Manipal Payment And Identity Solutions Ltd. IPO

Manipal payment and identity solutions

• Manipal payment and identity solutions is coming out with a 100% book building; initial public offering (IPO) of 2,42,44,673 shares of face value Rs 2 each in a price band Rs 322-339 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 161.00 times of its face value on the lower side and 169.50 times on the higher side.
• Book running lead managers to the issue are Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management.
• Compliance officer for the issue is Dattatri Manjunatha Hardur. 

Profile of the company

The company provides payments solutions, identifications 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 jurisdictions. Incorporated on February 19, 2008, the company is part of the Manipal Group. The Manipal Group commenced operations in 1948 as a printing company, under the name of Express Printers, catering to the secured printing requirements of banks in India and has since added products and services catering to customer requirements across various industries.

Its payment solutions primarily comprise payment cards, cheque solutions, near-field communication (NFC)/quick response (QR) codes, payment-enabled wearables, and digital automation solutions. Its identification solutions primarily comprise driving licenses, registration certificates, national identity cards, among others, along with transit management solutions. Its secure solutions primarily comprise secure logistics, personalization of insurance policies, premium notices, renewal letters and marketing collaterals, along with security-enhanced packaging such as tamper-evident envelopes, holograms and coated products. Its smart tagging and IOT solutions primarily entail printing of excise labels with holograms and encrypted QR codes for various state excise departments, IOT and track and trace solutions with radio-frequency identification (RFID) tags, and anti-counterfeiting solutions.

Proceed is being used for: 

• Funding the capital expenditure requirements of the company towards purchasing and setting up of new and secondhand equipment at (a) card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka, (b) personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Uttar Pradesh, and personalization bureau in Navi Mumbai, Maharashtra, (c) cheque printing facilities in Navi Mumbai, Maharashtra and Howrah, West Bengal, (d) central cards processing centers at Chhattisgarh RTO, and (e) Smart Tagging and IoT Solutions facility in Manipal, Karnataka (Capital Expenditure on Equipment)
• General corporate purposes

Industry overview

The total payment cards being issued in India, inclusive of credit cards, debit cards, prepaid payments instrument (PPI) was 257 million units in 2020, and reached a total of 318 million units being issued in 2023. This number grew to 335 million units in 2025 and is projected to reach 535 million units by 2030, with an expected compound annual growth rate ('CAGR') of 13.1% from Fiscal 2026 to Fiscal 2030. Credit, debit, and PPI card issuance in India slowed in Fiscal 2025 for a mix of regulatory and behavioral reasons. On credit cards, the RBI’s Nov-2023 25-ppt risk-weight hike made unsecured portfolios more capital-intensive, prompting tighter underwriting; supervisory curbs further cooled approvals. For PPIs, earlier RBI restrictions that prohibit loading wallets/cards via credit lines, combined with stricter KYC requirements and compliance scrutiny, kept growth subdued.

In 2020, the total market for payment cards in India, which includes credit cards, debit cards, and PPI, was valued at Rs 9,071 million. By 2025, this market had expanded to Rs 28,499 million, and it is projected to reach Rs 60,542 million by 2030, growing at a compound annual growth rate ('CAGR') of 20.7% during the Fiscal 2025-2030 period. This market size highlights the potential for card manufacturers in India.

As of December 2025, India had approximately 0.91 payment cards per capita, with debit cards accounting for the majority of cards in circulation, while credit cards continued to witness the fastest growth in issuance and usage. Payment cards penetration varies significantly across the USA, Europe, China, and India due to differences in economic development, financial infrastructure, and consumer behavior. In Calendar Year 2023, in the USA, cards usage is widespread, with a high penetration rate of 7.2 for population aged 15+, driven by established financial systems and a culture of credit reliance. Euro area also exhibits significant card penetration at 2.3 (population aged 15+), though there is a notable preference for debit cards over credit cards, particularly in countries like Germany and the Netherlands where debt aversion is stronger. In China, the cards penetration is very high at 8 (population aged 15+) driven by debit cards. India's card penetration, both credit and debit, is on the rise, buoyed by government initiatives and financial inclusion.

