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Manipal Payment & Identity Solutions IPO Review

Manipal Payment & Identity Solutions IPO has been reviewed by 5 analysts, and the overall consensus is Apply — carrying a score of 77. Out of the 5 analysts who have covered this IPO, 3 recommend subscribing while 2 advise caution or avoidance — reflecting a broadly positive view from the analyst community.

The issue is priced in the band of ₹322-339 per share, with a minimum application size of 44 shares (minimum investment of approximately ₹14,916 at the upper band). Subscription ran from 09 Sep 2026 to 11 Sep 2026. The issue size is ₹805 crore, a mix of fresh issue and offer for sale. As of now, the grey market premium (GMP) for Manipal Payment & Identity Solutions IPO is quoting at ₹-6 (-1.77%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
77/ 100
Apply 3 of 5 recommend subscribing
How analysts voted
Apply 3
May apply 1
Avoid 1
Not rated 1

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Manipal Payment and Identity Solutions, formerly MCT Cards and Technology, manufactures payment cards and identity solutions, holding Mastercard certification for over 16 years and RuPay for over 9, alongside PCI DSS Level 1 and INTERGRAF credentials. FY26 income was ₹1,356.59 crore with profit of ₹253.46 crore. The single analyst covering it said subscribe.

Listing gains

Coverage is thin at one note, which values the issue at about 30.1 times earnings at the ₹339 upper band, a premium to 24.7 times for Seshaasai Technologies, its closest listed peer. That note argues the premium is justified by stronger profitability and return ratios, but one source is a limited basis.

Short-term strategy

Profit slipped in FY26, from ₹282.21 crore to ₹253.46 crore, even as income rose to ₹1,356.59 crore, so margins narrowed. Assets also fell from ₹1,409.67 crore to ₹1,160.90 crore. The note describes margins as improving, which sits against the reported annual figures.

Long-term strategy

The moat described is regulatory rather than technical: long-standing payment network certifications and central bank-level credentials require stringent security standards and regular audits, making the company hard for new entrants to replicate. A debt-free balance sheet supports the medium to long-term horizon the note recommends.

How this is written: an AI-assisted summary of the 6 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

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Frequently asked

Should I apply for Manipal Payment & Identity Solutions IPO?

The analyst consensus for Manipal Payment & Identity Solutions IPO tracked on this page is Apply, with a score of 77/100. Out of 5 analysts who have reviewed this IPO, 3 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 77 mean for Manipal Payment & Identity Solutions IPO?

The score of 77 is an aggregate of all analyst ratings tracked for Manipal Payment & Identity Solutions IPO. A score in this range indicates strong analyst confidence — most analysts are recommending a subscribe. Read the individual analyst verdicts above for more context.

What was the actual listing price of Manipal Payment & Identity Solutions IPO?

Manipal Payment & Identity Solutions IPO listed on September 17, 2026 at ₹330, against the issue price of ₹339 — a loss of -2.65% (₹9 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Manipal Payment & Identity Solutions IPO?

Manipal Payment & Identity Solutions IPO was priced at ₹322-339 per share. The minimum lot size is 44 shares, making the minimum investment approximately ₹14,916 at the upper end of the price band. Subscription ran from 09 Sep 2026 to 11 Sep 2026.

Explore Manipal Payment & Identity Solutions IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Manipal Payment & Identity Solutions IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Apply
Score
77 / 100
Listed at
₹330
Full IPO details