Exim Routes Limited is a global recyclable-paper sourcing and supply-chain solutions provider connecting international suppliers with Indian paper mills. The company earns revenue through trading recyclable paper, freight forwarding, container handling, and process-optimisation services. Its AI-enabled ERIS platform supports inventory matching, price discovery, logistics planning and market intelligence. The products are used by paper manufacturers across India, ensuring raw-material continuity and optimised procurement.

1.2 Key Clients & Facilities

The company supplies recyclable paper mainly to Indian paper mills, operating across North, West and South India. While it does not own manufacturing facilities, it functions through operational offices in India, USA, Singapore, Germany, the UK and South Africa. These subsidiaries support sourcing, quality checks, logistics management and global coordination, enabling faster shipment execution and supply-chain visibility for clients.

1.3 Product Portfolio, Lifecycle Role & Order Execution

The portfolio includes recyclable paper grades (OCC, mix paper, ONP, pulp substitutes) and earlier chemical products, which were discontinued in FY 2024-25. These materials are critical raw inputs in the paper manufacturing lifecycle, directly affecting production quality, cost and machine efficiency. As a trading-led business, the company does not maintain a formal order book but executes rolling purchase-sale cycles supported by its subsidiaries, ensuring continuous supply flow and quick conversion.

1.4 Merger, Capex & Expansion Plans

The group has consolidated global operations through wholly owned subsidiaries in the USA, Singapore, the UK and South Africa. Capex is focused on developing the ERIS digital platform and expanding sourcing presence. Investments include multi-year development of AI pricing, analytics, and logistics modules. The company plans to scale high-sea sales operations, deepen supplier networks, and strengthen domestic mill relationships to drive volume expansion.

Employees & Banker

As of November 30, 2025, our Company has 18 employees. The Banker to the Company is HSBC India Limited.

MANAGEMENT & THEIR GROWTH VISION

The management team, led by CEO Manish Goyal, focuses on expanding India-centric recyclable-paper trading through a consolidated global sourcing model. Their vision includes strengthening ERIS into a full-scale AI-powered exchange platform and increasing direct mill relationships across India. The company targets long-term volume growth, higher global procurement presence, and stronger supply-chain integration. Capex funding will be arranged through IPO proceeds, internal accruals, and efficient working-capital rotation supported by its subsidiaries.

INDUSTRY OVERVIEW

India’s recyclable-paper import industry is a critical part of the USD 13–14 billion domestic paper industry, which grows at 6–7% annually. Demand for waste paper imports is driven by rising packaging consumption, with the global waste paper trade exceeding USD 40 billion. The Indian market is expanding due to increasing recycling capacity and shift toward cost-efficient raw materials. Globally, the industry grows at 4–5% annually, dominated by the USA and Europe as major suppliers. Strong logistics, reliable sourcing, and currency-stable supply chains shape future growth prospects.

KEY RISK FACTORS

1. High dependence on global recyclable-paper supply markets
   The company sources from USA, Singapore, Germany, UK and South Africa. Any global disruption in waste-paper availability, freight rates or regulations may directly affect sourcing volumes and profitability.
2. Currency fluctuation risk
   International procurement exposes the company to USD, EURO and GBP volatility. Sharp currency movements between purchase and sale cycles can compress margins despite hedging or INR-denominated mill sales.
3. Limited operational history under the revised business model
   The major shift to India-based trading began only in FY 2024-25. Profitability patterns, working-capital needs and scalability under this structure remain untested over longer market cycles.
4. Subsidiary performance dependency
   Operational efficiency relies heavily on subsidiaries across multiple countries. Any regulatory, compliance or financial issue in these jurisdictions may impact sourcing and logistics execution.
5. Price volatility in recyclable paper
   Waste-paper prices fluctuate based on global demand, shipping availability, and domestic mill requirements. Sudden price swings can reduce spreads and require frequent renegotiation of trading terms.
6. Technology implementation risk (ERIS platform)
   The platform is under multi-phase development. Delays, cost overruns or lower-than-expected adoption may limit operational efficiency gains and future digital-exchange revenue opportunities.
7. Working-capital intensive operations
   Trading requires continuous funding for procurement, shipping and credit to mills. Tight liquidity cycles or rising interest costs may strain margins and reduce the ability to scale volumes.

KEY STRENGTHS & OPPORTUNITIES

1. Strong global sourcing network
   Subsidiaries in key sourcing regions ensure assured supply, faster shipment coordination and direct purchase access from yards, improving reliability for Indian mills.
2. AI-driven digital platform advantage (ERIS)
   The platform enhances transparency, price discovery, demand-supply matching and logistics visibility. This creates strong competitive differentiation and long-term scalability.
3. Growing domestic demand for recyclable paper
   Indian mills increasingly rely on imported waste paper due to rising packaging consumption. This creates a large recurring opportunity for Exim Routes’ sourcing and supply-chain model.
4. Lean operating model with asset-light structure
   Without manufacturing facilities, the company maintains lower capex needs and higher scalability. This asset-light approach supports quick market expansion with lower financial risk.
5. Experienced leadership with global exposure
   The promoters and directors bring expertise across finance, paper engineering, sourcing, and logistics. Their combined experience helps execute complex cross-border procurement strategies.
6. Opportunity to expand high-sea sales model
   The revised INR-denominated sales model increases acceptance among domestic mills, allowing the company to capture higher volumes and improve margins through tighter control of trade flows.