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10 Yrs X-Ray 
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Manika Plastech Ltd (MANIKA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544929 NSE: MANIKA Plastic Products | Small Cap | Manika Plastech Share Price
₹42.70 1.14 (2.74%)
As on 23-Sep'26 16:01
Manika Plastech Ltd (MANIKA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544929 NSE: MANIKA Plastic Products | Small Cap | Manika Plastech Share Price
₹42.70 1.14 (2.74%)
As on 23-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹484 Cr.
Current Price
₹42.7
52-Week Low / High
₹41 / 43
TTM EPS
₹1.9
TTM Sales
₹436 Cr.
Book Value per Share
₹20.6
P/E Ratio
21.62
Industry PE
36.7
Price to Book (P/B)
2.02
Price to Sales (P/S)
1.11
EV/EBITDA
9.63
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
16.42%
Outperforms industry median
Return on Capital Employed (ROCE)
19.84%
Outperforms industry median
Return on Assets (ROA)
6.95%
Operating Profit Margin
13.4%
Net Profit Margin
5.14%
Gross Profit Margin
10.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
7.25%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
28.34%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
15.88%
Asset Quality
Promoter Holding
74.95%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹217 Cr.
Equity
₹23.3 Cr.
Face Value
₹2
All Time Low / High
₹40.86 / 43.10
Check Before You Invest
Quality
Very GoodValuation
NACheck Valuation charts
Price Trend
Weak
Is Manika Plastech Ltd a good quality company?
Manika Plastech Ltd is a quality company, based on a multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Manika Plastech Ltd performance compare with that of its Peers?
Revenue growth of Manika Plastech Ltd vs industry peers?
Manika Plastech Ltd revenue CAGR is 10.22%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Manika Plastech Ltd?
Promoters hold 74.95% of the Manika Plastech Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Manika Plastech Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Manika Plastech Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 10.2% | 12.3% | 10.5% | 10.2% | 10.3% | 14.3% | 15.5% | 14.2% | 18.3% | 19.8% | - |
| Value Creation Index ⓘ | -0.3 | -0.1 | -0.3 | -0.3 | -0.3 | 0.0 | 0.1 | 0.0 | 0.3 | 0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 212 | 248 | 257 | 287 | 268 | 333 | 397 | 361 | 407 | 436 | 436 |
| Sales YoY Gr. | - | 17.3% | 3.5% | 11.5% | -6.5% | 24.4% | 19% | -9.1% | 12.7% | 7.3% | - |
| Adj EPS ⓘ | 0.4 | 0.7 | 0.5 | 0.5 | 0.7 | 1.1 | 1.3 | 1.2 | 2 | 2.3 | 1.9 |
| YoY Gr. | - | 97.1% | -29% | 0% | 40.8% | 60.9% | 15.3% | -9.4% | 75.9% | 13.2% | - |
| BVPS (₹) ⓘ | 7.6 | 8.3 | 8.8 | 9.1 | 9.8 | 10.1 | 11.1 | 11.4 | 13.2 | 15.5 | 20.6 |
| Adj Net Profit ⓘ | 3.5 | 6.9 | 4.9 | 4.9 | 6.9 | 10.6 | 12.2 | 11 | 19.4 | 22 | 22 |
| Cash Flow from Ops. ⓘ | 15.1 | 13.8 | 22.7 | 36 | 16.9 | 28.2 | 39.6 | 31.6 | 34 | 40.3 | - |
| Debt/CF from Ops. ⓘ | 3.7 | 5.3 | 3.5 | 1.5 | 3.1 | 2.2 | 1.4 | 2.9 | 2.9 | 2.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.4% | 10.2% | 3.2% | 7.3% | ||||
| Adj EPS ⓘ | 23.3% | 27.3% | 21.8% | 13.2% | ||||
| BVPSⓘ | 8.2% | 9.6% | 11.7% | 17.9% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 4.6 | 8.7 | 5.7 | 5.4 | 7.3 | 10.9 | 12 | 10.3 | 16.6 | 16.1 | 10.6 |
| Op. Profit Mgn % ⓘ | 10.3 | 10.4 | 10.2 | 8.4 | 9.2 | 9.5 | 8.6 | 8.6 | 11.2 | 13.4 | NAN |
