ER
Exim Routes
Book Building issueSMENSE₹43.73 Cr issue
+25.00%
Listing gain over issue price
Issue size
₹43.73 Cr
1 lot at cut-off
₹1,40,800
Lot size
1,600shares
Open
12 Dec 2025
Close
16 Dec 2025
Allotment
17 Dec 2025
Listing
19 Dec 2025
Listing performance
Issue price
₹88
Listed at
₹110
Listing-day close
₹115.50
Latest price
₹107
Listing gain
+25.00%
Return since listing
+21.59%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹32
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Dec 2025 | ₹32 | +36.36% | ₹38,900 | ₹120 | ₹51,200 |
| 18 Dec 2025 | ₹32 | +36.36% | ₹38,900 | ₹120 | ₹51,200 |
| 17 Dec 2025 | ₹18 | +20.45% | ₹21,900 | ₹106 | ₹28,800 |
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
- 12 Dec 2025 – 16 Dec 2025
- Listing date
- 19 Dec 2025
- Face value
- ₹5 per share
- Issue price
- ₹88 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹43.73 Cr
- Market cap at offer price
- ₹165 Cr
- Promoter holding
- 71.35% → 52.44% pre-issue → post-issue
- ISIN
- INE19I001020
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Unit No 421, 4th Floor, Suncity Success Tower, Golf Course Extension Road, Sector 65, Haryana
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 | 14,11,200 | — | — |
| Market maker | 2,49,600 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹88
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,40,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (min) | 8 | 12,800 | ₹11,26,400 |
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
14,11,200
Anchor portion
₹12.42 Cr
at ₹88 per share
Valuation and performance
Valuation at offer price
₹88 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.49 | 2.50 |
| P/E (×) | 16.03 | 35.20 |
| Price to book (×) | 7.77 | — |
| Market cap | — | ₹165 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 42.28%
- ROCE
- 35.53%
- Debt / equity
- 0.20
- PAT margin
- 6.27%
- EBITDA margin
- 8.24%
- NAV per share
- ₹11.32
- Price to book
- 7.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Exim Routes
Exim Routes Limited is engaged in facilitating the exchange of recyclable paper products, providing comprehensive end-to-end services to Indian Paper Mills. The company sources and procures waste paper from international markets, ensures quality assurance, and provides logistics support. Central to its operations is the Exim Routes Intelligence System (ERIS), an AI-powered B2B platform that streamlines supply chain operations through global inventory matching and price discovery. The company was originally incorporated as a private limited company on April 23, 2019, and was converted into a public limited company on October 24, 2024. The company operates through its registered office in Gurugram, Haryana, and maintains subsidiaries in the USA, Singapore, Germany, UK, and South Africa to facilitate its international operations. Revenue is primarily generated from the sale of recyclable paper products (98.08% of revenue for the period ended June 30, 2025), with additional revenues from ERIS services, logistics, and other ancillary services.
Company Analysis
from RHPExim Routes Limited operates a global AI-powered B2B platform (ERIS) enabling the exchange of recyclable paper materials, offering end-to-end services from sourcing to logistics for Indian Paper Mills across international and domestic markets.
Exim Routes Limited is engaged in facilitating the exchange of recyclable paper products, providing comprehensive end-to-end services to Indian Paper Mills. The company sources and procures waste paper from international markets, ensures quality assurance, and provides logistics support. Central to its operations is the Exim Routes Intelligence System (ERIS), an AI-powered B2B platform that streamlines supply chain operations through global inventory matching and price discovery. The company was originally incorporated as a private limited company on April 23, 2019, and was converted into a public limited company on October 24, 2024. The company operates through its registered office in Gurugram, Haryana, and maintains subsidiaries in the USA, Singapore, Germany, UK, and South Africa to facilitate its international operations. Revenue is primarily generated from the sale of recyclable paper products (98.08% of revenue for the period ended June 30, 2025), with additional revenues from ERIS services, logistics, and other ancillary services.
