Alternicq (Manjushree Technopack) Unlisted Shares
Alternicq, earlier Manjushree Technopack, makes PET preforms and rigid plastic containers for food, beverage, pharma and personal care brands. It reported revenue from operations of ₹2,56,983 lakh in FY25 and runs plants across many Indian states.
Read the full company profile
Key facts
Alternicq (Manjushree Technopack) share details
- Lot size
- 100 shares
- Min. investment
- ₹79,500
- Face value
- ₹2
- Implied market cap
- ₹6,824 Cr
- Shares outstanding
- 85,839,806
- Founded
- 1987
- Headquarters
- Bengaluru, Karnataka
- Website
- manjushreeindia.com
- ISIN
- INE435H01023
- CIN
- U67120KA1987PLC032636
- Lock-in after IPO
- 6 months
Price history
Alternicq (Manjushree Technopack) share price chart
1Y change
-22.44%
High
₹1,025
Low
₹795
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Alternicq (Manjushree Technopack)
Alternicq Limited was known as Manjushree Technopack Limited when it filed the annual report we read. The company was incorporated in 1987 and makes PET, plastic preforms and containers. These are sold in India and also exported. Its registered office is in Bengaluru, Karnataka.
The company has production facilities in Karnataka, Andhra Pradesh, Punjab, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Haryana, Assam, Maharashtra, Goa and Odisha. The annual report also lists a recycling plant at Bidadi in Karnataka. Demand comes from food and beverages, pharmaceuticals, personal care and industrial products, according to the chairman's letter.
In FY25 (year ended 31 March 2025) revenue from operations was ₹2,56,983 lakh, up 21% from ₹2,11,700 lakh a year earlier. Profit for the year was ₹24,763 lakh against ₹14,079 lakh. Profit before exceptional items and tax was ₹8,982 lakh, lower than ₹14,029 lakh in FY24. The higher profit came from exceptional items of ₹17,690 lakh, which include a gain on extinguishment of a financial liability. The figures are standalone, as the company says it has no subsidiary or associate.
AI Lenarco Midco Limited, the holding company, owns 97.82% of the equity shares. Paid-up share capital was 8,58,39,806 equity shares of ₹2 each on 31 March 2025, after the conversion of compulsorily convertible debentures into 18,101,306 shares during the year. The Board filed a DRHP with SEBI on 20 August 2024 but decided on 22 November 2024 not to go ahead with the IPO at that time.
Unlisted shares of a company like this trade off-market through dealers, and the prices are only indicative. IPO Guru shows an indicative price of ₹825 per share with a lot size of 100 shares. IPO Guru is not a SEBI-registered research analyst and this is not a recommendation.
Strengths
- Revenue from operations grew 21% to ₹2,56,983 lakh in FY25 from ₹2,11,700 lakh in FY24.
- Production is spread over many states, with facilities in Karnataka, Andhra Pradesh, Punjab, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Haryana, Assam, Maharashtra, Goa and Odisha, which keeps plants close to customers.
- Operating cash flow was ₹34,352.25 lakh in FY25, above the profit for the year of ₹24,762.70 lakh.
- Total equity rose to ₹141,107.26 lakh on 31 March 2025 from ₹100,814.31 lakh a year earlier, helped by conversion of debentures into equity.
- The company made acquisitions of new businesses worth ₹49,221.27 lakh in FY25 and spent ₹25,301.65 lakh on property, plant and equipment, which adds capacity.
- Its customer base is spread out: the top customer gave ₹20,516.62 lakh of revenue, and the top 5 customers gave more than 29% of revenue.
Risks
- Profit before exceptional items and tax fell to ₹8,981.51 lakh in FY25 from ₹14,029.00 lakh in FY24, even as revenue rose.
- FY25 profit of ₹24,762.70 lakh includes exceptional items of ₹17,690.15 lakh, mainly a one-time gain of ₹18,444.02 lakh on extinguishment of a financial liability, so it is not a clean guide to regular earnings.
- Finance costs rose to ₹12,225.89 lakh in FY25 from ₹9,145.78 lakh, and current borrowings were ₹60,857.60 lakh at year end.
- Depreciation and amortisation was ₹19,932.66 lakh in FY25, up from ₹15,487.96 lakh, reflecting a heavy asset base.
- Top 5 customers gave ₹75,552.19 lakh of revenue in FY25, so losing one large account would matter.
- The company withdrew its IPO plan on 22 November 2024, citing market conditions, and there is no confirmed new filing in the report we read.
- AI Lenarco Midco Limited holds 97.82% of the equity, so minority shareholders have little say.
- Inventories rose to ₹53,345.43 lakh from ₹35,357.80 lakh, which ties up more working capital.
- The company says raw material prices and regulations keep changing, which can squeeze margins in a plastics business.
- The annual report is for FY25. Later results are not covered here, and unlisted share prices are indicative and can be hard to sell at.
Financials
Alternicq (Manjushree Technopack) financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 |
|---|---|---|
| Revenue (₹ Cr) | 2,570 | 2,117 |
| EBITDA (₹ Cr) | 411 | 387 |
| PAT (₹ Cr) | 248 | 141 |
| EBITDA Margin (%) | 16.01 | 18.26 |
| PAT Margin (%) | 9.64 | 6.65 |
| RoNW (%) | 17.55 | 13.97 |
| EPS (₹) | 36.48 | 20.78 |
| Total Assets (₹ Cr) | 3,205 | 2,284 |
| Net Worth (₹ Cr) | 1,411 | 1,008 |
Swipe the table sideways for earlier years →
Leadership
Management team
Napanda Poovaiah Thimmaiah
Managing Director & Chief Executive Officer
Managing Director and CEO of the company.
Kamlesh Vikamsey
Independent Director
Independent Director since March 2025 and chairman of a Board committee.
Sameer Kaji
Independent Director
Independent Director since March 2025.
Anisha Motwani
Additional Independent Director
Appointed June 2025 with experience in FMCG, automobiles, financial and health services.
Aswin Vikram
Director
Non-Executive Director since March 2025, retiring by rotation.
Nikhil Kumar Srivastava
Director
Non-Executive Director since March 2025.
Sumit Nadgir
Director
Non-Executive Director since March 2025.
Rajesh Kumar Ram
Chief Financial Officer
Chief Financial Officer who signed the FY25 accounts.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