| Net Profit Mgn % ⓘ | 1.6 | 2.8 | 1.9 | 1.7 | 2.6 | 3.2 | 3.1 | 3.1 | 4.8 | 5 | 5.1 |
| Debt to Equity ⓘ | 0.7 | 0.9 | 0.9 | 0.6 | 0.5 | 0.7 | 0.5 | 0.9 | 0.8 | 0.6 | - |
| Working Cap Days ⓘ | 146 | 128 | 131 | 110 | 116 | 98 | 84 | 114 | 124 | 136 | 0 |
| Cash Conv. Cycle ⓘ | 95 | 76 | 77 | 69 | 72 | 61 | 44 | 65 | 70 | 77 | 0 |
Valuation of Manika Plastech - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 287 | 268 | 333 | 397 | 361 | 407 | 436 |
| Operating Expenses ⓘ + | 263 | 243 | 302 | 363 | 330 | 361 | 378 |
| Operating Profit ⓘ | 24 | 25 | 31 | 34 | 31 | 45 | 58 |
| Operating Profit Margin (%) | 8.4% | 9.2% | 9.4% | 8.5% | 8.6% | 11.1% | 13.3% |
| Other Income ⓘ + | 1 | 0 | 1 | 2 | 8 | 6 | 1 |
| Interest ⓘ | 8 | 6 | 7 | 7 | 9 | 13 | 15 |
| Depreciation ⓘ | 10 | 10 | 10 | 11 | 13 | 13 | 14 |
| Profit Before Tax ⓘ | 8 | 10 | 15 | 18 | 16 | 25 | 30 |
| Tax ⓘ | 2 | 3 | 5 | 5 | 5 | 6 | 8 |
| Profit After Tax | 6 | 7 | 11 | 12 | 12 | 19 | 22 |
| PAT Margin (%) | 2.0% | 2.6% | 3.3% | 3.1% | 3.2% | 4.8% | 5.1% |
| Adjusted EPS (₹) | 0.6 | 0.7 | 1.1 | 1.3 | 1.2 | 2.0 | 2.4 |
| Dividend Payout Ratio (%) | 34.20% | 0% | 0% | 23.10% | 16.50% | 10.80% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 91 | 98 | 96 | 106 | 108 | 125 | 148 | ||||
| Debt + | 53 | 52 | 61 | 51 | 85 | 86 | 76 | ||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Trade Payables | 18 | 22 | 24 | 32 | 15 | 34 | 27 | ||||
| Others Liabilities ⓘ | 11 | 14 | 13 | 18 | 45 | 75 | 74 | ||||
| Total Liabilities ⓘ | 174 | 186 | 194 | 207 | 253 | 321 | 324 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 70 | 71 | 79 | 84 | 126 | 153 | 156 | ||||
| CWIP ⓘ | 2 | 2 | 3 | 8 | 15 | 3 | 6 | ||||
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Inventories | 31 | 41 | 42 | 42 | 39 | 65 | 61 | ||||
| Trade Receivables | 56 | 60 | 59 | 52 | 45 | 61 | 66 | ||||
| Cash Equivalents | 1 | 1 | 1 | 0 | 0 | 1 | 0 | ||||
| Others Assets ⓘ | 13 | 13 | 11 | 20 | 27 | 38 | 35 | ||||
| Total Assets ⓘ | 174 | 186 | 194 | 207 | 253 | 321 | 324 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 36 | 17 | 28 | 40 | 35 | 37 | 44 |
| Cash Flow From Investing Activity ⓘ + | -1 | -10 | -19 | -21 | -53 | -23 | -19 |
| Cash Flow From Financing Activity ⓘ + | -36 | -7 | -9 | -18 | 18 | -13 | -26 |
| Net Cash Flow ⓘ | -0 | 0 | 0 | -0 | -0 | 1 | -1 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 6.41 | 7.38 | 11.13 | 12.22 | 10.79 | 16.58 | 16.42 | |||
| ROCE (%) | 10.97 | 10.33 | 14.25 | 15.5 | 14.23 | 18.34 | 19.84 | |||
| Asset Turnover Ratio | 2.07 | 1.87 | 2.19 | 2.46 | 1.57 | 1.42 | 1.35 | |||
| PAT to CFO Conversion(x) | 6 | 2.43 | 2.55 | 3.33 | 2.92 | 1.95 | 2 | |||
| Working Capital Days | ||||||||||
| Receivable Days | 57.20 | 62.90 | 52 | 41 | 49 | 47.50 | 53 | |||
| Inventory Days | 32 | 39.10 | 36.20 | 31.20 | 41.50 | 46.70 | 52.50 | |||
| Payable Days | 32.70 | 40 | 34.80 | 35.60 | 34.10 | 32.90 | 38.40 | |||
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Manika Plastech Ltd FAQs
The current trading price of Manika Plastech on 23-Sep-2026 16:01 is ₹42.70.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Sep-2026 the market cap of Manika Plastech stood at ₹484.2 Cr
The latest P/E ratio of Manika Plastech as of 22-Sep-2026 is 21.61.
The latest P/B ratio of Manika Plastech as of 22-Sep-2026 is 2.02.