Recycling industry (focus on paper recycling)Waste paper tradingPaper supply chain managementLogistics and supply chain services
Objects of the Issue
- Development and Maintenance of the ERIS platform 1,450.00 lakhs p.25
- Working Capital to fund business growth 900.00 lakhs p.25
- Investment in Office space to accommodate new hires 713.00 lakhs p.25
- General Corporate Purposes p.25
- Development and Maintenance of the ERIS platform ₹1,450.00 Lakhs p.126
- Working Capital to fund business growth ₹900.00 Lakhs p.126
- Investment in Office space to accommodate new hires ₹713.00 Lakhs p.126
- General Corporate Purposes [●] p.126
- Development of ERIS platform (Exim Routes Intelligence System) as an AI-powered digital marketplace p.228
Issue Structure
- Total Issue
- Up to 49,69,600 Equity Shares of Face Value of Rs. 5/- each aggregating up to Rs. [●] lakhs
- Fresh Issue
- Up to 49,69,600 Equity Shares of Face Value of Rs. 5/- each aggregating up to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- [●] times and [●] times of the face value (Floor Price and Cap Price not specified as document contains blanks)
- Lot Size
- 1,600 Equity Shares and in multiples of 1,600 Equity Shares thereafter
- Face Value
- Rs. 5/- each
Business Model
The company operates as an intermediary in the recyclable paper supply chain, sourcing waste paper from international suppliers and selling primarily to Indian Paper Mills. Under its revised business model adopted from FY 2024-25, the parent company (Exim Routes Limited, India) purchases recyclable paper from overseas subsidiaries and international suppliers and resells it to Indian paper mills in Indian Rupees. The company also provides services through its ERIS platform for inventory matching and price discovery, container handling services (CHS), and logistics support. Revenue is earned through the sale of recyclable paper products and provision of these ancillary services.
Business Segments
Sale of recyclable paper products sourced from international suppliers and sold to Indian Paper Mills
Sale of services through the AI-powered Exim Routes Intelligence System platform for global inventory matching and price discovery
Sale of services (likely Container Handling Services based on business context)
Sale of logistics services
Acts as intermediary between international yards and Indian paper mills, sourcing recyclable paper globally and facilitating its supply to Indian customers in Indian Rupees
AI-powered B2B digital platform offering inventory management, demand forecasting, price discovery, and subscription-based supply chain services to mills and recycling yards
Sourcing and procurement of paper recyclables from multiple international markets through foreign subsidiaries, with supply to Indian paper mills. Handles white grades (Sorted Office Paper, Hard White Shavings, Cupstock, Tissue Paper), brown grades (Old Corrugated Containers, Mix Paper, Cores, Box Board Cutting), and mechanical grades (Newspapers, Magazines). Includes quality assurance and logistics coordination from foreign yards to Indian ports.
The company licenses the Exim Routes Intelligence System (ERIS), an AI-powered B2B digital platform, to a select group of suppliers and mills. ERIS performs supply chain operations, customer and partner enablement, market intelligence and data layer functions, and logistics integration.
Provides freight booking, documentation handling, and customs coordination on an ad-hoc basis to select customers in India.
Offers operational planning, regulatory compliance support, and market trend reporting services to foreign subsidiaries and key supplier partners to improve partner alignment and readiness.
