Manipal Payment and Identity Solutions Q1 FY27 revenue up 48% to ₹419 Cr, PAT 2.3x to ₹77.7 Cr

Q1 FY27 revenue up 48% YoY to ₹419 Cr, PAT up 129% to ₹77.7 Cr; international at 15.3% of revenue.

Sat 3 Oct 2026

Q1 FY27 Revenue from Operations

₹419 Cr, up 48% YoY and 23% QoQ

Q1 FY27 PAT

₹77.7 Cr, up 129%

Operational EBITDA

₹124 Cr (29.6% margin, down 80 bps YoY)

Diluted EPS

₹3.39 versus ₹1.57

International Revenue Share

15.3% of revenue versus 3.9% a year earlier

📈 Q1 FY27 revenue from operations was ₹419 Cr, up 48% YoY and 23% QoQ; operational EBITDA was ₹124 Cr (29.6% margin, down 80 bps YoY) and reported PAT ₹77.7 Cr, up 129%, with diluted EPS of ₹3.39 versus ₹1.57. FY26 revenue was 1,326.8 Cr and PAT 253.5 Cr.

🔬 The company positions itself as India's top card maker with ~31.7% issuance share, supplying metal cards to all top-4 Indian issuers and holding metal card patents in five countries. International business was 15.3% of revenue versus 3.9% a year earlier.

🏭 Management says core revenue of ₹262 Cr grew 22% while emerging revenue of ₹157 Cr grew 2.3x, citing an expanding metal card portfolio of 10+ variants and a tax stamps win it says adds multi-year revenue. It states the Nigeria bureau is operational and fully certified.

💰 The company attributes margin pressure to adverse forex and elevated raw material prices, and says PAT absorbed ~₹7.7 Cr of seeding costs for new initiatives. Debt/equity was 0.00x at March 31, 2026 after a ₹320 Cr IPO fresh issue.

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