Shilp Gravures is India’s original gravure-roller maker - the company that engraves the copper cylinders which print everything from shampoo sachets to wood-finish laminates. Founded in 1993 by a mechanical engineer who has spent more than four decades in the printing industry, it has operated from a single Gujarat factory for over 30 years. Its recurring approach is to serve the entire cross-section of the gravure printing industry - not just packaging but also flooring, laminates, coatings and security print - by combining electronic, laser and chemical etching under one roof, so that no single customer ever accounts for more than a tenth of revenue.
Business segments
Two engines, one factory - a precision-engraving business that supplies the packaging and surfaces industries, and a small captive-power setup that feeds it cheaper electricity.
1. Gravure rollers: the master pattern behind every printed pack and panel
The company engraves copper cylinders that become the printing plates for high-volume flexible packaging, decorative laminates, PVC flooring and artificial leather - it sells both finished rollers and the job-work of engraving rollers that customers supply.
- One factory, many end-uses - the single Rakanpur, Gujarat plant produces electronically engraved copper rollers, plus photopolymer plates, embossing rollers and ceramic rollers, for applications spanning flexible packaging, anilox rollers, PVC flooring, decorative laminates, specialty coatings, artificial leather, gift wrap, security printing and transfer printing.
- Job work is a major revenue stream - the company earns not just by selling engraved rollers outright but by performing engraving services on rollers that customers provide, which means it captures value from printers who own their own cylinder bases.
- No customer calls the shots - the customer base is diversified enough that no single external buyer reaches 10% of revenue, insulating the business from the loss of any one packaging converter.
- India’s volume advantage is its tailwind - gravure is the preferred printing technology for large-volume consumer-product runs because of its economies of scale, and India’s rising packaged-goods consumption - which doubled per person in the past decade - keeps demand for engraved cylinders growing.
- Competition is fierce and technology-agnostic - the company competes with many players on price, quality and innovation, while flexographic printing remains a rival technology that can take share in certain label and packaging jobs.
2. Power generation: cheaper electrons for the engraving floor
Wind and solar assets totalling 424.7 KW of solar capacity plus a wind turbine generate electricity that cuts the factory’s grid-power bill, with surplus sold externally.
- Captive-first, market-second - in some years all wind energy was consumed inside the business, reducing operating costs directly, while in other years external power sales are reported, making the segment a flexible buffer against utility prices.
- Two rooftop solar plants - Solar-1 (201.3 KW) was commissioned in mid-2019 and Solar-2 (223.4 KW) in early 2020, together with a wind turbine that generated over 1.9 million Kwh in FY21.
Group structure and partners
A single material subsidiary extends the group’s reach into West Bengal, while a mid-2025 change of control brought in a promoter group with deep flexible-packaging experience.
- Etone India, the sole subsidiary - the company owns one wholly owned material subsidiary, Etone India Private Limited, based in Howrah, West Bengal, acquired in August 2019 with goodwill of ₹137 lacs recognised on the deal.
- Related-party ties are active - transactions with Etone India include sale of goods, sale of services, loans given and interest received, meaning the subsidiary is both a customer and a financing relationship.