Facilitates transactions between international suppliers and Indian buyers; sourcing and procurement of recyclable paper primarily undertaken by foreign subsidiaries across multiple international markets, with material subsequently supplied to Indian paper mills for use as raw material
AI-powered B2B digital platform providing annual subscription fees to select mills and suppliers; enables market intelligence, trading and buy-sell of recyclables through real-time inventory tracking, price discovery, predictive forecasting, and market data integration
Provides logistics, freight forwarding and container handling support services within India to a limited set of domestic clients; includes freight forwarding service, customs clearance, and related assistance for recyclable materials
Provides strategic and operational consultancy services to external clients and foreign subsidiaries; includes advisory on operations and sustainability, regulatory compliance support, market analysis and research
Historical sales of non-paper recyclables (specifically chemical and metals) and commission from chemical sales; company was engaged in sales of non-paper recyclables in previous years
Subsidiary contributing 68.26% of consolidated income
Subsidiary contributing 18.04% of consolidated income
Sale of recyclable paper and paper related chemicals
Provides management consultation services related to operations, container handling and freight forwarding services, ERIS subscription
SWOT Analysis
Strengths
- • AI-powered B2B platform (ERIS) with integrated supply chain capabilities(p.24)
- • First public issue with regulatory approval from NSE(p.2)
- • Proven revenue growth trajectory and market presence(p.43)
- • Established AI-powered ERIS platform for supply chain optimization(p.79)
- • Successful business model expansion through intermediary role in India(p.135)
- • Global subsidiary network across multiple jurisdictions(p.78)
- • AI-powered digital platform (ERIS) enabling structured cross-border procurement and supply chain operations(p.216)
- • Global subsidiary network across USA, Singapore, UK, Germany, and South Africa enabling international sourcing(p.216)
- • Experienced management team with qualified professionals(p.144)
- • End-to-end service capabilities from sourcing to quality assurance and logistics(p.216)
- • Multi-service offering including paper recyclables, platform licensing, logistics and consultancy services(p.218)
- • Strong focus on quality assurance through multiple control processes(p.224)
- • AI-powered digital platform enabling structured supply chain operations(p.236)
- • Global sourcing network across 15+ countries with multiple foreign subsidiaries(p.236)
- • Experienced leadership with deep domain expertise in pulp and paper engineering(p.236)
- • In-house quality assurance team ensuring incoming shipment inspection(p.236)
- • High-Seas sales model providing customers with reduced forex needs and simplified compliance(p.231)
- • Global subsidiary network with material revenue contribution(p.303)
- • Established proprietary B2B platform (ERIS) in development with advanced features(p.335)
- • Strong revenue growth trajectory(p.302)
- • Growing consolidated revenue base across geographies(p.358)
- • Increasing net profitability(p.317)
- • AI-powered B2B platform (ERIS) for recyclable paper supply chain optimization(p.404)
- • Strong revenue growth from paper recyclables business expansion(p.410)
- • Improved profit margins through business model optimization(p.413)
- • Global presence with subsidiaries in multiple countries(p.394)
- • Successful shift to high-margin recyclable paper trading business(p.424)
Weaknesses
- • High dependence on limited supplier base (Top 10 suppliers represent 65.83% of purchases)(p.47)
- • High customer concentration (Top 10 customers represent 71.70% of revenue)(p.67)
- • High trade receivables and working capital intensive operations(p.43)
- • Registered office on leased premises with termination risk(p.45)
- • Unsecured loans that may be recalled by lenders(p.53)
- • No copyright registration for ERIS software(p.51)
- • Ongoing litigation involving company, promoters and subsidiaries(p.49)
- • Past negative cash flows from operating and investing activities(p.50)
- • Delayed compliance filings and regulatory non-compliance history(p.71)
- • Board directors lacking listed company experience(p.70)
- • Dependence on third-party logistics providers(p.70)
- • Heavy reliance on key personnel and founder(p.74)
- • Insufficient insurance coverage for all operational risks(p.69)
- • High financial indebtedness with unsecured loans(p.73)
