Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

Manipal Payment and Identity Solutions Limited (formerly MCT Cards & Technology Limited), incorporated 2008, part of The Manipal Group, provides payment solutions (cards, cheque solutions, NFC/QR, wearables), identification solutions (driving licences, registration certificates, national ID cards) and secure solutions (secure logistics, insurance policy personalisation, holograms) plus smart tagging/IoT solutions to banks, fintechs, NBFCs and governments in India and abroad. Operates 10 facilities across India. Serves 300+ customers including 18 private banks, 9 PSU banks, 10 small finance banks, 34 fintechs. Revenue Rs 1,356.59 Cr (2026) vs Rs 1,277.11 Cr (2025); PAT Rs 253.46 Cr vs Rs 282.21 Cr. Issue: fresh Rs 320 Cr + OFS Rs 485 Cr. Final subscription: 1.42x overall.