EE
Ecoline Exim
Book Building issueSMENSE₹76.42 Cr issue
-0.11%
Listing gain over issue price
Issue size
₹76.42 Cr
1 lot at cut-off
₹1,41,000
Lot size
1,000shares
Open
23 Sept 2025
Close
25 Sept 2025
Allotment
26 Sept 2025
Listing
30 Sept 2025
Listing performance
Issue price
₹141
Listed at
₹140.85
Listing-day close
₹140.5
Latest price
₹205.5
Listing gain
-0.11%
Return since listing
+45.74%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sept 2025 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 29 Sept 2025 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 28 Sept 2025 | ₹3 | +2.13% | ₹2,300 | ₹144 | ₹3,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Sept 2025 – 25 Sept 2025
- Listing date
- 30 Sept 2025
- Face value
- ₹10 per share
- Issue price
- ₹141 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹76.42 Cr
- Market cap at offer price
- ₹289 Cr
- Promoter holding
- 100.00% → 73.58% pre-issue → post-issue
- ISIN
- INE0VBS01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 8, G.C., Ghosh Road, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,43,000 | — | — |
| Market maker | 2,72,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹141
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,41,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,82,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,87,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,28,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,43,000
Anchor portion
₹21.76 Cr
at ₹141 per share
Valuation and performance
Valuation at offer price
₹141 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.64 | 9.17 |
| P/E (×) | 12.11 | 15.38 |
| Price to book (×) | 2.58 | — |
| Market cap | — | ₹289 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.28%
- ROCE
- 21.14%
- Debt / equity
- 0.45
- PAT margin
- 6.99%
- EBITDA margin
- 11.14%
- NAV per share
- ₹54.68
- Price to book
- 2.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ecoline Exim
Ecoline Exim Limited was incorporated as a Private Limited Company on July 12, 2008 and converted to a Public Limited Company on July 26, 2024. The company is primarily engaged in manufacturing a wide range of sustainable packaging and promotional bags made from cotton and jute. During Fiscal 2025, the company exported its products to more than 27 countries, with major markets including the European Union, USA, Japan, and South East Asia. The company addresses the global shift away from plastic by providing eco-friendly, reusable, and biodegradable bag solutions. The company operates manufacturing facilities in Kolkata and Ahmedabad, with a proposed expansion to set up Factory V in Ahmedabad.
Company Analysis
from RHPEcoline Exim Limited manufactures and exports sustainable cotton and jute bags to markets across Europe, USA, Japan, Southeast Asia, and Mexico.
Ecoline Exim Limited was incorporated as a Private Limited Company on July 12, 2008 and converted to a Public Limited Company on July 26, 2024. The company is primarily engaged in manufacturing a wide range of sustainable packaging and promotional bags made from cotton and jute. During Fiscal 2025, the company exported its products to more than 27 countries, with major markets including the European Union, USA, Japan, and South East Asia. The company addresses the global shift away from plastic by providing eco-friendly, reusable, and biodegradable bag solutions. The company operates manufacturing facilities in Kolkata and Ahmedabad, with a proposed expansion to set up Factory V in Ahmedabad.
sustainable packagingcotton and jute manufacturingexport of eco-friendly products
Objects of the Issue
- Funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery for setting up a new manufacturing facility at Ahmedabad (Proposed Factory V) ₹5,000.00 lakhs p.26
- General Corporate Purpose p.26
- Funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery for setting up a new manufacturing facility at Ahmedabad (Proposed Factory V) ₹5,000.00 lakhs p.93
- General Corporate Purpose p.93
- Construction of factory building, mechanical and electrical works, and procurement of plant & machinery for the proposed Ahmedabad manufacturing facility with weaving unit Rs. 5,0000 lakhs p.140
- Not explicitly stated in Part 5 of the document
Issue Structure
- Total Issue
- 54,20,000 Equity Shares of ₹10/- each aggregating up to ₹[●] lakhs
- Fresh Issue
- 43,40,000 Equity Shares of ₹10/- each aggregating up to ₹[●] lakhs
- Offer for Sale
- 10,80,000 Equity Shares of ₹10/- each aggregating up to ₹[●] lakhs
- Price Band
- Price Band of a minimum price (Floor Price) of ₹[●] and the maximum price (Cap Price) of ₹[●]
- Lot Size
- [●]
- Face Value
- ₹10/- each
Business Model
The company manufactures cotton and jute bags primarily for supermarkets, retail chains, wholesalers, and promotional companies. Almost 100% of total revenue comes from exports. The company generates revenue from the sale of these sustainable packaging bags to international customers. Raw materials including cotton fabric, jute fabric, and other accessories are sourced from suppliers, processed (including outsourced dyeing), and manufactured into finished bags for export.
