BUSINESS OVERVIEW

M/s Abril International, a registered partnership firm, was established on January 1, 2019, with the objective of manufacturing and marketing sublimation heat transfer paper and related products, which have wide applications in the garments, textiles, and printing industries. The firm initially began operations by trading sublimation paper rolls and achieved a turnover of ₹26.78 lakhs in its first year.

In FY 2020, the firm scaled significantly, recording a turnover of ₹669.02 lakhs through sourcing and supply of sublimation heat transfer products. The business further expanded in 2021 with the establishment of a sublimation heat transfer coating line in Surat, Gujarat, to meet rising customer demand. This expansion fueled consistent growth, resulting in turnovers of ₹2,525.64 lakhs in FY 2023, ₹2,512.31 lakhs in FY 2024, and a remarkable ₹6,091.08 lakhs in FY 2025.

Manufacturing and Operations

The company specializes in producing sublimation heat transfer paper in multiple GSM specifications—30, 65, 75, and 90 GSM—each designed for specific applications within the sublimation printing process, ranging from lightweight transfers to high-quality, intricate prints. Two coating lines are operated, enabling high-volume processing and supply of coated sublimation paper.

Production is supported by the use of half-white shade virgin base paper and specialized coating chemicals, ensuring consistent quality and durability. Base paper is sourced directly from paper manufacturers and authorized dealers, while chemicals and gums are procured according to required specifications. The manufacturing facility, located at 238/3, Shiva Industrial Estate, Jolva, Ta. Palsana, Surat, Gujarat – 394305, houses a sublimation coating machine with speeds of 120–160 meters per minute, allowing the production of customized roll lengths as per client needs.

Products and Applications

Sublimation paper produced by Abril International is engineered to deliver high ink absorption, quick drying, superior release efficiency, and heat resistance, ensuring smooth ink transfer during the sublimation process.

The product range includes:

• 30 GSM: Lightweight paper, ideal for high-speed printing with fast drying and low ink consumption.

• 65 GSM: A balanced paper offering good ink absorption and drying time, suitable for varied applications.

• 75 GSM: Preferred for detailed prints, widely used in fashion and sportswear printing.

• 90 GSM: Heavy-duty, premium paper designed for intricate, high-quality designs with superior ink retention.

Applications extend across printing, garments, textiles, hosiery, household furnishings (curtains, blinds, cushions, table covers), advertising materials (banners, flags, gaming tables), and sportswear (swimwear, T-shirts, functional textiles). Sublimation paper is compatible with polyester fabrics, lycra, sports textiles, and even hard surfaces such as mugs, ceramics, and aluminum plates.

Market Presence and Distribution

Products are distributed across 16 Indian states, including Gujarat, Dadra & Nagar Haveli, Punjab, Kerala, Maharashtra, Haryana, West Bengal, Karnataka, Telangana, Tamil Nadu, Delhi, Rajasthan, Madhya Pradesh, Andhra Pradesh, Jammu & Kashmir, and Uttar Pradesh. Beginning FY 2024-25, the company expanded into Chhattisgarh, Bihar, and Assam, further strengthening its national footprint.

The company maintains a dedicated sales and service team that ensures customer acquisition, after-sales support, and prompt resolution of quality-related issues. Deliveries are ensured within 7 days of order placement, with clients having the option to select their preferred transportation service.

Financial and Operational Efficiency

The cost of raw materials—primarily paper, chemicals, and gums—accounts for a significant portion of revenue, representing 89.72% of manufacturing turnover and 96% of trading turnover in FY 2025, compared to 86.16% in FY 2024 and 90.42% in FY 2023. Strong relationships with paper distributors across India support competitive pricing and efficient market penetration.

As of July 31, 2025, the company employs 18 staff members, including skilled and unskilled labor, administrative personnel, and management staff. With a committed production team and robust inventory management, the firm ensures uninterrupted supply and customer satisfaction.

Leadership and Vision

The business is spearheaded by:

• Mr. Vipul Dobariya, Promoter and Managing Director – overseeing manufacturing operations, procurement, and strategic direction.