- • Difficulty in updating company name across all agreements and licenses(p.73)
- • Independent directors lack industry-specific expertise(p.77)
- • Negative operating cash flow in recent periods indicating cash generation challenges(p.147)
- • Decline in Return on Equity and ROCE in recent periods(p.147)
- • Recent high debt-equity ratio indicating reliance on debt financing(p.150)
- • Limited profitability with significant margin compression in recent period(p.150)
- • Vulnerability to tariff policies affecting both export competitiveness and import costs(p.200)
- • High trade payables and receivables requiring significant working capital optimization(p.237)
- • Revenue concentration in India and paper recyclables segment(p.237)
- • Customer concentration with top customer representing over 22% of revenue(p.235)
- • High trade receivables concentration with extended payment cycles(p.337)
- • Significant dependence on two major subsidiaries for consolidated revenue(p.303)
- • Accumulated development expenditure with uncertain commercialization timeline(p.335)
- • Elevated debt burden with multiple unsecured borrowing sources(p.329)
- • Negative operating cash flow in recent periods(p.359)
- • Heavily inventory-dependent business with recent inventory write-offs(p.339)
- • High dependence on key customer relationships in paper trading(p.378)
- • Significant related party borrowings creating dependence on promoters(p.385)
- • High concentration of equity ownership with promoters(p.367)
- • Outstanding tax demands against promoter(p.433)
- • Pending ESIC compliance and contribution liability(p.429)
- • US tax liabilities and compliance failures in subsidiary(p.435)
- • Multiple outstanding federal tax assessments from IRS(p.435)
- • Form 941 employer tax deposit failures(p.435)
Opportunities
- • Growth of India's recycling industry and circular economy transition(p.24)
- • Expansion to new geographic markets and customer segments(p.66)
- • Development and enhancement of ERIS platform capabilities(p.25)
- • Investment in new office infrastructure to support growth(p.25)
- • Working capital funding for business growth(p.25)
- • Expansion into adjacent recyclable material verticals(p.130)
- • Development of commercialized technology products and subscription services(p.130)
- • Creation of business intelligence and data-driven solutions(p.129)
- • Integration of end-to-end supply chain management solutions(p.129)
- • Expansion of downstream offerings to paper mills(p.128)
- • Massive growth in global waste generation projected to reach 3.4 billion tonnes by 2050 from 2.01 billion currently(p.170)
- • Strong growth drivers in India's paper recycling industry projected at 8-12% CAGR through 2029(p.190)
- • Expansion of packaging industry driving demand for recycled paper materials(p.193)
- • Increasing Extended Producer Responsibility (EPR) regulations requiring manufacturers to manage product waste(p.173)
- • Rising consumer demand for sustainability and eco-friendly products(p.173)
- • Projected growth in India's paper consumption to 31 million tonnes by 2028 from 23.04 million tonnes in FY 2024(p.208)
- • Technology penetration and digital transformation opportunities in traditionally informal waste paper trading sector(p.209)
- • Growing demand for recycled materials from e-commerce and FMCG sectors requiring packaging(p.192)
- • Expansion into adjacent recyclable material segments like plastics and metals(p.237)
- • Growth of High-Seas sales model showing 278% revenue growth year-over-year(p.232)
- • Geographic expansion into new sourcing regions and international markets(p.237)
- • ERIS platform monetization through expanding subscriber base and new commercial products(p.237)
- • Growing Indian paper industry reliance on imported recyclable paper(p.238)
- • Expansion of B2B digital platform for recyclable waste paper trading ecosystem(p.302)
- • Geographic expansion through subsidiary network across USA, Singapore, UK, Germany, and South Africa(p.336)
- • AI-enabled technology capabilities for price discovery and logistics optimization(p.335)
- • Service revenue diversification and margin expansion beyond commodity trading(p.348)
- • Growing international presence with cross-border supply chain capabilities(p.348)
- • Scaling ERIS platform for subscription-based revenue model(p.377)
- • Expanding high seas sales and international market presence(p.418)
- • Growth in container handling and logistics services(p.418)
- • Expansion of management consultancy services to new and existing subsidiaries(p.418)
- • Growing demand for recyclable paper materials in India(p.418)
Threats
