Manipal Payments IPO Review – Investors Can Park Funds for Medium to Long Term Rewards

Manipal Payments & Identity Solutions Ltd. (MPISL) provides payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things (“IOT”) solutions to banks, fintechs, non-banking finance companies and governments, across domestic and international jurisdictions. Incorporated on February 19, 2008, the Company is part of The Manipal Group. The Manipal Group commenced operations in 1948 as a printing company, under the name of Express Printers Private Limited, catering to the secured printing requirements of banks in India and has since added products and services catering to customer requirements across various industries.

Its payment solutions primarily comprise payment cards, cheque solutions, near-field communication (“NFC”)/quick response (“QR”) codes, payment-enabled wearables, and digital automation solutions. Its identification solutions primarily comprise driving licenses, registration certificates, national identity cards, among others, along with transit management solutions. Its secure solutions primarily comprise secure logistics, personalization of insurance policies, premium notices, renewal letters and marketing collaterals, along with security-enhanced packaging such as tamper-evident envelopes, holograms and coated products. Its smart tagging and IOT solutions primarily entail printing of excise labels with holograms and encrypted QR codes for various state excise departments, IOT and track and trace solutions with radio-frequency identification (“RFID”) tags, and anti-counterfeiting solutions.

The Company had an estimated market share of approximately 36.4% in the credit card issuance market and 30.9% in the debit card issuance market in India for Fiscal 2026, having billed 13.54 million credit cards and 72.66 million debit cards during Fiscal 2026. It is among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026. It pioneered the manufacturing of National Common Mobility Cards in 2024 in partnership with Airtel Payments Bank and also launched India’s first recyclable polyvinyl chloride (“rPVC”) Rupay card in 2024. Further, as of March 31, 2026, it is one of the leading metal card manufacturers in India holding a patent for metal cards manufacturing. As of March 31, 2026, it supplied metal cards to the top four credit cards issuers in India. It is one of the largest manufacturers of dual interface (“DI”) cards in India in Fiscal 2026. (Source: F&S Report)

MPISL is the highest ranked company in India and 14th ranked company globally in terms of shipment of payment cards with chips and magstripe in 2023, and among the top 10 card manufacturers for Mastercard and another payment network globally in 2023. (Source: F&S Report) As of March 31, 2026, it is one of the largest producers of national identity cards in India, having successfully billed over 1 billion cards in 12 regional languages. It also pioneered the manufacturing of India’s polycarbonate-based driving license cards using specialized ink, along with registration certificates. The company is among the select partners to get engaged for projects like polycarbonate-based ID cards, in compliance with guidelines of the Ministry of Road Transport and Highways ("MORTH"). It has successfully deployed India’s large-scale instant issuance kiosk solution, rolling out over 500 kiosks simultaneously for State Bank of India. (Source: F&S Report) It has been associated with transport authorities in Maharashtra and Chhattisgarh for issuing registration certificates and driving licenses in these regions.

MPISL catered to a diverse set of over 300 customers in Fiscal 2026 across domestic and international jurisdictions. In the last three Fiscals, it has exported products such as credit cards, debit cards and metals cards to countries including UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia and United Arab Emirates, as well as certain countries in Europe. Its customers for payment cards include private sector banks, public sector banks (“PSBs”), small finance banks, payment banks, co-operative banks, prepaid payment instrument license holders and fintechs. Additionally, the company also supports government initiatives by supplying secure identification cards, tax stamps, and other essential documents. Its commitment to customer satisfaction is evident through its tailored technology driven solutions, stringent security measures, continued compliances and continuous efforts to enhance operational efficiency.

The company has a history of being certified for its operations by payment networks including Mastercard (over 16 years), RuPay (over 9 years) and by other payment networks for over 15 years and 9 years, respectively, for manufacturing and personalization of payment cards. Further, its facilities are certified for Payment Card Industry Data Security Standard (“PCIDSS”) (Level 1) Version 4.0.1 for secure data management and its Manipal Facility is certified for ‘INTERGRAF’ (Central Bank Level) and Card Quality Management for secure card manufacturing and personalization. These certifications are a testament to its continued compliance with standards for IT and cyber security and physical security.

Acquiring these certifications serves as an entry barrier towards manufacturing payment cards, and places it among a league of manufacturers equipped to offer payment cards. As of the date of this Red Herring Prospectus, it serves customers through 10 facilities across India. These include one card manufacturing facility and personalization bureau in Manipal Karnataka, one card manufacturing facility and cheque printing facility in Manipal, Karnataka, one personalization bureau in Navi Mumbai, Maharashtra, one personalization bureau and cheque printing facility each in Noida, Uttar Pradesh and Chennai, Tamil Nadu, one cheque printing facility each in Navi Mumbai, Maharashtra and Howrah, West Bengal; and three facilities for smart tagging and IOT solutions along with coated products business in the states of Manipal, Karnataka and Bengaluru, Karnataka. As of Marach 31, 2026, it had 1809 employees on its payroll and additional 1509 contractual employees.