Rajshree Polypack is a manufacturer that turns plastic granules into the trays, cups, and containers that hold your yoghurt, ice cream, or takeaway meal - it makes the packaging, not the food inside. Founded in 2003 as a small partnership and now listed on the main board of the National Stock Exchange, the company has spent over two decades systematically adding one technology after another - from sheet extrusion to 9-layer barrier packaging to in-house printing - until it could do everything under one roof. That recurring approach - be the first in India to bring a European-grade packaging technology in-house, then use the integration to serve customers faster and cheaper than anyone importing - explains the business. # Business segments A single integrated engine - rigid plastic packaging - that runs from raw plastic granule to decorated, shelf-ready container, with a sustainable paper-based joint venture alongside it. ## 1. Rigid plastic packaging: from granule to decorated container under one roof **The company extrudes its own plastic sheet, thermoforms it into containers, prints directly onto them, and sleeves them - all in-house - so customers get a complete, filling-line-ready package from a single supplier.** - **It makes its own raw sheet** - the company runs extruders that melt PP, APET, GPET, and HIPS granules into rigid plastic sheet, which it then uses in its own thermoforming lines or sells to other converters for form-fill-seal and box-making applications. Doing extrusion in-house means it controls the quality and cost of its primary input rather than buying sheet from a third party. - **First to bring barrier packaging to India** - it was the first Indian manufacturer to produce rigid barrier packaging with a fully integrated facility, and the first to launch a made-in-India 9-layer barrier sheet that locks out moisture, air, and contaminants to extend food shelf life. Because local supply is 8-10% cheaper than imports and allows smaller order quantities, the company has built a position in a market that barely existed five years ago. - **Decoration is part of the line, not an afterthought** - the company prints directly onto containers using dry-offset machines with up to 8 colours, and runs in-house sleeving lines including a fully automated sleeving machine it developed with indigenous technology. This means a dairy or FMCG brand can get a fully decorated, shelf-ready container without sending it to a separate printer. - **Sticky because it sits on the customer's filling line** - the containers are primary packaging that runs on the client's own high-speed filling equipment, so once a product is qualified - a process that takes three to six months for barrier applications - customers rarely switch suppliers unless pricing moves far out of line. ## 2. Olive Ecopak: a paper-based bet on the single-use-plastic shift **A joint venture that coats paper with a compostable barrier and converts it into tableware and takeaway packaging - a plant built to run the entire process from coating to finished product in one place.** - **Coating is the secret sauce** - Olive Ecopak developed an aqueous barrier coating that makes paper-based packaging compostable and resistant to liquids, eliminating the need for a plastic lining. The coating line has an annual capacity of 27,000 tonnes, though it was running at just over 4% utilisation as the business seeded the market in late 2025. - **One roof, from coating to converting** - unlike competitors who might buy pre-coated paper and only convert it, Olive Ecopak does both steps in-house, which the company argues gives it cost and quality control that a two-step supply chain cannot match. - **The partner brings the distribution network** - the joint venture partner, Oracle Group, runs a ₹200 crore-plus business with over 150 channel partners across Indian cities and export channels into the US, UK, Australia, New Zealand, and the Middle East, and handles all sales into the general trade distribution segment. # Group structure and partners **Rajshree Polypack is a standalone listed company with one material joint venture, a legacy UAE subsidiary now wound down, and a promoter-group trademark arrangement.** - The company has no subsidiaries or associates as of March 2025; it previously operated a wholly-owned UAE subsidiary, Rajshree Polypack FZE, which served as an export hub for the Middle East and Africa. - Its principal off-balance-sheet commitment is Olive Ecopak Private Limited, in which it holds a 50.10% stake and for which it has provided corporate guarantees totalling ₹116 crores across multiple bank facilities, plus unsecured loans. - The company uses the ‘NATRAJ’ trademark under a 10-year licence from S.R. Plastics, a promoter-group firm in which Rajshree Polypack holds no equity, paying a royalty of 2% on sales of products carrying that brand. - A Swiss investor, Wifag Polytype Holding AG, took an equity stake in 2012 and remains on the share register as a foreign company holding 7.15% of shares as of mid-2025. - The manufacturing footprint spans Daman and Umbergaon in Gujarat, with a 3.5-acre plot secured in Odisha under a 90-year lease for a future plant aimed at reducing transit times to eastern markets.