Creative Graphics Solutions India is fundamentally a trust business that happens to make printing plates and pharmaceutical packaging - it guards the unreleased designs of brands like PepsiCo and Pfizer, and that is how a company started with ₹35,000 in a 200 sq ft Noida room became India’s largest flexographic plate manufacturer and the only one with factories in seven cities. The group was built by first-generation entrepreneur Deepanshu Goel, who ran it as a proprietorship from 2001 before converting to a private company in 2014 and listing on the NSE Emerge platform in April 2024. The recurring approach is to buy regional competitors, integrate them into a national network that can serve any customer within 24 hours, and then use the resulting brand relationships to launch adjacent businesses - first pre-media design services in 2021, then pharmaceutical packaging films through Wahren India in 2023, which turned profitable within nine months. # Business segments Three engines that feed each other - a national flexographic plate network that built the customer base, a pre-media studio that deepens brand relationships, and a fast-scaling pharmaceutical packaging business that was launched with the trust earned from the first two. ## 1. Flexographic printing plates: the factory network that prints your packaging **With seven factories and over 4,000 customers, it is India’s largest maker of the flexible plates that print on everything from shampoo sachets to cement bags - and the only one that can reach any customer within a day.** - **The plate is the printing original** - flexographic plates are the raised-image carriers that transfer ink onto packaging materials at high speed, and the company makes them in digital, conventional, letter-press, metal-back and coating varieties, plus processes polymer plates and trades inks. Flexography is the most popular packaging-print method worldwide because it is eco-friendly and economical for medium-to-long runs, yet in India it has only 9-12% penetration against older, more toxic gravure printing, so the replacement runway is long. - **Seven plants, one national promise** - the manufacturing footprint spans Noida (since inception), Vasai Mumbai (2014), Chennai (2017, via acquisition of Color Dot Madras), Baddi Himachal Pradesh (2018, via acquisition of Bwin Digiflex), Hyderabad (2018), Ahmedabad (2021) and Pune (2022), which is how the company delivers plates within 24 hours anywhere in India. Two more factories - one in Bangalore, already commercialised and building its client list, and one in Oman, delayed by regional supply disruptions - are extending that reach. - **Brands trust it with secrets** - the customer list includes Kimberly-Clark, PepsiCo, Emami, Tata Chemicals, P&G, Amul, Whirlpool, Reckitt, ITC, Bacardi, GSK, Hindustan Unilever, Mother Dairy, LG, Unicharm, Patanjali, Coca-Cola, Dabur, Pfizer, Himalaya, Johnson & Johnson, Wipro, Samsung, India Gate, Daawat and Haldiram’s, yet no single customer accounts for more than 10% of product revenue. The company’s stated edge is that brands know their intellectual property - unreleased packaging designs - is safe, which matters more than price in a business where a leak can destroy a product launch. - **Preferred-supplier ties lock in materials** - the company has preferred relationships with MacDermid Graphics Solutions, Kodak and DuPont, the global suppliers of the photopolymer raw materials and imaging systems that flexo plate-making depends on. The manufacturing sequence runs from prepress (over 200 experts convert customer designs into print-ready files) through colour engineering, quality control, computer-to-plate imaging on European machinery, and in-house processing. ## 2. Pre-media services: the design studio inside the printing group **A small, high-margin services business that designs the packaging, builds the 3D digital assets and manages the colour - and in doing so, gets closer to brands than any plate supplier ever could.