Investor presentation
Investor presentation · Manipal Payment and Identity Solutions Limited has informed the Exchange about Investor Presentation
Source: Nse
Manipal Payment and Identity Solutions Limited (MPIMANIPAL)
Micro CapFinancial Services stocks · Micro cap · NSE
Manipal Payment and Identity Solutions Limited is India's leading payment and ID solutions player with ~31.7% market share in debit and credit card issuance. Backed by The Manipal Group, it provides secure payment cards, government IDs, kiosks, metal cards, tax stamps, and RFID/IoT solutions globally.
₹331.35
+1.10 · +0.33%
Market cap ₹7,010 Cr
Data qualityUse with cautionQuote updated 04 Nov, 03:31 pm ISTPost-result recalculation pendingDetails
Quote04 Nov, 03:31 pm IST
Base fundamentals02 Nov 2026 · screener
Latest result03 Nov, 05:37 pm IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage4/10 · 40%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 15.0 (n=246)
Technical timing lens
Trend score and candlestick chart
49Neutrallabel neutral
Stock trend: 52
Sector RS: 45
Sector 3M: -4.7% vs Nifty 500 -4.1%
Financial Services FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
MPIMANIPALD candles · FIT view-4.0%Latest close ₹331.35 on 2026-11-04
Daily history is available from 2026-09-17; the requested 1Y window is partially covered.
Bar
+0.4%
RSI
52
MACD hist
-
52W pos
22%
2026-11-04O ₹330.00H ₹335.00L ₹313.60C ₹331.35Vol 7.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MPIMANIPALNifty Financial ServicesNifty 500
- MPIMANIPAL
- -4.0%
- Nifty 500
- +0.5%
- Nifty Financial Services
- +1.0%
- Vs Nifty 500
- -4.5 pp
Chart stats
4 Nov 2026- From 52W high
- -27.7%
- 52W range position
- 22%
- ATR (14)
- 6.8%
- Volume vs 20D
- 1.21x
- Avg traded value
- ₹19.6 Cr
- 20D price channel
- ₹294.7 - ₹383.9
₹458
₹294.7 - ₹458
₹22.4
Latest completed session
20-session average
45.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is not scored yet, price trend is neutral, and result consistency is still building.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED16
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model-293.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
pending—
Management reliability not computed yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 03 Nov 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹430.4 Cr | NDF | +2.7% |
| EBITDA | ₹131.3 Cr | NDF | +5.9% |
| Operating margin | 30.5% | NDF | +50 bps |
| PAT | ₹80.9 Cr | NDF | +3.7% |
| PAT margin | 18.8% | NDF | +17 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 23.40
- P/B
- —
- EV/EBITDA
- 14.54
- Market Cap
- 7010.00Cr
Profitability
- ROE
- —
- ROCE
- —
- ROA
- —
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 8.88×
- Altman Z
- 0.00
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- 11.40
Shareholding
- Promoter Hold
- 53.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 430+2.7% vs prev
Net Profit
₹ CrLatest: 80.9+3.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 52.
- RSI(14) at 52 — rising, no extreme reading.
- 28% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
-
RS percentile
Insufficient history
1M return
-15.3%
3M return
-
6M return
-
1Y return
-
RS 1D
-
RS 20D
-
Sector rank
#11
Industry rank
-
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
unavailable
200-DMA
unavailable
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
32 observations
03 Nov 2026Value 96.25+6.35%
RS vs Nifty 50096
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth3/25
Quality2/20
Balance Sheet6/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
16
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
16/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Growth contributes 3/25 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Altman Z is 0.0, in distress territory.
- Fair-value margin of safety is negative at -293.4%.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
23.4
PB
—
EV/EBITDA
14.5
ROE
—
ROCE
—
FCF Yield
—
Debt/Equity
0.0
MoS
-293.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
16
Previous: 16
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-293.4%
Previous: -293.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
05 Nov 2026
v4.3-runtime-valuation
16
16
16
16
16
16
16
16
16
16
16
16
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Justified P/B
—
Justified Value
₹84.25
-293.4% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MONEYVIEW
Micro
Moneyview Limited
Financial Technology (Fintech)
match 166
51
22.6
19.0%
+54%
FAIR VALUE
ARCIL
Micro
Asset Reconstruction Company (India) Limited
Finance
match 118
63
9.9
9.8%
-370%
UNDERVALUED
SHAHINVEST
Micro
Shah Investor's Home Limited
Capital Markets
match -37
17
21.8
7.6%
-459%
OVERVALUED
GAJA
Micro
Gaja Alternative Asset Management Limited
Capital Markets
match -37
46
20.1
15.9%
+10%
FAIR VALUE
SYMBIOTEC
Micro
Symbiotec Pharmalab Limited
Pharmaceuticals & Biotechnology
match -43
19
80.5
11.7%
-933%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-28T17:42:18.151Z
Management commentary snapshot
Q1 FY27 revenue grew 48% YoY to ₹419 Cr and operational EBITDA rose 44% YoY to ₹124 Cr, driven by strong core compounding and rapid international scaling.
