Unlisted Shares
Manipal Payment & Identity Solutions Ltd (Manipal Cards)
Manipal Payment & Identity Solutions Ltd
Verified Unlisted CompanyOff-market Transfer · NSDL / CDSL
About Manipal Payment & Identity Solutions Ltd (Manipal Cards)
Manipal Payment & Identity Solutions Ltd (MPISL), part of the Manipal Group, is one of India’s leading providers of secure payment and identity solutions. The company specializes in manufacturing smart cards, banking cards, SIM cards, RFID solutions, and secure identity documents. It serves banks, telecom operators, government institutions, and enterprises, enabling secure digital transactions and identity verification. With India’s increasing push towards digital payments, fintech adoption, and identity security, MPISL is well-positioned in a high-growth segment.
Share Details
| company Name | Manipal Payment & Identity Solutions Ltd |
| indicative Unlisted Share Price | ₹544 |
| market Capitalization | ₹8850 Cr |
| lot Size | 100 |
| 52 Week High | ₹475 |
| 52 Week Low | ₹398 |
| face Value | ₹2 |
| book Value | ₹13.77 |
| pe Ratio | 31.39 |
| pb Ratio | 28.9 |
| debt To Equity | 1.55 |
| return On Equity | 92.67% |
| total Outstanding Shares | 22,23,65,000 |
| isin | INE414U01020 |
| depository | NSDL & CDSL |
| pan | AAACM4068E |
| cin | U72900KA2008PLC045316 |
| rta | MUFG Intime India |
Income Statement (Profit & Loss) (₹ in Crore)
| Particulars | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | - | 902 | 1,248 | 1,256 |
| EBITDA | - | 160 | 336 | 387 |
| Operating Profit | - | 160 | 336 | 387 |
| EBIT | - | 125 | 301 | 332 |
| Profit Before Tax | - | 132 | 300 | 354 |
| Net Profit / Loss | - | 118 | 249 | 282 |
| EPS | - | 28.53 | 12.04 | 13.66 |
Key Financial Ratios (Last 3–5 Years)
| Ratio | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Profit Margin (%) | - | 17.34 | 26.92 | 30.81 |
| Net Profit Margin (%) | - | 13.08 | 19.95 | 22.45 |
| EPS | - | 28.53 | 12.04 | 13.66 |
Financial Annual Report Summary
MPISL has demonstrated strong growth with revenue increasing from ₹902 Cr in FY23 to ₹1256 Cr in FY25. Profitability has also improved significantly with PAT rising from ₹118 Cr to ₹282 Cr. Margins are healthy and expanding, supported by strong demand in digital payments and secure identity solutions. The company exhibits high return ratios, although leverage remains elevated.
Why Invest in Manipal Payment &
- Strong revenue and profit growth driven by digital payments expansion.
- High ROE (~92%) indicates excellent capital efficiency.
- Margins are improving significantly, reflecting scale benefits.
- High P/B ratio suggests premium valuation.
- Debt levels are elevated and should be monitored.
Balance Sheet - Assets (₹ in Crore)
| Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Fixed Assets | - | 111 | 94 | 116 |
| CWIP | - | 0.1 | 4 | 12 |
| Investments | - | 0 | 0 | 7.2 |
| Trade Receivables | - | 153 | 119 | 139 |
| Inventory | - | 142 | 112 | 109 |
| Other Assets | - | 206.9 | 774 | 882 |
| Total Assets | - | 613 | 1,103 | 1,410 |
Balance Sheet - Liabilities & Equity (₹ in Crore)
| Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Share Capital | - | 413.6 | 413.6 | 413 |
| Reserves | - | -134 | 48 | 263 |
| Borrowings | - | 97 | 449 | 473 |
| Trade Payables | - | 131 | 89 | 92 |
| Other Liabilities | - | 477.64 | 475.64 | 540.7 |
| Total Liabilities | - | 613 | 1,103 | 1,410 |
Liabilities Breakdown & Balance Sheet Insights
Balance Sheet Insights
The balance sheet shows rapid expansion with significant increase in assets and borrowings. While reserves have turned positive, leverage has increased, indicating aggressive growth strategy.
Liabilities Breakdown
Borrowings and other liabilities form a significant portion of total liabilities, reflecting leveraged growth.
Additional Insights
MPISL is scaling rapidly but with increased leverage. Strong profitability supports growth, but debt levels need monitoring to maintain financial stability.
Cash Flow Insights
- Strong operating cash flow reflects solid core business performance.
- Heavy investing cash outflows indicate expansion and capex.
- Financing cash flow fluctuates due to borrowings and repayments.
- Overall growth is capital-intensive but supported by cash generation.
Shareholding Pattern
Shareholding pattern data not available
Promoters & Management
The company is part of the Manipal Group, a well-established conglomerate with strong presence in financial services, healthcare, and education.
Registrar & Transfer Agent (RTA)
Registrar: MUFG Intime India
Website: https://www.linkintime.co.in/
Management Analysis
Backed by a reputed group, the company is strategically positioned in digital payments and identity solutions. Continued investment in technology and capacity expansion will drive long-term growth.
Frequently Asked Questions About Manipal Payment & Identity Solutions Ltd (Manipal Cards)
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