Manas Polymers and EnergiesShare price, financial results, shareholding and management
- Market cap
- ₹55 cr
- Stock P/E
- 6.4peers 16.9
- Book value
- ₹16
- Price to book
- 1.46
- EV / operating profit
- 5.8
- Market cap to sales
- 1.03
- ROCE · FY26
- 30.4%
- ROE · FY26
- 36.2%
- ROE, 3-year average
- 44.0%
- Operating margin · FY26
- 24.1%peers 12.7%
- Sales growth, 3 years
- +68.0%
- Profit growth, 3 years
- +109.9%
- Debt to equity
- 0.54peers 0.80
- Borrowings
- ₹20.2 cr
- Interest cover
- 13.2×
- Cash from business / op. profit
- -63%
- Debtor days
- 59
- Pledged
- 0.00%
- Promoter holding
- 52.12%
- Change in promoter holding
- -10.50 pts
- Shareholders
- 384
- 52-week high / low
- ₹119 / ₹19
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Manas Polymers and Energies share price chart
Close on 6 Nov 2026 · -2.71% on the day · Vol 76,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +3.5%
- 3 months
- -36.5%
- 6 months
- -48.9%
- 1 year
- -78.8%
- Since IPO
- -71.2%
- Traded a day, 20 days
- ₹0.19 cr
- Taken for delivery
- 90%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +68% | +110% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +106% | +81% |
About Manas Polymers and Energies: business, products and customers
Manas Polymers and Energies makes the small plastic preforms that are blown into bottles for drinking water, soft drinks, edible oil and medicines, along with bottles, jars and containers, at a plant in Gwalior. It also sells power from a small solar plant in Madhya Pradesh, and its shares trade on NSE Emerge.
The business began as two proprietorships of the late Anju Bhadauria, a solar power unit started in 2015 and a PET preform unit started in 2017, which the company took over in January 2024. At its Gwalior plant it moulds PET resin into preforms of many neck sizes and weights, blows some into bottles and jars, and makes HDPE containers; it also buys preforms and caps it does not make and resells them. The solar plant near Ujjain sells its units to private buyers and the state grid.
Most money comes from selling preforms by the piece to bottlers and container makers, so resin cost and summer demand for water and soft drinks drive sales and margins, and the offer document says sales peak in summer. Traded goods add to sales at a thinner margin than goods it makes, and one trading group both buys from and sells to the company. In FY26 cash was tied up in advances paid to suppliers, finished stock and dues from customers, and part of profit came from supplier discounts and a state capital subsidy rather than from sales.
Read more about the business
With the preform lines nearly full in FY25, the public issue paid for new moulding machines and most of a larger solar plant at Sakedi in Shajapur district, which was still being built at March 2026. A rights issue in September 2026 then tripled the number of shares.
The offer document names Mitsu Chem Plast and Technopack Polymers as its listed peers; Mitsu Chem Plast is far larger, while Technopack Polymers had FY25 sales of about ₹17.3 cr, close to this company's size. It also says it competes with organised and unorganised makers, small and large.
From the offer document (Red Herring Prospectus, September 2025), the annual report for FY26, the result filing of 25 May 2026 and the company's announcements of August and September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 68% a year last year.
- It earns a high return on the money it uses: ROCE 30% in FY26.
To watch
- Start of power sales from the 5 MW solar plant at Sakedi, still in capital work in progress at March 2026 (Annual report FY26, p.84; Offer document, p.94 to 95).
- How the ₹24.9 cr raised in the September 2026 rights issue is used (Announcement, 25 September 2026, p.1).
- Whether advances to suppliers, ₹10.7 cr at March 2026, come down in the half year to September 2026 (Annual report FY26, p.95).
- Receipt of the ₹3.2 cr MPIDC subsidy (Annual report FY26, p.96).