Pros and strengths 

Among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026: The company was among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026. It has scaled up its operations in line with growth in the total payment cards issued in India. The total payment cards being issued in India, inclusive of credit cards, debit cards, prepaid payments instrument was 257 million units in 2020, and reached a total of 318 million units being issued in 2023. This number grew to 335 million units in 2025 and is projected to reach 535 million units by 2030, with an expected CAGR of 13.1% from Fiscal 2026 to Fiscal 2030. The number of chip-based payment cards billed by the company decreased from 92.00 million in Fiscal 2024 to 86.15 million in Fiscal 2025 and subsequently increased to 86.20 million in Fiscal 2026. In the last three Fiscals, it has exported its products such as credit cards, debit cards and metals cards to countries including UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Bolivia, Nigeria, Nepal, Sri Lanka, and United Arab Emirates, as well as certain countries in Europe.

Long-standing relationships with marquee customers: The company catered to a diverse set of over 300 customers in Fiscal 2026, including prominent private banks and public sector banks (PSBs) and fintech companies. Its payment and identification solutions business requires high security and data protection, owing to access to highly sensitive cardholder information. As a result, banks are selective about the partners with which they work and typically seek out manufacturers who have a well-established reputation for trust and quality and are able to meet their service requirements. In Fiscal 2026, it had serviced 211 customers, comprising 61.34% of its total customer base, for more than five years. In Fiscal 2026, it served 22 private banks, 12 PSBs, 11 small finance banks and 78 co-operative banks. As of March 31, 2026, PSBs serviced by it included State Bank of India (over 15 years), Canara Bank (over 14 years), Bank of India (over 15 years), Jammu and Kashmir Bank (over three years), Central Bank of India (over 14 years), Punjab and Sind Bank (over three years) and Indian Bank (over 15 years), and private banks serviced by it included HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank.

Expansive product portfolio, powered by innovation, offering comprehensive solutions: It offers a wide suite of products and services. Its payment solutions primarily comprise payment cards, cheque solutions, NFC/QR codes, payment-enabled smart wearables, and digital automation solutions. Its identification solutions primarily comprise driving licenses, registration certificates, national identity cards, among others, along with transit management solutions. Its secure solutions primarily comprise secure logistics, personalization of insurance policies, premium notices, renewal letters and marketing collaterals, along with security-enhanced packaging such as tamper-evident envelopes, holograms and coated products. Its smart tagging and IOT solutions primarily entail printing of excise labels with holograms and encrypted QR codes for various state excise departments, IOT and track and trace solutions with RFID tags, and anticounterfeiting solutions. Within its cards portfolio, it offers: (i) colour core cards; (ii) 'touch n' feel' cards; (iii) holographic cards; (iv) cards; (v) clear cards; (vi) cards with gilded edges; (vii) cards with metallic foil stamping to create a glossy texture; (viii) lightemitting diode (LED) cards that glow while transacting; (ix) image cards; (x) PVC cards; (xi) metal cards; and (xii) rPVC cards.

Technology-driven facilities and operations, with a focus on security compliance: It continues to invest in strengthening the technology, infrastructure and IT and cybersecurity systems at its facilities to comply with security standards and controls laid by payment networks and its customers. Its certifications collectively allow it to offer payment cards across the ecosystem of payment networks. These certifications range from an average of nine years to 16 years, and require periodic inspection of its facilities. Its certifications have been renewed without interruptions, and no security breaches have been identified, reported and escalated in the past three Fiscals. Certifications of this nature are often contractually required by its customers to authenticate its infrastructure, and in case of payment networks such as RuPay, Mastercard, among others, serve as eligibility conditions to manufacture and personalize their cards. It has also received certification confirming its compliance with RuPay card quality and security standards for activities such as magnetic stripe encoding, card embossing, chip data preparation, chip personalization, card manufacturing and card mailing. Its ability to acquire and maintain these certifications reflect its adherence to quality management and control standards necessary to manufacture payment cards, and places it among a league of manufacturers equipped to offer payment cards. Further, as of March 31, 2026, it was one of the select few companies to have issued metal cards in India, and are one of the leading metal card manufacturers in India holding a patent for metal cards manufacturing.

