- **Srivasavi Adhesive Tapes Ltd is a manufacturer that makes things stick - but not the tape you buy at a stationery shop. It produces over 300 types of high-performance industrial adhesive tapes, foams, and precision-cut components that hold together everything from railway engines and defence equipment to electric-car batteries and solar panels, all sold under the “Dollar” brand. The company was incorporated in 2010, switched to manufacturing, and listed on the NSE Emerge platform in 2023, building its entire business around a single idea: replacing imported specialty tapes with Indian-made equivalents in a market that still sources more than 65% of its needs from Korea and Japan. That import-substitution mission, pursued through backward integration into making its own adhesives and forward integration into labels and decals, is the recurring approach that explains every move the company makes.** # Business segments A single industrial specialty-tape engine, vertically integrated from adhesive-making to finished labels - one business, built in layers. ## 1. Industrial specialty adhesive tapes and die-cuts: the import-substitute factory **The company makes high-specification sticky tapes and precision-cut components for factories, not households - and it wins customers by clearing qualification hurdles that can take years for a competitor to replicate.** - **Made to a customer’s drawing, not off a shelf** - products are application-based and specification-driven, often manufactured to individual customer requirements rather than as standard stock items, which means the company competes on engineering rather than just price. - **The moat is a stack of approvals** - it is progressing towards IATF 16949-2016 certification for automotive-grade quality, has earned “part one approval” from Indian Railways, was upgraded to “Approved Vendor” status by Chittaranjan Locomotive Works for traction motors, and signed its first defence PSU contract during FY26; these qualifications act as high entry barriers because they take years to earn. - **One factory floor, eight product families** - the portfolio spans more than 300 SKUs across eight lines built on film, fabric, felt, foil, foam, and paper substrates, including filament tapes, polyimide Kapton tapes, PVC wire-harness tapes, butyl sealant tapes, and seam-sealing tape developed during the pandemic for PPE kits. - **Sells to almost every industrial buyer that needs a bond** - end-markets range from automotive, aerospace, and defence to renewable energy, electronics manufacturing, white goods, steel pipes, and battery and EV vehicles, with more than 300 regular customers across 21-plus Indian states and exports to over 27 countries. - **R&D as a sales tool** - an in-house lab with more than 50 testing instruments lets the company co-develop solutions under non-disclosure agreements, including active NDAs with Tata Electronics and Amara Raja Advanced Cell Technologies, turning the R&D division into a customer-acquisition engine. ## 2. Backward integration: making the glue, not just buying it **By manufacturing its own pressure-sensitive adhesives, sealants, and now polymer fabrics, the company protects its margins and turns a raw-material cost into a capability it can sell to others.** - **Adhesive-making as a “Pivot Facility”** - Unit 3, adjacent to the main coating plant at Gowribidanur, produces natural-rubber-based, water-based, and hotmelt adhesives, plus butyl and silicone sealants, supplying all the company’s coating lines and also selling adhesive to outside customers. - **Polymer division closes the fabric loop** - Unit 5 at Nelamangala, which started production in November 2025, makes HDPE and PP fabric rolls and laminated films with a capacity of about 6,000 tonnes a year, feeding the in-house fabric-tape business that needs more than 60 tonnes a month and also serving external customers. - **A five-year anchor contract on day one** - in July 2026, the polymer division signed a purchasing agreement with a global multinational for woven fabric supply, with indicative volumes rising from roughly 2,500 tonnes in the first year to about 3,900 tonnes in the third, giving the new unit a base-load customer from the start. ## 3. Forward integration: labels and decals for the same customers **The DLD Division takes the company one step closer to the finished product its industrial customers actually apply - decals, labels, and decorative aesthetics - selling a bigger basket to buyers who already trust the tape.** - **Launched to capture spend that was leaving the building** - the division started in 2023 specifically to serve existing tape customers who were buying labels from other sources, so the company could offer them a combined tape-and-label package. - **Forward, not sideways** - by moving into labels and decals, the company extends its reach into end-use applications rather than adding an unrelated product line, which deepens its relevance to the same automotive, electronics, and industrial buyers. # Manufacturing footprint **Five operating units, a sixth being built, and a footprint that doubled after the 2023 IPO - the company runs a distributed plant network designed for proximity to customers and room to grow.** - **Two coating hubs, one adhesive plant, one polymer plant, one western outpost** - Unit 1 (Doddaballapur) and Unit 2 (Gowribidanur, with 9 coating lines) form the core; Unit 3 (adhesives) sits beside Unit 2; Unit 4 in Vadodara, Gujarat, serves western and central customers with 2 coating lines and just-in-time delivery within a week; Unit 5 (polymers) is at Nelamangala, near Bangalore. - **Unit 6 is already in motion** - a 22,400-square-foot shed acquired on long-term lease at Gowribidanur in March 2026 will house surface-protection, insulation, and specialty tapes for cable, automotive, EMS, and construction industries, with machinery installation underway. - **A possible Hyderabad subsidiary** - the company is exploring acquisition of a plant in Hyderabad to operate as a subsidiary, aimed at regaining lost packaging-tape business from key clients. # Group structure and partners **A single listed entity with a promoter-led acquisition and a joint venture that opens doors in high-speed rail, shipbuilding, and electric vehicles.** - **Promoter-controlled public company** - the company is listed on NSE Emerge, with D N Anilkumara (Chairman and Managing Director) and Ashwini D A (Executive Director and CFO) as promoters. - **Aneel Coating and Polymers brought in-house** - in July 2025, the company acquired 100% of Aneel Coating and Polymers, a related-party entity engaged in plastics, coatings, and adhesives, consolidating a business where the promoters were already directors in both companies. - **Korean joint venture for silicone foam** - a letter of intent signed in May 2024 with S J Korea Co. Ltd targets silicone foam products for high-speed trains, metros, cruise ships, aviation, and EVs; Srivasavi will promote the JV’s products in India, while SJ Korea will push Srivasavi’s tapes and die-cuts to its customer base abroad.