Bulkcorp International Limited IPO

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Bulkcorp International Limited is a distinguished manufacturer and supplier of Food Grade Flexible Intermediate Bulk Container (FIBC) bags. The company has garnered several prestigious certifications, including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and BRC, underscoring its commitment to quality and operational excellence.

Manufacturing Excellence

The state-of-the-art manufacturing unit of Bulkcorp is strategically located in Changodar, Ahmedabad. This facility is fully compliant with the BRC Global Standard for Packaging and Packaging Materials, having achieved a certified Grade A status. The facility is equipped with advanced machinery and handling equipment, ensuring a seamless manufacturing process. Key features of the manufacturing unit include:

i. Customizable Packaging Solutions: Offering a wide range of FIBC bags (Jumbo Bags) with eight variations and container liners.
ii. In-house Testing Laboratory: Ensuring finished products meet stringent quality standards as specified by customers.
iii. Strategic Location: Proximity to the National Highway and a developed industrial area provides an operational advantage, making transportation efficient.

Expansion and Capacity

Bulkcorp has significantly expanded its manufacturing capacity by installing new machinery in a premises adjacent to the existing facility. This expansion has doubled the installed capacity from 2400 MTPA to 4800 MTPA, enabling the company to meet growing demand and scale operations effectively.

Industry and Market Presence

Bulkcorp caters to several critical industries, including agriculture, chemicals, construction, food, pharmaceuticals, and mining. The company’s robust customer base spans globally, with significant presence in:
i. United States of America                      ii. Canada                           iii. United Kingdom                   iv. South Africa
v. Ivory Coast                                             vi. South Korea                  vii. Spain                                     viii. Europe
ix. Egypt

Conclusion

Bulkcorp International Limited stands as a testament to quality, innovation, and global competitiveness in the FIBC manufacturing industry. With its strategic location, rigorous adherence to quality standards, and robust global presence, Bulkcorp is well-positioned to continue its growth trajectory and meet the evolving needs of its diverse clientele.

Objects of the Bulkcorp International Limited IPO:

The Issue Proceeds from the Fresh Issue will be utilized towards the following objects: i. Capital Expenditure ii. To Meet Working Capital Requirements iii. General Corporate Purpose
DRHP of Bulkcorp International Limited IPO
RHP of Bulkcorp International Limited IPO

Bulkcorp International Limited IPO Details:

Open Date: Jul 30 2024
Close Date: Aug 01 2024
Total Shares: 1,978,800
Face Value: ₹ 10 Per Equity Share
Issue Size: 20.78 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 100 - 105 Per Equity Share
Listing At: NSE Emerge
Listing Date: Aug 06 2024

Promoters And Management:

Mr. Punit Mahendra Gopalka, aged 47, is the Promoter and Chairman cum Managing Director of the Company. He holds a Bachelor's degree in Commerce from H.L. Commerce College, Ahmedabad (1999) and a Master's degree in Business and Management from the University of Strathclyde, Glasgow (2001). Associated with the Company since July 10, 2015, he has over 8 years of experience in the packaging industry. Appointed as Chairman cum Managing Director on March 11, 2024, for a three-year term, he is also the CEO. He oversees the company's management, finance, compliance, investment strategies, and business development. Mr. Anup Mahendra Gopalka, aged 56, is the Promoter and Whole-time Director of the Company. He holds a Bachelor's degree in Commerce from Navgujarat Commerce College, Ahmedabad (1993). Associated with the Company since February 1, 2017, he has 20 years of experience in the packing industry. Appointed as Whole-time Director on March 11, 2024, for a three-year term, he oversees the company's sales and marketing division and is actively involved in day-to-day operations. Mr. Sanjay Pandurang Sadavarte, aged 43, holds a Diploma in Plastic Engineering and has approximately 7 years of experience in the packaging industry. Appointed as Executive Director on March 11, 2024, for a three-year term, he also serves as the Chief Operating Officer, overseeing all manufacturing activities. He is a dynamic professional with strong technical skills, leadership abilities, and problem-solving expertise. His focus includes driving creative vision, operational excellence, and solution development, particularly in FIBC jumbo bags and packaging.

Financials of Bulkcorp International Limited IPO:

Particulars ( In Lakhs )
2021
2022
2023
2024
Revenue from Operations 3,139 4,842 3,847 4,518
Other Income 38 77 49 132
Total Revenue 3,176 4,920 3,896 4,650
Cost of materials consumed 2,245 3,416 2,666 3,551
Purchases of stock-in-trade 0 0 21 0
Changes in inventories -65 84 2 -375
Employees Benefit Expenses 343 426 355 355
Other Expenses 424 646 561 518
EBITDA 229 348 291 601
OPM (%) 7.20% 7.07% 7.46% 12.93%
Depreciation & Amortisation 50 54 58 64
EBIT 178 294 232 538
Finance Cost 44 69 61 58
PBT 134 225 171 480
Tax 71 53 50 124
PAT 64 173 121 356
NPM (%) 2.00% 3.51% 3.11% 7.65%
No.of Shares 75.14 75.14 75.14 75.14
EPS 0.84 2.29 1.61 4.73

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Bulkcorp International Limited 45 4 4.73 22.2 105 79
Rishi Techtex Ltd 112 1 1.83 34.4 62.8 46
Jumbo Bag Limited 104 1 1.42 12.1 43.6 37
* All the data is as per FY24.

Recommendation on Bulkcorp International Limited IPO:

1. Bulkcorp International Limited is a leading manufacturer and supplier of Food Grade Flexible Intermediate Bulk Container (FIBC) bags, also known as Jumbo Bags. 2. Product Range and Manufacturing Capabilities They offer a diverse range of customizable packaging solutions, including eight variations of FIBC bags and container liners. Their facility is equipped with advanced machinery and handling equipment, ensuring a seamless manufacturing process. They maintain high safety and hygiene standards in compliance with BRC guidelines. 3. Market Reach They cater to several crucial industries, including agriculture, chemical, construction, food, pharmaceutical, and mining. Their extensive customer base spans the globe, with significant presence in the United States, Canada, the United Kingdom, South Africa, Ivory Coast, South Korea, Spain, Europe, and Egypt. 4. Competitive Landscape They operate in a highly competitive market with numerous players, ranging from large, organized companies to smaller regional competitors. 5. The Revenue has Increased from Rs.31 Crores in FY21 to Rs.45 Crores in FY24. 6. The EBITDA has Increased from 2 Crores in FY21 to 6 Crores in FY24. 7. The PAT has Increased from 64 Lakhs in FY21 to 3.5 Crores in FY24. 8. As per FY24, CFO/EBITDA is 1.00, and EPS is 4.73, 9. Market Capitalization is 79 Crores and P/E is 22.2x based on FY24.

Lead Manager of Bulkcorp International Limited IPO:

  1. Swastika Investmart Limited

Registrar of Bulkcorp International Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Bulkcorp International Limited 309, Safal Prelude, Corporate Road Off Prahalad Nagar Audagarden, Ahmedabad– 380 015 Phone: +91-79-4899 6823 Email: compliance@bulkcorp-int.com Website: https://www.bulkcorp-int.com/

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