Business Segments
Manufacturing of sustainable packaging and promotional bags made out of cotton and jute for export to international markets
Manufacturing of sustainable promotional and packaging bags made from eco-conscious cotton and jute materials including recycled cotton, organic cotton, fairtrade cotton, conventional cotton, and jute, with operations including cutting, printing, stitching, and packaging activities.
Major customers are Retailers/Wholesalers and Supermarkets purchasing bags for functional use
Major customers are Promotional companies and Corporate Gifting agencies purchasing bags for promotional purposes
Manufacturing and export of jute bags
Manufacturing and export of cotton bags
Manufacturing and export of other apparel and textile products
Serves retailers, wholesalers, and supermarkets with sustainable packaging solutions for everyday use. During fiscal 2025, the company sold products to 55 customers addressing functional requirements.
Serves promotional companies and corporate gifting agencies with customized bags for corporate gifting and promotional purposes. During fiscal 2025, the company sold products to 32 customers addressing promotional requirements.
SWOT Analysis
Strengths
- • Established export presence in 27+ countries with diversified customer base(p.25)
- • Strong positioning in sustainable packaging aligned with global environmental trends(p.25)
- • Profitable operations with consistent profitability over three years(p.27)
- • Long-standing relationships with 41 customers retained for 5+ years(p.42)
- • Diversified product portfolio with eco-conscious materials(p.94)
- • Global export presence and international customer base(p.94)
- • Established manufacturing operations across multiple locations(p.94)
- • Strong capital deployment capability for expansion(p.94)
- • Eco-friendly business model aligned with sustainability trends(p.135)
- • Stringent quality control and multiple certifications ensuring product standards(p.135)
- • In-house manufacturing with design expertise and strategic factory locations(p.135)
- • Long-standing customer relationships with repeat business(p.135)
- • Global export presence across 27+ countries(p.135)
- • Healthy financial performance with consistent profitability(p.138)
- • Experienced management team with 26 years combined industry experience(p.135)
- • Established export track record with multiple awards(p.164)
- • Strong revenue growth trajectory crossing ₹250 crores(p.165)
- • ISO and international certifications demonstrating quality(p.164)
- • Multiple manufacturing facilities across geographies(p.164)
- • International certifications including OEKO-TEX(p.165)
- • Three Star Export House status(p.165)
- • OEM capabilities with customer customization expertise(p.243)
- • Strong export presence across 27+ countries with established brand recognition(p.243)
- • Certified manufacturing meeting global quality standards (BSCI, GOTS, GRS, OCS, ISO 9001:2015, ISO 14001:2015, OEKO-TEX)(p.243)
- • Three Star Export House status and government recognition (AEO-MSME T2 Certificate)(p.244)
- • Diversified product portfolio across functional and promotional segments(p.243)
- • Strong order book of Rs 8,809.67 crores as on June 30, 2025(p.243)
Weaknesses
- • Heavy reliance on top 10 customers for over half of revenues(p.42)
- • Dependence on small group of raw material suppliers(p.39)
- • Negative operating cash flows in recent period(p.43)
- • Pending corporate compliance issues with regulatory authorities(p.44)
- • Contingent liabilities including pending tax demands(p.48)
- • Increasing inventory levels and slower turnover(p.43)
- • High dependence on key management and promoter expertise(p.52)
- • Significant debt concentration with single lender(p.55)
- • History of delayed statutory payments and compliance issues(p.52)
