# Can Manipal Payment and Identity Solutions IPO deliver long-term growth for high-risk investors? — retained record

> Retained news record from news:india-et-markets.

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-09 01:57 ingested 2026-09-09 02:55

[original source ↗](https://economictimes.indiatimes.com/markets/ipos/fpos/can-manipal-payment-and-identity-solutions-ipo-deliver-long-term-growth-for-high-risk-investors/articleshow/133948661.cms)

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Incorporated in 2008, the company provides payment cards, identity solutions, secure printing, and smart tagging solutions to banking and finance sector, and government agencies across India and international markets. It accounted for about 36% of credit card issuance and 31% of debit card issuance in India in FY26. Cards contributed 57% to revenue in FY26. The company manufactured 86.2 million payment cards in FY26, up from 51.8 million in FY22. Its international business contributed 7.2% to FY26 revenue, with export sales nearly doubling to ₹95.7 crore from ₹54.4 crore a year earlier.
Read more: RIL to tap local bond market after 3 years, lines up Rs 12,500 crore issue
Financials
Revenue rose to ₹1,326.8 crore in FY26 from ₹1,247.5 crore in FY24. Operating margin before depreciation and amortisation (EBITDA margin) expanded to 33.6% from 28%, remaining above Seshaasai Technologies' 27.4% in FY26. Net profit rose to ₹253.5 crore in FY26 from ₹249.1 crore in FY24. Return on equity fell to 29.4% in FY26 from 79% in FY24, partly reflecting the nearly ₹220 crore investment in capacity expansion. Despite the decline, ROE remained well above the peer's 16.7%.
Valuation
The company demands a price-earnings (P/E) multiple of up to 31.5 on post-IPO basis compared with a P/E of 26 for Seshaasai Technologies.
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