Risks and concerns

Dependence on limited number of key customers: As of March 31, 2026, 2025 and 2024, it had 344, 315 and 307 customers, respectively, which include banking and finance customers, including private and public sector undertaking (PSU) banks, co-operative banks, small finance banks, payment banks, fintech companies; and various government departments. It generates a substantial portion of its revenues from, and are therefore dependent on, certain key customers for a substantial portion of its business. its top 10 customers accounted for 58.67%, 60.98% and 62.51% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of its key customers, or reduction in revenue earned from such key customers, may have an adverse effect on its business, financial condition and results of operations. 

Reliance on top 10 suppliers for raw materials: Its production operations depend on adequate supply and deliveries of semiconductor chips/ banking chip modules, overlay film, PVC sheets, UV inks and varnishes, holograms by vendors and metal and alloy plates, inlay among other materials. For cheque printing, its key raw materials include MICR-paper, inks, offset printing plates, adhesives, pinning coil, packing materials, plastic envelopes and other process consumables. For its smart tagging and IOT solution, its key raw materials include paper, adhesives, foils, inks and other process consumables. Purchases from its top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of its total purchases in Fiscals 2026, 2025 and 2024, respectively. it relies on the timely supply of different raw materials for manufacturing, personalizing and printing its products. Its business could be adversely affected if its suppliers fail to meet their delivery obligations or raise their prices.  

Significant dependence on revenue from card manufacturing and sales: The company generates a significant portion of its revenues from sale of cards manufactured by the company. Its cards-manufactured and traded-contributed 57.25%, 58.40%, and 59.61% to its Revenue from Operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Factors that could negatively affect the sale of its card products include, among others, changes in the regulatory environment, intensified market competition, disruptions in the supply chain, evolving customer preferences, macro-economic downturns and rapid technological innovations. Any of these adverse developments affecting the card-manufacturing vertical could have an adverse effect on its business, results of operations, financial condition and cash flows.

High dependence on imported raw materials: It imports a substantial portion of its raw material requirements. As of March 31, 2026, for manufacturing PVC cards, it requires PVC, which it sources from vendors in China, Thailand and Europe. It sources banking chip modules from China, Singapore and Europe, and magstripe from Germany. It procures holograms from vendors in Europe and the UK, copper from China, ink from UK, Japan, Europe and domestically in India. Further, it sources steel from China and domestically in India. Cost of imports of raw materials in Fiscals 2026, 2025 and 2024 amounted to 49.56%, 43.70% and 51.70%, respectively, of its total purchases. Any changes in laws, regulations and policies, including restrictions on trade, import and export license requirements, tariffs and taxes, intellectual property enforcement issues and changes in foreign trade and investment, general economic conditions, competition, transportation costs and import duties. Its inability to handle risks associated with the import of raw materials could affect its business and Revenue from Operations.  

Outlook

Manipal payment and identity solutions offers comprehensive solutions for cards, including banking, identity solutions, and loyalty cards. Its services encompass card manufacturing, card personalization, cheque book printing, the supply of related collaterals, tax stamps, holograms, thermal paper rolls and RFID products. Additionally, it handles fulfilment activities, including dispatch services. It operates a card manufacturing facility in Manipal, with card personalization facilities and multiple printing and processing units located across the world. On the concern side, it is dependent on third party transportation providers for the delivery of its products to the end customers. Any disruptions in logistics and transportation or significant increase in freight charges could adversely affect its business, financial condition and results of operations.

The issue has been offering 2,42,44,673 shares in a price band of Rs 322-339 per equity share. The aggregate size of the offer is around Rs 780.68 crore to Rs 821.89 crore based on lower and upper price band respectively. Minimum application is to be made for 44 shares and in multiples thereof thereafter. On performance front, its total income increased by 6.22% from Rs 12,771.06 million in Fiscal 2025 to Rs 13,565.92 million in Fiscal 2026. Its profit for the year was Rs 2,534.62 million in Fiscal 2026 compared to Rs 2,822.14 million in Fiscal 2025.

