Rajoo Engineers is a capital-goods company that builds the machines the world uses to turn plastic pellets into packaging, pipes, and solar-cell sheets - it does not make the plastic itself, but the extrusion lines that shape it. Founded in 1986 by R. N. Doshi in a small Gujarat village and taken public early enough that its IPO was oversubscribed nearly 24 times, the company has spent four decades pursuing a single idea: offer “appropriate technology” - machinery that delivers developed-country capability at developing-country prices - and back it with an integrated factory where design, tool-making, assembly, and testing happen under one roof. That approach has turned a one-product start-up into a global exporter with installations in over 70 countries and a portfolio of more than 26 products, all built around the same core competence in plastic extrusion. # Business segments A single engine with many cylinders - one integrated factory producing plastic extrusion machinery for packaging, construction, agriculture, and solar-energy applications, sold project-by-project to processors in over 70 countries. ## 1. Plastic extrusion machinery: the capital equipment behind everyday plastic goods **Rajoo designs and builds the custom extrusion lines that convert raw plastic into film, sheet, pipe, and profiles - it earns its money one project at a time, with roughly 60% of business coming from customers who come back for another machine.** - **One factory, every step in-house** - the Rajkot facility houses an R&D centre, a dust-free tool room, a design office with more than 40 engineers, a paint shop, and three assembly bays where fitters with over 25 years of experience test every machine to customer specifications before dispatch, so quality control never leaves the premises. - **Custom-built, not off-the-shelf** - each sale is treated as a project, with machines configured to the client’s polymer, output, and end-product requirements; lead times run 3 to 8 months, and revenue is recognised on dispatch, making this a classic engineer-to-order capital-goods business. - **A machine for every plastic shape** - the portfolio spans blown film lines (monolayer to 9-layer, under brands like Foilex, Multifoil, and the high-speed ProEX series that runs at 150 metres per minute), sheet extrusion lines (including Lamina è for solar encapsulant sheets), thermoformers for food and pharmaceutical packaging, extrusion coating and lamination lines, and PVC pipe and profile plants, giving the company a seat at almost every plastic-processing table. - **Repeat buyers are the moat** - about 60% of annual revenue comes from repeat orders, and the customer list includes Uflex, Reliance Industries, Indian Oil, Binny Wads, Suvi International, synthetic Packaging, Abhinav Industries & S D International, which means the installed base itself generates the next order book. - **Technology firsts as a calling card** - the company claims a string of Indian and Asian firsts: the first 9-layer blown film line for recyclable barrier films, the first die in India for making melt-blown fabric, and the first mono and multi-layer EVA/POE sheet line for solar cells, each reinforcing a reputation for building what the market needs next. # Group structure and partners **Rajoo Engineers is the listed flagship, now with a newly acquired printing-machinery subsidiary that extends its reach from extrusion into the converting steps that follow it - plus a legacy pipe-machinery joint venture and a small solar-energy partnership.** - **Kohli Printing and Converting Machines (60% subsidiary)** - acquired in September 2025, this five-decade-old Mumbai-based manufacturer of rotogravure printing presses, laminators, and slitting equipment serves customers in more than 40 countries and lets Rajoo offer end-to-end lines that take plastic from pellet to printed, laminated package. - **Rajoo Bausano Extrusion (49:51 joint venture)** - formed in 2011 with Italy’s Bausano & Figli, this associate makes pipe and profile extrusion lines, combining Bausano’s technology with Rajoo’s Indian manufacturing infrastructure and targeting Africa, the Gulf, and SAARC markets. - **Shrutina Nexgen Solar LLP (7% stake)** - a captive solar-energy vehicle formed in May 2024 with promoter-group entities and Essen Speciality Films, intended to generate and supply solar power; the company also operates a 304.64 KW solar plant at its Gujarat site. - **Technical alliances, then independence** - over the years Rajoo has collaborated with global specialists such as Hosokawa Alpine (Germany) for blown film, MEAF Machines (Netherlands) for sheet extrusion, and Commodore Inc. (USA) for XPS foam lines, absorbing know-how that now sits inside its own R&D centre and tool room.