On 6 Nov 2026, Manipal Payment and Identity Solutions was priced at ₹312.80, or 23.8× trailing earnings, against an industry P/E of 25.1×, and the shares are 32% below their 52-week high. Its ROCE of 43% is the highest among the 7 largest Software (Infrastructure) peers, and sales and net profit grew 14% and 29% a year over 3 years. Debt is 0.19× equity. It is a small-cap company with a market cap of ₹7,081 Cr, ranked 7th of 25 Software (Infrastructure) companies by market cap; the shares fell 9.4% over the past year.
- ₹316.90
- ₹316.90
- ₹310.20
- ₹315.35
- 1.3 L
Health check
- ReturnsBehind
−9.4% over a year, better than 2 of 7 peers.
- Price tagIn line
P/E 23.8 vs industry 25.1.
- GrowthSteady
Sales +13.7%, profit +29.1% a year over 3 years.
- ProfitabilityStrong
ROCE 43.4% vs peer median 8.9%.
- Balance sheetSolid
Debt 0.19× equity, interest covered 9.0×, Piotroski 7 of 9.
- Red flags1 to check
32% below its 52-week high.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹7,081 Cr
- Small cap
- P/E
- 23.8
- Industry 25.1
- Price to book
- 8.78
- Peers 4.07
- Dividend yield
- 0.00%
- ROE
- 46.2%
- Peers 9.4%
- ROCE
- 43.4%
- Peers 8.9%
- Debt to equity
- 0.19
- Debt ₹153 Cr
- EPS (TTM)
- ₹13.13
- Face value ₹2
- OPM (TTM)
- 31.2%
- Net margin 20.3%
- Sales growth
- +33.6%
- Latest quarter vs a year ago
- Profit growth
- +7.7%
- Latest quarter vs a year ago
- Price to sales
- 4.84
- EV/EBITDA 17.2
Strengths and risks
Strengths
- Return on equity of 46.2%.
- Return on capital employed of 43.4%.
- Quarterly sales up 33.6% on a year ago.
- Net margin of 20.3%.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- 32% below its 52-week high.
About Manipal Payment and Identity Solutions
Manipal Payment and Identity Solutions Limited operates as a smart card manufacturer. It provides payments, identifications, secure, smart tagging, and Internet of Things solutions to banks, fintechs, non-banking finance companies, and governments across domestic and international jurisdictions. The company offers various payment solutions, such as payment cards, cheque solutions, near-field communication/quick response (QR) codes, payment-enabled…
- Headquarters
- Manipal
- Employees
- 1,809
- Sector
- Technology
- ISIN
- INE241U01028
- Website
- mpimanipal.com
Price range
- Avg volume (3M)
- 17.1 L
- 1-year return
- minus 9.4%
- From 52-week high
- minus 31.7%
Peers · Software - Infrastructure
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JPLJio Platforms | 1,406.40 | minus 0.80% | 12,95,158 | 40.8 | 3.57 | 8.9% | 9.4% | 32.8% | – | – | 0.00% | minus 0.8% |
| PAYTMOne 97 Communications | 1,794.40 | plus 0.72% | 1,14,873 | 136.1 | 6.94 | 3.7% | 5.3% | 8.0% | 1.2% | – | 0.00% | plus 40.5% |
