Caprihans India Ltd is a specialist manufacturer that makes the protective films and foils encasing almost every pharmaceutical tablet and capsule you have ever taken - it is the oldest and one of the largest makers of rigid and flexible PVC films in India. The company started production in 1957 and spent decades as a film supplier before a defining move in 2023, when it acquired the Pharma Packaging Innovations division of its parent Bilcare Limited, transforming itself from a material maker into a one-stop shop for complete blister-packaging systems. The recurring logic is vertical integration under one roof: it now makes the base PVC film, the higher-barrier PVdC-coated film, the aluminium-based cold-form and lid foils, and the ultra-high-barrier laminates - all from two manufacturing sites, so a pharma customer can source its entire blister pack from a single supplier. # Business segments A single, integrated pharma-packaging engine - built from PVC films and extended through acquisition into aluminium foils and high-barrier laminates - that supplies the global pharmaceutical industry with the complete protective shell around solid-dose medicines. ## 1. Pharma packaging solutions: the protective shell around every pill **The company makes every layer of a pharmaceutical blister pack - the plastic film, the barrier coating, and the aluminium foil - and sells it as a complete system to drug manufacturers who cannot afford packaging failure.** - **One-stop shop for blister packs** - it produces rigid PVC film, PVdC-coated barrier film, aluminium-based cold-form foil, lid foil, and ultra-high-barrier laminates including Aclar, so a customer can buy the entire protective envelope from a single supplier rather than stitching together multiple vendors. - **PVC is the workhorse material** - PVC (polyvinyl chloride) is the third most widely produced synthetic plastic polymer, and it remains the dominant choice for blister packaging because it is durable, resists UV light, and costs less than alternatives while protecting pills from oxygen, moisture, and contamination. - **Barrier coatings for sensitive drugs** - when plain PVC is not enough, the company applies a PVdC (polyvinylidene chloride) coating that sharply reduces moisture and oxygen transmission, and for the most fragile molecules it offers ultra-high-barrier laminates that combine PET, PE, and proprietary layers. - **Aluminium foils complete the seal** - cold-form aluminium foil creates a near-hermetic cavity for moisture-sensitive drugs, while heat-seal lid foil closes the blister on the other side; together with the plastic films they form the full packaging system. - **Innovation is shifting toward sustainability** - the company is actively developing halogen-free blister films, recyclable laminates, and solvent-free coating processes, responding to pharma customers who want PVC-free and environmentally friendlier options without sacrificing barrier performance. ## 2. Manufacturing and quality: two plants, global standards **The company runs two integrated factories with in-house R&D recognised by the Indian government, and its quality systems are aligned with European, American, and WHO pharmaceutical manufacturing standards - the price of entry for supplying regulated drug companies.** - **Two integrated sites** - manufacturing is concentrated at Nashik and Khed (Pune), with a third legacy plant in Thane relocated during FY25 to a new facility at Ambernath-Taloja; all men and machinery moved, and proceeds from the old leasehold are being used to reduce debt. - **Calendering and extrusion under one roof** - rigid and flexible PVC films are made by the calendering process, while PVdC-coated rigid film and plastic extruded products are produced through extrusion lines, giving the company both major film-forming technologies. - **cGMP and ISO-certified** - the plants are current good manufacturing practices (cGMP) compliant and hold ISO 15378:2017 (quality management for pharma packaging), ISO 14001:2015 (environmental management), and ISO 45001:2018 (occupational health and safety), which together satisfy the audit requirements of international pharma buyers. - **In-house R&D with government recognition** - both the Nashik and Thane factories have R&D units recognised by India’s Department of Scientific & Industrial Research (DSIR); historically the labs have developed anti-static film for electronics, UV-stabilised auto-grade films, cannula-grade PVC for medical syringes, and antimicrobial films for hospital beds. - **Raw-material sourcing is global and price-linked** - the key input is PVC resin, a petroleum by-product, sourced from domestic suppliers and from Europe, Japan, and the USA because Indian supply (roughly 150,000 tonnes a year) meets only about half of domestic demand (roughly 300,000 tonnes a year); resin price swings driven by crude oil and exchange rates are generally passed through to customers. ## 3. Customers and markets: supplying the world’s drug makers **The company sells to leading domestic and global pharmaceutical companies, with no single customer accounting for more than a tenth of revenue, and exports roughly 29% of its output - a footprint that stretches from western India to Europe, the US, and emerging markets.** - **Western India is the home market** - roughly 50-61% of domestic sales come from the western zone, where both the company’s plants and most of its pharma and FMCG customers are located, giving it a freight and responsiveness advantage. - **Exports are growing and geographically spread** - export revenue rose from Rs. 193 crore to Rs. 215 crore in FY25, with shipments reaching the MENA region, South America, Southeast Asia, and increasingly Europe and the US; export receivables are denominated in dollars, euros, and pounds, and major shipments are covered by letters of credit or credit insurance. - **Credit is tight and controlled** - general payment terms are 0 to 90 days from delivery, and customer credit risk is managed through an extensive rating scorecard with individual limits; some contracts include volume rebates that kick in once a customer’s purchases cross a specified threshold. - **Competition comes from global players and local unorganised rivals** - the company competes on consistent quality, timely delivery, and appropriate pricing, facing pressure from international film manufacturers entering India as well as many small domestic players in the unorganised sector. # Group structure and partners **Caprihans is a subsidiary of Bilcare Limited, which holds a majority stake and has progressively increased its ownership through warrant conversions, while the company itself has established a wholly-owned subsidiary in Germany to expand its European and North American presence.** - **Bilcare Limited is the ultimate parent** - the company is part of the Bilcare Group, and the transformative 2023 acquisition of the PPI division was a slump-sale from Bilcare, paid for with Rs. 213 crore of preference shares redeemable over 20 years. - **Ownership has consolidated** - Bilcare Mauritius Limited, which previously held 51%, transferred its entire stake to Bilcare Limited in March 2024 as part of its voluntary liquidation; subsequently, Bilcare Limited converted multiple tranches of warrants into equity between March 20 and March 25, 2026, raising its holding to about 60% on an undiluted basis. - **A German subsidiary for market access** - the company owns 100% of Bilcare Research GmbH, based in Frankfurt, set up to build a direct footprint in European and North American pharma markets. - **Leadership with group lineage** - Ms. Ankita J. Kariya serves as Chairperson and Managing Director, having previously led strategy and business growth at Bilcare Research’s global holding companies; the Bilcare Chairman, Mr. Shreyans Bhandari, sits on Caprihans’ board as a non-executive director.