• Mr. Ashvinbhai Lathiya, Whole-Time Director – responsible for distribution, marketing, and sales strategy.

• Mr. Prince Lathiya, Non-Executive Director – guiding business expansion, market penetration, and brand building.

The company’s vision is to expand its reach and product offerings while upholding quality and innovation. The mission is to deliver sublimation heat transfer paper that supports client creativity, efficiency, and business growth, setting new standards in the digital printing sector.

As on July 31, 2025, the company's overall staff strength is 18 employees including skilled and unskilled labour, administrative staff and management team. The Banker to the company is ICICI Bank Limited.

INDUSTRY ANALYSIS

Paper and Paper Products Industry

India’s paper industry stands as a global contender, contributing nearly 5% to the world’s paper production and ranking among the top 15 paper-producing nations. With a projected market expansion from USD 8.6 billion in 2018 to USD 13.4 billion by 2024, reflecting a CAGR of 7.8%, this sector offers significant investment opportunities. Out of nearly 750 paper mills, around 50 large mills with capacities of over 50,000 TPA are concentrated in Tamil Nadu, Andhra Pradesh, Maharashtra, Punjab, Madhya Pradesh, and Gujarat. The industry not only sustains 500,000 direct jobs but is also supported by initiatives like the Central Pulp and Research Institute’s development of paperboard and specialty paper testing facilities.

The growth trajectory of the sector is linked to rising literacy and education, expanding retail and e-commerce, and the ban on single-use plastics, which has boosted demand for eco-friendly packaging solutions. Production in India surged from 10.99 MT in 2010 to 19.36 MT in 2019 and is expected to touch 39.2 MT by 2030, with energy consumption rising in parallel. The current market composition reveals packaging paper/paperboard at 51%, writing and printing paper at 30%, newsprint at 15%, and specialty papers at 4%, with tissue paper and other premium categories witnessing double-digit growth.

Raw material usage is diverse, ranging from wood and bamboo to agro-residues and recycled fiber, with 58% of production relying on recycled fiber. Notably, 41% of output comes from large-scale industries under the PAT scheme, while 59% is generated by MSMEs, highlighting the sector’s broad industrial spread.

The key drivers include government-backed literacy programs increasing textbook demand, rising corporate activity, lifestyle changes driving demand for tissue and specialty paper, and the booming packaging sector fueled by FMCG growth. Additionally, India’s position as the second-largest printing market globally strengthens the demand base for writing and printing paper.

Textile Industry

India’s textile sector is one of its oldest and most diverse industries, with a heritage that spans hand-woven artisanal products to capital-intensive modern mills. The sector’s strength lies in its wide raw material base, producing everything from natural fibers like cotton, silk, wool, and jute to synthetic fibers such as polyester, nylon, and viscose. The decentralized power loom and hosiery segment forms the largest part of the industry, closely linked to agriculture and traditional Indian culture.

The textiles and apparel market in India is set to grow at a CAGR of 10%, reaching USD 350 billion by 2030, while exports are expected to touch USD 100 billion, making India one of the top five global exporters. Currently, the industry contributes 2.3% to India’s GDP, 13% to industrial production, and 12% to exports, with the potential to double its GDP contribution to 5% by 2030.

The sector is witnessing strong policy support through schemes like SITP, TUFS, and PM MITRA Parks, aimed at boosting investment, modernizing infrastructure, and creating employment. The government recently sanctioned seven PM MITRA Parks with investments of ₹4,445 crore (USD 535 million), while initiatives like the National Technical Textiles Mission are driving innovation.

India’s home textile industry is projected to expand at a CAGR of 8.9%, reaching USD 23.32 billion by 2032, while the technical textile segment—already the fifth-largest globally—has significant headroom for growth with a 10% potential growth rate. With global apparel markets set to touch USD 2.37 trillion by 2030, India is strategically positioned to leverage both domestic and export demand.

