Sundaram Multi Pap Ltd is fundamentally a paper stationery company built around a single, trusted brand that sells more than 5 lakh notebooks every day - a business that started in 1985 with a 5-tonne-per-day conversion line and has spent four decades turning paper into branded school and office products. Incorporated in 1995 and run as a family enterprise across two generations, the company’s recurring approach is to design affordable, quality stationery, manufacture it in its own Palghar factory, and push it through a deeply personal network of dealers across western India - a model it is now extending nationwide and online. # Business segments Two engines at different stages - a paper stationery cash cow with national ambitions, and a small digital-education bet serving the same school-going customer - both anchored by the Sundaram brand. ## 1. Paper stationery: the branded notebook engine **A single factory, a 15,000-strong dealer network, and a brand that is one of the top two in Maharashtra’s education market - this is the business that makes everything else possible.** - **One brand, over 200 products** - the company designs and makes exercise notebooks, long books, drawing books, scrap books, graph books, and office stationery, all under the “Sundaram” name that has stood for trust and quality in western India for more than three decades. - **A factory that converts paper into books** - the 4-acre Palghar plant takes in paper (sourced entirely from Indian mills, thanks to the Managing Director’s 30-year supplier relationships) and runs it through printing, ruling, cutting, folding, pinning, pasting, and packing lines with a capacity of 60 tonnes per day. - **Distribution built on personal relationships** - a sales head manages over 15,000 distributors, dealers, and salespeople in Maharashtra alone, a network stitched together over decades through dealer reward schemes and market intelligence gathered directly from shop floors. - **Automation that lowers the cost to serve** - the company has installed a fully automatic notebook manufacturing machine, adopted partly automated processes, and trimmed manpower by training workers in multiple skills, all of which cut labour cost and shrink the time from raw material to finished book. - **Now chasing the rest of India** - historically concentrated in Maharashtra, Gujarat, and Goa, the company has officially made its products available across the entire country as of mid-2026, with a focus on Tier II and Tier III cities, and has also launched on e-commerce marketplaces and its own online store to reach the pan-India market. ## 2. E-learning: digital content for the same student **A small but complementary bet that turns Maharashtra State Board textbooks into animated video lessons - sold to schools, foundations, and directly to students.** - **Textbook content, brought to life** - the “E-class” product converts black-and-white textbook material into audio-video animated content for Standards 1 through 10, covering all subjects in English, Marathi, Semi-English, Hindi, and Urdu. - **An app that adds assessment** - the “Edzam” platform layers on assessment tools, question banks, and analytical reports, moving beyond passive watching to active practice and progress tracking. - **Bulk orders validate the model** - in early 2022, the company won an order from Kotak Education Foundation to supply 8,000 educational content licences pre-loaded on Android tablets, a project worth approximately ₹8 crore, showing that institutions will pay for packaged digital content tied to the state curriculum. - **Brought in-house after a merger** - the e-learning business was originally housed in a separate subsidiary, E-class Education System Limited, which was amalgamated into Sundaram Multi Pap Ltd in mid-2020, so the segment now operates as a division rather than a standalone entity. # Group structure and partners **A family-run, single-entity company with no remaining subsidiaries - the promoters hold just under a third of the shares, and the next generation runs the day-to-day operations.** - The company has no subsidiary or associate company as of the latest filings; its earlier subsidiary, E-class Education System Limited, has been amalgamated. - Promoters held 31.11% of the shares as of March 2025, with brothers Amrut P. Shah (Chairman & Managing Director) and Shantilal P. Shah (Whole-time Director) at the helm, and their sons occupying the CEO, CMO, and COO roles. - The six-member Board includes three executive directors from the family and three independent directors, while the management team extends to a professional CFO and Company Secretary.