Captain Pipes Ltd. Share Price

Shakti Polytarp

• Shakti Polytarp is coming out with an initial public offering (IPO) of 45,64,000 shares in a price band of Rs 56-59 per equity share.
• The issue will open for subscription on September 15, 2026 and will close on September 17, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.60 times of its face value on the lower side and 5.90 times on the higher side.
• Book running lead manager to the issue is NEXGEN Financial Solutions.
• Compliance officer for the issue is Jitendra Kumar Gupta.

Profile of the company

Shakti Polytarp is engaged in the production of tarpaulins, which are water-resistant materials designed to safeguard goods from rain, moisture, and other weather-related exposure. These tarpaulins are typically manufactured from raw materials such as polyethylene, polypropylene, and granules, and are available in various sizes and thicknesses depending on their specific application. Tarpaulins are widely used in industries such as construction, agriculture, and transportation. They are ideal for covering and protecting equipment, vehicles, building materials, and outdoor furniture from rain, wind, sun, and other environmental factors.

The company’s products are manufactured from various raw material which includes PP Granules, Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE) and High-Density Polyethylene (HDPE). Following production, its products undergo through examination, testing and evaluation to ensure compliance with customer specifications and industry standards. Its manufacturing unit is equipped with advanced machineries, such as highspeed extrusion tapeline, extra wide extrusion lamination, high speed wide width circular looms, high strength sealing machines, recycling machines, etc. that are fully integrated and feature an in-built software system, enhancing both accuracy and efficiency in routine operations.

The company is also engaged in the business of sale of granules. These granules serve as the raw material for producing tarpaulin through a process that includes melting, extrusion, weaving, and lamination. Its business primarily operates on a B2B (Business-to-Business) model, supplying tarpaulin and other products to various industries. A significant portion of its revenue is generated from bulk orders placed by businesses that require tarpaulins. Additionally, it caters to the B2C (Business-to-Consumer) segment as well, where it offers its products directly to end consumers. While its primary focus remains on B2B sales, the B2C segment contributes a smaller portion of its overall revenue.

Proceed is being used for:

• Capital Expenditure
• General corporate purposes

Industry overview

The tarpaulin industry is embedded within the broader petrochemicals–polymers–plastics value chain, which spans upstream feedstock processing (ethylene, propylene, benzene), polymer resin manufacturing (PE, PP, PVC), and downstream conversion into films, sheets, pipes, packaging, and woven materials. Tarpaulin manufacturing constitutes a key downstream application, converting polymer inputs into functional products for agriculture, construction, logistics, and disaster-management end-use markets. Commercial tarpaulins are predominantly manufactured from High-Density Polyethylene (HDPE) woven fabrics, laminated with Low-Density Polyethylene (LDPE) coatings and enhanced through UV stabilizers. These engineered sheets combine tensile strength, water resistance, and durability under varied climatic conditions, positioning them as essential materials for crop protection, warehousing, transportation, and emergency relief.

Looking ahead, sustained industry growth will require investments in advanced weaving and lamination machinery, digital quality-control systems, polymer recycling technologies, and brand-building for both domestic and international markets. Sustainability imperatives are driving innovation in eco-friendly polymer blends, circular-economy practices, and regulatory compliance, in alignment with global plastics and packaging trends. Positioned within the broader Chemicals & Petrochemicals - Plastics and Packaging Materials segment, tarpaulin manufacturing represents a vital downstream niche. Companies with integrated operations, strong research and development capabilities, and export orientation are best placed to scale and capture market leadership in this evolving industry.

India’s Tarpaulin Industry underpins a vast plastics ecosystem, with tarpaulin manufacturing emerging as a specialized yet rapidly scaling sub-segment. The industry is transitioning from fragmented, unorganized production to organized, technology-enabled facilities capable of serving agriculture, logistics, infrastructure, and disaster-management needs. The evolution is marked by increasing product customization, higher compliance with sustainability norms, and growing demand from both domestic and export markets.

