- KKalpana Industries is a plastic-waste recycler that was carved out of a much larger polymer-compounding business through a court-approved demerger in 2022, leaving it with two manufacturing units in West Bengal. The company takes in domestic plastic scrap that would otherwise go to landfill and converts it into reusable granules and compounds for industrial buyers - a pure-play circular-economy model built on the simple logic that India generates far more plastic waste than it recycles. Its recurring approach is to run a lean, in-house operation where every product grade is developed internally, raw-material risk is managed through procurement discipline, and the east-coast location keeps freight costs in check.
Business segments
Two revenue streams from one engine - a reprocessing plant that sells both finished compounds and the intermediate scrap and agglomerates it processes, with the former driving nearly half of revenue and the latter making up the balance.
1. Reprocessed compounds: the finished output that carries the margin
The company grinds, melts and re-formulates waste plastic into engineered granules that cable, pipe and packaging manufacturers can feed straight into their production lines - this is where its R&D and customer relationships sit.
- Made from what India throws away - the sole raw material is domestic plastic scrap and waste, because India completely bans the import of solid plastic waste, so the entire supply chain is local.
- Grades developed in-house, not licensed - the company has not imported any technology in the last five years; its R&D centre develops every grade of recycled polymer compound internally to match changing market demands and identify new recycling opportunities.
- Sold to factories, not consumers - the granules go to B2B customers in the cable, piping, packaging and footwear industries, both in India and, increasingly, in export markets where the company sees an advantage from India’s low-cost manufacturing base.
- A royalty link to the old business - the demerged compounding entity, Ddev Plastiks Industries, still uses the KKalpana brand name and logo on its packaging and pays a royalty of one rupee per kilogram of finished goods, giving KIIL a small, ongoing income stream tied to its legacy reputation.
2. Scrap, agglomerates and other intermediates: the volume stream that fills the plant
Alongside finished compounds, the company sells lower-processed forms - agglomerates, scrap and other by-products - capturing revenue from material that is not yet upgraded into a custom grade.
- Everything that leaves the plant is sold - the product portfolio spans polyethylene, agglomerates, reprocessed granules, scrap and PVC, meaning the company monetises material at multiple stages of processing rather than discarding anything.
- A buffer against demand swings - by selling intermediates alongside finished compounds, the company can adjust its product mix to what the market is buying without idling capacity, though the unorganised sector competes aggressively for this same demand.
- Export potential is being tested here too - the company is making what it calls “serious efforts” to market its products globally and reports positive responses, with foreign exchange earned in the most recent year reaching Rs. 61.5 lacs.
Group structure and partners
The company is a tightly held promoter vehicle - the Surana family’s holding company owns nearly three-quarters of the equity - and the 2022 demerger left it as a standalone recycling pure-play while shareholders received matching shares in the separated compounding business.
- Promoter lock on control - Bbigplas Poly Private Limited, the promoter holding company, holds 74.03% of KIIL, with the Surana family members as the ultimate promoters across both KIIL and the demerged entity.
- The demerger created two listed companies from one - under the NCLT-approved scheme, the compounding business was vested in Ddev Plastiks Industries Limited, and KIIL shareholders received one DPIL share for every KIIL share they held, so they now own stakes in two separately listed entities.
- Subsidiaries have been wound down or transferred - a UAE reprocessing subsidiary, a Bangladesh subsidiary, and an associate company have all been liquidated or transferred to the promoter group, leaving KIIL with no active subsidiaries and a clean, single-entity structure.
- The board is six-strong with three independents - the Chairman and Managing Director is Narrindra Suranna, supported by one whole-time director, one non-executive promoter director, and three independent directors, giving the company a formal governance framework for its size.