- • Vulnerability to capacity utilization fluctuations(p.54)
- • Significant restrictive covenants limiting financial flexibility(p.55)
- • Exposure to internal control system failures(p.51)
- • Guarantor dependence for loan security(p.51)
- • High concentration of revenue in top customers(p.136)
- • 100% export revenue creates domestic market dependency risk(p.138)
- • Declining financial performance with decreasing EBITDA margins(p.134)
- • Declining Return on Net Worth from 31.50% to 21.28%(p.134)
- • Factory IV undergoing reconstruction with nil current capacity(p.143)
- • Heavy dependence on short-term working capital borrowings(p.193)
- • Concentration of rental properties with promoters(p.172)
- • Pending litigation with tax authorities(p.223)
- • Contingent liabilities including GST proceedings(p.223)
- • Significant related party transactions and dependencies(p.172)
- • High dependence on top 10 customers representing 57.80% of revenue(p.254)
- • Significant debt burden with total borrowings of Rs 3,988.59 crores as of March 31, 2025(p.255)
- • Declining profitability with PAT falling from Rs 2,258.90 lakhs to Rs 1,882.25 lakhs (16.67% decline)(p.251)
- • Declining EBITDA margin from 12.47% (FY24) to 11.14% (FY25)(p.244)
- • Operating loss with negative cash flow from operations of Rs (498.15) lakhs in FY25(p.274)
- • Ongoing income tax proceedings with demand notice of Rs 48.91 lakhs for AY 2016-17(p.259)
Opportunities
- • Growing global shopping bag market projected at 3.14% CAGR through 2033(p.25)
- • Increased regulatory push for sustainable alternatives to plastic globally(p.25)
- • Expansion into new geographical markets including Latin America(p.44)
- • Setup of new manufacturing facility to increase production capacity(p.41)
- • Opportunities from China textile mill disruptions due to trade restrictions(p.38)
- • Backward integration through weaving unit establishment(p.94)
- • Capacity expansion to meet growing demand(p.94)
- • Enhanced cost efficiency through in-house fabric production(p.94)
- • Product innovation through controlled weaving process(p.94)
- • Market positioning benefits from public listing(p.89)
- • Global shopping bag market growing at 3.14% CAGR through 2033(p.115)
- • Stringent government bans on single-use plastics creating demand shift(p.122)
- • Reusable bags segment growing at 3.24% CAGR with strong market dominance(p.117)
- • Asia-Pacific region leading growth at 3.42% CAGR with rapid urbanization(p.119)
- • High consumer willingness to pay premium for sustainable products(p.123)
- • Domestic market opportunity with India's 26.7% CAGR for sustainable packaging(p.139)
- • Backward integration opportunity through proposed weaving unit(p.140)
- • Entry into Latin American markets (Colombia, Brazil) with dedicated sales teams(p.139)
- • Government housing and construction sector growth initiatives(p.159)
- • Expansion through entry into new markets and geographies(p.165)
- • Capacity expansion and facility creation(p.165)
- • Scaling operations through strategic retail and online distribution(p.162)
- • Growing global demand for sustainable, eco-friendly packaging as plastic reduction measures increase(p.243)
- • Expansion into new geographies and customer segments beyond current 27 countries(p.243)
- • Capacity expansion at existing three factories(p.243)
- • IPO capital raise to reduce leverage and fund growth initiatives(p.254)
Threats
- • Dependence on international markets vulnerable to geopolitical and economic disruptions(p.38)
- • Exposure to currency fluctuation risks affecting export revenues(p.45)
- • Risk of export embargoes impacting revenue(p.38)
- • Seasonal and weather-dependent raw material supply(p.39)
- • Intense competition in fragmented bag manufacturing industry(p.49)
- • Pricing pressure from large international customers(p.43)