- Its borrowings rose a lot last year: ₹20.2 cr, from ₹10.7 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Manas Polymers and Energies revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Manas Polymers and Energies half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 15.28 | 21.50 | 31.50 |
| Expenses | 12.43 | 14.69 | 25.54 |
| Operating profit | 2.85 | 6.81 | 5.96 |
| OPM | 18.6% | 31.7% | 18.9% |
| Interest | 0.40 | 0.36 | 0.53 |
| Depreciation | 0.53 | 1.15 | 1.65 |
| Profit before tax | 3.02 | 5.81 | 5.15 |
| Net profit | 2.26 | 4.44 | 4.08 |
Manas Polymers and Energies profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 4.76 | 31.54 | 53 |
| Expenses | 3.87 | 25.78 | 40.23 |
| Operating profit | 0.89 | 5.76 | 12.77 |
| OPM | 18.7% | 18.3% | 24.1% |
| Other income | 0.27 | 1.51 | 1.88 |
| Interest | 0.26 | 0.80 | 0.90 |
| Depreciation | 0.15 | 0.98 | 2.80 |
| Profit before tax | 0.75 | 5.49 | 10.95 |
| Tax rate | 0.0% | 26.0% | 22.2% |
| Net profit | 0.75 | 4.06 | 8.52 |
| EPS ₹ | 0.51 | 2.78 | 10.95 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Manas Polymers and Energies profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 18.7% | 18.3% | 24.1% |
| Tax rate | 0.0% | 26.0% | 22.2% |
| ROCE | · | 32.9% | 30.4% |
| ROE | · | 51.8% | 36.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Manas Polymers and Energies debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Manas Polymers and Energies balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 4.87 | 4.87 | 7.78 |
| Reserves | 1.07 | 4.88 | 29.60 |
| Net worth | 5.94 | 9.75 | 37.38 |
| Borrowings | 11.88 | 10.71 | 20.22 |
| Other liabilities | 3.03 | 8.68 | 8.02 |
| Total liabilities | 20.85 | 29.14 | 65.62 |
| Fixed assets | 6.56 | 12.12 | 14.93 |
| Capital work in progress | 0.84 | 0.15 | 13.05 |
| Investments | 0 | 0 | 3.07 |
| Other assets | 13.45 | 16.87 | 34.57 |
| Receivables | · | · | 8.59 |
| Inventory | · | · | 10.38 |
| Cash | · | · | 0.18 |
| Trade payables | · | · | 1.97 |
Manas Polymers and Energies cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -1.51 | 6.75 | -7.99 |
| Cash from investing | -0.80 | -5.70 | -21.49 |
| Cash from financing | 3.61 | -1.97 | 29.52 |
| Net cash flow | 1.30 | -0.92 | 0.04 |
| Capital spending | · | · | 18.51 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 449 | 65 | 59 |
| Inventory days | 516 | 113 | 106 |
| Days payable | 214 | 54 | 20 |
| Cash conversion cycle | 750 | 124 | 145 |
| Working capital days | 154 | -19 | 96 |
Manas Polymers and Energies peers and competitors
Listed SME companies in the same industryBy sales, Manas Polymers and Energies is number 122 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Phychem Technologies | 47 | 11.5 | 56.5 | 4.1 | 10.8% | 0.43 |
| Anand Seamless | 82 | 14.9 | 56 | 5.5 | 18.3% | 1.44 |
| Maks Energy Solutions India | 10 | 14.9 | 54.1 | 0.7 | 5.5% | 1.02 |
| Jiwanram Sheoduttrai Industries | 10 | 9.6 | 53.9 | 1 | -0.9% | 0.68 |
| Rappid Valves (India) | 171 | 26.4 | 53.2 | 6.5 | 19.4% | 0.35 |
| Manas Polymers and Energies | 55 | 6.4 | 53 | 8.5 | 24.1% | 0.54 |
| Kalana Ispat | 26 | 26.6 | 51.8 | 1 | 2.2% | 0.05 |
| KVS Castings | 134 | 19.0 | 51.4 | 7.1 | 21.6% | 0.38 |
| Diksha Polymers | 97 | 23.6 | 51.3 | 4.1 | 14.6% | 1.77 |
| Pentagon Rubber | 66 | 35.9 | 50.9 | 1.8 | 9.5% | 0.92 |
| Advance Technoforge | 50 | 12.3 | 50 | 4.1 | 15.5% | 1.26 |
| Median of the 10 others | 58 | 17 | 52.5 | 4.1 | 12.7% | 0.80 |
Manas Polymers and Energies shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Manas Polymers and Energies shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 62.62% | 62.62% | 52.12% |
| Foreign investors (FIIs) | 7.78% | - | 0.00% |
| Indian institutions (DIIs) | 7.76% | - | 0.00% |
| HNIs (over ₹2 lakh each) | 9.16% | 17.18% | 29.90% |
