Manipal Payment and Identity Solutions: cards made 57% revenue

Manipal Payment and Identity Solutions derived Rs 759.521 crore, or 57.25%, of Fiscal 2026 revenue from operations from manufactured and traded cards. Cards remained its largest category even as the F&S Report recorded debit-card payment value falling from Rs 6.6267 lakh crore in Fiscal 2021 to Rs 4.4548 lakh crore in Fiscal 2025 amid Unified Payments Interface adoption.

How dependent is Manipal Payment and Identity Solutions on card revenue?

Manipal Payment and Identity Solutions depended on manufactured and traded cards for more than half of revenue in each of Fiscal 2024, Fiscal 2025 and Fiscal 2026. Card revenue was Rs 759.521 crore in Fiscal 2026, compared with Rs 733.484 crore in Fiscal 2025 and Rs 743.700 crore in Fiscal 2024. The category’s share declined from 59.61% in Fiscal 2024 to 58.40% in Fiscal 2025 and 57.25% in Fiscal 2026.

The declining share did not reflect a Fiscal 2026 fall in card sales. Total revenue from operations increased to Rs 1,326.753 crore in Fiscal 2026 from Rs 1,256.071 crore in Fiscal 2025, while card revenue rose by Rs 26.037 crore. Other revenue categories increased more quickly, reducing cards’ share by 1.15 percentage points during Fiscal 2026.

Why does UPI adoption matter to Manipal Payment and Identity Solutions card revenue?

Unified Payments Interface, or UPI, matters to Manipal Payment and Identity Solutions because the F&S Report attributes the overall decline in debit-card usage from Fiscal 2021 to Fiscal 2026 primarily to UPI’s rapid adoption. The report says UPI became the preferred method for low- and medium-value transactions because of convenience, zero-cost merchant acceptance and widespread infrastructure.

Debit-card payment value decreased by Rs 2.1719 lakh crore, or 32.8%, from Rs 6.6267 lakh crore in Fiscal 2021 to Rs 4.4548 lakh crore in Fiscal 2025. Debit-card transaction volumes also declined steadily from Fiscal 2021 to Fiscal 2026, according to the F&S Report. The disclosure does not provide a Fiscal 2026 debit-card payment value, so the quantified comparison ends in Fiscal 2025.

Debit-card transaction value and Manipal Payment and Identity Solutions’ card revenue measure different activity: one records payments, while the other records the sale of manufactured and traded cards. The connection depends on issuing banks’ card volumes, replacement cycles and product preferences. The prospectus identifies digital wallets, virtual cards and alternative payment form factors as possible reasons for lower demand for physical cards.

Which categories reduced Manipal Payment and Identity Solutions card concentration?

Other services and other products reduced Manipal Payment and Identity Solutions’ card concentration because their revenue rose materially over the three reported fiscals. Other-services revenue increased to Rs 150.393 crore in Fiscal 2026 from Rs 65.583 crore in Fiscal 2024, lifting its share of revenue from 5.26% to 11.34%. Other-products revenue rose to Rs 65.851 crore from Rs 26.876 crore over the same period.

Cheque books, collaterals and identity cards also increased to Rs 120.919 crore in Fiscal 2026 from Rs 109.626 crore in Fiscal 2024. Tax stamps, holograms, thermal and radio-frequency identification, or RFID, products recovered to Rs 180.131 crore in Fiscal 2026 from Rs 158.512 crore in Fiscal 2025, but remained below Rs 216.062 crore in Fiscal 2024.

Card-personalization services moved in the opposite direction, declining to Rs 49.942 crore in Fiscal 2026 from Rs 85.675 crore in Fiscal 2024. Its revenue share fell from 6.87% to 3.76% across that period. The lower card share therefore coincided with growth in several non-card categories, rather than with growth in the service line that personalizes cards.

What could change Manipal Payment and Identity Solutions card sales?

Manipal Payment and Identity Solutions’ card sales could change with regulation, competition, supply availability, customer preferences or technology. The prospectus says payment-network or government rules on card security, environmental norms and data protection may require capital expenditure, certification costs or product redesign. Those requirements could increase operating expenses or delay product launches.

Manufacturing depends on inputs including semiconductor chips, banking chip modules, overlay film, polyvinyl chloride sheets, ultraviolet inks, varnishes, holograms, metal and alloy plates, and inlays. The company says geopolitical tensions, natural calamities, pandemics and logistics bottlenecks could disrupt procurement and on-schedule delivery. Its top 10 suppliers accounted for 56.05% of total purchases in Fiscal 2026, compared with 62.29% in Fiscal 2025.

The company must also maintain payment-network registrations and facility-level certifications to manufacture, emboss, personalize, encode, chip-personalize and embed cards. As of March 31, 2026, Manipal Payment and Identity Solutions held registrations from MasterCard and RuPay, among others. For RuPay certification, applicable facilities must meet Payment Card Industry Security Standards Council card-production and provisioning physical and logical security requirements under National Payments Corporation of India certification.

How do customer terms add to Manipal Payment and Identity Solutions exposure?

Customer concentration adds to Manipal Payment and Identity Solutions’ exposure because its top 10 customers generated Rs 778.350 crore, or 58.67%, of Fiscal 2026 revenue from operations. That share declined from 60.98% in Fiscal 2025 and 62.51% in Fiscal 2024. The largest customer alone accounted for Rs 131.683 crore, or 9.93%, in Fiscal 2026.

The company reported 344 customers as of March 31, 2026, compared with 315 a year earlier and 307 as of March 31, 2024. Its key-customer contracts generally run for three to five years and may be extended by mutual agreement. Master agreements do not include exclusivity clauses or minimum purchase commitments, while purchase orders set quantities and prices.

Certain key customers can terminate contracts with or without cause on relatively short notice, according to the prospectus. Manipal Payment and Identity Solutions reported no loss of a key customer or substantial reduction in key-customer demand in the preceding three fiscals. Continued card revenue therefore depends not only on end-user payment preferences but also on customers continuing to place purchase orders under contracts without minimum commitments.

Conclusion

Manufactured and traded cards remained Manipal Payment and Identity Solutions’ principal revenue source in Fiscal 2026 at 57.25% of revenue from operations, although the share was lower than the 59.61% recorded in Fiscal 2024. The change occurred alongside increased revenue in other services, other products and cheque-related products, while the F&S Report documented lower debit-card payment activity through Fiscal 2025.

The next issue to watch is whether card demand and renewal cycles persist as the prospectus identifies UPI, digital wallets, virtual cards and alternative form factors as potential influences on physical-card demand. The company’s stated plan to use Rs 238.426 crore of net fresh-issue proceeds for equipment and related facility spending also makes execution, raw-material availability and payment-network certification relevant to future card production.