Manipal Payment H1FY27 Revenue Climbs 40.3% as Profit After Tax Reaches ₹158.6 Crore

Manipal Payment and Identity Solutions reported H1FY27 revenue from operations of ₹849.4 crore, up 40.3% year on year, and consolidated profit after tax of ₹158.6 crore, up 45.4%, ScanX reported on November 7, 2026. The company makes payment cards and identity documents.

Manipal Payment's H1FY27 Profit and Revenue Growth

EBITDA excluding other income came to ₹255.5 crore, up 29.1%, at a margin of 30.1%. The PAT margin improved by 67 bps to 18.7%. The half-year result absorbed seeding and development costs of ₹16.5 crore after tax for new businesses, geographies and facilities.

For Q2FY27, consolidated revenue rose 33.6% to ₹430.4 crore and EBITDA rose 17.5% to ₹131.3 crore at a 30.5% margin. Consolidated PAT for the quarter rose 7.7% to ₹80.9 crore, moderated by seeding costs of ₹8.7 crore after tax. On a standalone basis, Q2FY27 revenue was ₹4,139.74 million, up 28% from ₹3,221.50 million, and standalone net profit rose 8% to ₹824.72 million.

International business accounted for 12.8% of H1FY27 revenue, against 5.4% in H1FY26. The UK Personalisation Bureau became operational during Q2FY27, and the Nigeria bureau, operationalised in Q1FY27, continues to gain business traction.

Manipal Payment's Card Manufacturing Scale

According to akta.pro company records, Manipal Payment and Identity Solutions produces 120 million cards a year across 10 manufacturing facilities and serves more than 100 domestic banks and 250 customers in banking, government, insurance and transport. The company was founded in 2008 and is headquartered in Udupi. In 2024 it completed the Revenue Assurance Acquisition, bringing hologram manufacturing for tax stamps, payment schemes and identity cards in-house.

Manipal Payment's Path From IPO to H1 Results

Manipal Payment listed on September 17, 2026, after an IPO that raised ₹238 crore, CNBC TV18 reported. CFO Ramanath Pai said exports, metal cards and RFID/tax stamps will make up 70-80% of revenue within two years, with traditional PVC cards shrinking to 20-30%. For Q1FY27, the company reported consolidated net profit of ₹77.7 crore, up 129.1%, on revenue of ₹419.0 crore, up 47.8%, ScanX reported.

Manipal Payment's IPO Proceeds and Call Transcript

As of September 30, 2026, the ₹2,953.22 million in net IPO proceeds from the fresh issue remained unutilised and was temporarily invested in fixed deposits with scheduled commercial banks. The company said the audio recording of its November 4, 2026 earnings call was uploaded to its website, and on November 7, 2026 it filed a disclosure that the full transcript had also been uploaded.