💰 Financial Performance

Revenue Growth by Segment

The Company operates in a single segment, Polyester (PET) Straps, which achieved revenue of INR 3,084.39 lakh in FY 2024-25, representing a growth of 187.73% YoY compared to INR 1,071.97 lakh in FY 2023-24.

Geographic Revenue Split

The Company has expanded its customer base to over 1,000 clients across 10 states in India, with major consumption hubs identified in Gujarat and Maharashtra.

Profitability Margins

Operating Profit Margin stood at 6.75% and Net Profit Margin was 5.05% for the financial year ended March 31, 2025.

EBITDA Margin

Operating Profit Margin is 6.75%, reflecting core profitability from manufacturing operations after accounting for raw material and operational costs.

Capital Expenditure

The Company deployed IPO proceeds towards capacity enhancement and renewable energy initiatives, specifically a solar power plant, to improve operational efficiency.

Credit Rating & Borrowing

Debt-Equity Ratio is 0.25. The Company has been sanctioned working capital limits exceeding INR 5.00 Cr from banks and financial institutions based on current asset security.

⚙️ Operational Drivers

Raw Materials

PET resin, a derivative of crude oil, is the primary raw material used in production.

Capacity Expansion

Current installed production capacity is 8-15 metric tonnes per day. Planned expansion is being funded through IPO proceeds to meet rising market demand.

Raw Material Costs

Raw material costs are subject to international crude oil price fluctuations; specific percentage of total cost is not disclosed in available documents.

Manufacturing Efficiency

The Company achieved higher utilization of its 8-15 metric tonnes per day capacity during FY 2024-25.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth will be achieved by leveraging IPO proceeds for capacity expansion, diversifying the customer base across India and export markets, and adopting advanced production techniques for automated strapping systems.

Products & Services

Polyester (PET) Straps used for industrial packaging.

Brand Portfolio

Gabriel Pet Straps.

New Products/Services

Adoption of recyclable PET solutions and alignment with automated strapping systems for warehouses.

Market Expansion

Targeting expansion across 10 Indian states and exploring export opportunities in Europe and the Asia-Pacific region.

🌍 External Factors

Industry Trends

The industry is shifting from steel to PET straps due to 100% recyclability and cost-effectiveness, with the PET strap market projected to gain significant traction in logistics and e-commerce.

Competitive Landscape

The market is highly fragmented with pricing pressure from unorganized regional players and cheap imports from low-cost countries.

Competitive Moat

Competitive advantage is derived from cost leadership through renewable energy investment and quality control in a fragmented market dominated by unorganized players.

Macro Economic Sensitivity

Highly sensitive to industrial production growth, infrastructure development, and e-commerce penetration in India.

Consumer Behavior

Increasing preference for eco-friendly and recyclable packaging materials over conventional steel strapping.

Geopolitical Risks

Fluctuations in global crude oil prices due to geopolitical tensions impact raw material costs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental regulations on plastics, packaging standards, and evolving labor laws.

Environmental Compliance

The Company is investing in solar power and recyclable PET solutions to align with global ESG norms and plastic waste management regulations.

Legal Contingencies

No pending litigation was reported that would impact the financial position (INR 0). However, a short-term loan was granted to a director in contravention of Section 185 of the Companies Act.

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility (crude oil) and cyclicality of end-user industries (steel/construction) are primary risks with potential impact on margins.

Geographic Concentration Risk

Revenue is currently concentrated across 10 states in India, with a focus on industrial hubs like Gujarat and Maharashtra.

Third Party Dependencies

Dependency on PET resin suppliers; mitigated by active monitoring and supplier diversification.

Technology Obsolescence Risk

Risk of falling behind in automation; mitigated by adopting advanced production techniques for automated strapping systems.

Credit & Counterparty Risk

Debtors Turnover Ratio is 3.73 times, indicating reasonable receivables management.