Exim Routes Limited is a global recyclables exchange platform specialising in the cross-border trade of recyclable paper materials. The company provides end-to-end solutions to Indian paper mills, covering everything from global sourcing and procurement to quality assurance, logistics coordination, and delivery.
Operating through a group structure, Exim Routes Limited is the Indian parent company, supported by a network of international subsidiaries across the USA, UK, Singapore, Germany, and South Africa. These subsidiaries manage global sourcing, on-ground operations, and international logistics, while the Indian entity functions as the central coordinating hub and primary seller to domestic mills.
A key differentiator of the company is ERIS (Exim Routes Intelligence System)—its proprietary AI-powered B2B digital platform. ERIS consolidates global inventory, enables price discovery, connects suppliers and mills, provides market intelligence, and integrates logistics partners to ensure seamless supply-chain execution. This tech-driven model allows Exim Routes to efficiently match demand with global supply and bring transparency to the recyclables trading ecosystem.
The company primarily sources wastepaper from international markets and supplies it to Indian mills in INR. This model was strengthened in FY 2024–25 when Exim Routes transitioned to conducting a larger portion of trade through the Indian parent entity, expanding its domestic reach and simplifying customer transactions.
While recyclable paper remains its core segment, Exim Routes has stated plans to expand into metals, plastics, and battery recyclables in the future.
The company integrates global market reach with technology-led operations, positioning itself as a modern, efficient, and scalable player in the recyclables trading industry.
As of November 30, 2025, Exim Routes Limited has 18 employees.
Exim Routes IPO – Details
| IPO Opening Date | 12 December 2025 |
| IPO Closing Date | 16 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 49,69,600 Shares Worth ₹43.73 Crore Fresh Issue: 49,69,600 Shares Worth ₹43.73 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹83 – ₹88 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Maashitla Securities Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Exim Routes IPO – Date Schedule
| IPO Open Date | 12 December 2025 |
| IPO Close Date | 16 December 2025 |
| Basis of Allotment | 17 December 2025 |
| Initiation of Refund | 18 December 2025 |
| Credit of Shares to Demat | 18 December 2025 |
| IPO Listing Date | 19 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 16, 2025 |
Exim Routes IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,81,600 |
| Retail (Max) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (Min) | 3 | 4,800 | ₹4,22,400 |
| S-HNI (Max) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (Min) | 8 | 12,800 | ₹11,26,400 |
Competitive Strength
- A globally oriented sourcing network for recyclable paper materials, enabling access to international supply.
- An AI-enabled B2B platform (ERIS) facilitates efficient buyer-seller matching and transaction coordination.
- An end-to-end service model including procurement, logistics, and delivery — reducing complexity for Indian paper mills.
- Experienced promoters and management with expertise in trade, supply chain, and business operations.
- A business model tailored to meet demand from Indian paper mills seeking a consistent supply of recyclables.
Company Promoters
- Mr. Manish Goyal
- Mr. Govind Rai Garg
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹36.46 Cr | ₹35.97 Cr | ₹0.37 Cr | ₹2.86 Cr |
| 31 March 2024 | ₹72.39 Cr | ₹67.56 Cr | ₹4.20 Cr | ₹1.46 Cr |
| 31 March 2025 | ₹120.99 Cr | ₹111.21 Cr | ₹7.56 Cr | ₹2.75 Cr |
| 30 June 2025 | ₹44.17 Cr | ₹42.60 Cr | ₹1.17 Cr | ₹5.10 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 42.28% |
| ROCE | 26.81% |
| Debt/Equity | 0.18 |
| RoNW | 42.28% |
| PAT Margin | 18.52% |
| EBITDA Margin | 8.24% |
| Price to Book Value | 7.77 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.49 | 2.50 |
| P/E (x) | 16.04 | 35.18 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| To meet the expenses for the Development and Maintenance of the ERIS platform. | ₹11.87 |
| To meet the expenses for Working Capital to fund business growth. | ₹9.00 |
| To meet the expenses for Investment in Office space to accommodate new hires. | ₹7.13 |
| General Corporate Purposes. | – |
✅Strengths
- Global sourcing from 15+ countries.
- Strong founder & team with IIT Roorkee background.
- Leadership experience from EY, Amazon, P&G, McKinsey, BCG etc.
- AI-based ERIS platform for inventory, pricing, logistics.
- In-house quality assurance team.
⚠️Risks
- High receivable & payable days → cashflow pressure.
- Revenue concentration: 90%+ India, 95%+ paper recyclables.
- Dependent on wastepaper import regulations.
- Forex risk due to USD-based sourcing.
- Global logistics & geopolitical risks.
- Customer concentration: Top 10 customers contribute major revenue.
Exim Routes IPO Promoter Holding
| Pre-Issue Share Holding | 71.35% |
| Post Issue Share Holding | 52.44% |
Exim Routes IPO Prospectus
Company Contact Information
| Exim Routes Ltd. Unit No. 421, 4th Floor, Suncity Success Tower, Golf Course Extension Road, Sector 65, Gurgaon, Haryana, 122101 Phone: +91 95602 71761 Email: cs.er@eximroutes.in Website: https://eximroutes.ai/ |
Exim Routes IPO Registrar
| Maashitla Securities Pvt.Ltd. Phone: +91-11-45121795-96 Email: contact@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Exim Routes IPO Lead Manager(s)
| 1. Narnolia Financial Services Ltd. |
Exim Routes IPO FAQ
| What is Exim Routes IPO? Exim Routes IPO is an SME IPO. The issue is priced at ₹83 – ₹88 per equity share. The IPO is to be listed on NSE SME. |
| When will Exim Routes IPO open? The IPO is to open on 12 December 2025 for QIB, NII, and Retail Investors. |
| What is Exim Routes IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Exim Routes IPO Size? Exim Routes IPO size is ₹43.73 Crore. |
| What are the Exim Routes IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 3200 Shares for ₹2,81,600, while the maximum bid is 3200 Shares for ₹2,81,600. |
| What is the Exim Routes IPO Allotment Date? Exim Routes IPO allotment date is 17 December 2025. |
| What is the Exim Routes IPO Listing Date? Exim Routes IPO listing date is 19 December 2025. The IPO is to be listed on the NSE SME. |