Meanwhile, it intends to capitalize on the growth in the credit card market, instant issuance systems and services market to grow its market share in international jurisdictions. In the last three Fiscals, it has exported its products such as credit cards, debit cards and metals cards to countries including UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Bolivia, Nigeria, Nepal, Sri Lanka, and United Arab Emirates, as well as certain countries in Europe. In addition, it intends to diversify its card offerings through continued value additions such as LED cards and metal cards. Similarly, it is focusing on building capacity for biometric cards, which combine chip technology with fingerprints to safely verify cardholder identity for in-store purchases, as well as wood cards.

Jindal Supreme (India)

• Jindal Supreme (India) is coming out with a 100% book building; initial public offering (IPO) of 1,34,28,000 shares of face value Rs 10 each in a price band Rs 88-93 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 16, 2026 and will close on September 18, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 8.80 times of its face value on the lower side and 9.30 times on the higher side.
• Book running lead manager to the issue is Sarthi Capital Advisors.
• Compliance officer for the issue is Rajbir Sharma.

Profile of the company

Jindal Supreme (India) is engaged in the manufacturing and supply of a different range of steel pipes, tubes and catering to the requirements of multiple infrastructure and industrial applications. Its product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. These products are manufactured in various dimensions, thus meeting a wide range of customer needs. Each of its products is manufactured as per the Indian Standards, ensuring consistent quality, durability, and compliance with both domestic and international benchmarks. Its products find application in various industry segments like, Water Supply and Plumbing, Infrastructure & Construction, Road & Highways, Bridges, Oil & Gas, Chemicals, Agriculture, rural electrification and others.

In Fiscal 2025, it commenced the manufacturing of metal beam crash barriers with W-beam and Thrie-beam crash barriers, which are primarily utilized for road safety and highway infrastructure projects. Following this, in Fiscal 2026, it furthers diversified into the production of GI tubular poles, which are commonly used for street lighting, electrification projects, and other public utility infrastructure. Over the years, it has expanded its product offerings to tap into emerging opportunities in infrastructure development projects. Its business model is primarily focused on direct sale, primarily to institutional buyers for specific projects or applications like infrastructure contractors, and industrial customers. Its manufacturing facility is located in Hisar, Haryana, the manufacturing facility is equipped with various machinery, mills, welding plants, and galvanizing plants, supported by in-house maintenance workshop and testing equipment. Its product portfolio includes Mild Steel (MS) black pipes, tubes and galvanized pipes, tubes metal beam crash barriers, and galvanized iron (GI) tubular poles.

Proceed is being used for: 

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The Indian steel pipes and tubes industry is a key downstream segment of the steel value chain, serving diverse sectors including infrastructure, oil & gas, automotive, power, water supply, and general engineering. The sector plays a strategic role, supporting core domestic industries while contributing to India’s export basket. Steel pipes and tubes form the vital link between primary steel production and downstream industrial applications, reinforcing India’s position as both a domestic infrastructure powerhouse and a growing global manufacturing hub.

The Indian steel pipes and tubes market was estimated at $14415.83 million in 2026 and is projected to reach approximately USD 23932.99 million by 2036, reflecting a compound annual growth rate (CAGR) of 5.20% over the period. This trajectory underscores sustained domestic demand momentum and increasing export integration. The Indian steel pipes and tubes industry has demonstrated strong growth during FY2020-21 to FY2025-26, with domestic production increasing from 5.90 MT to 13.80 MT, representing a CAGR of approximately 18.5%. Domestic consumption increased from 5.41 MT to 12.32 MT over the same period, representing a CAGR of around 17.9%, supported by demand from construction, water supply, oil and gas, and industrial infrastructure.

