Exim Routes IPO

Exim Routes Ltd

₹2,65,600 /1600 sharesMinimum Investment

Exim Routes IPO listing details

Listed onIssue priceListing priceListing gains
--₹88.00₹110.00₹22.00 (25.00%)

Exim Routes IPO Details

Bidding datesMinimum investmentLot sizePrice range
12 Dec ‘25 - 16 Dec ‘25₹2,65,6001,600₹83 - ₹88
Issue sizeIPO docTentative allotment dateTentative listing date
43.73 Cr
RHP PDF
17 Dec ‘2519 Dec ‘25
Face value
5

Subscription rate

As of 16 Dec'25, 04:31 PM
Qualified Institutional Buyers19.11x
Non-Institutional Investor16.75x
Retail Individual Investor9.65x
Total14.06x

About Exim Routes

Exim Routes operates as a platform for the exchange of recyclable paper materials, providing sourcing/procurement of waste paper, quality assurance, and logistics services to Indian paper mills. It supports these operations through the Exim Routes Intelligence System (ERIS), an artificial intelligence (AI)-powered B2B digital platform used for supply chain operations and offer management (inventory and demand matching, price discovery, bidding and trade closure), customer and partner communication and tracking, market intelligence using internal and external data points (including pricing and grade quality parameters), and logistics execution through logistics partners and freight forwarders. The company also engages in high-seas sales as an intermediary buyer supplying waste paper to Indian paper mills, conducts limited domestic trading, provides services to select suppliers and foreign subsidiaries, and licenses ERIS to chosen mills and suppliers through sales and subscriptions.;
Founded in
2019
MD/CEO
Mr Manish Goyal
Parent organisation
Exim Routes Ltd

Strengths & Risks of Exim Routes

Strengths
Risks
Exim Routes has built an AI-powered B2B platform called the ERIS. It states that ERIS supports global inventory matching and price discovery, customer and partner communication, market intelligence insights using integrated data points, and logistics execution through freight partners.
Exim Routes claims to operate through foreign subsidiaries in Singapore, South Africa, the UK, Germany, and the US, as well as a network of suppliers, yards, and partners. It states that this setup enables sourcing of recyclable materials from over 15 countries, including the US, UK, Europe, and the Middle East, for supply into India.
Exim Routes states that it received the Indian Achievers’ Award in 2022 under the “Emerging Company” category.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue increased from Rs 36.44 crore in FY23 to Rs 71.86 crore in FY24 and Rs 120.67 crore in FY25. PAT increased from Rs 0.37 crore in FY23 to Rs 4.20 crore in FY24 and Rs 7.56 crore in FY25.
Exim Routes generates most of its revenue from the trading/sale of paper recyclables. It accounted for Rs 42.99 crore (98.08 percent) of the company’s revenue for the period ended June 30, 2025; Rs 116.77 crore (96.77 percent) in FY25; Rs 67.87 crore (94.45 percent) in FY24; and Rs 23.71 crore (65.05 percent) in FY23. Any adverse change in demand, pricing, supply availability, or the company’s ability to acquire and retain clients in this segment can negatively impact its business and financial condition.
Demand for recyclable paper is cyclical and influenced by global supply-demand balance and broader economic conditions, which can lead to volatility in sales volumes and pricing. When demand softens, oversupply and competition among suppliers can lead to price reductions and compressed margins. Any sustained decline in the demand for recyclable paper or their prices can adversely affect Exim Routes’ revenue, operating results, and overall financial stability.
As of June 30, 2025, the company had trade receivables of Rs 32.68 crore. Any delay or default in collections can increase working capital needs, pressure liquidity, and lead to provisions or write-offs, which can adversely affect its results of operations and financial condition.
Exim Routes’ revenue is concentrated in Tamil Nadu and Gujarat. Tamil Nadu accounted for Rs 15.87 crore (36.21 percent) of the company’s revenue for the period ended June 30, 2025; Rs 47.79 crore (39.60 percent) in FY25; Rs 33.49 crore (46.61 percent) in FY24; and Rs 4.17 crore (11.44 percent) in FY23. Gujarat accounted for Rs 18.27 crore (41.68 percent) of the company’s revenue for the period ended June 30, 2025; Rs 47.22 crore (39.13 percent) in FY25; Rs 18.04 crore (25.10 percent) in FY24; and Rs 13.28 crore (36.43 percent) in FY23. Any adverse political, social, economic, regulatory, or demand-related developments in these regions can negatively impact the company’s revenue, profitability, and financial condition.
The top five suppliers accounted for Rs 18.69 crore (42.84 percent) of the company’s total purchases for the period ended June 30, 2025; Rs 47.52 crore (44.60 percent) in FY25; Rs 28.83 crore (46.00 percent) in FY24; and Rs 21.40 crore (67.95 percent) in FY23. Any disruption, termination, reduction in volumes, disputes, or unfavourable commercial terms with one or more of these suppliers can adversely affect the company’s operations, profitability, and financial stability.
The company is involved in certain ongoing legal proceedings. Adverse judgments in any of these cases could hurt the company’s business prospects.
The company reported negative cash flow from operating activities amounting to Rs 1.20 crore for the period ended June 30, 2025; Rs 4.88 crore in FY25; and Rs 1.17 crore in FY24. Additionally, negative cash flow from investing activities amounted to Rs 2.82 crore for the period ended June 30, 2025; Rs 4.11 crore in FY25; Rs 0.53 crore in FY24; and Rs 0.95 crore in FY23. Sustained negative cash flow in the future could adversely affect the company’s operations, liquidity, and financial condition.
Exim Routes has a cost structure where the purchase of stock-in-trade forms a large share of revenue. It accounted for Rs 37.62 crore (85.81 percent) of the company’s revenue for the period ended June 30, 2025; Rs 97.49 crore (80.79 percent) in FY25; Rs 59.58 crore (82.91 percent) in FY24; and Rs 19.16 crore (52.58 percent) in FY23. Failure to contain procurement costs, secure favourable supply terms, or manage sourcing and logistics effectively could negatively affect the company’s profitability, financial strength, and operational efficiency.
As of June 30, 2025, the company had contingent liabilities of Rs 7.27 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
The top customer accounted for Rs 9.85 crore (22.47 percent) of the company’s revenue for the period ended June 30, 2025; Rs 23.88 crore (19.78 percent) in FY25; Rs 16.50 crore (22.96 percent) in FY24; and Rs 8.85 crore (24.29 percent) in FY23. Losing this key customer, being unable to expand the customer base, or experiencing reduced demand from this client may materially affect the company’s business, cash flows, and financial condition.
As of June 30, 2025, the company had outstanding financial indebtedness of Rs 7.34 crore. Failure to service or repay these loans can harm the company’s operations and financial position.

Exim Routes Financials

*All values are in Rs. Cr
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Application Details of Exim Routes IPO

Apply asPrice bandApply RangeLot size
Individual investor83 - 88₹2 - 5 Lakh1600
For Exim Routes IPO, eligible investors can apply as Individual investor.