** - **Design to print under one roof** - CG Premedia handles package design, artwork, prepress, 3D CGI (computer-generated imagery for e-commerce product shots), mockups, sales samples, structural engineering, proofing, print production and even point-of-sale logistics and brand activations. Because the studio sits inside the same group that makes the printing plates, brands get time and cost efficiencies that standalone design agencies cannot offer. - **The client list is the flexo client list, deepened** - Pernod Ricard, Alcobrew, Tata Consumer Products, Dr. Oetker, Mars Wrigley, ITC, Unilever, Del Monte, Allegion and Zydus Wellness are among the names, and the overlap with the flexo customer base is deliberate: the studio was set up in 2021 and became a subsidiary in September 2023 precisely to create shared client access across the group. - **Colour management is the hard part** - the studio offers colour expertise across a wide range of substrates and print technologies, backed by state-of-the-art infrastructure and printer relationships across geographies, which matters because a brand’s red must look identical on a paper label, a plastic pouch and a corrugated shipping box. ## 3. Pharmaceutical packaging films: the new engine built on old relationships **Wahren India makes the multi-layer aluminium foil that protects tablets and capsules from moisture and light - a business that reached 300 pharma customers and turned profitable within nine months, and is now doubling capacity.** - **Alu Alu foil is a high-barrier sandwich** - the core product is a cold-form pharmaceutical packaging film with a six-layer structure: outer OPA (25 micron), adhesive, primer, middle aluminium (45-50 micron), adhesive, and inner PVC (60 micron), totalling 140-145 micron, manufactured through solvent-based lamination on European machinery with in-house tensile, bond-strength, heat-sealing and FTIR testing. The Indian Alu Alu market is close to 5,000 tons per month at roughly ₹500 per kilogram, and Wahren holds about 8-10% share. - **Aluminium cost pass-through is near-total** - half the raw material cost is aluminium grade 80210, sourced from Hindalco where Wahren is on the preferred supplier list, and because aluminium represents such a large share of the finished product cost, the company can pass on almost 100% of London Metal Exchange price movements to customers. Receivable days run 90-100, typical for the pharma supply chain, and all debtors are insured. - **Doubling capacity with a better machine** - total installed Alu Alu capacity reached 20,000 metric tons per year after a new 12,000 MT machine was ordered from an Italian vendor, adding to the existing 8,000 MT; the new line uses technology that cuts wastage and lifts margins, and a further 20,000 MT factory is now being commercialised. The largest competitor, Svam Toyal, runs 16,000-18,000 tons of annual capacity and moves 17,000-18,000 tons a month, so the scale gap is closing. - **PVC/PVDC and tandem lines fill the basket** - the company added PVC/PVDC film capability (a market roughly double the size of Alu Alu, at 3,000-4,000 tons per month and ₹280-300 per kilogram) and a tandem exclusion machine commercialised in April 2026, so the same marketing team can now sell a full product range to the same 300-plus pharma customers, lowering the cost of customer acquisition. The PVC raw material is imported from Korea and Thailand after anti-dumping duties closed the China sourcing route. - **Exports are the next leg** - the first export order arrived in February 2026 and roughly 100 metric tons of export orders are now in hand, sold directly to local converters or through commission agents, with no distributor layer; the push is driven by better realisations abroad. # Group structure and partners **A listed holding company with two wholly owned operating subsidiaries, no joint ventures, and a deliberate internal-trade structure that uses the parent’s balance sheet to get better supplier terms for the pharma packaging business.** - Creative Graphics Solutions India Ltd (formerly Creative Graphics Solutions (I) Pvt. Ltd., incorporated in Delhi) is the listed entity on the NSE Emerge platform since April 9, 2024, and holds 100% of both Wahren India Private Limited (pharma packaging) and Creative Graphics Premedia Private Limited (pre-media services), each of which became a subsidiary on September 30, 2023. - The company has no associates or joint ventures, though it holds investments in Nyloplate Creative Engravers LLP. - Internal sales flow from Creative to Wahren because Creative, as a listed company, secures better offers from certain suppliers; it buys the material and on-sells to Wahren, lowering the subsidiary’s input costs. - Citibank has been added as a second banker to support working capital as revenues grow, and the company also uses discounting platforms for working-capital management. - Muhammad Rafeeq M was appointed CEO on February 9, 2026, succeeding Sanjay Sakalley, and held no securities in the company at the time of appointment.