Incorporated in 2008, Manipal Payment & Identity Solutions Limited (MPISL) is part of The Manipal Group and provides technology-driven solutions across payment, identification, secure solutions, smart tagging, and Internet of Things (IoT) segments. The company caters to banks, fintech companies, non-banking financial companies (NBFCs), government entities, and other customers across domestic and international markets. Business Segments The company offers a diversified portfolio of products and solutions across the following key areas: Payment Solutions: Payment cards, cheque solutions, Near-Field Communication (NFC) and Quick Response (QR) code-based solutions, payment-enabled wearables, and digital automation solutions. Identification Solutions: Driving licences, vehicle registration certificates, national identity cards, and transit management solutions. Secure Solutions: Secure logistics, personalisation of insurance policies, premium notices, renewal letters and marketing collateral, along with tamper-evident envelopes, holograms, and other security-related products. Smart Tagging & IoT Solutions: Technology-enabled smart tagging and IoT solutions for various applications. Coated Products: The company also operates a coated products business catering to specialized industrial and commercial applications. Customer Base During Fiscal 2026, the company served over 300 customers across domestic and international markets. Its payment card business alone catered to more than 105 customers, including 18 private sector banks, 9 public sector banks, 10 small finance banks, 13 co-operative banks, and 34 fintech companies. Its customer base includes several leading financial institutions, such as State Bank of India, Canara Bank, Bank of India, Jammu and Kashmir Bank, Central Bank of India, Punjab and Sind Bank, Indian Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, and City Union Bank. As of March 31, 2026, the company had relationships with 60 fintech companies, including Airtel Payments Bank Limited and Scapia, providing services such as the manufacturing and personalisation of co-branded credit cards, debit cards, and prepaid cards. The company has also entered into agreements to manufacture and personalise cards for Revolut, a global fintech and neo-bank operating in India. International Presence Manipal Payment & Identity Solutions has established a presence across multiple international markets through exports of products such as credit cards, debit cards, and metal cards. Its export markets include the UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Nigeria, Nepal, Sri Lanka, Bolivia, the UAE, and certain European countries. Manufacturing and Operational Infrastructure As of the date of the Red Herring Prospectus, the company served its customers through 10 facilities across India. Its infrastructure includes card manufacturing facilities and personalisation bureaus in Manipal, Karnataka; personalisation and cheque printing facilities in Navi Mumbai, Noida, and Chennai; a cheque printing facility in Howrah; and three facilities dedicated to smart tagging, IoT solutions, and coated products located in Manipal and Bengaluru. The company also operates Central Cards Processing Centres (CCPCs) at five locations — Port Blair, Raipur, Mumbai, Nagpur, and Aurangabad. At these centres, the company undertakes biometric data capture and printing of driving licences and vehicle registration certificates at the respective Regional Transport Office (RTO) premises. Employee Base As of March 31, 2026, Manipal Payment & Identity Solutions Limited had 1,809 permanent employees and 1,509 contracted employees, reflecting a sizeable workforce supporting its manufacturing, technology, personalisation, and service operations across India.