The core thesis remains intact as the company delivers robust 48% YoY revenue growth and a 2.3x jump in reported PAT to ₹78 Cr. Operating leverage stayed resilient despite forex headwinds, and international business expanded to 15.3% of revenue.
Current business mix
Revenue by Business Segment
Latest issuer-disclosed distribution across 2 reported categories.
Core63.0%
Emerging37.0%
Growth engines
International Exports Expansion
High GrowthInternational business grew to 15.3% of revenue in Q1 FY27 from 3.9% in Q1 FY26, supported by 4 global subsidiaries and operational bureaus like Nigeria.
Metal Card Portfolio
ScalingMetal card portfolio is expanding with 10+ variants supplied to all top-4 Indian issuers, backed by proprietary patented technology and annual capacity of 670,000 cards.
Government Identity & Kiosk Programs
Stable GrowthExecuting 17 government ID projects and over 5,000 deployed kiosks, including large-scale instant issuance deployments like 500+ kiosks for SBI.
Capacity and execution
Nigeria Bureau Operations
CommissionedNigeria bureau is operational and fully certified, with cards personalized and delivered directly to local banks.
Metal Card Production Capacity
OperationalMaintains an annual capacity of 670,000 metal cards with patented production technology.
Tailwinds
Rising NCMC and Digital Card Adoption
FavorableNCMC usage is scaling across multiple mobility networks in India alongside rising co-branded card adoption.
Excise Digitalization and Tax Stamps
FavorableShift to digital serialization for sin goods and tax stamps creating multi-year contract opportunities across 27 states.
Headwinds
Adverse Forex Movements
ChallengingManagement noted adverse foreign exchange movements impacting margins during the quarter.
Elevated Raw Material Prices
ChallengingGeopolitical headwinds contributed to elevated raw material prices affecting cost structures.
Risk radar
Customer Concentration
MonitorTop-10 customers accounted for 58.67% of revenue in FY26, presenting concentration risk.
Seeding Costs for New Initiatives
ActiveAbsorbed ~₹7.7 Cr of seeding and development costs for new initiatives in Q1 FY27.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are useful to evaluate the 48% YoY revenue growth against seasonality alongside sequential momentum in operational leverage and international scaling.
Sector KPIs management disclosed
Market Share in Card Issuance
StableHolds ~31.7% market share in debit and credit card issuance, with 36.4% in credit cards and 30.9% in debit cards.
International Business Contribution
ExpandingInternational revenue scaled to 15.3% of total revenue in Q1 FY27, up from 3.9% in Q1 FY26.
Operational EBITDA Margin
ResilientOperational EBITDA margin stood at 29.6% in Q1 FY27, compared to 30.4% in Q1 FY26 and 27.9% in Q4 FY26.
Management forward view
Operating Leverage Resilience
ConfidentManagement highlighted that operating leverage kept EBITDA margin resilient at 29.6% despite adverse forex and raw material pressures.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| International Revenue Share | 15.3% of revenue in Q1 FY27 | Sustained sequential export growth across the 5 global regions and new subsidiary rollouts. |
| Emerging Segment Contribution | 37% of revenue in Q1 FY27 | Ramp-up of metal cards, smart tagging, and newly won tax stamp contracts. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
Trust profile pending
Trust asks a simple question: can investors rely on management behaviour and financial delivery? Trust Lite uses promoter alignment, cash conversion, leverage, and result consistency. Full transcript-based claim matching appears after enough documents are ingested.
Continue researching Manipal Payment and Identity Solutions Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationSep 2026
Sep 2026 · Investor presentation · Investor presentation on the financial results for the quarter and half year ended September 30, 2026 is attached
Source: Bse
Concall transcriptOct 2026
Oct 2026 · Transcript
Source: Company Ir
Concall transcriptOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 9 Oct - Transcript of analyst and investor earnings call held on October 5, 2026, uploaded on company website.
Source: Bse
Investor presentationOct 2026
Oct 2026 · PPT
Source: Bse
Concall transcript
Earnings-call transcript · Manipal Payment and Identity Solutions Limited has informed the Exchange about Transcript
Source: Nse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Oct - Copies of Newspaper publications containing the weblink and QR code providing access to the Unaudited financial results of the Company (standalone and consolidated) for the …
Source: Bse
Investor presentation
Investor presentation · Manipal Payment and Identity Solutions Limited has informed the Exchange about Investor Presentation
Source: Nse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we wish to inform you that an earnings conference call with investors and analysts ....
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - Q1 FY27 revenue rose 47.8% to Rs.419 crore; PAT jumped 129.1% to Rs.77.7 crore.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.