Manipal Payment And Identity Solutions Limited · NSE:MPIMANIPAL
Manipal Payment And Identity Solutions — Q2 FY27 Earnings Presentation
32 slides from Manipal Payment And Identity Solutions's earnings presentation, Nov 3, 2026
Slide 1: Q2 & H1 FY27 Earnings Presentation
Q2 & H1 FY27 EARNINGS PRESENTATION 3 November 2026 IoT www.mpimanipal.com
Slide 2: Safe Harbour
Safe Harbour This presentation has been prepared by Manipal Payment and Identity Solutions Limited (the “Company”) solely for information purposes. It does not constitute an offer, recommendation or invitation to purchase or subscribe for any securities of the Company, and no part of it shall form t
Slide 3: Q2 & H1 FY27 Highlights
Q2 & H1 FY27 HIGHLIGHTS Q2 & H1 FY27 Earnings Presentation 3
Slide 4: H1 FY27 Key Financial Highlights
H1 FY27 Key Financial Highlights ₹849 Cr ₹256 Cr ₹159 Cr 12.8% Revenue from operations EBITDA (excl. other income) Reported PAT International business, % of revenue ▲ 40% YoY ▲ 29% YoY 30.1% margin ▲45% YoY 18.6% margin vs 5.4% in H1 FY26 BUSINESS HIGHLIGHTS Expanding International 1 Core businesses
Slide 5: Q2 & H1 FY27 financial performance
Q2 & H1 FY27 financial performance Key commentary Particulars (₹ Cr) Q2FY27 Q2FY26 % H1 FY27 H1 FY26 YoY Revenue +40.3% +40% YoY YoY Revenue from operations 430.4 322.1 ▲ 33.6 849.4 605.6 ▲ 40.3 H1 FY27 revenue grew 40% 40.3% YoY, YoY, supported supported byby healthy healthy growth across Core busi
Slide 6: Core grows 23% YoY; Emerging revenue share expands from 25% to 35%
Core grows 23% YoY; Emerging revenue share expands from 25% to 35% Revenue from operations, ₹ Cr ■ Core ■ Emerging CORE Domestic business: new wins and NCMC adoption H1 FY27 ₹ 849 Payment cards: Higher card volumes and growing adoption across customer segments ₹ 606 ₹556 Cr NCMC: Large transit card
Slide 7: Summary of consolidated financial results
Summary of consolidated financial results Particulars (₹ Cr) Q2 FY27 Q2 FY26 % H1 FY27 H1 FY26 % Revenue from operations 430.4 322.1 33.6 849.4 605.6 40.3 Other income 6.0 5.4 10.3 11.0 14.6 -24.4 Total income 436.4 327.5 33.3 860.4 620.1 38.7 Cost of goods sold 153.5 108.2 41.8 322.8 202.0 59.8 Fre
Slide 8: Abridged Consolidated Balance Sheet
Abridged Consolidated Balance Sheet September 2026 March 2026 September 2026 March 2026 Particulars (₹ Cr) (Unaudited) (Audited) Particulars (₹ Cr) (Unaudited) (Audited) ASSETS Equity & Liabilities Non-current assets 479.7 418.4 Equity 1,252.9 791.9 Non-current liabilities 108.3 112.7 Current assets
Slide 9: Company Overview
Company Overview Q2 & H1 FY27 Earnings Presentation 9
Slide 10: Backed by The Manipal Group's 78+ years legacy
Backed by The Manipal Group's 78+ years legacy Backed by The Manipal Group • Strategic Guidance across printing, media, and investment. 78+ YEARS of Business Legacy T. Satish U. Pai Mudrana Rathna BFSI Lifetime Achievement Aryabhatta Award Swatantra Veer Savarkar Award Award • Leads Kannada media br
Slide 11: At a glance: India's #1 card maker, scaling globally
At a glance: India's #1 card maker, scaling globally Leading Payments & LeadingDomestic Domestic Player Player Innovation & Tech with with Global Global footprint footprint Industry Overview ID Solutions Player Leadership Card manufacturer with ~31.7% market Among Global payment cardsselect few dome
Slide 12: One integrated platform across payments, identity, secure logistics and IoT
One integrated platform across payments, identity, secure logistics and IoT Certifications Other Payment PCI-DSS ISO INTERGRAF IOTA ASPA IBA ITSA CMMI HSSMS, (16 + yea rs) (9+ years) Networks (9-15 yea rs) CERT-IN CORE Market-leading, long-tenured domestic franchises Domestic Payment Cards Governmen
Slide 13: Domestic payments: India's #1 card franchise
Domestic payments: India's #1 card franchise – 344 customers, 12+ year top-10 relationships Multi-city bureau network PSU 12 Banks 15+ Years 14+ Years 15+ Years 14+ Years 15+ Years Private 22 Banks Fintech & 60 payment Banks 11 Small Finance Banks 78 Co-operative Banks Bundled offering Government 17
Slide 14: Digital automation: 5,000+ kiosks in India, now live internationally
Digital automation: 5,000+ kiosks in India, now live internationally International Live: Account Opening Centralized Debit/Credit Card 5,000+ Monitoring Issuance Kiosks deployed Pan India Information Cheque Support Display Issuance 31 12 Key Customers Internet Passbook Banking Digital Printing Banki
Slide 15: Identity Solutions: 1 Bn+ national ID cards delivered
Identity Solutions: 1 Bn+ national ID cards delivered – taking the India model to emerging markets Caters to central and state governments in India, now going global From India to emerging markets ✓ E-Passport India: 1 Bn+ national ID cards delivered ✓ Citizen Cards particip ating in nationa l ID ✓
Slide 16: International business: from ~1% of revenue in FY23 to 12.8% in H1 FY27
International business: from ~1% of revenue in FY23 to 12.8% in H1 FY27 Wide geographic reach across international jurisdictions International Business 15+ | Countries Integrated card offerings Cards, Cheque, Logistics International revenue, ₹ Cr % of revenue from operations 116% CAGR 3.3x 12.8% 7.2
