B&B Triplewall Containers Ltd is a manufacturer of corrugated boxes and boards that transformed how packaging reaches Indian factories - it was the first in the country to adopt the sheet feed model, supplying ready-to-convert corrugated sheets instead of only finished boxes. Founded in 1992 and incorporated in 2011 in Bengaluru, the company listed on the NSE Emerge platform in 2018 and has since built its business around a recurring philosophy: backward-integrate into the raw material that matters most, and lock in low-cost captive power by taking equity stakes in renewable energy generators. That approach - control the input, then control the energy bill - runs through every expansion decision the company makes. # Business segments A single packaging engine, backward-integrated into its own kraft paper supply and fed by captive renewable power - one product family, one customer type, one integrated value chain. ## 1. Corrugated packaging: boxes and boards for India's biggest brands **The company makes every weight of corrugated board - from lightweight 3-ply to heavy-duty Triplewall - and sells it as finished boxes or as sheets to industrial and consumer goods companies, with a manufacturing footprint built around a single mega-plant that it claims is the largest of its kind in India.** - **Sheet feed pioneer** - the company was the first in the Indian corrugated segment to adopt the sheet feed model, meaning it supplies corrugated sheets that customers convert into boxes themselves, rather than only selling finished boxes. This opened a market among buyers who wanted to do their own conversion. - **Full range, including the heavy stuff** - the product line spans 3-ply boards for lightweight packing, 5-ply boards built for the food and beverage industry, and 7-ply Triplewall boards that are sturdy, spacious boxes the company is among the few manufacturers in India to produce. Specific designs include Regular Slotted Containers, T-Folders, Variable Depth boxes, Bins for rack storage, Large Shippers, Fitments, and a Self-Locking Box designed for Flipkart that needs no glue or stitching. - **One giant plant anchors the network** - the combined installed capacity across all units is 9,300 metric tonnes per month, with the largest facility - Unit 3 in Krishnagiri District, Tamil Nadu - holding 5,000 metric tonnes per month of that total, which the company states is the highest capacity among industry players within a single facility in India. Total infrastructure coverage is 4,24,000 square feet across all units. - **German and French machinery, end to end** - the manufacturing process is fully automated, built around a board line from BHS (Germany) and a flexo folder-gluer from BOBST (France), with the whole operation energised by Microsoft Dynamic NAV ERP that integrates planning, production, sales, warehouses and finance. The company was the first in India to install both a BHS corrugator and a 100% closed-loop steam condensate recovery system, and the first to combine a BHS corrugator with a BOBST folder-gluer in one automated plant. - **Blue-chip clients, concentrated geography** - it serves large corporate houses and MNCs across e-commerce, FMCG, food and beverage, and pharmaceuticals, earning recognised vendor status with these clients, though it limits exposure to any single customer to 10% in principle (in practice, two customers exceed that threshold). Sales are concentrated in Karnataka, Telangana, Andhra Pradesh, and Tamil Nadu, with warehouses in Bangalore and Mysore positioned for just-in-time delivery. ## 2. Kraft paper: the raw material engine that feeds the boxes **The company built its own kraft paper mill to supply roughly 80% of its in-house needs, solving quality problems that came with buying paper from the open market.** - **Backward integration for quality control** - the kraft paper unit at SIPCOT Industrial Complex in Krishnagiri District, Tamil Nadu, was set up with a capacity of 1,08,000 MTPA specifically to improve the columnar strength of boxes, supply paper suited to modern high-speed corrugators, overcome the bad odour problem in locally available kraft paper, and reduce manufacturing wastage. - **Captive consumption first** - around 80% of the mill's output is meant for the company's own corrugated packaging operations, making it a supply-security investment rather than a standalone merchant business. Commercial production began effective August 1, 2024. ## 3. Micro fluted cartons: the retail-ready extension **A smaller, finer product line that takes the company's corrugated know-how into the thinner, more decorative flute profiles used for consumer-facing packaging.** - **Retail-ready packaging** - the micro fluted carton facility, with a capacity of 500 tonnes per month, became operational in August 2023 and extends the company's range into finer flutes suited for shelf-ready and display packaging. It is a natural adjacency to the core corrugated business, using the same fundamental technology at a different gauge. # Captive power sourcing **The company takes minority equity stakes in renewable energy generators - not to become a power producer, but to secure electricity cheaper than what the state grids charge, because state rules require a capital contribution to buy power directly from a generator.** - **Cheaper power through equity** - across six separate acquisitions, the company has taken stakes ranging from 1.30% to 27% in solar and renewable energy generating companies, each time entering into a Power Purchase Agreement to obtain electricity at a cost lower than that offered by the Tamil Nadu Electricity Board or Karnataka Power Transmission Corporation. - **Regulatory compliance, not portfolio building** - the equity stakes exist because state electricity board rules mandate that a company procuring power from a generator must hold a capital contribution in that generator, so the investments are a structural requirement of the low-cost power strategy rather than a diversification play. - **A growing portfolio of small stakes** - the holdings include 15.05% in Siva Electric Generation, 15% in Brooks Enviro Engineering, 6.50% each in Manobaala Energy and Natesan Energy Farm, 27% in Sharvesh Power Projects (which already generates revenue), and 1.30% in KRV Renewable Energies, with none of these being related party transactions. # Group structure and partners **The company operates with a single subsidiary - a colour cartons venture - and is run by a tight-knit promoter group with deep family ties, while maintaining trading relationships with several enterprises linked to its directors.** - **Promoter-led management** - the board and key management include Chairman and Managing Director Manish Kumar Gupta, Executive Director and CFO Ravi Agarwal, Executive Directors Manish Bothra and Alok Agarwal, Chief Technical Officer Nishant Bothra, Chief Executive Officer Amit Agarwal, and Chief Operating Officer Sidharth Agarwal, who is the brother of Ravi Agarwal. - **Related-party network** - enterprises over which directors have significant influence and with which the company transacts - including loans, sales, purchases, rent and interest - include Amit Packs, Kaushik Products, RD Industries, Sapthagiri Packaging and Singla Packaging. - **Banking and property** - the company's bankers are IndusInd Bank, Bajaj Finance and HDFC Bank, and it holds investment properties comprising land and building that generate rental income, including a building on a 10-year operating lease.