| Small holders (up to ₹2 lakh) | 5.30% | 10.34% | 6.22% |
| Companies and others | 7.38% | 9.86% | 11.76% |
| Number of shareholders | 143 | 265 | 384 |
The named holders are at 25 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Manas Polymers and Energies study: the business from its own documents
Read from 3 of the company's own documentsManas Polymers and Energies so far
From the company's own record
- January 2024Company formed
- 6 Oct 2025Listed on NSE Emerge at ₹81
- 30 Sept 2026Promoters at 52.12%
- 6 Oct 2025Highest close since listing, ₹130.91
Manas Polymers and Energies key facts from the filings
Each figure with the document it comes from
- Preform capacity used
- 98%
- Share of the 1,970 tonne preform capacity used in FY25, up from about 80% in FY23, so more volume needs new machines.Offer document, p.143
- Made against traded
- 75.8% made
- Share of FY25 revenue from goods it made; traded preforms and caps gave 21.1% and solar power 3.1%.Offer document, p.132 and p.144
- Top ten customers
- 57.8%
- Share of FY25 revenue from the ten largest customers, with no supply agreements; the largest alone gave 15.8%.Offer document, p.38 and p.132
- One trading group
- 28.1% of sales
- FY25 sales to three Diksha group firms, which also supplied 30.75% of purchases, with no formal agreements; they are not related parties.Offer document, p.46 to 47
- New solar plant
- 5 MW
- Planned at Sakedi in Shajapur district at an estimated ₹22.8 cr, with ₹13.5 cr from the public issue; capital work in progress stood at ₹13.1 cr in March 2026.Offer document, p.94 to 95; Annual report FY26, p.84
Show 5 more facts
- Existing solar plant
- 1 MW
- At Kadodiya near Ujjain, selling units at an average ₹3.65; the land belongs to Managing Director Vineet Bhadauria and is licensed to the company.Offer document, p.135 and p.183
- Cash from operations
- -₹6.2 cr
- Cash used by operations in FY26 against a profit of ₹8.5 cr, as advances to suppliers rose to ₹10.7 cr from ₹3.4 cr.Annual report FY26, p.85 to 86 and p.95
- State subsidy
- ₹3.2 cr
- Capital subsidy receivable from MPIDC at March 2026, of which ₹0.76 cr was taken into FY26 income.Annual report FY26, p.95 to 96
- Rights issue
- ₹16 a share
- 1.56 cr new shares allotted in September 2026, raising about ₹24.9 cr and taking shares to 2.33 cr; the public issue in 2025 was at ₹81.Announcement, 25 August 2026, p.1 to 2; Announcement, 25 September 2026, p.1
- Promoter holding
- 52.12%
- Vineet Bhadauria's stake after the rights issue, down from 62.60%, having taken up 72.9 lakh of the new shares.Disclosure under takeover regulations, 26 September 2026, p.1
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Manas Polymers earns a conversion margin on turning plastic resin into preforms and containers for bottlers, adds traded goods, and sells a little solar power.
Its weak spots are a few large customers and one trading group, cash tied up in advances and stock, and the need for fresh money to grow.
WatchCan it set its own prices?Preforms are a standard product, and the company says weak demand at its customers brings pricing pressure.
WatchHow strong is it against rivals?A small regional maker facing many organised and unorganised rivals, some much larger.
WatchWho are its customers?A handful of bottlers and one trading group make up a large share of sales, with no agreements.
WatchDoes it need a lot of money?It needs money both for plants and for running the business, and has raised equity twice in a year.
AverageCan it keep finding new work?Demand filled the preform lines, and new machines and a larger solar plant add room, but there is no order book.
AverageDo good and bad years swing a lot?Sales follow the summer season for drinking water and soft drinks, while solar power gives a small steady base.
Who runs Manas Polymers and Energies?
