Shish Industries began as a packaging manufacturer with a single, patented idea - a five-layer corrugated plastic sheet - and has since turned that product-innovation instinct into a repeatable formula: spot a gap in protective or thermal packaging, build the manufacturing capability in-house, and then use the resulting export relationships to pull a widening range of industrial materials into global markets. The company was founded in 2012 in Surat, Gujarat, and listed on the BSE main board in 2021; its entire history is a chain of first-to-market products - from reflective insulation under the Carmika™ brand to insulated water-tank covers - each one designed to give a small Indian processor an edge in reaching new markets. That same approach now governs a widening family of businesses, all built around the core skill of turning polypropylene and polyethylene into specialised sheets, fabrics, laminates and composites that protect goods, insulate buildings, and keep supply chains cold. # Business segments Four engines at different stages - a foundational corrugated-plastics export machine, a building-materials brand with a locked-in US distribution deal, a flexible-packaging platform expanded through acquisitions, and an early-stage advanced-composites bet - each fed by the manufacturing and trade relationships of the one before. ## 1. Corrugated plastic products and protective packaging: the factory that built the company **The original engine is a maker of polypropylene corrugated sheets and industrial packaging that ships more than 65% of its output to over 45 countries, competing on product design rather than commodity pricing.** - **Patented sheet technology** - the company was the first to develop and patent a 5-ply polypropylene corrugated sheet, which gives higher crushing strength and stiffness than standard twin-wall sheets while remaining lightweight and reusable. - **Made to order, not to stock** - products are manufactured to exact customer specifications, which reduces waste and lets the company serve industries as different as eCommerce (where liners must withstand sudden jerks) and food delivery (where FDA-approved, water-resistant material prevents contamination and leakage). - **Raw materials are local** - the key inputs - polypropylene, high-density polyethylene, low-density polyethylene and PVC - are all manufactured domestically in India, so the company does not depend on imported resin and is not exposed to ocean-freight cycles the way many packaging exporters are. - **Two plants, one campus** - both manufacturing units sit at the same Techno Park address in Mangrol, Surat, after a complete relocation completed by the end of FY24; the co-location lets the company run imported air-bubble-film and cord-strap machinery alongside its sheet lines under a single SAP system that manages production scheduling for both domestic and export orders. ## 2. Thermal insulation and building materials: a branded export channel under construction **A portfolio of reflective insulation products, led by the indigenous Carmika™ brand, that has already secured a five-year, USD 37.5 million supply agreement with a US distributor - though shipments are still waiting on state-level manufacturing certifications.** - **Home-grown insulation brand** - Carmika™ was developed in-house as a low-cost reflective insulation for homes, automobiles and industry, and the company later added the Arkina™ roof underlayment and insulated water-tank covers, creating a suite of building-envelope products that did not previously exist in the Indian market. - **Cold-chain crossover** - the same reflective-barrier technology extends into Bealuga cooler bags, ice boxes and pallet covers, which serve the temperature-controlled supply chains needed for fresh produce, processed food and life sciences. - **Locked-in US offtake** - a five-year trade agreement with Best Construction Products Inc., a US construction-materials distributor, guarantees a minimum aggregate export value of USD 37.5 million, with pricing linked to polymer costs and freight, and a 3% penalty on any annual shortfall secured by an advance deposit. - **Certification bottleneck** - as of mid-2025, shipments had not yet begun because several products require a Manufacturing Certificate for certain US states; the certification process was underway and the company expected to begin supplying by the end of the year. ## 3. Woven fabrics and flexible packaging: the acquisition-built third leg **A collection of woven-polypropylene and polyethylene fabrics, bags and sacks that the company expanded by buying two related-party packaging firms and bringing previously outsourced processes in-house.** - **From tarpaulin to geotextiles** - the product range spans PP/PE woven fabric, house wrap, lumber wrap, poultry curtain, tarpaulin, geotextiles and pond liners, serving agriculture, construction and logistics end-markets. - **Bought, not just built** - the company acquired a 76.67% stake in Interstar Polyfab Private Limited, which makes FIBC bags and woven sacks, and a 100% stake in Dunnage Bag Private Limited, which adds dunnage bags (the inflatable cushions used to stabilise cargo inside shipping containers) to the portfolio; both were related-party transactions with promoter-linked entities, done at arm’s length based on valuation reports. - **Insourcing the supply chain** - two machinery purchases in 2023 brought tarpaulin manufacturing and sticker production in-house, ending the previous practice of outsourcing these items and giving the company direct control over quality and lead times. ## 4. Advanced composites: a carbon-fibre option on the future **A 65% stake in a pre-revenue startup that moulds carbon-fibre and glass-fibre components for aerospace, defence, electric vehicles and medical devices - a bet that the company’s manufacturing and export machinery can be pointed at a new materials frontier.** - **A shell with a specialisation** - Shish Advanced Composites Private Limited was incorporated in August 2024 and acquired in June 2025 for INR 6.5 lakh; it had nil turnover and a negative net worth at the time of acquisition, but its stated business is to design and manufacture composite components using carbon, glass, Aramid and hybrid prepregs with honeycomb and foam sandwich structures. - **Export logic** - the acquisition thesis is to combine Shish Industries’ existing export capabilities with the target’s sectoral expertise, opening a new vertical in materials for electric vehicles, drones and aircraft structures; investment is planned through FY27. # Group structure and partners **A listed parent company in Surat with four wholly owned subsidiaries and three majority-owned subsidiaries, plus a long-term US distribution agreement - all held together by a six-person board and a promoter group that still owns roughly two-thirds of the equity.** - **Listed parent** - Shish Industries Ltd is listed on the BSE main board, operates from a registered office in Adajan Gam, Surat, and banks with Standard Chartered Bank. - **Majority-owned manufacturing subsidiaries** - Interstar Polyfab Private Limited (76.67% stake) makes FIBC bags and woven sacks; Dunnage Bag Private Limited (100% stake) makes dunnage bags and laminates; Shish Advanced Composites Private Limited (65% stake) is the advanced-materials vehicle. - **Promoter-land leases** - the company’s two manufacturing units sit on land leased for 25 years from promoter Rameshbhai Kakadiya, with an interest-free security deposit of INR 8 crore and monthly rent of INR 1 lakh; two additional land parcels were leased from the same promoter in 2024 for expansion. - **US distribution anchor** - the five-year, USD 37.5 million minimum-export agreement with Best Construction Products Inc. covers thermal insulations and vents, with pricing dynamically linked to polymer costs and freight charges.