Ecoline EximShare price, financial results, shareholding and management
- Market cap
- ₹369 cr
- Stock P/E
- 18.3peers 11.4
- Book value
- ₹80
- Price to book
- 2.25
- EV / operating profit
- 14.8
- Market cap to sales
- 1.33
- ROCE · FY26
- 17.1%
- ROE · FY26
- 16.0%
- ROE, 3-year average
- 25.9%
- Operating margin · FY26
- 8.7%peers 8.9%
- Sales growth, 3 years
- -2.8%
- Profit growth, 3 years
- 2.0%
- Debt to equity
- 0.36peers 0.73
- Borrowings
- ₹59.8 cr
- Interest cover
- 10.0×
- Cash from business / op. profit
- 7%
- Debtor days
- 43
- Pledged
- 0.00%
- Promoter holding
- 74.57%
- Change in promoter holding
- +0.99 pts
- Shareholders
- 546
- 52-week high / low
- ₹216 / ₹111
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Ecoline Exim share price chart
Close on 5 Nov 2026 · +0.17% on the day · Vol 4,000
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -2.8%
- 3 months
- -8.4%
- 6 months
- +26.4%
- 1 year
- +28.9%
- Since IPO
- +27.5%
- Traded a day, 20 days
- ₹0.53 cr
- Taken for delivery
- 85%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +3% | +6% |
| 3 years, a year | -3% | +2% |
| Latest half, H2 FY26 | +1% | +4% |
About Ecoline Exim: business, products and customers
Ecoline Exim makes reusable cotton and jute shopping bags in Kolkata and Ahmedabad and ships them to shops, supermarkets and wholesalers abroad. It has started making cotton towels and backpacks too, and its shares trade on NSE Emerge.
Ecoline Exim makes cloth bags as an alternative to single use plastic: conventional, recycled, organic and Fairtrade cotton bags, and jute bags, printed and finished to each buyer's design. Almost all of its revenue comes from exports, to more than 35 countries, with the Netherlands, Spain and Germany the largest markets in FY26.
Production runs from five factories, four in and around Kolkata and one in Ahmedabad, with about 3,17,500 sq ft of space and holding GOTS, GRS, OEKO-TEX, Fairtrade and ISO certifications. Two leased units were added in FY26, raising capacity by 22 million bags a year.
Read more about the business
What is new: cotton towels for export, polyester backpacks made for an Indian brand, five new markets in Latin America, and a new factory at Ahmedabad to be paid for mainly from the September 2025 public issue.
From the offer document (red herring prospectus, September 2025), the Acuite rating note of November 2025, the annual report 2025-26, the May 2026 investor presentation, press release and earnings call, and the June 2026 investor meeting update.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 74.57%.
To watch
- FY27 revenue against the company's ₹400 cr target (Press release, May 2026, p.4; Investor presentation, May 2026, p.10).
- Start of the Ahmedabad factory, with production targeted for the end of Q1 of the next financial year (Investor meeting update, June 2026, p.2).
- Delivery of the ₹95 cr export order book and the ₹15.74 cr of goods unshipped at March 2026 (Press release, May 2026, p.3).
- A new Chief Financial Officer, after Nitesh Agrawal resigned with effect from 6 June 2026 (Annual report 2025-26, p.23).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Ecoline Exim revenue and profit growth
Half-yearly results · Profit and lossSales have fallen. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Ecoline Exim half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 131 | 138 | 139.22 | 139.18 |
| Expenses | 115 | 127 | 123.91 | 130.19 |
| Operating profit | 16 | 11 | 15.31 | 8.98 |
| OPM | 12.0% | 8.0% | 11.0% | 6.5% |
| Interest | 1 | 1 | 1.39 | 1.61 |
| Depreciation | 1 | 1 | 1.27 | 1.44 |
| Profit before tax | 16 | 9 | 17.27 | 9.81 |
| Net profit | 12 | 7 | 12.91 | 7.28 |
Ecoline Exim profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 198 | 303 | 272 | 269 | 278.40 |
| Expenses | 190 | 280 | 247 | 242 | 254.10 |
| Operating profit | 9 | 23 | 25 | 27 | 24.30 |
| OPM | 4.3% | 8.0% | 9.0% | 10.0% | 8.7% |
| Other income | 2 | 7 | 8 | 4 | 8.48 |
| Interest | 2 | 3 | 2 | 2 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 2.70 |
| Exceptional and other items | -1 | 1 | 1 | -1 | · |
| Profit before tax | 5 | 25 | 29 | 25 | 27.08 |
| Tax rate | 20.0% | 24.0% | 20.7% | 24.0% | 25.5% |
| Net profit | 4 | 19 | 23 | 19 | 20.18 |
| EPS ₹ | 33.24 | 163.23 | 195.52 | 11.64 | 11 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Ecoline Exim profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 4.3% | 8.0% | 9.0% | 10.0% | 8.7% |
| Tax rate | 20.0% | 24.0% | 20.7% | 24.0% | 25.5% |
| ROCE | · | 34.6% | 29.8% | 22.0% | 17.1% |
| ROE | · | 48.1% | 38.0% | 23.8% | 16.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ecoline Exim debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Ecoline Exim balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 16 | 20.52 |
| Reserves | 29 | 48 | 71 | 72 | 143.57 |
| