What we do Manipal Payment and Identity Solutions Ltd manufactures payment cards and offers payment, identity, secure, IoT, and smart tagging solutions to banks, fintechs, NBFCs, and governments globally. |
Founded in 2,008 |
Market share Largest manufacturer of payment cards in India and globally recognized in payment technology solutions. |
Problem solved Enables secure, modern payment and identity verification solutions to improve transaction safety and government/document identification processes. |
Top clients or who we serve Banks, fintech companies, non-banking financial companies, and government transport departments; B2B focus. |
Key management - |
Our journey and innovations Started with magstripe cards in 2009, pioneering chip-embedded cards since 2012, launched smart cards for driving licenses since 2019, and expanded with international subsidiaries recently. |
Where we operate India, Nigeria, United Kingdom, United States of America. |
Top products or what we offer Magstripe cards, chip-embedded cards, contactless chip cards, instant issuance kiosks, smart government IDs, Rupay metal and rPVC cards. |
Top brands Rupay metal cards (#1 in category for metal payment cards in India), polycarbonate smart driving licenses, instant issuance kiosks. |
Raw materials needed Polycarbonate, plastic, chip components, ink and security materials for card manufacturing. |
Raw materials supplier - |
Recurring vs cyclical contribution Revenue is mostly recurring through continuous supply and services to financial institutions and government contracts. |
Our industry position Market leader in payment card manufacturing in India with growing global presence and strong technology partnerships. |
Financial highlights FY 2024-25 revenue approx INR 1,099 crore; net profit INR 240.5 crore, showing healthy growth from previous fiscal. |
Geographical revenue split Primarily India with growing revenues from subsidiaries in Nigeria, UK, and USA. |
Order book - |
Whats driving growth Growth driven by digitization trends, government contracts, technology upgrades, acquisitions, and expanding international footprint. |
Our future plans IPO planned for 2026, expansion of card personalization facilities, acquisition integration, and launching new smart ID products. |
Our green promise Sustainability initiatives are in progress focusing on reducing waste in manufacturing and responsible sourcing. |
Our people and values Committed workforce emphasizing innovation, customer-centricity, compliance, and ethical business practices. |
Key challenges ahead Competition from global card manufacturers, supply chain constraints, and technology obsolescence risks. |
Interesting facts First Indian company to supply polycarbonate smart cards for driving licenses and introduced metal Rupay cards. |
Risks and strategy Mitigates risks through technology upgrades, diversification, strong governance, and expanding global subsidiaries. |