The future looks promising, supported by rising disposable incomes, festive and wedding season demand, growing retail consumption, and entry of international fashion brands. Sustainability is also becoming a defining trend, with top players shifting toward eco-friendly, recyclable materials to meet global standards.

Chemical Industry

India’s chemical industry is among the most diverse and dynamic sectors, covering more than 80,000 commercial products. The country ranks as the 6th largest chemical producer globally and 3rd in Asia, with the industry currently valued at USD 220 billion. This is expected to grow to USD 300 billion by 2030 and further to USD 1 trillion by 2040, contributing around 7% to India’s GDP.

The sector encompasses bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers, and India holds a global leadership position in agrochemicals and dyes, accounting for 16–18% of world dye production. Notably, India contributes over 50% of the global vaccine supply, underlining its role as a pharmaceutical and biosimilars hub.

The specialty chemicals market alone is projected to reach USD 64 billion by 2025, growing at a CAGR of 12%, driven by robust demand from export industries and domestic end-use sectors. With a China+1 supply chain shift, India is becoming a preferred global sourcing destination. Investments worth ₹8 lakh crore (USD 107 billion) are anticipated by 2025 in the chemicals and petrochemicals sector, while government initiatives like PLI schemes and PCPIR hubs aim to accelerate growth further.

Looking ahead, the industry will benefit from geopolitical realignments, anti-pollution policies in China, and rising domestic consumption. The government’s vision includes developing integrated crude-to-chemicals complexes and encouraging downstream investments through SEZs and fiscal incentives. With an expected CAGR of 11–12% by 2027, the chemical industry is poised to become one of the strongest pillars of India’s industrial growth story.

BUSINESS STRENGTHS

1. Unique Product Quality
A key competitive strength lies in the distinctive coating quality developed by the production team, setting Abril Paper Tech apart from other manufacturers. From inception, the company has consistently produced sublimation paper with this specialized coating, which has been successfully delivered to long-term customers. The organization remains committed to maintaining this high standard of quality for as long as operations continue. Additionally, natural shade raw materials are utilized across all grades and sizes, further enhancing product uniqueness.

2. Wide Geographical Reach
The company serves a diversified customer base across multiple end-use industries such as printing, textiles, garments, hosiery, and home décor throughout India. As of the date of this prospectus, products have been sold in 17 states and 2 Union Territories, reducing dependence on any single customer.

The top ten customers contributed 29.97% in FY 2025, 33.75% in FY 2024, and 45.91% in FY 2023 to total revenues. Strong focus on consistent quality, timely supply, and industry expertise has enabled the company to nurture long-term customer relationships. This has resulted in high customer retention and a substantial share of revenue derived from repeat business.

3. Technological Advancements
Continuous innovation in coating technologies and paper quality enhances print clarity, color vibrancy, and durability. The company is committed to developing unique coatings and improved production processes to maintain a strong competitive edge.

4. Product Quality and Consistency
Sublimation papers are designed to deliver consistent results, ensuring vibrant colors and durable prints. This consistency strengthens customer trust and satisfaction, creating long-lasting relationships. Clients rely on product reliability, which contributes to repeat purchases and sustainable growth.

5. Customization and Range of Offerings
A diverse portfolio of sizes, weights, and specialized products is tailored to the unique requirements of industries such as textiles, ceramics, and promotional goods.

• In textiles, papers are optimized for different fabric types and printing techniques.

• In ceramics, products ensure superior color transfer on mugs, plates, and related items.

• For promotional products, papers support the creation of high-quality, eye-catching prints.

This customized approach demonstrates a deep understanding of client needs, fostering loyalty and long-term partnerships, while reinforcing trust and driving business growth.

6. Supply Chain Efficiency
A streamlined supply chain ensures efficient, fast, and reliable deliveries. The ability to maintain timely shipments and manage demand fluctuations provides a significant competitive advantage in the market.

7. Brand Reputation and Customer Service
A strong brand reputation is reinforced by dedicated customer service, including technical support with printing processes and troubleshooting. Such personalized service has helped in building lasting customer relationships, driving repeat business and positive word-of-mouth referrals.