- • Regulatory restrictions on wastepaper trading and import/export regulations(p.41)
- • Cyclical demand for recyclable paper influenced by global market trends(p.43)
- • Price volatility of recyclable paper as key raw material(p.53)
- • Global economic slowdown impacting demand(p.24)
- • Cybersecurity threats and system failures impacting ERIS platform(p.46)
- • Changes in privacy and data protection laws(p.69)
- • Geographic revenue concentration risk (Tamil Nadu and Gujarat represent 77.89% of revenue)(p.46)
- • Competition and entry barriers in new market segments(p.66)
- • Evolving data protection and privacy regulations creating compliance burden(p.69)
- • Dependence on maritime and waterway transport infrastructure(p.70)
- • Complex transfer pricing and GAAR provisions for multinational operations(p.78)
- • Environmental regulations and Basel Convention compliance for waste trade(p.78)
- • Regulatory changes affecting wastepaper trade and imports/exports(p.77)
- • Foreign exchange volatility impacting profitability(p.80)
- • Interest rate fluctuations affecting borrowing costs(p.73)
- • Natural disasters, pandemics, and geopolitical crises(p.81)
- • Subscription model competition and pricing sensitivity(p.76)
- • Global economic instability and Indian market volatility(p.82)
- • India's foreign investment restrictions and FEMA regulations(p.82)
- • Government taxation and regulatory policy changes(p.82)
- • Limited domestic collection infrastructure causing heavy reliance on imported wastepaper(p.196)
- • U.S. tariff of 26% on Indian paper products effective April 2025 reducing export competitiveness(p.213)
- • Price volatility and competition from low-cost imports from China, Indonesia, Vietnam, and Thailand(p.213)
- • Global waste composition and trade policy uncertainties affecting supply sources(p.157)
- • Inefficient waste collection and contamination reducing recycling efficiency and increasing costs(p.212)
- • Regulatory policy shifts and import restrictions on waste materials(p.179)
- • Competition from virgin paper production and quality perception issues favoring virgin paper(p.212)
- • Global economic slowdown impacting demand for packaging and paper products(p.157)
- • Amendments in paper recycling regulations affecting business operations(p.237)
- • Foreign exchange risk affecting margins on cross-border transactions(p.237)
- • Supply chain disruptions impacting material procurement and delivery(p.237)
- • Geopolitical risks affecting international sourcing and trade operations(p.237)
- • High entry barriers and increasing competition from established international players(p.238)
- • Cyclicality and volatility in waste paper and recyclable commodities pricing(p.320)
- • Foreign exchange exposure and currency volatility across multiple jurisdictions(p.348)
- • Dependence on unsecured financing with high interest rates across banks and NBFCs(p.328)
- • Regulatory compliance and licensing requirements across multiple international jurisdictions(p.303)
- • Technology platform commercialization risk with uncertain market adoption(p.335)
- • Commodity price volatility in waste paper and recycled paper markets(p.405)
- • Currency fluctuation risk from overseas subsidiaries and foreign operations(p.390)
- • Outstanding litigation and cheque bounce cases impacting brand reputation(p.430)
- • Regulatory and compliance risks in international markets(p.384)
- • Dependence on global freight and logistics costs affecting margins(p.411)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manish Goyal | Promoter | 63.35% | 46.56% |
| Govind Rai Garg | Promoter | 0.00% | 0.00% |
| Manish Goyal | Promoter | 63.35% | 46.56% |
| Govind Rai Garg | Promoter | 0.00% | 0.00% |
| Manish Goyal | Promoter/Director & CEO | 63.35% | — |
| Govind Rai Garg | Promoter/Executive Director | 0% | — |
| Manish Goyal | Promoter | 52.95% | — |
| Govind Rai Garg | Promoter | 10.40% | — |
| Vijay Rathi | Promoter (reclassified to public during FY 24-25) | 0.86% | — |
| Prem Lata Goyal | Promoter Group | 1.74% | — |
| Yogesh Goyal | Promoter Group | 3.48% | — |
| Sushila Jora | Promoter Group | 2.78% | — |
| Manish Goyal | Promoter | 52.95% | — |
| Govind Rai Garg | Promoter | 10.40% | — |
| Prem Lata Goyal | Promoter Group | 1.74% | — |
| Yogesh Goyal | Promoter Group | 3.48% | — |
| Sushila Jora | Promoter Group | 2.78% | — |
Leadership
Manish Goyal · Director and CEO
Govind Rai Garg · Director and CFO (CFO till 30 September 2025)
Richa Anand · Company Secretary and Compliance Officer
Pallav Singal · Executive Director
Vivinprasath Devaraj · Executive Director
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.