Pros and strengths

Diverse usage of products: The company manufactures a wide range of tarpaulin such as Geotextile, Lumber Wrap, House Wraps, Pond Linners, Green Net etc. Its products find diverse applications across various industries including Agriculture, Construction, Automotive, Transportation & Logistics and Consumer goods. In order to expand the application of its products, the company is equipped with necessary facilities to develop products suitable as per the requirement of customers functioning in various industries.

In-house manufacturing facility: The company presently carries all its manufacturing operations at its manufacturing facility located in Plot No. 45-48, Industrial Area IIDC Nirmani, Dist. Khargone, Madhya Pradesh, which is equipped with capabilities to develop and manufacture its product portfolio. In addition, it employs a quality control mechanism during the manufacturing of its products that its finished product conforms with all the standard quality norms. The company’s in-house manufacturing operations enable it to streamline the inventory management and production process resulting into maintenance of production standards, minimizing production time and bringing cost effectiveness.

Established client relationship: The company has established client relationships in domestic markets from whom it gets orders on a regular basis. The company’s existing relationship with its clients represents a competitive advantage in gaining new clients and growing its business. The company is able to foster long-term relationships with its clients by understanding their needs and preferences. As it continues to strengthen these relationships, it is focused on improving its products and finding new ways to grow in both existing and emerging markets.

Risks and concerns

High customer concentration risk: The company is dependent on a limited number of customers for a significant portion of its revenues. The company has garnered 77.86%, 82.69% and 60.57% of its total revenue from top 10 customers in FY26, FY25 and FY24 respectively. The loss of a major customer or significant reduction in demand from any of its major customers may adversely affect its business, financial condition, results of operations and prospects. 

Significant dependence on top ten suppliers: The company’s top ten suppliers contribute a significant portion of its raw material. The company has procured 90.61%, 93.44% and 68.87% of its raw material from top ten suppliers in FY26, FY25 andFY24 respectively. Though the company has not faced any difficulties in procuring the raw material in the last three preceding financial years and there were no past instances where it has experienced any losses due to loss of any vendor/ supplier. However, it cannot assure that it will not face any such situations in the future, or the procurement of raw material will be on commercially viable terms. Furthermore, any dispute with any of the suppliers may damage its relationship with existing and potential suppliers, and in any such event its operations will be adversely affected. Further it will also affect its profitability and reputation in the market.

Geographical concentration of revenue: The company operates its business operations from its registered office and manufacturing facility. Although, the company’s business operations span various regions across India, State of Madhya Pradesh contributes to a substantial portion of its revenues i.e. 91.77%, 95.35% and 95.26% for year ended on March 31, 2026, 2025 & 2024 respectively. Any factors relating to political and geographical changes, growing competition, economic downturn, natural disasters and any change in demand may adversely affect its business. It cannot assure that it shall generate the same quantum of business, or any business at all, from this state, and loss of business from this state could adversely affect its revenues and profitability.

Outlook

Shakti Polytarp is engaged in the manufacturing of tarpaulins and other plastic-based products, including shade nets. Tarpaulins are water-resistant and durable sheets used to protect goods, equipment and other materials from rain, moisture, sunlight and other environmental conditions. It has in-house manufacturing facility with integrated machinery. On the concern side, the company’s business is substantially dependent on revenues from the manufacturing of tarpaulin and the trading of granules, and any inability to retain existing customers or attract new customers for these products may adversely affect its business. Moreover, majority of its revenues from operations are derived from the State of Madhya Pradesh. Any loss of business from this state may adversely affect its revenues and profitability.

The company is coming out with a maiden IPO of 45,64,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 56-59 per equity share. The aggregate size of the offer is around Rs 25.56 crore to Rs 26.93 crore based on lower and upper price band respectively. On performance front, the company’s total income for the FY26, stood at Rs 21,610.06 lakh whereas in FY25 it stood at Rs 16,649.52 lakh representing an increase of 29.79%. Moreover, the company’s profit after tax for the FY26 stood at Rs 1,005.61 lakh whereas in FY25 it stood at Rs 496.62 lakh representing an increase of 102.49%.