| OFSSOracle Financial Services Software | 10,215.00 | plus 0.64% | 89,010 | 25.0 | 11.57 | 43.2% | 47.4% | 51.6% | 10.4% | 13.5% | 2.64% | plus 21.9% |
| PINELABSPine Labs | 162.45 | plus 0.51% | 18,759 | 116.9 | 3.15 | 3.5% | 3.3% | 17.1% | 21.0% | – | 0.00% | minus 35.3% |
| FRACTALFractal Analytics | 808.85 | minus 0.07% | 14,043 | 38.0 | 4.07 | 10.4% | 13.6% | 16.7% | 18.4% | 12.9% | 0.00% | minus 4.5% |
| E2EE2E Networks | 487.05 | minus 4.97% | 10,007 | 86.8 | 5.54 | −0.5% | 6.9% | 70.9% | 54.8% | – | 0.00% | plus 64.6% |
| MPIMANIPALManipal Payment and Identity Solutions | 312.80 | minus 0.81% | 7,251 | 23.8 | 8.78 | 43.4% | 46.2% | 24.9% | 13.7% | 29.1% | 0.00% | minus 9.4% |
| NEWGENNewgen Software Technologies | 440.70 | minus 2.33% | 6,229 | 25.2 | 3.50 | 20.7% | 18.3% | 25.9% | 17.4% | 19.3% | 1.36% | minus 53.6% |
| Median of 7 peers | – | −0.07% | 18,759 | 40.8 | 4.07 | 8.9% | 9.4% | 25.9% | 17.9% | 13.5% | 0.00% | −0.8% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Jun 26 | Sep 26 |
|---|---|---|---|---|
| 284 | 322 | 419 | 430 | |
| – | – | +47.8% | +33.6% | |
| 197 | 210 | 295 | 299 | |
| 86.2 | 112 | 124 | 131 | |
| 30.4% | 34.7% | 29.6% | 30.5% | |
| 9.1 | 5.4 | 5 | 6 | |
| 33.8 | 4.3 | 4.8 | 4.8 | |
| 13.8 | 11.9 | 19.8 | 22.3 | |
| 47.8 | 101 | 105 | 110 | |
| 29.0% | 25.6% | 25.7% | 26.5% | |
| 33.9 | 75.1 | 77.7 | 80.9 | |
| – | – | +129.0% | +7.7% | |
| 1.46 | 3.24 | 3.35 | 3.52 |
Profit & loss
- Sales CAGR 3Y
- +13.7%
- Profit CAGR 3Y
- +29.1%
- EPS CAGR 3Y
- +29.1%
- ROE
- 46.2%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 895 | 1,240 | 1,245 | 1,317 | |
| – | +38.5% | +0.4% | +5.8% | |
| 734 | 899 | 852 | 891 | |
| 162 | 340 | 393 | 426 | |
| 18.0% | 27.5% | 31.6% | 32.4% | |
| 16.1 | 17.9 | 18.6 | 18 | |
| 9.8 | 18.6 | 109 | 43.8 | |
| 35.3 | 34.8 | 55.2 | 56.3 | |
| −1 | −4.6 | 107 | 5.2 | |
| 132 | 300 | 354 | 349 | |
| 10.5% | 17.0% | 20.4% | 27.4% | |
| 118 | 249 | 282 | 253 | |
| – | +111.7% | +13.3% | minus 10.2% | |
| 5.08 | 10.75 | 12.17 | 10.93 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 41.4 | 41.4 | 41.4 | 44.5 | |
| −134 | 48.3 | 263 | 747 | |
| 115 | 492 | 565 | 153 | |
| 591 | 521 | 541 | 216 | |
| 613 | 1,103 | 1,410 | 1,161 | |
| 123 | 148 | 231 | 367 | |
| 0.6 | 14.8 | 18.5 | 18 | |
| 0.3 | 0 | 0 | 0.2 | |
| 5.7 | 505 | 215 | 216 | |
| 484 | 435 | 946 | 559 | |
| 613 | 1,103 | 1,410 | 1,161 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 43.2 | 309 | 284 | 208 | |
| 6.9 | −75.9 | −586 | 243 | |
| −45.6 | 267 | −173 | −328 | |
| 4.6 | 500 | −475 | 123 | |
| −1.9 | −11.8 | −66 | −81.4 | |
| 41.4 | 297 | 218 | 126 | |
| −4.1 | −4.1 | – | – |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 9.3% (Yahoo estimate).
Major shareholders
Filings & events
News
No recent news coverage found.