Raaj Medisafe India Ltd is a manufacturer that makes the caps, closures and containers that seal medicines, drinks and everyday consumer goods - and more recently, the disposable hygiene products used in homes and hospitals. The company was founded in 1985 in Ujjain and spent decades as a pure plastic-packaging supplier to pharmaceutical and FMCG companies, until a merger in 2021 brought in new production muscle and a fresh acquisition in 2024 pushed it into sanitary napkins and diapers. The recurring pattern is a company that expands by absorbing existing assets - first a merger, then a bank-auction factory, and now a going-concern acquisition in Goa - rather than building greenfield from scratch. # Business segments Three engines at different stages - a plastic-packaging anchor built over four decades, a hygiene business that started production only in mid-2024, and an aluminum-closures unit about to be strengthened by a factory acquisition - each added by buying what already exists. ## 1. Plastic packaging: the original factory that still runs the house **It makes the bottles, caps and liners that pharmaceutical and FMCG companies use to package their products, running three plants at full tilt and adding capacity twice in two years.** - **Containers and closures for pharma and FMCG** - the company moulds HDPE containers, polypropylene (PP) closures of all specifications, and plastic liners, serving customers that include Dabur, Cipla, Lupin, Zydus and IPCA Laboratories. - **Caps that seal everything from syrup bottles to liquor** - it makes pilfer-proof caps, crown caps, flip-off caps and crimp caps, and the ROPP (roll-on pilfer-proof) caps line has been a growth driver because of its cost economics and wide acceptance in pharma and beverages. - **Three plants, and two recent expansions** - manufacturing sits at Ujjain and two sites in Pithampur, Madhya Pradesh; capacity was fully utilised at 2,100 tonnes per year, so the board approved a 1,500-tonne addition in January 2024 and a further expansion costing Rs 15 crore in December 2025. - **Sells to related companies too** - a meaningful portion of sales goes to entities like Shriniwas Polyfabrics and Packwell, Shriji Polymers and Shree Packers, while raw materials such as polymers are bought from Shriji Polymers and Arpit Plastic. - **Earns from both finished goods and job work** - revenue comes from selling manufactured products and from processing work done for others, recognised when control of the goods passes to the customer. ## 2. Hygiene products: the new engine built from a bank auction **It makes sanitary napkins, baby diapers and adult diapers in a factory bought from a lender recovering dues - commercial production began only in July 2024, so this is the youngest and smallest piece of the business.** - **A factory acquired at a discount** - the building, plant and machinery at Plot 46, Pithampur, were purchased for Rs 9.69 crore through a Bank of Baroda auction of assets belonging to Super Hygiene Private Limited, giving the company a ready-to-run operation rather than a construction project. - **Products for a market pushed by government spending** - the range covers sanitary napkins, baby diapers, adult diapers, panty liners and maternity pads, and demand is supported by initiatives in Madhya Pradesh that promote menstrual hygiene and create opportunities for sanitary napkin producers. - **The non-woven fabric backbone** - the plant can produce PP melt-blown and SMS non-woven fabrics, which are the raw material for diapers and pads but also go into face masks, crop covers, vacuum-cleaner bags and packing bags for rice and pulses. - **A market growing at 6-7% a year** - the Indian sanitary-napkin market was valued at roughly USD 686 million in 2023, while baby diapers stood at USD 1.6 billion and are projected to nearly double by 2032, driven by rising urban incomes and better hygiene awareness. ## 3. Aluminum caps and closures: the alcobev bet being bought in Goa **It makes aluminum crown caps and seals for pharmaceutical and beverage customers, and is in the process of acquiring a going-concern factory that specialises in closures for the alcoholic-beverage industry.** - **Metal closures alongside plastic ones** - the company manufactures aluminum crown caps, aluminum seals, flip-off caps, crimp caps and tin container caps, competing with plastic closures and corks on the strength of aluminum’s lightness, barrier properties and recyclability. - **Export potential exists** - Indian aluminum caps are shipped to more than 124 countries, and the US alone took 22% of India’s aluminum-cap exports in the first eight months of FY21, worth about USD 11 million. # Group structure and partners **The company stands alone - no subsidiaries, no joint ventures, no holding company - but its operations are woven into a network of related-party suppliers and customers, and its biggest structural moves have come through mergers and acquisitions.** - **A standalone listed entity** - Raaj Medisafe’s shares trade on the BSE under code 524502, and it has never had a subsidiary, joint venture or associate. - **The Padma Polytex merger doubled the base** - in FY21, Padma Polytex India was amalgamated into the company, bringing its fabric and plastics manufacturing assets; Raaj Medisafe issued 5.9 million new shares to Padma’s shareholders to close the deal. - **A tight circle of related-party trade** - key customers Shriniwas Polyfabrics, Shriji Polymers and Shree Packers are related parties, as are raw-material suppliers Arpit Plastic and Vyanktesh Corrugators, and in March 2025 the company sold a building in Ujjain to a promoter-group entity for Rs 60 lakh. - **Funding raised for the expansion push** - the company raised Rs 10 crore through a preferential equity issue in FY24 to fund its diversification, and in December 2025 the board approved raising a further Rs 18 crore through a preferential allotment to non-promoter investors.