| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 902 | 1248 | 1248 |
| Cost of Material Consumed | 535 | 579 | 458 |
| Change in Inventory | -9 | 16 | 3 |
| Gross Margins | 41.69 | 52.32 | 63.3 |
| Employee Benefit Expenses | 63 | 90 | 104 |
| Other Expenses | 153 | 227 | 304 |
| EBITDA | 160 | 336 | 387 |
| OPM | 17.74 | 26.92 | 30.81 |
| Other Income | 18 | 20 | 131 |
| Finance Cost | 12 | 20 | 109 |
| D&A | 35 | 35 | 55 |
| EBIT | 125 | 301 | 332 |
| EBIT Margins | 13.86 | 24.12 | 26.43 |
| PBT | 132 | 300 | 354 |
| PBT Margins | 14.63 | 24.04 | 28.18 |
| Tax | 14 | 51 | 72 |
| PAT | 118 | 249 | 282 |
| NPM | 13.08 | 19.95 | 22.45 |
| EPS | 28.53 | 12.04 | 13.66 |
| Financial Ratios | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 17.74 | 26.92 | 30.81 |
| Net Profit Margin | 17.74 | 19.95 | 22.45 |
| Earning Per Share (Diluted) | 28.53 | 12.04 | 13.66 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 111 | 94 | 116 |
| CWIP | 0.1 | 4 | 12 |
| Investments | 0 | 0 | 172 |
| Trade Receivables | 153 | 112 | 139 |
| Inventory | 142 | 119 | 109 |
| Other Assets | 206.9 | 774 | 862 |
| Total Assets | 613 | 1103 | 1410 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 41.36 | 41.36 | 41.3 |
| FV | 10 | 2 | 2 |
| Reserves | -134 | 48 | 263 |
| Borrowings | 97 | 449 | 473 |
| Trade Payables | 131 | 89 | 92 |
| Other Liabilities | 477.64 | 475.64 | 540.7 |
| Total Liabilities | 613 | 1103 | 1410 |
| Cash-Flow Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| PBT | 131 | 300 | 354 |
| OPBWC | 167 | 346 | 397 |
| Change in Receivables | -104 | 29 | -15 |
| Change in Inventories | -64 | 30 | 2.7 |
| Change in Payables | 55 | -42 | 0.8 |
| Other Changes | 10 | -1 | -28.5 |
| Working Capital Change | -103 | 16 | -40 |
| Cash Generated From Operations | 64 | 362 | 357 |
| Tax | -21 | -53 | -73 |
| Cash Flow From Operations | 43 | 309 | 284 |
| Purchase of PPE | -2 | -12 | -66 |
| Sale of PPE | 0 | 0 | 0.3 |
| Cash Flow From Investment | 7 | -76 | -586 |
| Borrowing | 27 | 367 | -13 |
| Dividend | -4.13 | -4 | 0 |
| Equity | 0 | 0 | 0 |
| Others From Financing | -68.87 | -96 | -160 |
| Cash Flow from Financing | -46 | 267 | -173 |
| Net Cash Generated | 4 | 500 | -475 |
| Cash at the Start | 0.4 | 5 | 505 |
| Cash at the End | 4.4 | 505 | 30 |
Manipal Payment & Identity Solutions Ltd (popularly known as Manipal Cards) is a leading provider of secure card manufacturing, payment solutions, and identity management services in India. As part of the Manipal Group, the company has built a strong reputation for delivering high-security printing and smart card solutions to banks, government bodies, telecom operators, and large enterprises. Its offerings range from debit and credit cards to prepaid cards, transit cards, loyalty cards, SIM cards, and ID cards, making it a critical player in India’s secure card ecosystems. With state-of-the-art manufacturing facilities and advanced personalization technology, Manipal Cards ensures high standards of security, compliance, and reliability—qualities essential for institutions that rely on accurate identity verification and seamless payment experiences.
The unlisted shares of Manipal Payment & Identity Solutions Ltd attract investor interest due to the company’s stable and expanding presence in the fast-growing digital payment and identity authentication sectors. As India’s banking and fintech ecosystem scales, the demand for EMV chips, RuPay cards, contactless payment cards, and secure digital identity formats continues to rise. Additionally, government-led initiatives such as smart city projects, national ID programs, transportation cards, and e-governance solutions contribute to a sustained market for secure card issuance and personalization services. Investors typically view Manipal Cards as a mature, operations-driven business with strong client relationships and consistent revenue streams, backed by the legacy, credibility, and large-scale capability of the Manipal Group.
Looking forward, Manipal Cards is well-positioned to benefit from long-term structural trends such as cashless payments, digital identity adoption, cybersecurity enhancements, and the expansion of fintech-led services. The company’s focus on innovation—such as biometric cards, contactless solutions, and environmentally sustainable card materials—further enhances its growth prospects. For investors in the unlisted space, Manipal Cards offers a relatively stable opportunity with potential for steady expansion as India continues to modernize its payment infrastructure. While unlisted shares carry inherent risks like limited liquidity and slower exit options, the established market presence and future-oriented offerings of Manipal Payment & Identity Solutions Ltd make it a compelling consideration for those seeking exposure to the evolving digital payments and identity solutions industry.
Q:1 How can I book Manipal Payment & Identity Solutions Ltd (Manipal Cards) shares?
Answer: You can book shares by confirming your order with us at a specified trading price.
Q:2 What documents do I need to provide to purchase Manipal Cards?Answer: You need to provide your client master report, PAN Card, and a cancelled cheque if not transferring funds from the bank account mentioned in the client master report.
Q:3 Why do I need to submit KYC documents when buying shares?Answer: KYC documents are required as per SEBI regulations to verify your identity and ensure compliance with financial regulations.
Q:4 How will I know where to transfer the funds for my purchase?
Answer: We will provide you with the bank details necessary for the transfer once your booking is confirmed.
Q:5 What methods of payment are accepted for purchasing Manipal Cards?
Answer: Payments must be made via RTGS, NEFT, IMPS, or cheque transfer.Cash deposits are not accepted.
Q:6 Can I transfer funds from any bank account to purchase shares?
Answer: No, you must transfer funds from the same bank account where the shares will be credited.
Q:7 Is there a specific time frame for transferring the payment after booking the shares?Answer: While the specific time frame may vary, it is recommended to complete the payment promptly after confirming your booking to ensure a smooth transaction.
Q:8 What happens if I don’t provide the required documents for the purchase?Answer: If the required documents are not provided, your transaction may be delayed or unable to be processed as per SEBI regulations.