### **Overview** Vikas Ecotech Limited (formerly Vikas Globalone Limited), incorporated in 1984 and headquartered in New Delhi, is a professionally managed, publicly listed company operating across specialty chemicals, polymer compounds, infrastructure products, and energy segments. Listed on both the **BSE (Scrip Code: 530961)** and **NSE (Scrip Code: VIKASECO)**, the company has evolved from a petrochemical trading entity into an integrated manufacturer of high-performance, eco-friendly specialty additives and rubber-plastic compounds. The company operates through three core business segments: 1. **Specialty Additives** 2. **Polymer Compounds** 3. **Infra & Energy Products** With strategic diversification, advanced in-house R&D, and a strong focus on backward and forward integration, Vikas Ecotech has established itself as a key player in both Indian and global markets. --- ### **Core Business Segments** #### **1. Specialty Additives** Vikas Ecotech is **India’s only manufacturer of organotin heat stabilizers** for vinyl applications and one of fewer than ten globally with **end-to-end production capability**—from tin metal to finished product. - **Key Products & Brands**: - **TINMATE®**: FDA-approved, food-grade, non-toxic Methyl Tin Mercaptide stabilizers used in drinking water pipes and food-contact PVC. High efficacy at low dosages. - **THERMATE®**: Dimethyl Tin Dichloride (DMTDC), a critical raw material for organotin stabilizer production. - **ADDFLEX®**: Epoxidized soybean oil (ESBO) made from **waste cooking oil**, functioning as an eco-friendly plasticizer and co-stabilizer. Offers high oxirane content, low migration, and process efficiency. - **Halogen-Free Flame Retardants**: - Aluminium Trihydrate (ATH) - Magnesium Hydroxide (MDH-ECOFLAMEX 3.5C Grade) - Zinc Borate (ZB VE03 Grade) Engineered to meet global fire safety standards, these additives provide flame resistance, smoke suppression, and thermal stability. - **R&D & Innovation**: - In-house R&D unit recognized by the **Department of Scientific and Industrial Research (DSIR)**. - Patented **Smart Intelligent Corrosion Protection Coating**: based on Nano Calcium Carbonate in conjugated polymer matrix, offering **self-healing properties**, zero VOC emissions, and durability in saline environments. - Joint patent with **King Khalid University, Saudi Arabia**, for wastewater treatment using conducting polymer nanocomposites. - **Customer & Export Reach**: - Exports organotin stabilizers to the **USA**, the largest global market. - Supplies flame retardants to major Indian companies including **Polycab, Havells, KEI Industries, Mahindra CEI, and Arvind Ltd.** --- #### **2. Polymer Compounds** Vikas Ecotech is a leading global manufacturer of high-performance thermoplastic rubber and elastomer compounds, leveraging advanced material science and compounding expertise. - **Branded Product Lines**: - **VEEPRENE™ TPR/TPE Compounds**: - **TPR (Thermoplastic Rubber)**: Combines rubber performance with plastic processability. Used in orthopedic footwear, micro-cleaning bristles, sports goods, and consumer products. - **TPE (Thermoplastic Elastomer)**: Applied in healthcare devices (e.g., Tynor, Biomed), automotive components, and industrial products. - **VIKOLENE™ EVA Compounds**: Used in midsoles, insoles, and outsoles via injection/compression molding. Cater to global footwear brands like **Zara, Geox, Bata, Clarks, Sketchers**. - **V-Blend™**: SEBS-based compound developed in-house as a **cost-effective substitute** for imported materials from **Dow, DuPont, LG, and ExxonMobil**, enhancing tensile strength, softness, and anti-skid performance. - **Certifications**: - TPR/TPE labs and products certified by **SATRA**, a globally recognized authority in footwear and leather standards. - **Recent Orders (2024–2025)**: - Secured over **INR 225 million** in orders for specialty polymer compounds. - Achieved **FR-V0** certification for a new TPV compound, securing contracts from **Plastochem, RR Kable, and International Switch Gears**. --- #### **3. Infra & Energy Products** The company has strategically diversified beyond chemicals into **infrastructure materials, real estate, and energy**. ##### **Infrastructure Segment** - **Manufacturing**: - Steel pipe fittings plant in **Ghaziabad (leased facility)**, commissioned ahead of schedule in Nov 2021. Supplies to **APL Apollo, Jindal, Hi-tech**. - **MDPE Pipes** for gas, water, and irrigation—flexible, corrosion-resistant, with leak-free