Three M Paper Boards makes packaging board entirely from recycled waste paper - a business built on turning what cities throw away into biodegradable boxes for everything from medicines to breakfast cereal. The company was born in 1989 when founder Hitendra Dhanji Shah bought a distressed mill and nursed it back to health, and that same turnaround instinct still defines it: take a low-cost, discarded input, run it through steadily upgraded machinery, and sell into industries that need reliable packaging without the plastic guilt. Over three decades it has grown from a single troubled asset into a listed manufacturer whose duplex board revenue crossed Rs. 300 crore in FY 2025-26, all while staying focused on one product family made one way - recycled, coated, and compostable. # Business segments A single engine - recycled duplex board manufacturing - with a tiny wind-energy sideline that powers a fraction of its own needs. ## 1. Recycled duplex board: packaging that starts in the waste-paper pile **The company takes discarded paper, coats it into stiff, printable board, and sells it to brands that want plastic-free packaging - one material, one plant, one process.** - **100% waste-paper input** - every sheet begins as post-consumer waste paper, so the finished board is fully biodegradable and carries a circular-economy story that FMCG and pharma customers can pass on to their own buyers. - **Two main grades, many end uses** - the product range covers Coated Duplex Board and Both-Side Coated White Board, sold under names like Royal Grey Back, Prima Grey Back, and Royal White Back; they end up as cartons for food, cosmetics, medicines, consumer goods, and e-commerce shipments. - **One plant, now at 108,000 tonnes** - all manufacturing happens at a single site in Chiplun, Maharashtra, where installed capacity was lifted from 72,000 to 108,000 tonnes per annum starting FY 2025-26, and where the previous year’s production of 73,043 tonnes already ran the plant at roughly 101% utilisation. - **Imported waste paper is the pinch point** - just over half the raw material (55%) was imported in FY 2024-25, which exposes the business to global waste-paper prices and shipping swings; the company is deliberately increasing domestic procurement to reduce that vulnerability. - **Domestic base, export upside** - about 80% of revenue comes from Indian packaging and FMCG customers, while the remaining 20% goes to South Asia, Africa, and the Middle East, where realisations can be higher and where the company is pushing premium, higher-grammage boards. ## 2. Wind energy: a captive whisper **A small set of wind turbines generates power that trims the factory’s electricity bill - it is a cost-saving tool, not a standalone business.** - **Modest output for own use** - the wind installation produced 464,802 units in FY 2024-25, a fraction of what the Chiplun plant consumes but enough to matter when energy is one of the mill’s largest operating costs. # Group structure and partners **The company is promoter-led, debt-rated, and stands alone - no subsidiaries, no sprawling group.** - **No subsidiaries** - as of March 2025, Three M Paper Boards has no subsidiary companies, so all operations sit inside the listed entity. - **Promoters are buying** - founders Hitendra Dhanji Shah and Rushabh Hitendra Shah have been purchasing equity shares on the open market, signalling continued skin in the game post-listing. - **Five-bank backing and a steady credit rating** - the company banks with SVC Co-operative Bank, State Bank of India, HDFC Bank, Axis Bank, and Federal Bank, and carries a CARE BBB− (stable) long-term rating with CARE A3 for short-term facilities.