1. Shish Advanced Composites enters EV and drone materials - The 65% stake in Shish Advanced Composites, acquired June 2025 for ₹6.5 lakh, positions the company in advanced composite materials for electric vehicles, drones, and aircraft structures. The subsidiary opens a new, high-entry-barrier revenue stream that diversifies the business beyond corrugated plastic sheets into defence and next-gen mobility supply chains.
2. Export sales accelerate - Standalone export sales grew 37.42% in FY25 to ₹62.04 cr, up from ₹45.14 cr in FY24 and ₹38.70 cr in FY23. Exports now account for roughly 46% of standalone revenue, and continued participation in international exhibitions suggests this higher-margin channel can keep outpacing domestic growth.
3. Domestic distribution push widens reach - Standalone domestic sales rose 38.22% in FY25, driven by appointing new channel partners in under-represented regions and advertising on national TV, OTT platforms, and trade magazines. The dual push of feet-on-street distribution and brand spending can sustain volume growth in the core corrugated plastic products segment.
4. 5-ply polypropylene sheet patent creates a moat - Shish is the first company to develop and patent a 5-ply Polypropylene Corrugated Sheet, with manufacturing capacity expanded 71% to 1,810 metric tons per month by FY24. The patent protects a differentiated product in a commoditised industry, supporting pricing power as capacity fills.
5. Carmika™ insulation product opens a new category - The company developed Carmika™, an indigenous reflective insulation product, and pioneered insulated water tank covers in India. A proprietary product in building materials creates an adjacency to the core packaging business with a different customer base and demand cycle.
6. Interstar Polyfab subsidiary scales up - Interstar Polyfab, a 76.67% subsidiary acquired in FY25, delivered ₹18.92 cr in turnover in its first year under Shish, supported by ₹4.79 cr equity and ₹19.96 cr in unsecured loans from the parent. With preferential issue proceeds now directed to its capex and debt repayment, the subsidiary is positioned to expand capacity and improve its standalone balance sheet.
7. E-commerce platforms Shishcart and InPackaging go live - The company launched Shishcart for curated packaging solutions and InPackaging (www.inpackaging.com) offering paper, plastic, metal, and sustainable packaging through Shish Global Solutions, with encouraging early engagement. A direct digital sales channel can capture smaller buyers and improve blended realisations over time.