fused joints. Empaneled as vendor by **HOFED (UP Govt)**. - **Trading**: - Operates from Delhi, trading in **TMT bars, HR/CR coils, ERW pipes, steel, and coal**. - Supplies structural steel to major civil construction firms in North India. - Infrastructure division contributed **INR 1,166 million** in FY 2022–23. - **Acquisition**: - Signed an agreement to acquire **Shamli Steel Pvt Ltd** (enterprise value: **INR 1,600 million**) to vertically integrate into infra materials. - Approved **INR 90 million** for private substation at Shamli unit to boost margins by **50–60%**. ##### **Energy Segment** - Entered **coal supply business** in 2023, responding to global shortages from the Russia-Ukraine war. - Secured **first coal order** of 4,000 MT worth **INR 57 million** in May 2022. - Exploring **renewable energy** opportunities: - Gas distribution - Solar power projects - Hydrogen cell power gensets for commercial use ##### **Real Estate & Forward Integration** - Viewed as a strategic extension to support infrastructure product sales. - **Key Projects**: - **Faridabad (Haryana)**: ₹800 crore project with **Innovative Supply Chains Solutions LLP (70:30 capital, 30% profit share)**. - **Delhi-NCR**: Joint venture with **Rudraveerya Developers Limited (70% capital, 50% profit share)**. - Collaboration with **M/s ARM Estate Projects** to develop green commercial buildings in Gurugram (investment: **INR 500 million**, 75% contribution by Vikas). --- ### **Subsidiary: Vikas Organics Private Limited (VOPL)** - Wholly owned subsidiary acquired in **Feb 2024** for **INR 270 million** (all-cash deal). - Operates **state-of-the-art plant in Daman, Maharashtra**, with capacity of **12,000 MT/year**. - **Product Portfolio**: DOP, DBP, DEP, DMP, DOA. Plans to expand into **DINP, DOTP, Butyl Acetate**. - **Markets**: - Serves industries: **footwear, cables, packaging, paints, pharma, cosmetics, pesticides**. - **Exports**: ~17% of production to **USA, Saudi Arabia, KSA**. - Received export order worth **INR 165 million** from **Yusuf Bin Ahmed Kanoo Group (KSA)**. --- ### **Manufacturing Footprint** - **Shahjahanpur, Rajasthan**: Primary manufacturing hub for **organotin stabilizers, additives, and polymer compounds**. - **Daman, Maharashtra**: **VOPL plant** for plasticizers. - **Ghaziabad (leased)**: **MS sockets and pipe fittings** manufacturing. - **Noida SEZ**: Inactive since pandemic. --- ### **R&D & Innovation** - **DSIR-recognized R&D center** with global collaborations. - Focus areas: - Sustainable materials (e.g., **bio-based plasticizers**) - Flame retardancy (FR-V0 certified TPV) - Corrosion protection coatings - Multi-layer plastic recycling - Biodegradable plastics (MoU with **Aurapha Pvt Ltd** for **PHA technology**) --- ### **Financial & Strategic Highlights (FY 2021–2025)** - **Diversification Timeline**: - **FY 2021–22**: Entered infra steel trading. - **Feb 2024**: Acquired VOPL, adding **INR 2,000–2,500 million** in annual revenue potential. - **2023–2024**: Launched coal supply and real estate projects. - **2025**: Preparing for renewable energy and gas distribution ventures. - **Revenue Drivers**: - Growing sales in **specialty compounds (target: INR 1,500 million FY 2024–25)**. - Expanding infra product line (target: **INR 9,000 million** annual gross revenue from new steel manufacturing). - **Capex Plans**: - **INR 150–300 million** invested in VOPL plant expansion. - Ongoing investments in gas pipe machinery, real estate, and power infrastructure. --- ### **Customer & Market Presence** - **National Sales Network**: - Agents and distributors across India, with hubs in **Bangalore, Mumbai, Nagpur, Gujarat, Kolkata**. - **Key Customers**: - **Footwear & Fashion**: Zara, Next, Bata, Relaxo - **Healthcare**: Tynor, Biomed, Dabur, Chicco - **Automotive & Cables**: Olectra Greentech, Lapp India, Havells, Polycab - **Steel & Infrastructure**: HOFED, Jindal, APL Apollo --- ### **Summary – Competitive Advantages** | Strength | Detail | |--------|--------| | **Unique Capabilities** | Only Indian manufacturer of organotin stabilizers with tin-to-product integration | | **R&D Leadership** | DSIR-recognized, multiple patents, global collaborations | | **Product Diversification** | Additives, compounds, infra, energy, real estate | | **Sustainability Focus** | Eco-friendly, toxin-free, waste-to-value products | | **Global Certification** | SATRA, FDA, ISO 9001:2015 | | **Strategic Acquisitions** | VOPL plasticizer business, Shamli Steel (planned) |