### **Overview** Aeroflex Neu Limited, formerly known as Sah Polymers Limited, is a leading Indian manufacturer and exporter of bulk packaging solutions and polymer-based products. The company rebranded in 2023 following its successful Initial Public Offering (IPO) and listing on the **National Stock Exchange (NSE)** and **Bombay Stock Exchange (BSE)** on **January 12, 2023**. With over 30 years of industry experience since its incorporation in 1992, Aeroflex Neu has evolved into a vertically integrated, globally recognized entity in the flexible packaging space. --- ### **Corporate Structure & Strategic Acquisitions** - In **January 2022**, the company acquired a **controlling 51.01% stake** in **Fibcorp Polyweave Private Limited**, a DPIIT-recognized startup and Star Export House established in 2017. Fibcorp specializes in the manufacturing and export of **Flexible Intermediate Bulk Containers (FIBCs)**, including complex designs like **C-panel** and **circular baffle bags**. - Initially, a merger between Sah Polymers and Fibcorp was planned to create operational synergies. However, as of **May 2025**, the company has **withdrawn the amalgamation proposal** and decided to maintain Fibcorp as a **strategic subsidiary**, enabling **cross-selling**, **shared capabilities**, and a **stronger global footprint**. - Aeroflex Neu and Fibcorp together form a **one-stop solution provider** in the bulk packaging industry, combining complementary strengths in product innovation, market reach, and manufacturing scale. --- ### **Manufacturing & Capacity** - Aeroflex Neu operates **three state-of-the-art manufacturing facilities**, primarily located in **Udaipur, Rajasthan**: 1. **Mewar Industrial Area Facility (8,000 sqm)** – Houses two **tape extrusion lines**, a **lamination unit**, and advanced looms (Nova-6, LSL-6, HDN-6, LSL-620) capable of producing woven fabric up to **75 cm wide**. 2. **Processing Unit (1,500 sqm leased land)** – Supports cutting, printing, and stitching operations. 3. **Modi Village Facility (16,000 sqm)** – Commissioned in **2023**, this **second integrated facility** adds **3,960 MTPA** of dedicated capacity for **advanced FIBC variants**, including **food and pharma-grade bags**. - **Total Consolidated Production Capacity**: **9,120 MTPA**, comprising: - **7,920 MTPA** from Aeroflex Neu - **1,200 MTPA** from Fibcorp Polyweave - The company has **secured additional land in Udaipur** for potential **brownfield expansion**, aiming to **double capacity** in the long term. --- ### **Product Portfolio** Aeroflex Neu offers a diversified range of high-quality, sustainable packaging solutions: - **Flexible Intermediate Bulk Containers (FIBCs)** – Including **Type C (anti-static)**, **circular baffle**, **C-panel**, and **ventilated designs**, with capacities up to **2,000 kg**. - **Polypropylene (PP) & HDPE Woven Bags** – UV-stabilized, durable, and customizable for industries like agrochemicals, cement, and fertilizers. - **BOPP Laminated Woven Bags** – Feature **high-clarity printing**, **UV-resistant ink**, and **multi-layer construction** for enhanced brand visibility and reusability. - **Technical Textiles & Geotextiles**: - **PP Woven Ground Cover** – Up to **5 meters wide**, used for **weed suppression** and **soil stabilization**. - **Polypropylene Silt Fences** – **UV-resistant, tear-proof**, outperform traditional geotextiles in extreme weather, ideal for construction projects. - **Custom Packaging Solutions** – Tailored for **Food, Pharma, and Agro industries**, with **micro-perforation**, **temperature resistance**, and **food-grade compliance**. --- ### **Market Presence & Sales Mix** - **Geographic Reach**: - Exports to **over 30 countries** across **Africa, Middle East, Europe, USA, Australia, Caribbean, and UK**. - Domestic presence across **13 Indian states and 1 Union Territory**, serving **85+ customers in 24 cities**. - **Sales Mix (Q3 FY25)**: - **Exports**: **78%** of revenue - **Domestic Sales**: **22%** - The company's strategy is focused on **expanding exports to over 60 countries within five years**, driven by entry into **high-margin food and pharmaceutical packaging**. --- ### **Strategic Partnerships & Semi-Backward Integration** - Aeroflex Neu is the **authorized Del Credere Associate (DCA)** and **Consignment Stockist** for **Indian Oil Corporation Limited (IOCL)** in **Rajasthan**. - Manages **IOCL’s Dealer-Operated Polymer Warehouses (DOPW)** in **Udaipur and Jaipur**, distributing premium grades of: - **Polypropylene (PP)** - **HDPE** - **LLDPE** - This semi-backward integration provides: - **Pricing intelligence** on raw materials - **Competitive advantage** in procurement planning - **Enhanced value proposition** through cost-effective solutions for clients --- ### **Certifications & Compliance** - **ISO 9001:2015 Certified** – Ensures adherence to international quality management standards. - **Grade A Ranking (2025)** – Achieved under **Global Standard for Packaging Material (Issue 6)**. - **BRC Audit Certification (Intertek UKAS014)** – Validated compliance for **Food & Pharma packaging**, covering **tape extrusion, weaving, lamination, cutting, and stitching**. - **Star Export House** – Recognized by the **Government of India**, affirming strong export performance. - Member of **FIBCA (USA)** and **iFIBCA (India)** – Engaged in global standards, networking, and industry innovation. --- ### **Growth Strategy & Market Expansion** - **Focus Sectors**: - **Food & Beverage, Pharmaceuticals, Agrochemicals, Cement, Fertilizers, Textiles, Metals & Minerals**. - Transitioning from **cement & fertilizers** toward **high-margin food and pharma** segments. - **R&D & New Product Development**: - Actively developing: - **Temperature-Resistant Bags** - **Peanut Food-Grade Bags** - **Type C FIBC Bags (anti-static)** - Launched new **geotextile** and **technical textile** products in FY24. - **Sustainability Initiatives**: - Recycling post-production waste for reuse - Offering **sustainable packaging solutions** with recycled content, already being supplied to **UK and African markets** - Compliance with environmental standards preferred in **developed markets** --- ### **Financial & Operational Highlights** - **Revenue Growth**: Achieved **15% YoY top-line growth in FY24** despite market challenges. - **Production & Dispatch**: - Dispatched **10,012.84 MT** in FY24 (March 2024) - Q3 FY25 dispatch: **1,923 MT** (up 19% QoQ) - **Capacity Utilization**: Efficient ramp-up post new facility commissioning; operating at high utilization rates. - **Growth Projections**: - Anticipates **20–25% CAGR in revenue** over the next 5 years - Plans to scale capacity **beyond 9,120 MTPA** via organic and contract manufacturing --- ### **Management & Governance** - **Mr. Hakim Sadiq Ali Tidiwala** – **Whole-Time Director**, with over **25 years of experience**, overseeing strategy, operations, and expansion. - **Mr. Sanjay Suthar** – **Independent Director**, Master’s in Commerce, finance & accounting expertise. - **Ms. Asha Jain** – **Independent Director**, over 20 years in corporate finance, taxation, and economics.