Manas Polymers Makes Exceptional Debut with 90.00% Premium

Manas Polymers and Energies Limited, the manufacturer of premium food-grade PET preforms, bottles, jars, and caps with renewable power generation operations, made an exceptional debut on NSE SME on October 6, 2025. After closing its IPO bidding between September 26-30, 2025, the company commenced trading with a remarkable 90.00% premium opening at ₹153.90.

Manas Polymers Listing Details

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Manas Polymers and Energies Limited launched its IPO at ₹81 per share with a minimum investment of 3,200 shares costing ₹2,59,200. The IPO received weak response with a subscription of just 1.24 times - individual investors at 0.19 times, NII at 1.78 times, and QIB at 6.66 times.

First-Day Trading Performance Outlook

• Listing Price: Manas Polymers share price opened at ₹153.90, representing a remarkable premium of 90.00% from the issue price of ₹81, delivering exceptional gains of 90.00% for investor,s reflecting strong market sentiment towards packaging and renewable energy sectors.

Growth Drivers and Challenges

Growth Drivers:

• Diversified Business Model: Dual revenue streams from premium food-grade PET preforms, bottles, jars, and caps manufacturing serving automotive, construction, packaging, and agriculture sectors, plus renewable power generation as independent power producer.
• Quality Certifications: ISO 9001:2015 for quality management, ISO 14001:2025 for environmental management, and ISO 3100:2018 for risk management ensuring operational excellence and market credibility.
• Exceptional Financial Growth: Outstanding PAT growth of 152% to ₹4.29 crore and revenue growth of 65% to ₹33.06 crore in FY25, exceptional ROE of 53.10%, healthy margins with PAT margin of 12.99% and EBITDA margin of 18.27%.

Challenges:

• Limited Operating History: Incorporated only in January 2024 with just 15 months of operations as public limited entity, small workforce of 27 employees, and limited track record raising concerns about long-term business sustainability.
• Small Scale and High Risk: Small paid-up equity indicating longer gestation for migration, post-issue P/E of 14.67x, elevated debt-to-equity ratio of 1.05, and issue appearing aggressively priced representing "High Risk/Low Return" proposition despite strong debut.

Utilisation of IPO Proceeds

• Solar Power Plant: ₹13.50 crore for capital expenditure towards setting up solar power plant diversifying into renewable energy segment and establishing independent power producer operations.
• Fixed Assets Purchase: ₹2.97 crore for purchase of fixed assets enhancing manufacturing capabilities and operational efficiency in PET packaging production business.
• General Corporate Purposes: Supporting business operations, working capital requirements, and strategic initiatives for sustained growth in packaging and renewable energy segments.

Financial Performance of Manas Polymers

• Revenue: ₹33.06 crore for FY25, showing impressive growth of 65% from ₹20.09 crore in FY24, reflecting strong market demand and successful business scaling in PET packaging manufacturing.
• Net Profit: ₹4.29 crore in FY25, representing exceptional growth of 152% from ₹1.70 crore in FY24, indicating substantial operational leverage and margin expansion benefits despite limited operating history.
• Financial Metrics: Exceptional ROE of 53.10%, moderate ROCE of 22.82%, elevated debt-to-equity ratio of 1.05, healthy PAT margin of 12.99%, solid EBITDA margin of 18.27%, and estimated market capitalisation of ₹62.99 crore.