship or adverse developments involving the group could hurt its business and reputation.
The company relies substantially on imports for its raw material requirements, with imported raw materials accounting for Rs 277.43 crore (49.56%), Rs 215.82 crore (43.70%), and Rs 307.49 crore (51.70%) of its total purchases in FY26, FY25, and FY24, respectively. The company sources critical materials such as PVC, banking chip modules, magstripe, holograms, copper and ink from countries including China, Singapore, Germany, Japan, the UK, and various European countries, and any disruption due to geopolitical developments, trade restrictions, tariffs, or logistical issues could increase costs or disrupt production.
The company, its directors, and Promoters are involved in outstanding legal proceedings pending before various courts, tribunals, and statutory, regulatory, and other judicial authorities. Any adverse outcome in these proceedings or further liability arising from such claims could adversely affect the company’s reputation, business, financial condition, results of operations, and cash flows.
Five of the company’s 10 facilities are located in Karnataka, including both of its card manufacturing facilities. Any significant social, political or economic disruption, natural calamity, civil disturbance, or adverse change in government policies affecting Karnataka could disrupt the company’s operations and adversely affect its business, financial condition, results of operations, and cash flows.
As of March 31, 2026, the company had contingent liabilities not provided for in its financial statements amounting to Rs 276.15 crore. If these liabilities materialise or the company is required to pay a material portion of these amounts, it could adversely affect its business, financial condition and results of operations.
As of June 30, 2026, the company had outstanding borrowings of Rs 116.18 crore on a consolidated basis. Any failure to service or meet its financial obligations could adversely affect the company’s business, financial condition and results of operations.
Application details
For Manipal Payment and Identity Solutions IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹322 - ₹339 | Upto ₹2 Lakhs | 44 |
| High Networth Individual | ₹322 - ₹339 | ₹2 - ₹5 Lakhs | 44 |