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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.

Network People Services Technologies has informed that it enclosed the copies of the Newspaper Advertisements published on September 06, 2026 in ‘Financial Express’ Newspaper (English) and ‘Mumbai Lakshdeep’ Newspaper (Marathi), with respect to completion of dispatch of Annual Report for FY 2025-26 along with Notice of 13th Annual General Meeting (‘AGM’) of the company scheduled to be held on Monday, September 28, 2026 at 12:30 PM (IST) through VC/ OAVM. The above information will also be made available on the website of the Company www.npstx.com.

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