Meanwhile, the company is continuously engaged in improving its production capacity by modernization of machinery, adoption of new technology, skill development of its workers, improved utilization of resources and constant focus on improvement in overall efficiency. It analyses its existing processes on regular intervals and adopts new suitable steps in order to achieve higher efficiency. It identifies the areas of bottlenecks and takes corrective measure wherever possible. This helps it in improving efficiency and putting resources to optimal use.

Injecto Polymers

• Injecto Polymers is coming out with an initial public offering (IPO) of 56,12,400 shares in a price band of Rs 98-100 per equity share.
• The issue will open for subscription on September 11, 2026 and will close on September 16 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.80 times of its face value on the lower side and 10.00 times on the higher side.
• Book running lead manager to the issue is Indcap Advisors.
• Compliance officer for the issue is Chaman Chhajer.

Profile of the company

Injecto Polymers is engaged in the production of Polypropylene Woven Fabrics (used as plastic material for making Polypropylene woven bags), Polypropylene Woven Bags (used for industrial and agricultural use), Biaxially Oriented Polypropylene (BoPP) bags (used for packing of food products, animal products, consumer goods, medical supplies and hygiene products), leno bags (used for packing fruits and vegetables), Low Density and Polyester Pouch (used in food, pharmaceutical, cosmetic and industrial packaging) along with Flexible Intermediate Bulk Container (FIBC) bags (used in chemical, steel, fertilizer and mineral industries) and non-woven bags (used in medical, hygiene, agriculture packaging and reusable shopping bags).

The company’s manufactured products are used for application across a variety of industries like, agriculture, construction, textiles, chemicals, and consumer goods. It primarily operates under a Business-to-Business (B2B) model, generating a major portion of its revenue through bulk orders from institutional and industrial customers. The company’s products are customised in variety of shapes and sizes as per customer preferences and requirements. The raw materials which are used for manufacturing its products include - polypropylene (PP) granules, Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Plastic resins and specialty polymers.

To ensure product quality and compliance with applicable laws, it conducts quality checks at multiple stages of the production cycle. An in-house testing facility supports these processes through regular performance and compliance testing. The company’s manufacturing units are certified with ISO 9001:2015 (Quality Management Systems) and ISO 22000:2018 (Food Safety Management Systems). Furthermore, the company also holds a BIS (Bureau of Indian Standards) certification for food-grade packaging, which validates the suitability of packaging products for storage and transportation of food items.

Proceed is being used for:

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company
• Funding the Capital expenditure towards setting up phase IV at its existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal
• General corporate purposes

Industry overview

The packaging industry in India has emerged as a key driver of innovation and value creation across manufacturing sectors, particularly in FMCG, agriculture, and food processing. As of September 2024, India became the third-largest packaging market globally, surpassing Japan, with the industry exceeding Rs. 7,36,246 crore ($86 billion). Packaging now ranks as the fifth-largest sector of the Indian economy, expanding rapidly at 22-25% annually. This growth is fuelled by rising middle-class consumption, the boom in e-commerce, improvements in supply chains, and an increasing emphasis on food safety and quality. India’s food processing sector is adopting smart and innovative packaging, boosting food safety and positioning the country as a global hub for packaging materials.

India’s paper and packaging industry is poised for strong growth, supported by rising urbanisation, e-commerce expansion, and increasing demand from food processing and FMCG sectors. Sustainability is becoming a key driver, with recycled fibre already accounting for nearly three-fourths of paper production and the green packaging market projected to grow at 7.24% CAGR through 2023-2028. Government support through Make in India, MSME-focused budgetary measures, and 100% FDI are spurring investment, while innovations such as smart packaging with RFID and QR codes are enhancing efficiency and consumer engagement.

The outlook for India’s paper and packaging industry remains highly promising, supported by a growing population, rapid urbanisation, and rising disposable incomes. The boom in e-commerce and packaged food consumption is driving robust demand, while an increasing emphasis on sustainability is encouraging innovation in eco-friendly materials and practices. Government initiatives such as Make in India, MSME support, and large-scale infrastructure development are expected to further strengthen manufacturing capacity and streamline supply chains. Advances in technology are enhancing efficiency and quality standards, and rising export potential is opening new avenues for global expansion. Although challenges such as volatile raw material prices and competition from alternative materials persist, continued investments and a strong sustainability focus position the sector to consolidate its global standing and drive long-term growth.

