Manipal Payment and Identity Solutions targets 70-80% of revenue from exports, metal cards, and RFID solutions within two years.

Chief Financial Officer Ramanath Pai said these newer segments should make up 70 to 80% of revenue by then, up from around 40 to 50% currently expected for FY26-27.

The company’s traditional PVC card business in India, by contrast, is expected to shrink to just 20-30% of the overall mix.

The Karnataka-based company listed on the exchanges on September 17, with anchor investors including Morgan Stanley, Nomura and Citigroup. The IPO was subscribed 1.42 times.

Speaking after the listing, CEO Kukkundoor Girish Kini pointed to the company’s spread across metal cards, traditional cards and exports, with the UK and US flagged as upcoming growth markets.

Exports are already showing the sharpest growth. Pai said the segment has grown 10 times over from a small base and should reach 25 to 30% of revenue within two to three years, up from about 7.5% today.

He explained that international orders carry better margins because they involve last-mile personalisation work done locally, tied to each market’s data rules.

The company runs a facility in Nigeria, sells into the UK and Europe, exports to 16 countries in total, and is now planning its entry into the US.

Kini also addressed a new rule that applies the merchant discount rate to UPI payments above Rs 2,000.

He said this narrows the cost gap between UPI and cards for bigger purchases, and should help both card issuance and card spending going forward.

Cards still bring in about 57% of revenue today. Of the Rs 238 crore raised through the fresh issue, the company plans to spend it on plant and machinery.

Pai said the business typically sees six to eight times asset turnover, which could translate into Rs 1,200-1,500 crore of extra revenue from this expansion.

Manufacturing capacity has already grown from 11 crore to 22 crore cards, running at about 80% utilisation, with further capacity of 17-18 crore cards planned over the next two to three years as new production lines start up.

Discover the next big investment! Tradz by EquityPandits’ IPO screener helps you identify promising initial public offerings. Download Tradz by EquityPandit and get ahead of the curve! Sign Up Now & Find Your Next IPO Gem!