Exim Routes Limited IPO

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Exim Routes Limited operates as a global B2B platform for recyclable paper materials, offering end-to-end sourcing, procurement, quality assurance, logistics, and trade execution services for Indian paper mills.
Its business model integrates digital technology, global sourcing networks, and multi-country logistics capabilities to streamline recovered paper supply chains.

At the heart of operations is the Exim Routes Intelligence System (ERIS)—an AI-powered platform that centralizes inventory, pricing, quality data, communication, trade execution, and logistics integration. ERIS acts as a structured digital marketplace connecting suppliers, MRFs, recyclers, and Indian paper mills.

Group Structure & International Subsidiaries

Exim Routes Limited operates through a global subsidiary network to align with India’s environmental import regulations. Its subsidiaries manage procurement, sourcing, and logistics across international markets Exim Routes Inc. (USA), Exim Routes Pte Ltd (Singapore), Exim Routes (UK) Ltd, Good Earth SCM GmbH (Germany) and Exim Routes (SA) Pty Ltd (South Africa).

Business Model & Operations

The Company operates across five key areas:

1. Cross-Border Recyclables Trading: Global sourcing through subsidiaries, supplying recyclable paper directly to Indian mills with strict quality checks.
2. Domestic Trading: Limited procurement and resale of recyclable paper within India.
3. Platform Licensing: Subscription-based access to the ERIS digital platform for select mills and suppliers.
4. Logistics & Container Handling: Freight booking, documentation, customs coordination, and container handling services.
5. Management & Consultancy Services: Advisory support on operations, compliance, and planning for subsidiaries and partner suppliers.

Global Presence

The Exim Routes Group operates across 15+ countries, supported by a network of 100+ yards and mills worldwide. The Group supplies recycled paper to 50+ Indian paper mills, leveraging strong sourcing presence in Americas, Europe, United Kingdom, South Africa and Southeast Asia. This footprint enables efficient supply chain integration and uninterrupted material flow.

Objects of the Exim Routes Limited IPO:

Company proposes to utilize the funds being raised towards the following objects: 1. Expenses for Development and Maintenance of the ERIS platform (₹14.50 cr) 2. Working Capital to fund business growth (₹9 cr) 3. Investment in Office space to accommodate new hires (₹7.13 cr) 4.General Corporate Purposes
DRHP of Exim Routes Limited IPO
RHP of Exim Routes Limited IPO

Exim Routes Limited IPO Details:

Open Date: Dec 12 2025
Close Date: Dec 16 2025
Total Shares: 49,69,600
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 43.73 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 83 - 88 Per Equity Share
Listing At: NSE Emerge
Listing Date: Dec 19 2025

Promoters And Management:

1. Manish Goyal, 40, is the Promoter, Executive Director, and CEO of the Company. An IIT Roorkee graduate (B.Tech, Pulp & Paper Engineering), he has over 16 years of experience in the pulp, paper, and recyclables trading industry. He started his career as a Process Engineer at Metso Paper India (2009) and has led Exim Routes Limited since 2019, overseeing strategy, global expansion, and operations. He became CEO on January 07, 2025, and was re-designated as Executive Director on April 07, 2025. 2. Govind Rai Garg, 32, is the Promoter and Executive Director. A Chartered Accountant with a B.Com from the University of Delhi, he has over a decade of experience in finance, taxation, and investor relations. He worked with EY India (2016–2017), later became Partner at Mehrotra & Mehrotra (2018–2025), and co-founded Exim Routes Group in 2019. He also serves as Director of Exim Routes Inc. (USA) and Exim Routes PTE Ltd (Singapore). He was re-designated as Executive Director on April 07, 2025. 3. Pallav Singal, 40, is the Executive Director and Chief Business Officer. Appointed as Additional Director in April 2024 and regularized in September 2024, he has 4 years of documented experience in recyclables trading. As Proprietor of Global Traverse (2020–2024), he built sourcing networks in waste paper markets. Since 2024, he has led global sales, procurement, and expansion for Exim Routes Limited across 25+ countries and serves as Director of Exim Routes UK Ltd. Only verified experience has been disclosed.

Financials of Exim Routes Limited IPO:

Particulars 3M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 44 121 72 36
EBITDA (Cr) 1.4 10 5 0.6
EBITDA Margins 3% 8% 6% 2%
PAT (Cr) 1.17 7.6 4.2 0.37
PAT Margins 2.7% 6.3% 5.8% 1.03%
ROCE 5% 53% 149% 79%
D/E Ratio 0.32 0.2 0.89 4.54
OPerating Cash Flow -1.19 -4.88 -1.17 0.08

Comparison With Peers:

According to RHP their is no listed peers existed in same business segment.

Lead Manager of Exim Routes Limited IPO:

  1. Narnolia Financial Services Ltd

Registrar of Exim Routes Limited IPO:

  1. Maashitla Securities Pvt. Limited.

Discussion on Exim Routes Limited IPO:

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