Manipal Payment and Identity Solutions Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,240 Cr
- P/E
- 27.74
- ROE
- 32.23%
- Price to sales
- 5.46
- Debt to equity
- 0.13
- 52W high / low
- ₹458 / ₹316
- EBITDA margin
- 32.11%
- Net profit margin
- 19.24%
- Promoter holding
- 53.92%
- Sales (last year)
- ₹1,327 Cr
Incorporated in 2008, Manipal Payment & Identity Solutions Limited provides the payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintechs, & NBFC's.[1]
Guidance scorecard · Q2 FY27 call
What Manipal Payment's management guided
and where it ranks in Financial Technology (Fintech)
Financial Technology (Fintech)
RevenueQ2 FY27 call
20–40%- FY27 revenue growth expected at 30% to 35% year-on-year.
- Over a 3-year horizon, anticipated CAGR growth of approximately 20% to 25%.
- Growth driven by both core business and emerging segments like metal cards, international business, tax stamps, and IoT solutions.
- Multi-year, high-value contracts with long gestation contribute to "lumpiness" but provide visibility and steady growth once secured.
- Increasing share of exports from current ~15% to potentially 20%-25% in next 2-3 years.
- Expansion of metal card capacity planned, targeting 3x growth in metal card production.
2 more points from Manipal Payment's call on revenue
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MarginsQ2 FY27 call
FlatSee what Manipal Payment said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- INR 238 crore from IPO proceeds is earmarked for capex over the next three years.
- For FY27, expected capex deployment is around INR 100 to 120 crore.
- Focus of capex is on capacity expansion, especially increasing metal card production capacity by 3x.
- Traditional plastic card capacity will be increased for international market demand.
- Plans to add one more international personalization bureau in a developed market this year, costing approximately INR 30 crore.
2 more points from Manipal Payment's call on capex
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FundraisingQ2 FY27 call
See what Manipal Payment said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- The company has multi-year, large-value contracts forming its order book, showing visibility and stability in revenues.
- International business forms about 15% of revenue currently, expected to grow to 20%-25% in near term.
- Contracts in international markets include APAC, Middle East & Africa, LATAM, US, and UK/Europe.
- Core business order book includes multi-year contracts with PSU and private banks, with clear purchase orders and quarterly visibility.
- Emerging business is scaling with multi-year contracts in tax stamps and metal cards segments.
- New contracts take time due to high entry barriers, development work, and gestation, but once won, become long-term predictable revenue sources.
- For new businesses like tax stamps, contracts are typically 5+3 years (8 years total).
2 more points from Manipal Payment's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Financial Technology (Fintech)
on management's own guidance
- Strong growth2
- Strong growth1
- One 97Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Financial Technology (Fintech) companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹3,692 Cr | 82.7 | |
| 2 | 40%+ | Flat | ₹4,566 Cr | 15.5 | |
| 3 | One 97 | 20–40% | Flat | ₹1.16L Cr | 138.2 |
| 4 | 20–40% | Flat | ₹44,702 Cr | 55.5 | |
| 5 | 20–40% | Flat | ₹18,764 Cr | 145.0 | |
| 6 | Manipal PaymentThis stock | 20–40% | Flat | ₹7,312 Cr | 28.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Financial Technology (Fintech) rankingFinancials of Manipal Payment
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Manipal Payment
Shareholding breakup across reporting periods.
| Sep 2026 | |
|---|---|
| Promoters + | 53.92% |
| FIIs + | 3.73% |
| DIIs + | 24.56% |
| Public + | 17.77% |
| No. of Shareholders | 28,197 |
Financials of Manipal Payment
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Sales + | 284 | 322 | 347 | 409 | 414 |
| YoY Sales growth | +44% | +28% | |||
| Expenses + | 197 | 210 | 240 | 290 | 283 |
| Operating Profit | 86 | 112 | 106 | 120 | 131 |
| OPM % | 30% | 35% | 31% | 29% | 32% |
| Other Income + | 9 | 7 | 9 | 5 | 5 |
| Interest | 34 | 4 | 5 | 4 | 4 |
| Depreciation | 14 | 12 | 16 | 19 | 21 |
| Profit before tax | 48 | 102 | 94 | 102 | 111 |
| Tax % | 28% | 26% | 28% | 26% | 26% |
| Net Profit + | 34 | 76 | 68 | 76 | 82 |
| EPS in Rs | 1.55 | 3.43 | 3.07 | 3.42 | 3.56 |
Financials of Manipal Payment
Profit & Loss
Annual income statement trend
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Sales + | 1,248 | 1,256 | 1,327 |
| Sales growth | +1% | +6% | |
| Expenses + | 912 | 865 | 901 |
| Operating Profit | 335 | 391 | 426 |
| OPM % | 27% | 31% | 32% |
| Other Income + | 20 | 127 | 27 |
| Interest | 20 | 109 | 48 |
| Depreciation | 35 | 55 | 56 |
| Profit before tax | 300 | 354 | 349 |
| Tax % | 17% | 20% | 27% |
| Net Profit + | 249 | 282 | 253 |
| EPS in Rs | 12.05 | 13.65 | 11.40 |
| Dividend Payout % | 0% | 0% | 0% |
Financials of Manipal Payment
Balance Sheet
Capital structure and asset base
| Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|
| Equity Capital | 41 | 41 | 44 | 46 |
| Reserves | 48 | 263 | 747 | 1,220 |
| Borrowings + | 492 | 565 | 153 | 146 |
| Other Liabilities + | 521 | 541 | 216 | 303 |
| Total Liabilities | 1,103 | 1,410 | 1,161 | 1,715 |
| Fixed Assets + | 138 | 215 | 352 | 348 |
| CWIP | 4 | 12 | 12 | 25 |
| Investments | 0 | 172 | 61 | 92 |
| Other Assets + | 961 | 1,011 | 736 | 1,249 |
| Total Assets | 1,103 | 1,410 | 1,161 | 1,715 |
Financials of Manipal Payment
Cash Flows
Operating, investing and financing cash movement
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Cash from Operating Activity + | 309 | 284 | 208 |
| Cash from Investing Activity + | -76 | -586 | 245 |
| Cash from Financing Activity + | 267 | -173 | -328 |
| Net Cash Flow | 500 | -475 | 125 |
| Free Cash Flow | 297 | 219 | 126 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 108% | 91% | 71% |
Financials of Manipal Payment
Ratios
Working capital efficiency and return ratios
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Debtor Days | 35 | 40 | 54 |
| Inventory Days | 69 | 87 | 146 |
| Days Payable | 54 | 73 | 98 |
| Cash Conversion Cycle | 49 | 54 | 102 |
| Working Capital Days | 51 | 56 | 62 |
| ROCE % | 49% | 43% |
Continue your research
What Manipal Payment's management said in earlier quarters
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