Promoters, directors and officers; tap a name for the background
VBVineet BhadauriaPromoter, Managing Director and Chairperson · holds 52.12%
Holds an MBA and a Master of Commerce from Jiwaji University, Gwalior. Worked with the BK Birla Group at Maihar Cement for many years and has 10 years in the polymer, power and infrastructure business; President of Laghu Udyog Bharti. Pay was set in May 2026 at ₹2 lakh a month plus 1.5% of profit as a bonus.
Offer document, p.167 to 168 and p.180; Result filing, 25 May 2026, p.1; Disclosure, 26 September 2026, p.1DBDhruv BhadauriaPromoter and Chief Financial Officer
Holds a Bachelor of Commerce from ITM University, Gwalior and a master's in finance and business economics from the University of Adelaide, with more than four years in the polymer business, earlier at the Manas Polymers proprietorship. The offer document records Dhruv Bhadauria as the son of Vineet Bhadauria.
Offer document, p.170, p.177 and p.181JBJanvi BhadauriaPromoter and Non-Executive Director
Holds commerce degrees from Maharshi Dayanand University, Rohtak and Banasthali Vidyapith, with about five years in human resources, earlier at A2Z Placements and Manas Polymers. The offer document records Janvi Bhadauria as the wife of Dhruv Bhadauria; on the board since August 2024.
Offer document, p.169 to 170 and p.181SSShamendra Singh BhadauriaExecutive Director
Holds a Bachelor of Engineering in electronics from Amravati University; earlier with Efkon India and NEC Corporation, and a designated partner in Genitive Technologies LLP. On the board since January 2025, in charge of day to day activities.
Offer document, p.167 to 170; Annual report FY26, p.100ASAjay Shankar SaxenaIndependent Director
Holds a pharmacy diploma from Rajiv Gandhi Proudyogiki Vishwavidyalaya with 17 years in sales and marketing, earlier at Enzo Biopharma; chairs the audit committee.
Offer document, p.168 to 169 and p.173RKRajnish KumarIndependent Director
Holds a BA from Delhi University and an MBA from Sikkim Manipal University, with about 21 years in human resources and administration at firms including Lanco Thermal Power.
Offer document, p.168 to 169Manas Polymers and Energies latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹31.5 cr (+106%), net profit ₹4.1 cr (+81%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters 62.62% to 52.12%.
Manas Polymers and Energies announcements
47 on record, latest first; each opens the filing on the exchange
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Disclosure under SEBI Takeover Regulationsof Disclosure under Regulation 29 (2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011PDF ↗
- Allotment of Securitiesallotment of 15552000 securities pursuant to Rights Issue at its meeting held on September 25, 2026PDF ↗
- Committee Meeting UpdatesOutcome of Committee Meeting held on September 25, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- CorrigendumTo OtherPDF ↗
- Committee Meeting UpdatesOutcome of Committee Meeting held on September 15, 2026PDF ↗
Manas Polymers and Energies annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Manas Polymers and Energies share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Rights issueRIGHTS 2:1 @ PREMIUM RS 6/-ex-date 31 Aug 2026
Checks we ran on Manas Polymers and Energies' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,33,28,000 shares).
- !The FY26 results imply 77,80,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Manas Polymers and Energies
What does Manas Polymers and Energies do?
Manas Polymers and Energies makes the small plastic preforms that are blown into bottles for drinking water, soft drinks, edible oil and medicines, along with bottles, jars and containers, at a plant in Gwalior. It also sells power from a small solar plant in Madhya Pradesh, and its shares trade on NSE Emerge.
What is the share price of Manas Polymers and Energies?
₹23.4 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Manas Polymers and Energies?
₹55 cr at the close on 6 Nov 2026, on 2,33,28,000 shares.
What is the P/E of Manas Polymers and Energies?
6.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Manas Polymers and Energies' revenue and profit?
Revenue ₹53 cr and profit after tax ₹9 cr in FY26.
Who are the promoters of Manas Polymers and Energies?
Vineet Bhadauria, Dhruv Bhadauria, Janvi Bhadauria; promoters held 52.12% at 30 Sept 2026.
What was the IPO price of Manas Polymers and Energies?
₹81 a share; it listed on 6 Oct 2025.
What is Manas Polymers and Energies' website?
www.manaspolymers.com
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Built from 1 offer document, 1 result filing, 1 annual report, 47 exchange announcements, 3 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.