Manika Plastech battery-casing revenue share declines to 54%

Manika Plastech Limited’s battery-casing revenue share declined from 67.26% in Fiscal 2024 to 54.38% in the three months ended June 30, 2026. Battery casings remained the largest category, generating Rs 88.335 crore in the June 2026 quarter, but pails, thinwall containers and painting increased their contribution to revenue from operations.

Why did Manika Plastech’s battery-casing revenue share decline to 54%?

Manika Plastech’s battery-casing revenue share declined because pails and thinwall containers, as well as painting services, expanded faster than battery casings. Battery casings accounted for 67.26% of revenue from operations in Fiscal 2024, 65.56% in Fiscal 2025, 56.54% in Fiscal 2026 and 54.38% in the three months ended June 30, 2026. Revenue mix measures a category’s proportion of total revenue, so a share can fall even when the category’s rupee revenue rises.

Battery-casing revenue increased from Rs 242.640 crore in Fiscal 2024 to Rs 246.487 crore in Fiscal 2026, while revenue from operations increased from Rs 360.772 crore to Rs 435.982 crore. The difference in growth rates reduced battery casings’ share by 10.72 percentage points over the two fiscal years. In the three months ended June 30, 2026, battery casings still supplied more than half of Manika Plastech’s Rs 162.454 crore revenue from operations.

The share change therefore reflects expansion outside the battery-casing category rather than a reported contraction in Fiscal 2026 battery-casing revenue. Pails and thinwall containers added Rs 48.927 crore between Fiscal 2024 and Fiscal 2026, compared with a Rs 3.847 crore increase in battery casings. Painting added Rs 13.814 crore over the same period, becoming 3.18% of Fiscal 2026 revenue from operations from 0.02% in Fiscal 2024.

Which categories are changing Manika Plastech’s revenue mix?

Pails and thinwall containers are the largest driver of Manika Plastech’s changing revenue mix, while the painting facility recorded the sharpest proportional increase. Pails and thinwall containers generated Rs 133.018 crore in Fiscal 2026, up from Rs 84.091 crore in Fiscal 2024, and their revenue share rose by 7.20 percentage points to 30.51%. The category generated Rs 45.808 crore, or 28.20% of revenue from operations, in the three months ended June 30, 2026.

Manika Plastech describes pails as packaging for paints, lubricants and industrial chemicals, while food-grade thinwall containers are used for dairy and edible products. The Dadar facility makes pails and thinwall containers for food and dairy manufacturers, and the Panipat facility makes the same category. Its Hosur and Una manufacturing facilities produce both battery casings and pails and thinwall containers, allowing those sites to serve more than one product category.

Painting-facility revenue rose from Rs 0.058 crore in Fiscal 2024 to Rs 13.872 crore in Fiscal 2026. The category’s share increased from 0.02% to 3.18%, and it generated Rs 7.249 crore, or 4.46% of revenue from operations, in the three months ended June 30, 2026. Manika Plastech’s Hosur paint facility paints automotive components for Ultraviolet Automotive Private Limited, TVS Motor Company Limited and other automotive-component and commercial electric-vehicle manufacturers.

Other operating revenue was Rs 42.605 crore in Fiscal 2026, compared with Rs 33.983 crore in Fiscal 2024, although its share moved only from 9.41% to 9.77%. This category includes trading, sale of meter boxes, sale of automotive components and other miscellaneous income. Its smaller 0.36-percentage-point share change means the reported shift from battery casings was principally associated with pails, thinwall containers and painting.

What does the revenue mix shift mean for end-market exposure?

The revenue mix shift gives Manika Plastech exposure to more end-use categories, but battery-related demand remains its largest reported revenue dependency. Battery casings produced Rs 246.487 crore in Fiscal 2026, exceeding the Rs 133.018 crore from pails and thinwall containers and Rs 13.872 crore from painting. Manika Plastech identifies battery casings as precision injection-moulded rigid polymer packaging components used in energy-storage systems.

Manika Plastech states that battery-casing demand depends on renewable energy, battery storage systems, home inverters and automobiles, including electric vehicles. The company also identifies technology changes, substitute products, geopolitical events, price movements, and changes in demand and supply as factors that may affect revenue. The category’s 54.38% June 2026 share means those battery-sector conditions remain material to the revenue mix despite the decline from Fiscal 2024.

Pails and thinwall containers add exposure to paints, lubricants, industrial chemicals, dairy and edible products. Manika Plastech says demand for thinwall products varies with the dairy industry, including ice-cream products, while battery-casing demand changes with the battery industry across months. The June 30, 2026 figures cover three months and are not annualised, so continuation of the mix change depends on sustained order volumes in these separate end markets.

How do customer and supplier concentrations affect the mix?

Manika Plastech’s broader product mix remains concentrated among a limited group of customers. Its top five customers accounted for Rs 274.462 crore, or 62.95%, of Fiscal 2026 revenue from operations, compared with Rs 277.939 crore, or 68.37%, in Fiscal 2025. The top 10 customers accounted for 73.45% of Fiscal 2026 revenue from operations, indicating that category diversification does not by itself make sales widely dispersed across buyers.

Manika Plastech served approximately 242 customers in Fiscal 2026, compared with 214 in Fiscal 2025 and 184 in Fiscal 2024. The company says customer orders are based on internal forecasts and operating needs, including input costs, production schedules and end-market demand. Continued expansion in pails, thinwall containers and painting therefore depends in part on purchasing decisions by major customers, whose contracts may not be renewed or may be renegotiated.

Raw-material sourcing is also concentrated. The top five suppliers represented Rs 225.307 crore, or 78.29%, of Fiscal 2026 raw-material purchases, versus Rs 202.158 crore, or 66.80%, in Fiscal 2025. Manika Plastech identifies polypropylene copolymer as its primary raw material and says it has no long-term purchase agreements with suppliers, so supply interruptions or input-price changes can affect production costs and order fulfilment.

Conclusion

Manika Plastech’s reported revenue mix changed between Fiscal 2024 and the three months ended June 30, 2026 because pails, thinwall containers and painting grew faster than battery casings. Battery casings remained the largest category at 54.38% of June-quarter revenue from operations, while pails and thinwall containers reached 28.20% and painting reached 4.46%.

The next disclosed indicators are whether the newer revenue shares persist beyond the June 2026 quarter and whether demand continues across dairy, paints, chemicals and automotive-component customers. Manika Plastech’s top five customers contributed 58.75% of June-quarter revenue from operations, while its absence of long-term supplier purchase agreements remains a disclosed condition that can affect the outcome.