- • Transportation and logistics cost volatility(p.45)
- • Economic slowdown impact on demand(p.58)
- • Regulatory uncertainty and compliance risks(p.58)
- • Global economic and geopolitical volatility(p.60)
- • Natural disasters and operational disruptions(p.58)
- • Foreign exchange and commodity price volatility(p.58)
- • Labour regulation changes affecting flexibility(p.59)
- • Global financial market instability contagion(p.58)
- • Policy and political instability risk(p.59)
- • Higher production costs of eco-friendly bags vs. conventional plastic(p.116)
- • Limited infrastructure for recycling and disposal of biodegradable materials(p.116)
- • Intense competition from both domestic and international players(p.149)
- • Global cotton bag market highly fragmented with 73.6% held by 'Others'(p.130)
- • Revenue volatility with declining sales from FY 2024 to FY 2025(p.134)
- • Dependence on sea freight for exports creating logistics vulnerability(p.136)
- • COVID-19 pandemic impact reversed trend toward reusable bags temporarily(p.116)
- • Environmental compliance and clearance requirements(p.159)
- • Pollution control board compliance and operational restrictions(p.159)
- • Air quality regulations and industrial plant restrictions(p.159)
- • Noise pollution regulations with strict penalties(p.159)
- • Hazardous waste management obligations and disposal constraints(p.160)
- • Foreign currency exchange rate volatility(p.196)
- • Raw material price volatility and supply chain disruptions affecting cost of production(p.245)
- • Global economic uncertainty, industry cyclicality, and market demand fluctuations(p.245)
- • Foreign exchange volatility impacting export competitiveness (company is 100% export-oriented)(p.252)
- • Competitive pressure from other packaging manufacturers and emerging alternatives(p.254)
- • Regulatory and compliance risks related to labor, environmental, and export regulations(p.245)
- • Risk of pandemic-induced supply chain disruptions similar to COVID-19 impact(p.253)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sudarshan Saraogi | Promoter | 23.00% | 16.91% |
| Saurabh Saraogi | Promoter | 32.23% | 24.19% |
| Shradha Saraogi | Promoter | 10.89% | 7.78% |
| Gunjal Saraogi | Promoter | 8.99% | 6.29% |
| SL Commercial Private Limited | Promoter | 11.08% | 7.52% |
| Saurabh Saraogi | Promoter | 32.23% | 24.19% |
| Sudarshan Saraogi | Promoter | 23.00% | 16.91% |
| SL Commercial Private Limited | Promoter Group | 11.08% | 7.52% |
| Shradha Saraogi | Promoter | 10.89% | 7.78% |
| Gunjal Saraogi | Promoter | 8.99% | 6.29% |
| Sudarshan Saraogi | Promoter | — | — |
| Saurabh Saraogi | Promoter | — | — |
| Shradha Saraogi | Promoter | — | — |
| Gunjal Saraogi | Promoter | — | — |
| Sudarshan Saraogi | Promoter | 23.00% | — |
| Saurabh Saraogi | Promoter | 32.23% | — |
| Shradha Saraogi | Promoter | 10.89% | — |
| Gunjal Saraogi | Promoter | 8.99% | — |
| SL Commercial Private Limited | Promoter Group | 11.08% | — |
| Sudarshan Saraogi | Promoter | 23.00% | — |
| Saurabh Saraogi | Promoter | 32.23% | — |
| Shradha Saraogi | Promoter | 10.89% | — |
| Gunjal Saraogi | Promoter | 8.99% | — |
| SL Commercial Private Limited | Promoter Group | 11.08% | — |
| Sudarshan Saraogi | Promoter Selling Shareholder | — | — |
| Saurabh Saraogi | Promoter Selling Shareholder | — | — |
| Shradha Saraogi | Promoter Selling Shareholder | — | — |
| Gunjal Saraogi | Promoter Selling Shareholder | — | — |
| SL Commercial Private Limited | Promoter Selling Shareholder | — | — |
Leadership
Sudarshan Saraogi · Chairman and Whole Time Director (wef 31st July 2024)
Saurabh Saraogi · Managing Director (wef 31st July 2024)
Sonum Jain · Company Secretary & Compliance Officer (wef 10th September 2024)
Nitesh Agrawal · Chief Financial Officer (w.e.f. 15th November, 2024)
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.