Pros and strengths

Strong customer relationship: Over the past years, the company has forged healthy relationships with its customers across diverse industries. It has been consistently delivering reliable and high-quality products to its customers. These enduring relationships, driven by repeat business, provide it with clear visibility into future orders. It continues to secure regular orders from its long-standing customers. Its expertise in designing and delivering customized packaging solutions facilitates its customers flexibility as per their requirements. This strengthens its customer loyalty and also helps it in having an edge over other suppliers.

Multi - product portfolio & customisation capabilities: The company provides a comprehensive range of packaging solutions like Polypropylene Woven Fabrics, Polypropylene Sacks/Bags, BOPP bags, Leno Bags, FIBC Bags which are suitable for a wide array of usage like food items, chemicals, and mining materials. It aims to be a one-stop solution for all packaging requirements and are continuously working to expand its offerings in this area.

Quality standard certifications & quality tests: The company emphasizes the production of quality products. Comprehensive inspections are conducted at each stage of production to address any concerns promptly, ensuring compliance with industry standards before distributing its products to customers. The company’s commitment to excellence is demonstrated through clearly defined quality and production procedures. The company’s products consistently meet global standards, backed by certifications for Manufacturing units I and II - ISO 9001:2015 and ISO 22000:2018, respectively. Further, it also possesses BIS Certification for food grade packaging for sugar, rice and other products.

Risks and concerns

Significant revenue dependence on top customers: The company derives a significant portion of its revenue from operations from limited number of customers. The company has garnered 40.07%, 40.63% and 37.20% of its total revenue from top 10 customers in FY26, FY25 and FY24 respectively. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows. Any adverse change in the business relationship with one or more of its top 10 customers, including a reduction in order volume, changes in contract terms, delayed payments, or termination, could materially and adversely affect its revenue, cash flows, and overall financial performance.

Revenue concentration in West Bengal and Eastern India: A major portion of the company’s revenue from operations is derived from customers situated in the state of West Bengal and, more broadly, from the eastern states of India. For the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, revenue from West Bengal accounted for 85.27%, 75.86% and 82.24% of its total revenue from operations, respectively. Revenue from operation from other eastern states accounted for 7.04%, 7.97% and 12.89%, for the same period. As a result, its business is significantly exposed to the regional economic, political, and environmental conditions in these geographies. Any adverse development affecting its business operations in these regions could have a negative impact on its revenue and results of operations.

Supplier concentration and supply disruption risk: The company’s reliance for raw materials is highly dependent on a few limited numbers of suppliers. The company has procured 72.72%, 62.94% and 50.88% of its raw material from top 10 suppliers in FY26. FY25 and FY24 respectively. The loss of one or more such suppliers, the deterioration of their financial condition or prospects, or higher demand from its competitors could adversely affect its supplies from these suppliers. Any adverse change in its business relationship with one or more of its top 10 suppliers, including a reduction in materials supplied, changes in contract terms, changes in payment terms, or termination of its orders, could materially and adversely affect its revenue, cash flows, and overall financial performance and also expose it to risks of supply disruptions, pricing volatility which may adversely impact its production schedules and financial performance.

Outlook

Injecto Polymers is engaged in the manufacturing of a diverse range of plastic packaging products and the trading of plastic granules and Polyvinyl Chloride (PVC) resins. The Company manufactures a wide range of packaging products, including Polypropylene (PP) Woven Fabrics, PP Woven Bags, Biaxially Oriented Polypropylene (BoPP) Bags, Leno Bags, Low-Density and Polyester Pouches, Flexible Intermediate Bulk Container (FIBC) Bags and Non-Woven Bags. The company has multi-product portfolio and customisation capabilities. On the concern side, the company’s reliance for raw materials is highly dependent on a few limited numbers of suppliers and the loss of one or more such suppliers, the deterioration of their financial condition or prospects, or higher demand from its competitors could adversely affect its supplies from these suppliers. Moreover, inadequate or interrupted supply and price fluctuation of its raw materials could adversely affect its business, results of operations, cash flows, profitability and financial condition.