The 52-week high of Manika Plastech is ₹43.10 and the 52-week low is ₹40.86.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Manika Plastech is ₹436 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Manika Plastech Ltd is a good quality company.
No data found
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Manika Plastech Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Manika Plastech Ltd
Manika Plastech was incorporated under the Companies Act, 1956 as a private limited company under the name and style of ‘Manika Moulds Private Limited’ pursuant a certificate of incorporation dated April 25, 1996 issued by the Additional Registrar of Companies, Maharashtra at Mumbai. Pursuant to an order dated December 10, 2014 passed by the Regional Director, Western Region, Mumbai, and pursuant to the resolutions passed by its Board of Directors at its meeting held on June 2, 2014 and by the Shareholders in the extra-ordinary general meeting held on June 28, 2014, the Registered Office of the company was shifted from State of Maharashtra to State of Gujarat. Further, in order to align the name of the company with the business operations carried out and with the main objects clause included in the Memorandum of Association, pursuant to resolutions passed by its Board of Directors at its meeting held on January 25, 2022 and by its Shareholders in the extra-ordinary general meeting held on January 28, 2022, the name of the company was changed to ‘Manika Plastech Private Limited’ and a fresh certificate of incorporation dated April 25, 2022 was issued by the Registrar of Companies, Gujarat at Ahmedabad. Subsequently, pursuant to resolutions passed by its Board of Directors at its meeting held on November 04, 2024 and by its Shareholders in the extra-ordinary general meeting held on November 28, 2024, the company was converted into a public limited company, consequent to which its name was changed to ‘Manika Plastech Limited’, and a fresh certificate of incorporation dated December 18, 2024, consequent to such conversion was issued by the Registrar of Companies, Central Processing Centre.
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. 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.
Business area of the company
The company 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.
Products of the company
- Battery casings
- Pails
- Thinwall packaging containers
- Painting of automotive components
Key awards, accreditations and recognitions
- 2008: Honoured with an award in appreciation of the company’s good exposition and active participation in the 17th International Exhibition ‘Autonomous Power Sources’.
- 2014: Honoured with a gold award in loss elimination by Luminous Power Technologies Private Limited during the Business Partners Meet.
- 2016: Honoured with the title of ‘best performance silver’ in the category of innovation by Luminous Power Technologies Private Limited.
- 2021: Honoured with an award in recognition of the company’s customer support with seamless communication by one of its customers engaged in manufacturing of batteries.
- 2022: Honoured with the title of ‘major participant’ at the 16th PowerOn Battery Industry B2B Trade Exhibition and Technical Conference.
- 2023: Received a letter of appreciation from customer, Minda Storage Batteries Private Limited, in recognition of excellent service and timely support during December, 2022.
