GSM Foils Limited IPO

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GSM Foils Limited, originally formed as a Limited Liability Partnership (LLP) under the name “GSM Foils LLP” on April 05, 2019, has undergone several transformations. It was converted into a Private Limited Company on June 27, 2023, and subsequently into a Public Limited Company on September 04, 2023. This transition reflects thier company’s growth and ambition in the pharmaceutical packaging industry.

GSM Foils Limited specializes in the manufacturing of Blister Foils and Aluminium Pharma Foils, commonly known as “Strip Foils.” These products are critical in the packaging of pharmaceutical medicines, including capsules and tablets, providing essential protection from environmental factors such as oxygen and moisture. Their commitment to quality ensures that these packaging materials maintain the integrity and efficacy of the medications they contain.

Product Range

They offer a diverse range of aluminium foils, including plain and printed varieties, as well as alu alu base foils. These products are available in various thicknesses (0.020/0.025/0.030/0.040 microns) and coatings (coated, poly laminated, blister, strip printed). Their foils are designed to meet the stringent requirements of pharmaceutical packaging, ensuring high bursting strength and effective sealing.

Market Presence

Their company has a PAN India presence, serving clients in 13 states and 1 Union Territory. Their domestic market includes states such as Dadra & Nagar Haveli and Daman & Diu, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Puducherry, Sikkim, Tamil Nadu, Telangana, and West Bengal. This widespread presence highlights our ability to meet diverse market demands across the country.

Raw Material Procurement

They maintain a reliable base of raw material suppliers from 11 states and 2 Union Territories, ensuring a consistent supply of materials like Aluminium foils, LDPE films, and various chemicals. We do not enter into long-term supply contracts, allowing us to adapt to changing market conditions and ensure the timely procurement of quality materials.


GSM Foils Limited has established itself as a trusted manufacturer of high-quality pharmaceutical packaging materials. Their commitment to quality, customer satisfaction, and continuous improvement positions us well to capitalize on current and future market opportunities. With strong leadership, a dedicated team, and advanced manufacturing capabilities, they are poised for sustained growth and success in the pharmaceutical packaging industry.

Objects of the GSM Foils Limited IPO:

The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects: i. Funding of capital expenditure towards the purchase of Plant and Machineries. ii. Funding Working Capital Requirements of the company. iii. General corporate purposes.

GSM Foils Limited IPO Details:

Open Date: May 24 2024
Close Date: May 28 2024
Total Shares: 3,440,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 11.01 Cr.
Lot Size: 4000 Shares
Issue Price: ₹ 32 Per Equity Share
Listing At: NSE Emerge
Listing Date: May 31 2024

Promoters And Management:

Mr. Sagar Girish Bhanushali, aged 28 years is the Promoter, Chairman and Whole Time Director of the Company. He has completed his Bachelor’s Degree in Commerce from University of Mumbai in the year 2015. He is a qualified Chartered Accountant from institute of Chartered Accountant of India. He has been only associated with the Company and is involved with the Company since the date of incorporation and was redesignated as Chairman and Whole Time Director w.e.f. December 14, 2023 for a period of 5 years. He has 4 years of experience in the Company in pharmaceutical packaging industry. He is involved in formulating business strategies and effective implementation of the same. He looks after the management and operations of the company and is involved in bringing about innovation in the operations and products of the Company. He is responsible for the entire management and administration of the Company. Mr. Mohansingh L Parmar, aged 42 years, is the Promoter and Managing Director of the Company. He has completed his Primary Education from Maharashtra State Board and First year junior college from P.D. Lions College of Commerce & Economics. He has been only associated with the Company and is involved with the Company since the date of incorporation and was redesignated as Chairman and Managing Director w.e.f. December 14, 2023 for a period of 5 years. He has 4 years of experience in the Company in pharmaceutical packaging industry and 16 years of experience in his sole proprietorship firm which is engaged in Scrap business. In the Company, He is involved in Purchasing raw material at the reasonable rates and marketing in new areas to bring in more Clients across different areas. He looks at managing funds and effective movement of working capital. Ms. Mahesh Virchand Mehta, aged 62 years is the Non-Executive Independent Director of the Company. He has completed his Bachelor’s Degree in Commerce from University of Mumbai in the year 1984. He has an experience of 22 years with the Cosmos Co - operative Bank Limited of working as an Assistant Manager during the end of his tenure. He was appointed as Non- Executive Independent Director in the w.e.f. December 14, 2023.