The company is coming out with a maiden IPO of 56,12,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 98-100 per equity share. The aggregate size of the offer is around Rs 55.00 crore to Rs 56.12 crore based on lower and upper price band respectively. On performance front, the company’s total income has increased by 43.53% from Rs 26,185.35 lakh in FY 2025 to Rs 37,583.44 lakh in FY 2026. Moreover, its Profit After Tax (PAT) increased to Rs 1,601.28 lakh in fiscal 2026, compared to Rs 810.93 lakh in fiscal 2025, reflecting strong growth in profitability.

Meanwhile, the company intends to continue to invest in increasing its manufacturing capacities and its operational efficiencies, thereby increasing its customer satisfaction and improving its sales and profitability. The company intends to continue to focus on optimizing its manufacturing processes to generate higher volumes. The company is proposing to utilize Rs 2,961.96 lakhs towards expansion of its manufacturing capabilities. Besides, the company is actively working to expand its presence across other regions in India and have taken certain initiatives to increase its presence in other geographies. Once the company’s manufacturing capacity is increased, it will be able to cater to customers in other geographies as well and thereby expand its outreach.

Manika Plastech

• Manika Plastech is coming out with a 100% book building; initial public offering (IPO) of 3,07,99,418 shares of face value Rs 2 each in a price band Rs 40-43 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 11, 2026 and will close on September 16, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 20.00 times of its face value on the lower side and 21.50 times on the higher side.
• Book running lead manager to the issue is Pantomath Capital Advisors.
• Compliance officer for the issue is Karishma Himatbhai Waghela. 

Profile of the company

Manika Plastech is a design-led, precision engineered, rigid polymer packaging manufacturing company, catering to diversified critical industries such as energy storage, dairy and edible food products, paints, and chemicals. The company’s products are designed and developed in-house, with 30 designs registered as unique intellectual property, under the Designs Act, 2000 and the Designs Rules, 2001.

With focus on application specific performance, durability, product safety and efficiency, the company has its product portfolio built around precision engineered solutions such as high-performance battery casings, pail & thinwall containers, each tailoring to serve industrial and consumer use cases. These products and services cater to a broad spectrum of industries, including automotive, energy storage, telecommunications, paints, lubricants, agrochemicals, construction chemicals, food, and dairy, among others. The company undertakes production in injection moulded, rigid polymer components, such as precision battery casings that are integral to the performance and durability of energy storage systems. It also manufactures pails and thin wall containers. While pails serve packaging needs across paints, lubricants, and industrial chemicals, the food grade thinwall containers are used for secure packaging and distribution of dairy and edible products. The packaging is designed to align with the shelf life of the product it holds, ensuring that its structural strength, ability to protect, and ease of handling are maintained throughout the product’s expected lifecycle, across different end use environment.

The company provides RPP solutions to its customers, starting from design to development, sourcing raw materials, manufacturing, heat sealing, labelling, quality assurance and to delivery. Over the years, it has developed the capability of providing its customers with customized packaging products. Its facilities are equipped to design automotive battery casings compliant with Japanese and German technical standards developed and published by Japanese Industrial Standards (JIS) and Deutsches Institut Fur Normung (DIN), respectively which enables it to align its products with the final product specifications and quality requirements of its customers. JIS and DIN ensure compatibility with existing filling and labelling lines and providing consistent performance characteristics.