8. Price Competitiveness
Balancing high-quality products with competitive pricing allows Abril Paper Tech to appeal to a broad spectrum of customers across different market segments. This cost-effectiveness complements its reputation for quality.

9. Sustainability and Eco-Friendly Practices
With rising awareness of environmental responsibility, the company emphasizes eco-friendly and sustainable practices. Sublimation papers are developed using sustainable materials, reducing ecological impact.

In addition, a unique paper reusability process (gumming) allows sublimation paper to be reused after initial application, thereby minimizing waste and reducing dependency on fresh resources. This initiative not only contributes to sustainability goals but also resonates strongly with customers who prioritize environmentally responsible suppliers.

BUSINESS STRATEGIES

1. Product Innovation and Development
Abril Paper Tech emphasizes the creation of high-quality, specialized sublimation heat transfer papers designed to deliver superior transfer performance. The focus lies on enhancing color accuracy, reducing transfer times, and ensuring compatibility with a broad range of fabrics and materials.

2. Cost Efficiency and Quality Control
The company is dedicated to optimizing production processes to achieve greater cost efficiency while upholding stringent quality standards. Key initiatives include minimizing waste, lowering production costs, and improving the durability and consistency of the paper.

3. Targeting Emerging Markets
Recognizing the expansion of textile printing and promotional product industries in emerging economies, Abril Paper Tech is strategically broadening its market presence. Efforts are directed toward offering tailored solutions that align with local demands while maintaining affordability.

4. Customization and Personalization
To meet the rising demand for unique designs, Abril Paper Tech is introducing specialized papers targeted at niche applications. These include customized apparel, home décor, and promotional merchandise, addressing specific customer preferences.

5. Technology Integration
By incorporating advanced technologies such as digital printing and automation, the company is enhancing operational efficiency and accelerating production cycles. This integration enables Abril Paper Tech to maintain a competitive edge in the global sublimation heat transfer paper market.

BUSINESS RISK FACTORS & CONCERNS

1. Single Manufacturing Facility and Geographic Concentration Risk
Abril Paper Tech operates out of a single manufacturing facility located in Palsana, Surat, Gujarat. This geographic concentration exposes operations to potential risks from local and regional factors such as political or economic instability, natural disasters, demographic changes, and unforeseen events. Although no major disruptions have been experienced in the past apart from COVID-19 restrictions, any future disruptions could significantly delay manufacturing and product sales, adversely affecting business operations, financial performance, and cash flows.

2. State-Level Revenue Concentration in Gujarat
A substantial portion of revenue is generated from Gujarat. Revenue contribution from Gujarat amounted to ₹4,003.76 lakhs (65.73%) in FY 2025, ₹1,922.62 lakhs (76.53%) in FY 2024, and ₹2,495.59 lakhs (98.81%) in FY 2023. The bulky and heavy nature of raw materials and finished products makes long-distance transportation less viable, leading to revenue concentration within the state. This dependency on Gujarat exposes the company to region-specific risks, including pandemics, regulatory changes, political or economic instability, and natural calamities. Any adverse developments in this state could materially impact overall business operations and financial stability.

3. Dependence on a Limited Number of Customers
A major portion of revenue is derived from the top 10 customers. Dependence on this limited customer base increases exposure to risks arising from loss of contracts, disputes, inability to negotiate favorable terms, or adverse changes in customer financial health. Factors such as bankruptcy, liquidation, financial distress, reduced sales, or changes in customer requirements could negatively affect revenue. The loss of any key customer could materially impact business performance, financial condition, and cash flows.

Summary :

Abril Paper Tech faces three key risks:

1. Geographic Concentration Risk due to reliance on a single manufacturing facility in Surat, Gujarat.

2. Revenue Dependency on Gujarat exposing the business to state-specific risks.

3. Customer Concentration Risk with a significant portion of revenue dependent on a limited number of customers.

Together, these risks increase the company’s vulnerability to localized disruptions, adverse customer developments, and regional economic or political instability, all of which could significantly impact financial performance.