Multibase India Ltd is a specialty compounder that turns ordinary plastics into high-performance materials - the stuff that makes car airbags deploy safely, phone cases feel soft, and industrial seals stay flexible. Born in 1991 as Synergy Polymers and renamed Multibase India in 2007, the company has always been a subsidiary of what is now the DuPont group, with its French parent Multibase S.A. holding a controlling 75% stake. The recurring approach is formulation expertise: the company customises polymeric blends - mixing, modifying and pelletising - to create durable raw materials that its customers then mould or extrude into finished parts, a model that has kept it focused on a single plant in Daman for over three decades. # Business segments A single engine - thermoplastic and silicone-based compounds - sold to three end-markets through two routes: products made in-house at the Daman plant, and finished goods bought from group companies and resold to Indian customers. ## 1. Thermoplastic compounds: a custom-formulation shop inside the DuPont group **The company makes and sells specialty plastic pellets that give ordinary polymers the soft touch, heat resistance or structural strength their end-use demands - roughly half the business is manufactured in-house, the other half is traded from group sources.** - **Two revenue streams, one customer base** - the company earns from products manufactured at its Daman plant and from finished goods bought from related parties (mainly Multibase S.A. in France) and resold without further processing; the traded auto-safety-grade TPE is a significant contributor, and the same Indian customers often buy from both streams. - **Four product families, hundreds of grades** - the portfolio is organised into Silicone Masterbatch (an additive that improves scratch resistance and surface feel in thermoplastics), Thermoplastic Multipro Elastomer™ (for automotive and industrial uses), TPSiV™ and MULTIFLEX SiE (for portable electronics like notebooks and mobile phones), together covering more than 20 products sold to over 1,000 customers. - **Automotive safety is the anchor application** - TPE grades are used as the material for airbags, a safety-critical part where formulation consistency is non-negotiable, and the company is now exploring TPE use in internal parts of electric vehicles. - **Competition is fierce and raw-material costs are the battleground** - local competitors enjoy lower raw-material costs, and the company faces a persistent gap between EMEA and Asia-Pacific raw-material prices since many of its inputs are sourced from EMEA; it is responding by qualifying AP-region suppliers and localising production of certain finished products at Daman. # Group structure and partners **The company is a 75%-held step-down subsidiary of DuPont de Nemours, Inc., operating with deep operational and commercial ties to its group companies but no subsidiaries of its own.** - **Ultimate parent is DuPont, USA** - Multibase India sits under Multibase S.A. (France), which holds 75% of its equity, and both are part of the DuPont de Nemours, Inc. group; the company has no subsidiaries, associates or joint ventures. - **Group companies are its biggest suppliers and customers** - raw materials and finished goods are bought from Multibase S.A., DDP Speciality Electronic Materials US 9, LLC, and Specialty Electronic Materials Switzerland GMBH; finished goods are sold to group entities in Korea, Singapore and Thailand; and support services come from DuPont Specialty Products India Private Ltd. - **A small, tightly held operation** - the company had 24 permanent employees as of FY22, and its bankers are Citi Bank, HSBC and Sumitomo Mitsui Banking Corporation, with MUFG Intime India as its registrar and transfer agent.