Phytochem Remedies (India) Limited is engaged in the manufacturing of corrugated boxes, sheets, rolls and packaging goods. The company earns revenue by supplying customized packaging solutions primarily to pharmaceuticals, agriculture, pesticides, FMCG and automotive sectors. Its products are used for storage, protection and transportation of goods. Revenue from operations stood at ₹3,653.62 lakh in FY25, growing at a CAGR of 32.46% from FY23 to FY25.

Key Clients and Manufacturing Facilities

The company supplies corrugated packaging products to customers across pharmaceuticals, agriculture, FMCG, pesticides and automotive industries. Phytochem operates two manufacturing units located at Lane No. 5, Phase 2, SIDCO Industrial Complex, Bari Brahmana, Jammu. Unit I has an allocated area of 43,360 sq. ft., while Unit II spans 1,73,440 sq. ft., offering logistical advantages and scalable production capacity.

Product Portfolio and Order Execution

The product portfolio includes printed corrugated boxes, sheets, rolls, pads and customized packaging solutions. These products lie in the primary and secondary packaging lifecycle of clients, ensuring product protection and efficient logistics. The company follows an order-based manufacturing model with steady execution supported by in-house facilities. Revenue growth from ₹2,082.35 lakh in FY23 to ₹3,653.62 lakh in FY25 indicates strong order execution capabilities.

Mergers, Capex and Expansion Plans

There are no mergers reported in the prospectus. The company has invested steadily in plant and machinery, with tangible assets of ₹1,892.43 lakh as of March 31, 2025. Future expansion plans focus on capacity utilization, operational efficiency and scaling production from existing units, supported by internal accruals and IPO proceeds. The expansion aligns with growing demand from packaging end-user industries.

Employees and Banker

As of September 30, 2025, we had 51 employees. The Banker to the Company is Punjab and Sind Bank Limited, Bank of India Limited.

Management and Growth Vision

The management aims to strengthen its position as a reliable corrugated packaging manufacturer by focusing on quality, customization and operational efficiency. Near-term goals include improving capacity utilization and servicing existing clients more effectively. Long-term targets involve scaling revenues through industry expansion and geographic reach. Funding for capex and expansion will be arranged through internal accruals and proceeds from the IPO, minimizing excessive leverage.

Industry Overview

The company operates in the corrugated packaging industry, which serves FMCG, pharmaceuticals, agriculture and industrial sectors. In India, corrugated packaging demand is driven by organized retail, e-commerce and manufacturing growth. The Indian packaging industry is expected to grow at high single-digit to low double-digit rates annually. Globally, packaging demand continues to expand with sustainability focus. Major players include large integrated packaging manufacturers, while SMEs dominate regional markets.

Key Risk Factors

1. Customer Concentration Risk
   A significant portion of revenue is derived from a limited number of customers. Loss of key clients or reduced order volumes could adversely affect revenues, cash flows and profitability.
2. Geographical Concentration Risk
   Manufacturing facilities are concentrated in Jammu. Any disruption due to regional, political or operational issues may impact production and supply timelines.
3. Raw Material Price Volatility
   The company does not have long-term raw material contracts. Fluctuations in kraft paper prices may affect margins and operating performance.
4. Manufacturing and Operational Risk
   Any shutdown, machinery failure or labor unrest could disrupt operations and impact order execution and customer relationships.
5. Litigation Risk
   The company and its promoters are involved in certain legal proceedings. An adverse outcome may affect financial position and reputation.
6. Economic and Industry Cyclicality
   Demand for packaging products depends on overall economic activity. Slowdown in FMCG, agriculture or manufacturing sectors could impact growth.

Key Strengths, Moat and Opportunities

1. Strong Revenue Growth
   The company reported a revenue CAGR of 32.46% from FY23 to FY25, indicating strong demand and effective execution capabilities.
2. Established Manufacturing Infrastructure
   Two operational manufacturing units with significant floor area enable consistent production, scalability and timely delivery to customers.
3. Diversified End-User Industries
   Serving pharmaceuticals, agriculture, FMCG and automotive sectors reduces dependency on a single industry cycle.
4. Customization Capability
   Ability to provide customized corrugated packaging solutions strengthens client relationships and repeat business.
5. Operational Efficiency
   Improving asset utilization and controlled cost structure have supported rising profitability, with PAT of ₹447.67 lakh in FY25.
6. Industry Tailwinds
   Growth in organized retail, logistics and manufacturing supports long-term demand for corrugated packaging products in India.