Company Intelligence Profile
Manipal Technologies Limited
Manipal-Group-owned integrated digital and print solutions provider — secure/banking card printing, digital and banking software, government ID and biometric solutions, publishing, and packaging/logistics, unlisted, incorporated 2000, RoC Karnataka.
Last updated 11 August 2026
Manipal Technologies Limited is an integrated digital and print solutions provider specializing in secure printing, digital banking software, government ID systems, publishing, and packaging. Serving over 500 clients across 50 countries, the company operates with a headcount of approximately 1,792 employees as of April 2024, with no external VC funding identified.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
| Registered name | Manipal Technologies Limited |
|---|---|
| CIN | U22219KA2000PLC026222 |
| PAN | AABCM9516H |
| Status | Active |
| Listing | No — unlisted public limited company |
| Incorporated | 13 January 2000 |
| ROC | RoC Karnataka / Bangalore |
| Sector (NIC) | Manufacturing / Media & Publishing — paper & paper products, printing & reproduction of recorded media, security/secure printing, smart cards, digital & banking solutions, packaging |
| Registered address | Udayavani Building, Press Corner, Manipal/Udupi, Karnataka 576104, India |
| Authorized capital | CONFLICTING DATA — Tofler reports ₹25.4 Cr; flagged as a source conflict rather than averaged. |
| Paid-up capital | CONFLICTING DATA — Tofler reports ₹13.0 Cr; flagged as a source conflict rather than averaged. |
Business Overview
- Manipal Technologies Limited (MTL) is an integrated digital and print solutions provider tracing its origins to 1941
- Core lines: (1) secure printing and card manufacturing — banking/smart cards, payment solutions
- (2) digital solutions — banking software, fraud detection, digital publishing
- (3) government services — ID documents, IoT, biometric systems
- (4) publishing — books, magazines, prepress
- (5) packaging and logistics for retail/FMCG
- Self-describes as "India's leading integrated digital solutions provider," serving 500+ clients across 50+ countries, with operations in major Indian cities plus Kenya, Nigeria, Germany, UAE and Mauritius
- Reported headcount ~1,792 employees as of Apr 2024
- Source: company's own website (primary) plus Tofler/TheCompanyCheck corroboration on structure
Directors
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Abhay Anant Gupte | 00389288 | - | - |
| Tonse Gautham Pai | 00120314 | Whole-time Director | - |
| Tonse Sachin Pai | 00795780 | Director | - |
| Prabhakara Dayananda Kamath | 00935434 | Director | - |
| Tonse Satish Upendra Pai | 00104361 | Director | - |
| Padmaja Shailen Ruparel | 01383513 | Director | - |
| Sujir Prabhakar | 02577488 | Director | - |
| Sagar Mukhopadhyay | 03037722 | Additional Director | - |
GSTINs
| GSTIN | State | PAN | Status |
|---|---|---|---|
| 29AABCM9516H1Z8 | Karnataka | AABCM9516H (partial — single explicit source: Tofler; cross-consistent with the PAN segment embedded in the GSTIN found, 29AABCM9516H1Z8) | - |
| 29AABCM9516H2Z7 | Karnataka | AABCM9516H (partial — single explicit source: Tofler; cross-consistent with the PAN segment embedded in the GSTIN found, 29AABCM9516H1Z8) | - |
Partial. Primary GSTIN found: 29AABCM9516H1Z8 (Karnataka), described as registered ~01 Jul 2017, Public Limited Company — sourced from a single DuckDuckGo search snippet (aggregator page), not independently verified on a live GSTIN lookup page (knowyourgst detail page returned 404). A second Karnataka GSTIN, 29AABCM9516H2Z7, also surfaced (likely an additional unit/branch registration) — same low-confidence sourcing. PAN root AABCM9516H is consistent with the PAN reported by Tofler. Home state: Karnataka. Exact count of state-wise registrations not obtained. Status (active/cancelled) not independently confirmed.
Financials
- CONFLICTING DATA, not reconciled
- Tofler (standalone, FY March 2025): revenue given only as a broad range "₹750-1000 Cr"
- EBITDA +32.57% YoY, PAT -16.57% YoY, Net Worth +14.02% YoY, Total Borrowings -8.93% YoY — exact absolute figures paywalled
- TheCompanyCheck (FY2024): revenue ₹2,336.35 Cr (+26% YoY) — PAT/EBITDA paywalled
- These two revenue figures are far apart and could not be reconciled with available free-tier access; flagged as a genuine source conflict rather than resolved
- Net worth, total borrowings, and EBITDA in absolute terms: not obtained (paywalled on both)
Charges/Loans
- Union Bank of India — 2 charges totaling ₹178.5 Cr (created 24 Mar 2020)
- Axis Bank Limited — ₹117.1 Cr (29 Oct 2024)
- The Federal Bank Limited — 3 charges totaling ₹60.7 Cr (latest 13 Dec 2024)
- Corporation Bank — ₹50.0 Cr (27 Feb 2017)
- Bandhan Bank — ₹25.0 Cr (28 Oct 2023)
- HDFC Bank Limited — 4 charges totaling ₹5.3 Cr (latest 16 Aug 2024)
- State Bank of India — ₹3.0 Cr (14 Nov 2022)
- BMW India Financial Services — ₹1.3 Cr (29 Apr 2025)
- Not independently cross-verified against a second source
Credit Ratings
- Partial
- India Ratings and Research (Ind-Ra) reportedly affirmed MTL's Long-Term Issuer Rating at 'IND BBB+'
- Infomerics has a press-release listing for Manipal Technologies Limited dated around 10 Nov 2025, but the specific rating symbol/instrument could not be extracted (page did not render)
- CRISIL, ICRA, CARE: not obtained — no ratings from these three agencies were found
Legal
- Manipal Technologies Ltd vs HR Mantra Software Private Limited (Bombay HC, 24 Aug 2021, commercial dispute)
- Manipal Technologies Limited vs Bank of Baroda (Karnataka HC, appeal)
- M/S Manipal Technologies Ltd vs State of Karnataka (Karnataka HC, writ petition, 17 Mar 2022)
- Manipal Technologies Ltd vs Mapple Edusoft Pvt Ltd (Bombay HC, arbitration-related, 17 Feb 2020)
- Manipal Technologies Ltd vs State of Rajasthan (Rajasthan HC/Jaipur, arbitration application, 8 Sep 2017)
- M.P. Board of Secondary Education vs Manipal Technologies Ltd (MP HC, 15 Sep 2025)
- Broader search returned ~1,488 total hits for the name across courts; only the above were individually resolved with case detail
Competitors
- Inferred from sector positioning — not independently sourced per-competitor, provided as reasonable named peers with rough scale tags: (1) Uflex Limited — packaging & films, larger scale (listed, multi-thousand-crore revenue)
- (2) Giesecke+Devrient (G+D) India — global secure printing/smart-card leader, larger scale
- (3) CMS Info Systems Limited — cash logistics, ATM & card managed services, larger scale (listed, NSE: CMSINFO)
- (4) Thomson Press (India) Limited — printing & publishing, comparable/similar scale
- (5) SmartChip Limited — smart card manufacturing, smaller/niche scale
- (6) TCPL Packaging Limited — packaging, smaller scale (listed)
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