Slide 17: Metal Cards: patented, Make-in-India premium cards
Metal Cards: patented, Make-in-India premium cards – supplying all top-4 Indian issuers and exporting globally Patent & IP Scalable Capacity One of the leading metal card manufacturers, 670,000 cards - annual capacity holding patents in India, Nigeria, South Africa, USA and Australia. Strategic Adva
Slide 18: Tax stamps: 30–35 Bn excise labels a year
Tax stamps: 30–35 Bn excise labels a year, ready to scale beyond India Intaglio Objective: Secure print to field verification, deployed with Ink multiple state govts. Paper & polyester excise labels, incl. biodegradable variants; secured with intaglio ink End-to-end program: secure print → serializa
Slide 19: RFID & IoT: item-level tagging for global retail majors
RFID & IoT: item-level tagging for global retail majors, in a ~₹2.8 lakh Cr global market by FY30 Our Software Offerings Where RFID adoption is growing Track & Trace Platform Retail & apparel Events & access • Serialization & multi-level Item-level tagging at global majors; RFID ticketing & wristban
Slide 20: FY23–FY26: strong growth, rising profitability and high returns with zero leverage
FY23–FY26: strong growth, rising profitability and high returns with zero leverage Revenue from Operations - Domestic vs Exports EBITDA PAT FY23-26, INR Cr CAGR FY23-26, INR Cr, % Margin FY23-26, INR Cr, % Margin FY23-26 1,326.76 14% 29% 95.70 37% CAGR 902.18 CAGR 455.83 116% 408.76 253.46 9.52 10x
Slide 21: Thank You
Thank You For updates and specific queries, please visit www.mpimanipal.com or feel free to contact Manipal Payment & Identity Solutions Ltd CDR India Dattatri Manjunatha Hardur Anoop Poojari / Suraj Digawalekar Tel: +91 82022 05000 Ph.: +91 98330 90434 / 98211 94418 Email: investor.relations@mpiman
Slide 22: Annexures
Annexures Q2 & H1 FY27 Earnings Presentation 22
Slide 23: Our Journey
Our Journey Approved in-house built RuPay applet Subsidiaries in UK and US Incorporation Commenced chip- Commenced instant Commenced offering Commenced Maharashtra of Company embedded cards issuance kiosks RFID based tags DL/RC (Polycarbonate) Certified for 100% rPVC 2008 2013 2016 2020 2023 2025 Ac
Slide 24: High Entry Barriers Strengthened by MPi's Capabilities
High Entry Barriers Strengthened by MPi's Capabilities Compliance & Certifications Data Security Evolving Products • Mastercard (16+ years); • Sensitive data handling • Patented metal card RuPay (9+ years), Other at certified facilities manufacturing process global payment • PCI DSS–aligned secure •
Slide 25: R&D and IP: 5 patents registered, 30 filed
R&D and IP: 5 patents registered, 30 filed Backward Integration for Payment Chips Global IP Footprint In-house capability to build and integrate applets, enhancing interoperability and 5 Registered patents across India, Nigeria, South Africa, USA and Australia supplier qualification. 30 Application
Slide 26: Certified, in-house technology stack
Certified, in-house technology stack Payment Solutions Secure Solutions Identification Solutions Smart Tagging & IoT Solutions Proprietary personalisation Web based SaaS platform DL/RC personalisation and End to end traceability to platform; HSM-backed providing unified shipment printing with integr
Slide 27: DL/RC and intelligent transit solutions
DL/RC and intelligent transit solutions Driving License and Registration Intelligent Transit Management Certificates Solutions Pioneered Polycarbonate DL and RC Cards with laser Hardware Solutions Software Solutions engraving D Automatic Tracking device Integrates transit • Higher shelf life per
Slide 28: Adjacent payment solutions and bundled offerings
Adjacent payment solutions and bundled offerings Adjacent Payment Solutions Our Bundled Offerings MPi PersonaPrint Securely personalises cards through encryption and chip encoding • Cheque Books • Security Forms Three way enabled • Built to meet global network standards • Welcome-kits cheque book ta
Slide 29: Secure Solutions: Powering Trust Across Every Critical Transaction
Secure Solutions: Powering Trust Across Every Critical Transaction Secure Logistics & Fulfilment Platform Communication Management Platform • Printing & Personalisation • Enables end-to-end shipment tracking High-volume print and variable- across 19,000+ PIN codes through • Automates personalised da
Slide 30: Stable, long-tenured leadership
Stable, long-tenured leadership – 6 of 8 KMPs/SMPs have been with The Manipal Group for 14+ years Ramanath Pai Mayank Bhotika Jnaneshwara Prabhu Rajat Shuvra Sen Chief Financial Officer Head- Strategic Chief Operating Officer Chief Growth Officer Finance & Treasury 13+ years experience 12+ Years exp
Slide 31: Board of Directors
Board of Directors MPi's Board comprises of eight distinguished directors who bring diverse expertise and strategic oversight to the organization Tonse Gautham Pai K Girish Kini Director (Non-Executive) Executive Director and Chief Executive Officer Abhay Anant Gupte Narahari Baikadi Director (Non-E
Slide 32: Q2 & H1 FY27 Earnings Presentation
Q2 & H1 FY27 Earnings Presentation 32
Manipal Payment and Identity Solutions — Q2 FY27 Earnings Presentation on 6ix