Proceed is being used for: 

• Funding the capital expenditure towards purchase of plant and machinery
• Repayment and/or pre-payment, in part or full, of certain borrowings availed by the company
• General corporate purposes

Industry overview

The India's packaging industry spans a variety of materials, formats, and applications, serving multiple industries. From major food & beverage companies to pharmaceutical firms, battery manufacturers to e-commerce businesses, effective and innovative packaging solutions are essential for product protection, preservation, branding, and enhancing consumer convenience. Additionally, government initiatives aimed at promoting organized retail and food safety are driving the need for high quality, standardized packaging solutions. In FY 2025, the Indian packaging market was valued at Rs 7,274.69 billion, marking a growth of 2.70% CAGR from Rs 6,204.18 billion in FY 2019. Further, the market is projected to expand at a CAGR of 6.00%, reaching Rs 9,195.36 billion by FY 2029. Meanwhile, rigid plastic packaging, made from durable materials like polypropylene (PP), polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polyvinyl chloride (PVC), holds a significant 34.20% share of the plastic packaging market in FY 2025. The Indian RPP market has a large Total Addressable Market (TAM), with a market size of Rs 1,066.65 billion in FY 2025. It is projected to grow at a CAGR of 6.75%, reaching Rs 1,385.22 billion by FY 2029.

The sector is divided into two main segments: Consumer and Industrial. In FY 2025, rigid plastic packaging for the consumer segment accounted for 70.45% of the market, focusing on visually appealing containers, tubs, and bottles that are designed to attract consumer attention at the point of sale. Industries that utilize consumer rigid plastic packaging include paint & lubricants, energy sector, food and beverages, personal care, consumer goods, ecommerce, pharmaceuticals, agrochemicals, construction chemicals etc. On the other hand, the industrial segment of rigid plastic packaging includes durable, functional solutions like drums and stackable bins, designed to safely transport and store bulk materials throughout the supply chain. Key industries using industrial rigid plastic packaging include chemical and petrochemical, automotive, agriculture & agrochemicals, construction, electronics, medical & laboratory etc.

Meanwhile, the battery casing sector in India is gaining momentum alongside the rapid growth of battery storage systems and renewable energy integration. Battery casings are critical components that ensure the safety, structural integrity, and thermal management of battery packs. The battery casing market in India is valued at Rs 39.00 billion in FY 2025 and is expected to grow at a CAGR of 12.00% in the next four years to reach a market value of Rs 61.00 billion by FY 2029. India's battery storage sector is witnessing significant growth, fuelled by the country’s focus on renewable energy, the rising adoption of electric vehicles (EVs), and the increasing use of distributed energy systems. As India advances toward a sustainable energy future, battery storage is becoming essential for maintaining grid stability, enhancing energy efficiency, and enabling decarbonization.

Pros and strengths 

Customer proximity and operational efficiency: The company has a customer focused manufacturing strategy, wherein most of its operating facilities and warehouses are situated in close proximity to its customers, with an intent to offer enhanced customer service, convenience and accessibility to its customers by facilitating their effective and reliable sourcing, flexible production planning and inventory management. The company’s widespread operational network gives it a competitive advantage as it facilitates integration of its products into its customers’ manufacturing workflows by reducing overall delivery time, inventories and related costs and infrastructure.

Strong entry barriers in the RPP industry: The RPP industry requires manufacturing infrastructure that can scale with the demand and growth strategy of the leading end-product manufacturers. For instance, over the years it has established six Manufacturing Facilities across northern, western, and southern regions of India, out of which four Manufacturing Facilities and two warehouses have been established in proximity to its customers to increase their accessibility and to enable it to offer targeted solutions and improved customer service. The company’s customers generally prefer working with a limited number of suppliers to ensure consistent quality, reliable quantities, and streamlined procurement processes, which creates a barrier to entry for others. The company’s association with key customers for over two decades gives it a competitive edge over new entrants in the industry. Market knowledge, financial resources, and the time involved in developing a stable customer base present significant entry barrier for competition.

Integrated design-to-delivery solutions: To meet evolving customer demands, the company has launched new products either independently or on their request, by leveraging its experience, market insights, and in-house design and development team. Its manufacturing infrastructure is equipped to offer RPP products to its customers, right from design to delivery. It provides one-stop-shop services to its customers, which starts from product design and development, mould design, product manufacturing, quality testing, packing, and delivery. Once the designs of its products are finalised, the corresponding moulds are manufactured through third parties specialised therein. As part of its new product development initiative, it takes full ownership of the entire process, from in-house design and development to coordinating with mould makers, reviewing and approving their designs, and ultimately procuring the required moulds and then manufacture the end product, ensuring the delivery of a high-quality final product to its customers.

