Gabriel Pet Straps Ltd is an Indian manufacturer that makes polyester straps - the tough, recyclable bands that hold heavy loads together during shipping and storage - as a direct replacement for steel. Founded in 2020 as a small partnership in Rajkot, Gujarat, it converted to a public company in 2023 and listed on the BSE SME platform in early 2024 after an IPO that was oversubscribed nearly 246 times. The recurring idea behind everything it does is a “Waste to Best Process”: taking both virgin and recycled PET (the same plastic used in drink bottles) and turning it into strapping that costs less than steel, weighs less, and can be used again. # Business segments A single business - polyester strapping - sold to more than a thousand customers across ten Indian states, with roughly nine out of every ten rupees earned from the cotton-baling industry. ## 1. Polyester strapping: the steel-replacement that ties India’s cotton crop **A single-product manufacturer making PET straps that combine steel-like strength with plastic flexibility, built almost entirely around the cotton-baling cycle.** - **One product, many widths** - the company makes polyester strapping rolls in widths from 9 mm to 32 mm and thicknesses from 0.50 mm to 1.27 mm, with breaking loads between 2,000 N and 15,000 N, so a single production line can serve industries as different as cotton, steel, bricks and timber. - **Cotton is the anchor customer** - roughly 90% of revenues come from PET straps used to tie cotton bales, which means the business rises and falls with the cotton harvest and the number of bales pressed each season across India. - **Recycled input, lower cost** - the raw material is a mix of hot-washed PET bottle flakes and reground used strapping, so the company starts with a cheaper feedstock than virgin-plastic producers while marketing the finished strap as 100% recyclable. - **Small plant, fully loaded** - daily production capacity is 8 to 15 metric tonnes, and as of FY24 the plant was running at full utilisation, which suggests demand is pulling everything the single extrusion line can make. - **Fragmented market, regional reach** - the company serves over 1,000 customers across Gujarat, Maharashtra, Madhya Pradesh, Rajasthan and Telangana, but revenue remains skewed toward its home state of Gujarat, and the wider Indian PET-strap market is still dominated by a large number of unorganised and regional players. # Group structure and partners **A standalone manufacturer with no operating subsidiaries during the reported periods, though a new pharma-and-agro subsidiary was incorporated just after the financial year-end.** - **No subsidiaries through FY25** - as of March 31, 2025, the company had no subsidiary, associate or joint venture, meaning all reported operations belong to the single PET-straps entity. - **Post-year subsidiary created** - on April 9, 2025, the company incorporated a wholly owned subsidiary, Gabriel Ingrevia Limited, with an authorised and paid-up capital of Rs. 10,00,000, to carry on business in pharma chemicals and agro products on a wholesale basis. - **First acquisition by the subsidiary** - Gabriel Ingrevia Limited acquired 95% of the business of M/s Drug Centre on March 20, 2026, though operations from that acquisition began only after March 31, 2026, so it falls outside the reported financial periods. - **Promoters remain in control** - the three promoter-directors - Mr. Jay Pareshbhai Shah, Mr. Vivek Dharmendrabhai Kavathiya and Mr. Vimalbhai D. Varasada - hold over 60% of the company and are also the proposed directors and shareholders of the new subsidiary.