Worth Peripherals is a box-maker, but not the kind that simply folds cardboard - it is a precision engineering partner that designs, prints and delivers high-strength corrugated packaging for some of India’s most demanding consumer brands. The company began in 1996 as an investment vehicle in Indore, transformed into a packaging manufacturer through a series of name changes, and listed on the NSE Main Board in 2020 after migrating from the SME platform. Its recurring approach is to lock in blue-chip FMCG customers with 25-to-30-year relationships by offering them a single, integrated service - from in-house testing and high-graphics printing to GPS-tracked delivery - so that the box on a retail shelf becomes both protection and advertisement. # Business segments A single engine with two manufacturing footprints - the main plant in Madhya Pradesh and a joint-venture unit in Gujarat - both making the same thing for the same customer base, plus a new plant under construction that will double the model. ## 1. Corrugated packaging: the branded box that sells the product inside **The company makes custom-engineered corrugated boxes and sheets for over 50 large consumer brands, earning a manufacturing margin on every unit while its high-graphics printing turns the packaging into a marketing tool for the customer.** - **One integrated factory, 4,000 tonnes a month** - the main plant at Pithampur, Madhya Pradesh, houses European, Taiwanese and Japanese machinery that converts Kraft paper into finished boxes, sheets and partitions, with an in-house lab testing every batch for strength and stiffness so the box survives the supply chain. - **Printing is the differentiator** - the company installed a 6-colour printing and converting line from Europe, which lets it produce multi-colour, high-graphic boxes that act as point-of-sale advertising for FMCG brands; that is how a commodity box becomes a value-added product. - **Customers stay for decades** - the majority of its relationships with Indian and multinational FMCG companies have lasted 25 to 30 years, because the company designs each box to the customer’s exact size, strength and cost specification through value engineering. - **An 85-truck fleet closes the loop** - the company owns over 85 GPS-enabled vehicles that deliver finished boxes directly to customers, so it controls the logistics rather than relying on third-party transport and risking delays. - **Raw-material risk is the main vulnerability** - Kraft paper is the basic input, and its price swings are the company’s biggest cost risk; the business has no foreign-currency earnings to offset its machinery and material imports, which are paid in dollars, euros and yen. ## 2. Yash Packers joint venture: a second plant serving the western market **A 50-50 partnership firm in Gujarat adds another 2,000 tonnes per month of capacity, giving the group a manufacturing presence closer to customers in western India.** - **Shared ownership, same business** - M/s Yash Packers operates a corrugated-box plant in Valsad, Gujarat, with a monthly capacity of 2,000 metric tonnes, and Worth Peripherals shares equally in both the capital and the profits. - **Profit flows to the parent** - the company’s share of net profit from the joint venture was Rs. 187 lakhs in FY25, making it a meaningful contributor without requiring full consolidation of the plant’s operations. ## 3. Worth Wellness: the greenfield plant under construction **A wholly owned subsidiary is building a new corrugated-packaging facility in Indore at a project cost of Rs. 125 crores, with machines arriving and installation underway as of mid-2026.** - **Built, not bought** - Worth Wellness was originally incorporated in 2020 to make diapers, but its object was changed to corrugated-box manufacturing in July 2024, and Worth Peripherals acquired the remaining shares to make it a wholly owned subsidiary by December 2024. - **Funded by the parent** - the Board approved unsecured inter-corporate loans totalling Rs. 80 crore in 2025 to meet the subsidiary’s funding needs, carrying interest linked to RBI yield rates and repayable over three years. - **Machines are on site** - by May 2026, Worth Wellness was in advanced stages of machine installation with production expected to begin in stages, following the completion of civil work and the placement of all equipment orders. # Group structure and partners **The company operates through a parent entity, one joint venture and one wholly owned subsidiary - a structure that separates the legacy plant, the western-India capacity and the new Indore project into distinct legal vehicles.** - Worth Peripherals Ltd is the listed parent, housing the main Pithampur plant and the central management. - Worth Wellness Private Limited is the wholly owned subsidiary executing the Rs. 125-crore greenfield project in Indore, with civil work largely complete and machinery installation in progress as of May 2026. - A former subsidiary, Worth India Pack Private Limited, was sold to the promoter in September 2023 for Rs. 3 lakhs after it generated no turnover, and was struck off the register in June 2024.