Ecoline Exim IPO

About Ecoline Exim IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 40,68,000 shares (aggregating up to ₹57.36 crore). The offer for sale portion includes 10,80,000 shares of ₹10 (aggregating up to ₹15.23 crore). The total number of shares is 54,20,000 shares and the aggregate amount is ₹76.42 crore.

Ecoline Exim Limited has comprehensive in-house capabilities for designing and manufacturing a wide variety of bags. Their manufacturing activities involve fabric cutting, printing, sewing and stitching, packaging, etc., for onward use by their customers in the relevant industry. Currently, they operate from their two manufacturing facilities in Kolkata and one in Ahmedabad. They sell their products to various customers, such as: international supermarkets, retail store chains, stockists, and promotional companies. They have established long-standing relationships with a few of these customers, which they believe has been possible due to years of association and the delivery of quality products, etc.

Objective of Ecoline Exim IPO

• Funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery for setting up a new manufacturing facility at Ahmedabad (“Proposed Factory V”).

• General corporate purpose.

Industry Outlook

Cotton and jute bags have gained substantial market share due to their durability, biodegradability, and reusability. Government-backed initiatives, especially in South Asia, have spurred the production and export of these alternatives. According to data from India's Ministry of Textiles, the jute industry has seen consistent growth, with India being the largest producer, accounting for over 60% of global jute production.

The rise in sustainable and eco-friendly bags marks a significant trend within the shopping bag market, driven by increasing consumer awareness regarding environmental issues and governmental regulations promoting sustainability. The Sustainable Packaging Market is expected to grow at a 6.69% CAGR (2025-34) globally, and at a CAGR (2025-34) of 26.7% in the Indian market. With the escalating concerns surrounding plastic pollution, many consumers are actively seeking alternatives to conventional plastic

Company Information

Incorporated in 2008, Ecoline Exim Limited is primarily engaged in the manufacturing of a wide range of sustainable packaging and promotional bags made out of cotton and jute. They are engaged in the export of these bags globally. During the Fiscal Year 2025, they exported their products to more than 27 countries. Their major export markets are the European Union, the USA, Japan, South East Asia, and Mexico, etc. With the awakening of the global market where more and more measures are being taken to reduce the use of plastics, they address the alternate solution to use products which are sustainable, reusable, and biodegradable, like bags made out of cotton or jute which are eco-friendly.

They offer a variety of eco-conscious cotton and jute bags; their offerings include: Recycled Cotton Bags, Organic Cotton Bags, Fairtrade Cotton Bags, Conventional Cotton Bags, Jute Bags. Moreover, their offerings include textile-made articles like aprons.

They are OEMs catering to packaging solutions for various customers like: Supermarkets and Retail chains, Wholesalers and Promotional companies. They customise their products as per the customer requirements with screen printing, embroidery, labelling, sizing, etc. Their customer base is divided into two major segments i.e. (i) Functional – where major customers are Retailers/Wholesalers and Supermarkets and (ii) Promotional – where major Customers are Promotional companies and Corporate Gifting agencies. During the Fiscal Year 2025, they sold their products to 55 customers addressing functional requirements and 32 customers addressing promotional requirements.

Strengths of Ecoline Exim IPO

• Sustainable and eco-friendly business model focusing on the three R’s of the environment – Reduce, Reuse and Recycle.
  
• Stringent quality control mechanism ensuring standardised product quality.
  
• Strategically located in-house manufacturing capabilities with design expertise.
  
• Long-standing association with customers.
  
• Widespread reach in the international market.
  

Risks of Ecoline Exim IPO

• Variations in demand for cotton or jute bags, timely identification of evolving fashion trends and creating new designs.
  
• Unplanned slowdowns, unscheduled shutdowns or prolonged disruptions in their manufacturing operations.
  
• Any unavailability or shortage of labour or any strikes, work stoppages, increased wage demands by workmen or changes in regulations governing the hiring of labour.
  
• Any inability to obtain sufficient quantities of processed material of the requisite quality in a timely manner and at acceptable prices, or a slowdown, shutdown or disruption in third parties.
  
• Pricing pressure from their customers.
  

Note: i. The RoNW has been computed by dividing net profit after tax (excluding exceptional items) with restated Net worth as at the end of the year/ period ii. Weighted average = Aggregate of year-wise weighted RoNW divided by the aggregate of weights i.e. (RoNW x Weight) for each year/ Total of weights.

Peers Comparison

There are no listed companies in India that are engaged in a business similar to that of the company accordingly, it is not possible to provide an industry comparison in relation to the company

Anchor Investor Bidding Date: Monday, 22 September 2025

*The Company may, in consultation with the Book Running Lead Manager, may consider participation by Anchor Investors in accordance with the SEBI (ICDR) Regulations. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date.

Registrar: MUFG Intime India Private Limited
Book Running Lead Managers:
Hem Securities Limited

Business Model

The company earns its revenue by offering a wide range of sustainable packaging and promotional bags made out of cotton and jute.

Company Growth Trajectory

(Standalone Data: 2024-2025) (Consolidated Data: 2023-2024) The total income of Ecoline Exim Limited for the financial year 2024-25 stood at ₹273.07 crore on a standalone basis as compared to ₹280.59 crore on a consolidated basis for the financial year 2023-24, representing a decrease of 2.68%. The decrease in total income was mainly attributable to a reduction in other income. Furthermore, a decline in other operating revenues, particularly from RoDTEP/RoSCTL licenses and sale of scrap, also contributed to the overall reduction in total income.

During the financial year 2024-25, the revenue from operations of their company decreased to ₹269.29 crore as against ₹272.19 crore in the financial year 2023-24, representing a decrease of 1.07%. The main reason for the decrease was due to a decrease in the sales of goods from ₹255.23 crore in the financial year 2023-24 to ₹254.01 crore in the financial year 2024-25, which was majorly due to a decrease in the sale of stock-in-trade in the financial year 2024-25. Additionally, a decline in other operating revenues, particularly from RoDTEP/RoSCTL licenses and sale of scrap, also contributed to the overall reduction in revenue from operations.

During the financial year 2024-25, the other income of their company decreased to ₹3.78 crore as against ₹8.40 crore in the financial year 2023-24, representing a decrease of 55.01%, which was due to a decrease in income from (i) foreign exchange gain and loss, (iii) reversal of bad & doubtful debt considered good (Nil), (iv) speculative gain / loss - share trading - intraday.

Their profit after tax for the year decreased by 16.67% from a profit of ₹22.59 crore in the financial year 2023-24 to a profit of ₹18.82 crore in the financial year 2024-25. Consequently, their PAT margin decreased to 6.99% in the financial year 2024-25 from 8.30% in the financial year 2023-24. There has been a decrease in the PAT margin in FY 24-25 as compared to FY 23-24.

Company Market Position

During the fiscal year 2025, Ecoline Exim Limited exported their products to more than 27 countries. Their major export markets are the European Union, the USA, Japan, South East Asia, and Mexico, etc. With the awakening of the global market, where more and more measures are being taken to reduce the use of plastics, they address the alternate solution to use products which are sustainable, reusable, and biodegradable, like bags made out of cotton or jute which are eco-friendly.

As on 31 March, 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹273.068 crores, ₹18.822 crores, and ₹29.990 crores, respectively. (As per Restated Standalone data)

How to check the allotment status of Ecoline Exim Limited IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Ecoline Exim Limited IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Ecoline Exim Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Ecoline Exim Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Ecoline Exim Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Ecoline Exim Limited IPO bid and allotment details will be displayed.

How to apply for the Ecoline Exim Limited IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.