Narmada Macplast Drip Irrigation Systems Ltd is a trading house that connects manufacturers of plastic pipes and irrigation gear with farmers, infrastructure contractors, and government buyers across India - without running a factory of its own. Founded in 1992 in Gandhinagar, Gujarat, the company originally made drip irrigation systems, but its production unit has been closed for more than three years, pushing it into a pure trading model where it buys finished goods from a supplier network and resells them. The recurring approach is a customer-first, no-minimum-order model: every morning, the company broadcasts its available inventory digitally, customers submit requisitions, and orders are fulfilled from stock or sourced on demand - a method designed to serve everyone from a small farmer to a large government department. # Business segments A single trading engine, now preparing to bolt on a manufacturing arm through an acquisition - one platform that moves plastic pipes and drip irrigation systems, with a valve and pipe factory on the horizon. ## 1. Plastic piping and irrigation trading: a no-minimum-order distribution platform **The company earns by buying plastic pipes and drip irrigation components from manufacturers and reselling them to a scattered base of dealers, farmers, and government buyers, with no factory of its own.** - **Daily digital inventory broadcast** - each day, the company sends out a list of available stock to its customers, who then place requisitions; the company fulfills orders from what it holds or procures from its supplier network, raising an invoice only on delivery. - **Two product families, many end-uses** - the portfolio splits into pipes (PVC, uPVC, CPVC, HDPE, and others) and drip irrigation assemblies, which include head control units like filters and pumps, distribution networks of main and lateral lines, and emission devices such as inline drippers for row crops and online drippers for orchards. These products go into farm irrigation, drinking-water supply, sewerage, boreholes, and even the laying of electrical cables and optical fibre. - **Multi-layer reach without a sales force** - distribution runs through a network of dealers, distributors, wholesalers, retailers, and resident representatives spread across India, supplemented by direct supplies to farmers under central and state government welfare schemes. - **No minimum order, no inventory** - the company carries no physical inventories and operates with an average of just four employees, excluding its two executive directors; the trading model is built on flexibility, with no minimum order quantity so that even the smallest buyer can participate. ## 2. GSK Industries acquisition: a manufacturing re-entry under construction **The company has agreed to buy a 51% stake in a valve and pipe manufacturer, signalling a return to owning production assets after years as a pure trader.** - **Bought, not built** - in January 2026, the board approved the acquisition of 9,34,978 shares of GSK Industries Private Limited at Rs. 390 per share, a cash deal expected to close within 10 to 12 months. - **A complementary factory floor** - GSK Industries, incorporated in 2018 in Gandhinagar, makes HDPE sprinkler and drip irrigation pipes, MDPE pipes, valves, and a range of plastic fittings including PP ball valves, PVC valves, and screen filters - products that sit right next to the company's existing trading catalogue. - **Horizontal logic** - the stated rationale is to streamline supply chains and open up new geographic markets and distribution networks, effectively giving the manufacturer a captive manufacturing base and potentially better margins. # Group structure and partners **A standalone public company with no subsidiaries or joint ventures, controlled by its founding family but undergoing promoter-shareholding changes.** - **No corporate web** - the company has no holding company, no subsidiary, no associate, and no joint venture, a structure unchanged for years. - **Promoter exit and land sale** - in September 2024, promoter Jiten Vrajlal Vaghasia sold his entire 2.44% stake in the open market, reducing his voting-rights shareholding to nil; around the same time, the company sold its immovable property - a plot of land measuring 11,111 square metres at Santej - to directors Vrajlal and Jiten Vaghasia. - **Lean governance** - the board has seven members, including Chairman-cum-Managing Director Vrajlal Vaghasia, an Executive Director, a Whole-time Director, a Non-Executive Director, and three Independent Directors; key managerial personnel include a Chief Financial Officer and a Company Secretary. - **Outstanding loans without repayment schedules** - as of FY25, the company had given non-current loans to others totalling Rs. 541.71 lakhs outstanding, with no stipulated schedule for repayment of principal or payment of interest.