- 2023: Received a certificate of appreciation from Kansai Nerolac Paints Limited in recognition of support and invaluable contribution.
- 2023: Honoured with an award in appreciation of support at the PaintIndia 2023.
- 2023: Received an award for participating in the Global Partner Meet 2023, organized by Genus.
- 2024: Received a certificate of appreciation from Kansai Nerolac Paints Limited in recognition of valued contribution at the Nerolac Supplier Conference, 2024.
- 2024: Received an award for participating in the Global Partner Meet 2024, organized by Genus.
- 2025: Recognised as one of the major participants at the 19th PowerOn Battery Industry B2B Trade Exhibition and Technical Conference.
- 2025: Received a certificate from Great Place to Work, India, certifying the company as a great workplace in the category of mid-size organisations.
Quality certifications
- 2023: ISO 14001:2015 (Environmental Management System) from DQS Inc. for Manufacturing Facility situated at Una, Himachal Pradesh.
- 2023: ISO 45001:2018 (Occupational Health and Safety Management System) from DQS Inc. for Manufacturing Facility situated at Una, Himachal Pradesh.
- 2024: IATF 16949 First Edition 2016-10-01 (Quality Management System) from TUV SUD Management Service GmbH for Manufacturing Facility situated at Hosur, Tamil Nadu.
- 2024: ISO 9001:2015 (Quality Management System) from TUV SUD South Asia Private Limited for Manufacturing Facility situated at Hosur, Tamil Nadu.
- 2024: ISO 14001:2015 (Environmental Management System) from Trans Continental Certifications Private Limited for Manufacturing Facilities situated at Dehradun, Uttarakhand.
- 2024: ISO 45001:2018 (Occupational Health and Safety Management System) from Trans Continental Certifications Private Limited for Manufacturing Facility situated at Hosur, Tamil Nadu.
- 2025: ISO 14001:2015 (Environmental Management System) from Trans Continental Certifications Private Limited for Manufacturing Facility situated at Dadra, Dadra and Nagar Haveli and Daman and Diu.
- 2025: ISO 14001:2015 (Environmental Management System) from Trans Continental Certifications Private Limited for Painting Facility situated at Hosur, Tamil Nadu.
- 2025: ISO 45001:2018 (Occupational Health and Safety Management System) from Trans Continental Certifications Private Limited for Manufacturing Facilities situated at Dadra, Dadra and Nagar Haveli and Daman and Diu.
- 2026: ISO 9001:2015 (Quality Management System) from TUV SUD Management Service GmbH for Painting Facility situated at Hosur, Tamil Nadu.
- 2026: ISO 9001:2015 (Quality Management System) from TUV SUD South Asia Private Limited for Manufacturing Facility situated at Dadra, Dadra and Nagar Haveli and Daman and Diu.
- 2026: ISO 9001:2015 (Quality Management System) from TUV SUD South Asia Private Limited for Corporate Office.
- 2026: ISO 9001:2015 (Quality Management System) from TUV SUD South Asia Private Limited for Manufacturing Facility situated at Panipat, Haryana.
- 2026: ISO 9001:2015 (Quality Management System) from TUV SUD South Asia Private Limited for Manufacturing Facility situated Una, Himachal Pradesh.
Major events and milestones
- 1999: Set up a manufacturing facility in Saily. Supplied to Nilkamal Limited.
- 2008: Set up a Manufacturing Facility in Dehradun.
- 2010: Set up a Manufacturing Facility in Hosur.
- 2010: Implemented SAP software for facilitating centralized data management of all Manufacturing Facilities.
- 2012: Diversified product portfolio by adding paint pails.
- 2017: Set up a Manufacturing Facility in Una.
- 2021: Set up an additional Manufacturing Facility in Dehradun.
- 2023: Set up a Manufacturing Facility in Dadra.
- 2023: Diversified product portfolio by adding thinwall containers.
- 2023: Set up a Painting Facility in Hosur.
- 2024: Set up a Manufacturing Facility in Panipat.
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