Mukul Agrawal’s Rs 210 cr bet revealed: The company behind 36% of India’s new credit cards

For context, the Art of Holding Quality and Cutting Losses.

Key points

• Incorporated in 2008 as MCT Cards & Technology, Manipal Payment and Identity Solutions belongs to the Manipal Group, whose printing roots go back to 1948.
• #1 Manipal Payment and Identity Solutions: Dominating India's Wallets With 36% of New Credit Cards.
• Porinju Veliyath, the founder of Equity Intelligence, purchased 5 lakh shares of Fratelli Vineyards through a bulk agreement on the BSE on 4th September 2025.
• It billed 13.54 million credit cards and 72.66 million debit cards that year.
• Every quarter, retail investors comb the filings of India's super investors for the next major idea.

Every quarter, retail investors comb the filings of India's super investors for the next major idea. They rarely study the other half: what these investors hold when the market turns cold, and what they drop when patience runs out.

Recent disclosures handed us a neat pair of examples. Mukul Agrawal of Param Capital purchased 2.52% in Manipal Payment and Identity Solutions, the card maker that listed on 17th September. This occurred even as the promoter sold Rs 485 crore worth of shares. At the close on 24th September 2026, Agrawal's stake was worth regarding Rs 210 cr.

Porinju Veliyath, the founder of Equity Intelligence, purchased 5 lakh shares of Fratelli Vineyards through a bulk agreement on the BSE on 4th September 2025. Lately his name slipped below the 1% disclosure line. The twist lies in what the stock did next. Let us dive in.

If the credit card in your wallet was issued last year, the odds are better than one in three that this firm produced it.

Incorporated in 2008 as MCT Cards & Technology, Manipal Payment and Identity Solutions belongs to the Manipal Group, whose printing roots go back to 1948. It makes debit, credit and metal cards for banks and fintechs, and additionally prints cheques, driving licences, vehicle registration certificates and tax stamps.

Valued at Rs 8, 230 cr, the firm states in its offer document that it held regarding 36.4% of India's credit card issuance and 30.9% of debit card issuance in FY26. It billed 13.54 million credit cards and 72.66 million debit cards that year.

In short, mukul Agrawal's Rs 210 cr bet revealed: The company behind 36% of is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.