Strong quality assurance and customer approvals: The company has implemented quality assurance systems and standard operating procedures in all of its Operating Facilities, which enables it to meet the requirements of its customers and maintain its track record of reliability. The company has gone through its customers’ internal supplier approval and audit processes of its key customers across its product divisions. Such audit exercise included quality certifications, inspection of records of training, customer complaints, corrective action taken pursuant to the complaints, infrastructure inspection, review of standard operating procedure and traceability of products, among others. Obtaining such approvals is time consuming, which constitutes barrier-to-entry for new players.

Risks and concerns

High customer concentration risk: About 58%-69% of its operating revenue came from its top five customers, though it served between 168 - 242 customers during the three months ended June 30, 2026, and the prior three Fiscals. The loss of any of its top customers, or the loss of revenue from these top customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

High revenue dependence on battery casings: Out of the company’s diversified product portfolio, about 54% - 68% of its revenue from operations was derived from the sale of battery casings during the three-month period ended June 30, 2026 and the preceding three Fiscals. Any significant loss of sales in its battery casings could have an adverse effect on its business, financial condition, results of operations and cash flows.

Reliance on repeat customer relationships: The company has derived about 93%-98% of its revenue from operations from repeat customers in the three-month period ended June 30, 2026 and the preceding three Fiscals, and any loss of, or a significant reduction in the repeat customers or revenue generated from them could adversely affect its business, results of operations, financial condition and cash flows.

Risk of loss of longstanding customers: The company has longstanding relationship with several of its customers. It has entered into long term supply agreements with only a few of them. Customers who have partnered with the company for over a decade contributed 43.75%, 42.34%,42.15% and 31.30% to its revenue from operations during the three-month period ended June 30, 2026, and in Fiscal 2026, 2025, and 2024, respectively. If these customers stop or reduce buying from it, the company may not have any recourse against them and it may have an adverse effect on its business, financial condition, cash flows and results of operations.

Outlook

Manika Plastech is engaged in the manufacturing of rigid polymer packaging products, including battery casings, pails and thinwall containers. The company manufactures battery casings, pails and thinwall containers, which cater to various industrial and consumer applications. The company operates 6 manufacturing facilities and 1 painting facility across India. Its manufacturing units produce battery casings, pails, thinwall containers and automotive components, while the painting facility is used for painting automotive components. On the concern side, while the company has maintained relationships with several key customers for over a decade, only a few of these are backed by long-term supply agreements. If these customers stop or reduce buying from it, the company may not have any recourse against them and it may have an adverse effect on its business, financial condition, cash flows and results of operations.

The issue has been offering 3,07,99,418 shares in a price band of Rs 40-43 per equity share. The aggregate size of the offer is around Rs 123.20 crore to Rs 132.44 crore based on lower and upper price band respectively. Minimum application is to be made for 348 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operation increased by Rs 294.80 million i.e. 7.25% to Rs 4,359.82 million in Fiscal 2026 from Rs 4,065.02 million in Fiscal 2025. The increase was primarily attributable to volume growth in Pail, Thinwall and Paint business. Moreover, the company recorded a profit of Rs 224.02 million in Fiscal 2026 compared to profit of Rs 193.31 million in Fiscal 2025.

Meanwhile, the company focuses on delivering precision-crafted RPP solutions that meet the specific requirements of customers engaged in industries such as automotive, fertilizer, railways, renewable energy, food, paint, lubricants, construction chemicals amongst others. It presently caters to select sectors in the FMCG industry, with ISBM products it shall foray into new industry segments such as, personal care, cosmetic, beverage and pharmaceutical applications, among others. ISBM is used for producing high-quality PET bottles, jars for water, juices, edible oils, dairy products, personal care & cosmetics containers like shampoo bottles, lotions, and creams etc. with superior strength and clarity. It intends to leverage the proposed technology to widen its products and end use applications.