Exclusive Interview: Vineet Bhadauria, Managing Director, Manas Polymers and Energies Limited, on the Company’s IPO and Growth Vision

Mr Vineet Bhadauria, Managing Director & Promoter

New Delhi [India], September 25:As Manas Polymers and Energies Limited gears up to launch its IPO on September 26, 2025, the company is eyeing ambitious growth in both its polymer and renewable energy divisions. In an exclusive conversation with Mr Vineet Bhadauria, Managing Director of Manas Polymers and Energies Limited, he sheds light on the motivation behind going public, the company's expansion roadmap, and what investors can expect from this growth journey.

Q1. Manas Polymers and Energies Limited is entering the capital markets with its IPO this week. What was the key motivation behind going public now, and how does this timing align with your long-term growth strategy?

To scale beyond what we are doing today, we felt the need for public participation, both in sharing capital and profits. Our journey began in 2014 with a solar power unit, followed by the polymer division in 2015. Since then, we have grown in both volume and profitability. Moving to the next stage requires broader investor support, and this IPO is central to that vision. Our immediate goal is to establish a 5 MW solar power unit, taking our capacity from 1 MW to 6 MW, and positioning ourselves for sustained long-term growth.

Q2. The company plans to deploy funds towards setting up a 5 MW solar power plant and acquiring fixed assets. Could you elaborate on how these investments will strengthen both your polymer and renewable energy verticals in the coming years?

The solar power plant will be operational within two to three months of the IPO's completion, and it marks the first phase of our renewable energy expansion. Our park has a capacity of 15 MW, and by 2030, we aim to reach 100 MW. On the polymer side, we are diversifying by adding new mould variants for preforms and have plans to launch a toy division on a dedicated land parcel in Gwalior. Together, these investments will not only diversify our portfolio but also accelerate growth in both business verticals.

Q3. India's polymer and renewable energy sectors are witnessing rapid demand growth. Where do you see the biggest opportunities for Manas Polymers and Energies in the next three to five years, and how do you plan to capture this demand?

Demand is rising in both industries. In the PET segment, lower-middle-class consumers are increasingly shifting to packaged drinking water, which is driving significant growth. Government measures, such as simplified compliance for packaged water, are further fueling this expansion. Similarly, renewable energy demand continues to grow in India, and we are well-positioned with our solar projects. Our strategy is to ride these tailwinds by scaling production capacity and expanding into more cities to capture this growing demand.

Q4. With multiple players in PET manufacturing and renewable energy, what makes Manas Polymers and Energies stand out in terms of business model, technology, or client relationships?

Our biggest strength lies in our strong client relationships. We follow a unique model where each city has one exclusive sales partner, which eliminates internal competition and ensures dedicated efforts. In the past decade, we have not lost a single selling partner or key employee, which speaks to the family-like culture we foster. On the technical front, we constantly innovate with new moulds and adopt modern technology, while strategically planning to expand production facilities in more locations. This combination of stability, innovation, and trust sets us apart.

Q5. The company posted a healthy EBITDA margin of 18.1% and a PAT margin of 13.6% in FY25. What gives you confidence that this performance can be sustained or improved post-IPO, especially with expansion underway?

Solar power generation is highly profitable—almost 90 to 95% of its revenue flows directly to profit. With the 5 MW project coming online in the first phase and another 10 MW planned in the second, we expect a significant contribution from renewables. On the polymer side, maintaining 15–18% profitability is realistic as we double our production and sales. Together, these factors give us confidence that our margins will remain strong post-IPO.

Q6. Given your dual focus on polymers and renewable energy, how is the company addressing sustainability—both in terms of eco-friendly PET solutions and the clean energy transition?

In PET, reprocessed material is emerging as a growing solution. Our machines are compatible with reprocessed PET, but the challenge today is that its cost is higher than that of virgin material. We expect this to balance out in the coming years, and we plan to set up a reprocessing plant in Gwalior to contribute to sustainability. On the renewable energy side, our ongoing solar expansions directly support India's clean energy goals. With nearly a decade of experience in both sectors, we believe we are well-positioned to lead responsibly.

Q7. Finally, what is your message to retail and institutional investors who are considering subscribing to your IPO? What should they look forward to as stakeholders in your growth journey?

I warmly invite investors to join us as family members of Manas. Just as we treat our employees and partners like family, we promise the same relationship with our shareholders. Our commitment is to deliver on expectations and ensure value creation. My target is to take ManasPolymers and Energies to the NSE main board within the next three years. Together, we can build a growth story that benefits all stakeholders.

Manas Polymers and Energies Limited's IPO marks a crucial step in its journey of expansion in the polymers and renewable energy sectors. With a strong business model, ambitious solar power projects, and a culture built on trust and growth, the company is positioning itself as a significant player in India's industrial growth story. Investors now have the opportunity to be part of this transformative journey as the IPO opens on September 26, 2025.

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