Financials of GSM Foils Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 3,646 7,185 6,588 2,718
Other Income 0 0 0.3 0
Total Revenue 3,646 7,185 6,589 2,718
Cost of Material Consumed 3,414 6,934 5,960 2,550
Changes in Inventories -55 -227 -46 -411
Employees Benefit Expenses 68 116 119 67
Other Expenses 147 231 271 309
EBITDA 72 132 284 203
OPM (%) 1.98% 1.83% 4.31% 7.46%
Depreciation & Amortisation 9 8 15 9
EBIT 63 124 269 194
Finance Cost 12 28 38 27
PBT 51 96 232 167
Tax 17 32 89 42
PAT 34 64 143 125
NPM (%) 0.93% 0.89% 2.17% 4.59%
No.of Shares 128.11 128.11 128.11 128.11
EPS 0.26 0.49 1.11 0.97

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
GSM Foils Limited 66 1.4 1.11 28.7 32 41
Synthiko Foils Limited 26 0.2 0.98 57.2 69 12
MMP Industries Limited 538 21 8.39 24.8 279 708
* All the data is as per FY23.

Recommendation on GSM Foils Limited IPO:

Review and Recommendation of GSM Foils by team IZ is 4/10. 1. GSM Foils Limited is a prominent manufacturer specializing in the production of Blister Foils and Aluminium Pharma Foils (commonly known as Strip Foils) used for packaging pharmaceutical medicines such as capsules and tablets. Their company ensures the highest quality standards for these primary packaging materials that come into direct contact with medicines, maintaining the integrity and safety of the pharmaceuticals. 2. Product Range Their company offers a diverse array of Aluminium Foils tailored to meet the varied needs of their clients. These include: i. Plain and Printed Aluminium Foils                     ii. Strip Foils iii. Alu Alu Base Foils                                               iv. Blister Foils 3. Supply Chain and Distribution Their warehousing unit, integrated within their manufacturing facility, ensures the safe and systematic storage of products. Linked with major shipment networks, their logistics team ensures prompt delivery to their clients. They maintain a broad clientele across 13 states and one Union Territory in India. 4. SWOT ANALYSIS Strengths :- i. Experienced manpower team.              ii. Inventory management for fast supply. iii. Storage capacity                                   iv. Variety of customers to reduce offcuts sizes. Weaknesses:- i. Lack of Marketing                     ii. Limitation of Funds to Pass on More Credit Opportunities:- i. Markets in States Other than MH and GJ ii. Increasing Demand for Medicines Will Simultaneously Increase Demand for Packaging Foil iii. Tap into Exports iv. Entering Food Grade Foils with Pharma Grade Threats:- i. Competition Due to No Entry Barrier in This Industry ii. Any Pandemics or Change in Government Policies Leading to Increase in Aluminum Prices, Thus Increasing Working Capital 5. Competition and Market Position Operating in a competitive market, they face both organized and unorganized players. Key differentiators in their favor include product quality, brand value, a robust distribution network, and competitive pricing. Their experience, reliability, and customer relationships are critical to overcoming market competition. Continuous efforts to optimize operational efficiencies and leverage technology enable them to offer competitive pricing without compromising quality. 6. The Revenue has Increased from Rs.36 Crores in FY21 to Rs.65 Crores in FY23. 7. The EBITDA has Increased from 72 Lakhs in FY21 to 2.8 Crores in FY23. 8. The PAT has Increased from 34 Lakhs in FY21 to 1.4 Crores in FY23. 9. As per FY23, CFO/EBITDA is 0.99, As per FY24, EPS is 1.29, 10. Market Capitalization is 41 Crore & P/E is 24.63x based on FY24.

Lead Manager of GSM Foils Limited IPO:


Registrar of GSM Foils Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

GSM Foils Limited Gala No 06/106/206/306, Sapphire Building Diamond Industrial Estate, Vasai East IE, Thane- 401208 Phone: +9184689 68102 Email: Website:

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