Manipal Payment and Identity Solutions Limited (MPi), a provider of payment, identity, secure and Smart Tagging and IoT solutions, has announced its financial results for the quarter ended June 30, 2026, reporting strong growth across revenue and profitability.
On a consolidated basis, revenue from operations rose 47.8% year on year to Rs. 419.0 crore in Q1 FY27, driven by broad-based performance across both domestic and international businesses. Growing export traction raised the share of international business to 15.3% of revenue, up from 3.9% in Q1 FY26.
Operational EBITDA grew 44.1% to Rs. 124.2 crore, with an EBITDA margin of 29.6%. A favourable product mix, with a higher contribution from premium, technology-driven and value-added offerings, supported EBITDA growth. Margins held steady sequentially, while the year-on-year moderation mainly reflected pre-operative costs linked to new geographies and facilities. The company expects these costs to be absorbed more efficiently as revenue from these investments ramps up.
Profit after tax climbed 129.1% to Rs. 77.7 crore, helped by operating leverage and lower finance costs. PAT margin improved to 18.3% from 11.6% in the same quarter last year.
Commenting on the results, Mr. K Girish Kini, Executive Director & CEO, Manipal Payment and Identity Solutions Ltd., said, “We have started FY27 on a strong note, with revenue growth of 48% year-on-year and broad-based performance across our portfolio. The quarter saw healthy traction across product categories, supported by the continued scale-up of our international business and premium offerings, including metal cards. As we begin our journey as a listed company, I would like to thank our shareholders and investors for the trust and confidence they have placed in us.
Over the years, we have consistently invested in R&D, technology and product capabilities to address the evolving requirements of our customers across payments, identity and secure solutions. Our technology-led approach, domain expertise and longstanding customer relationships continue to enable us to develop differentiated solutions and pursue opportunities across existing and new markets.
As we move forward, we remained focused on deepening customer relationships, expanding our international presence, strengthening our premium and technology-driven offerings, and continuing to invest in innovation and capacity. We believe the differentiated and scalable platform we have built positions us well to participate in the long-term growth of the payments and identity ecosystem while delivering sustainable value for our stakeholders.”
The quarter also marked a key milestone in the company’s growth journey with its successful IPO and listing. The Rs. 805 crore IPO included a fresh issue of Rs. 320 crore, of which Rs. 238 crores has been earmarked for capital expenditure to expand capacity across manufacturing and technology infrastructure.
During the quarter, MPi deepened customer relationships through new programmes and expanded offerings across payment cards, fulfilment, identity and digital automation solutions.
The company grew its international business through new customer engagements across key geographies and strengthened its premium payment card portfolio, led by metal cards and other value-added solutions. It also scaled its Smart Tagging, RFID and IoT capabilities across identification, authentication and traceability applications, while continuing to invest in R&D, technology and manufacturing.
MPi serves banks, FinTechs, NBFCs, governments and enterprises across domestic and international markets. Its payment portfolio spans payment cards, NFC and QR solutions, payment-enabled wearables and digital automation. Its identity solutions include driving licences, registration certificates, national identity cards and transit management solutions, and its Smart Tagging and IoT offerings cover tax stamps, RFID and other tagging and tracking solutions.