The Steel Pipes and Tubes industry is positioned for sustained expansion, driven by rising infrastructure investment, industrial activity, and public utility modernization. The segment’s evolution from commodity manufacturing toward value-added and application-specific products is reshaping its growth trajectory. Demand is being shaped by multiple structural and policy-linked enablers, spanning construction, energy, mobility, and exports. The National Infrastructure Pipeline (NIP), Smart Cities Mission, and state-level infrastructure programs continue to drive demand for structural and hollow-section steel pipes. Over the next 5–7 years, urban expansion and industrial corridor projects will sustain high consumption in bridges, flyovers, and public utilities. Policy-led initiatives encouraging domestic manufacturing and import substitution are supporting capacity expansion in downstream steel processing. Localization of inputs and vendor ecosystem strengthening are expected to enhance cost competitiveness and support export-led growth.

Pros and strengths 

Track record of healthy financial performance: The company has established a track record of healthy revenue growth and profitability. Its revenue from operations increased to Rs 67,538.72 lakh in Fiscal 2026 from Rs 64,543.98 lakh in Fiscal 2024, increase in revenue was resulted from increase in volume of quantity sold. Its restated profit for Fiscal 2026 increased to Rs 2,252.91 lakh compared to Rs 1,287.28 lakh in Fiscal 2024, increase in profit for Fiscal 2026 was primarily attributed by fall in overall expenses as percent of total revenue from 97.68% in fiscal 2024 to 95.54% in fiscal 2026. Its total equity increased to Rs 9,682.48 lakh as of March 31, 2026 from Rs 5,031.09 lakh as of March 31, 2024 and its total assets increased to Rs 24,841.33 lakh as of March 31, 2026 from Rs 18,115.76 lakh as of March 31, 2024. It focuses on efficiency, productivity improvements and cost rationalization have enabled it to keep its operating costs under control and improve its margins. Its EBITDA (excluding other income) increased to Rs 4,162.90 lakh in Fiscal 2026 from Rs 2,110.86 lakh in Fiscal 2024 and its total sales volume increased to 1,01,100 MT in fiscal 2026 from 9,8351 MT in fiscal 2024. It has utilized its resources prudently, and that its operational and financial performance will allow it to take advantage of the growth opportunities in its industry.

Location of manufacturing facility: The location of its manufacturing plant enables cost and logistical advantages being in proximity to manufacturing plants of its customers and facilitating the servicing of its customers with customized Steel Products in a timely manner and closer to their end-use locations.

Led by qualified and experienced Promoter and supported by a professional management team: The company has a dedicated experienced management team within the company. It is guided by the experience, vision and leadership of its Promoter i.e. Abhishek Jindal, having 18 years of experience in the industry. Its Promoter has played an active role in its development and expansion, and it benefits from his educational qualifications and significant experience in the industry. In addition, it is led by a well-qualified, diverse and experienced Board of Directors and SMPs.  In addition, continued talent development is a key focus area for the company. The skills and diversity of its Promoters, Directors, KMPs and SMPs and employees gives it the flexibility and agility to adapt to the future needs of its business.

Diversified product portfolio: Its product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. These products are manufactured in various dimensions, thus meeting a wide range of customer needs. Each of its products is manufactured as per the Indian Standards, ensuring consistent quality, durability, and compliance with both domestic and international benchmarks.

Risks and concerns

Dependence on key suppliers: Its manufacturing processes require supply of raw materials from various suppliers. Its top 10 suppliers contribute 72.31%, 76.23%, 70.92% and 75.73%, of its purchase during the period ended June 30, 2026 and for Fiscal 2026, Fiscal 2025 and Fiscal 2024. Its reliance on a select group of suppliers may also constrain its ability to negotiate its arrangements, which may have an impact on its ability to procure an uninterrupted supply of raw material, which in turn may affect its profit margins and financial performance. It may also be required to replace a supplier if its products or services do not meet its safety, quality or performance standards. Further, any disruption of supply of raw materials from these suppliers could disrupt its operations, which could have a material adverse effect on its reputation, business, financial condition and results of operations.

