amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Manipal Payment & Identity Solutions Ltd (Manipal Cards) Unlisted Shares
DRHP Status : Not Filed
412
Fundamentals About Manipal Payment & Identity Solutions Ltd (Manipal Cards)
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Manipal Payment & Identity Solutions Ltd (Manipal Cards)
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 902 | 1248 | 1256 |
| 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 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 111 | 94 | 116 |
| CWIP | 0.1 | 4 | 12 |
| Investments | 0 | 0 | 172 |
| Trade Receivables | 153 | 119 | 139 |
| Inventory | 142 | 112 | 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 |
About Company
Manipal Payment & Identity Solutions Ltd (MPi), founded in 2008 and based in Udupi, Karnataka, is a leading provider of payment cards, wearables, and secure identification solutions for banks, fintechs, and governments. As part of the Manipal Group, MPi ranks 14th globally in payment card shipment (2023) and specializes in manufacturing eco-friendly metal, LED, and smart cards
The following table shows a 10-point analysis of Manipal Payment and Identity Solutions Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 2008 | A leading provider of payment cards and identity solutions. |
| Industry | Fintech · Smart Cards | Operates in payment, personalization, and secure ID solutions. |
| Core Products | Payment cards · wearables · ID solutions | Serves banks, fintechs, and government clients. |
| Global Presence | Top 15 globally (card shipments) | Strong positioning in global smart card manufacturing. |
| Revenue | ₹1,256 Cr (FY25) | Strong scale with consistent growth over years. |
| Profitability | ₹282 Cr PAT (FY25) | Significant improvement in profitability margins. |
| EBITDA | ₹387 Cr (FY25) | Healthy operating performance with margin expansion. |
| Net Worth | ₹619.70 Cr (FY25) | Strong balance sheet growth. |
| Business Model | B2B solutions provider | Works with banks, fintechs, and government institutions. |
| Outlook | High growth fintech infra | Benefiting from digital payments expansion. |
Company Overview
(i) Manipal Payment and Identity Solutions Limited is a technology-driven payment and identity solutions provider, headquartered in Manipal, Karnataka.
(ii) The company is part of the Manipal Group, a well-established conglomerate with presence across multiple sectors.
(iii) It manufactures payment cards, smart cards, metal cards, wearables, and secure identity solutions for financial institutions and governments.
(iv) The company operates advanced manufacturing and personalization facilities, compliant with global standards like Visa, Mastercard, and RuPay.
(v) Its business benefits from growing digital payments adoption, fintech expansion, and increasing demand for secure identity solutions.
Challenges in Manipal Payment and Identity Solutions Limited’s Business
- Technology dependency: Rapid changes in payment technologies require continuous innovation and capital investment.
- Client concentration risk: Heavy reliance on banks and fintech clients may impact revenues if contracts change.
- Regulatory environment: Compliance with financial and data security regulations can impact operations.
Financial Review of Manipal Payment and Identity Solutions Limited
Here are some highlights of the financial performance of Manipal Payment and Identity Solutions Limited over the past few years.
FY25 Performance
• Revenue from operations stood at ₹1,256 crore
• EBITDA reported at ₹387 crore
• Profit before tax stood at ₹354 crore
• Profit after tax reported at ₹282 crore
FY24 Performance
• Revenue from operations stood at ₹1,248 crore
• EBITDA reported at ₹336 crore
• Profit before tax stood at ₹300 crore
• Profit after tax reported at ₹249 crore
FY23 Performance
• Revenue from operations stood at ₹902 crore
• EBITDA reported at ₹160 crore
• Profit before tax stood at ₹132 crore
• Profit after tax reported at ₹118 crore
Summary
Manipal Payment and Identity Solutions Limited is a high-growth fintech infrastructure company showing strong revenue expansion and margin improvement. With increasing digital transactions and card usage, the company is well-positioned for future growth.
Click Here to visit the official website of Manipal Payment and Identity Solutions Limited.
Promoters of Manipal Payment and Identity Solutions Limited
The following are the active promoters/leadership associated with the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| Manipal Technologies Limited | Promoter | - |
| Promoter Group (Manipal Group) | Majority Shareholder | - |
Shareholding Pattern of Manipal Payment & Identity Solutions Ltd (Manipal Cards)
| Name | Holding |
|---|---|
| Manipal Technologies Limited | 62.65% |
| Touchstone Trust Scheme Iv | 7% |
| Others | 30.35% |
Promoters of Manipal Payment & Identity Solutions Ltd (Manipal Cards)
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Kukkundoor Girish Kini | CEO | 25+ |  |
| Jnaneshwara Prabhu | COO | 25+ | |
| Ramanath Pai | CFO | 12+ | |
Latest News
Latest Post
Coming soon...
Coming soon...
Frequently Asked Questions
These are shares of the company traded privately before listing on stock exchanges.
Yes, you can buy Manipal Payment and Identity Solutions Limited shares subject to availability in the unlisted market.
Yes, the shares must be held in dematerialized form.
Yes, the company Manipal Payment and Identity Solutions Limited has shown consistent profit growth from FY23 to FY25.
Major risks of investing in Manipal Payment and Identity Solutions Limited include technology disruption, regulatory compliance, and client concentration.
Long-term gains (after 2 years) are taxed at 20% with indexation, otherwise taxed as per slab rates.
+91-9599071664
amit@unlistedkraft.in