Revenue is significantly dependent on sales of black pipes and galvanized pipes: A significant portion of its revenue from operations is derived from the sale of Black Pipes and Galvanized Pipes. These products have historically contributed a significant share of its revenue from operations due to their use across various infrastructure and industrial sectors. The company’s Black Pipes contributed 45.46%, 42.98%, and 49.19% of revenue from operations for the period ended June 30, 2026, Fiscal 2026, and Fiscal 2025, respectively. The company’s Galvanised Pipe contributed 25.07%, 26.57%, and 35.75% of revenue from operations for the period ended June 30, 2026, Fiscal 2026, and Fiscal 2025, respectively. It expects that the sale of Black Pipes and Galvanized Pipes will continue to constitute a major portion of its revenue from operations. Consequently, its performance is highly dependent on the demand for these products, which in turn is influenced by factors outside its control, including changes in customer preferences, overall demand fluctuations, increased competition and volatility in raw material prices.

High customer concentration: The company derives a significant portion of its revenue from operations from its key customers and its top 10 customers contributed to 24.09%, 20.32%, 15.96% and 15.90%, of its revenue from operations during period ended June 30, 2026 and in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any decrease in revenue from operations from any of its key customers or any loss of these customers may adversely affect its business, financial condition, cash flows and results of operations.

Geographic Concentration in Haryana: The company derived 24.19% of its revenue for the period June 30, 2026 and 28.55%, 30.60% and 29.44% of its revenue from operation from Haryana for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. As per current business trends, its operations are exposed to revenue concentration risk, as a substantial portion of its revenues is derived from the state of Haryana. Any adverse changes in demand, customer preferences, procurement requirements or policies of the state or local governments in Haryana, or a slowdown in economic activity in the state, could adversely affect its ability to grow or sustain its sales, earnings and cash flows.

Outlook

Jindal Supreme (India) is engaged in the manufacturing and supply of a different range of steel pipes, tubes and catering to the requirements of multiple infrastructure and industrial applications. Its manufacturing facility is located in Hisar, Haryana, the manufacturing facility is equipped with various machinery, mills, welding plants, and galvanizing plants, supported by in-house maintenance workshop and testing equipment. Its product portfolio includes Mild Steel (MS) black pipes, tubes and galvanized pipes, tubes metal beam crash barriers, and galvanized iron (GI) tubular poles. On the concern side, operations at its Manufacturing Facility are concentrated at a single location in Hisar, Haryana, and its business is dependent on this facility; any disruption, breakdown, shutdown or adverse local or regional developments could materially and adversely affect its business, financial condition, results of operations and cash flows.

The issue has been offering 1,34,28,000 shares in a price band of Rs 88-93 per equity share. The aggregate size of the offer is around Rs 118.17 crore to Rs 124.88 crore based on lower and upper price band respectively. Minimum application is to be made for 161 shares and in multiples thereof thereafter. On performance front, total revenue for fiscal 2026 was amounting to Rs 67,594.04 lakh which has increased by 11.77% compared to Rs 60,474.07 lakh in fiscal 2025. The company’s net profit stood at Rs 2,252.91 million in Fiscal 2026, as compared to Rs 2,426.84 million in Fiscal 2025, representing a decrease of 7.17%.

Meanwhile, the company has continuous focus to strengthen its market reach and penetration by expanding its network of dealers across key regions of India. Currently, the company caters to its customers through an established dealer channel; however, with the planned increase in manufacturing capacity and product offerings, the need to widen the distribution footprint has become important for company. By adding more distributors and dealers, the Company aims to enhance Market Coverage; and Build Long-term Partnerships. The systematic expansion of the company’s distributor and dealer network will not only support higher volumes but also provide a strong competitive edge in an increasingly demand-driven market.

Uno Minda has informed that it enclosed the Press Release dated September 15, 2026 titled ‘Uno Minda Announces four Major Strategic Expansions Across Multiple Divisions with combined investment of 1,415 crore’. The copy of the aforesaid Press Release is also available on the website of the Company www.unominda.com.

The above information is a part of company’s filings submitted to BSE.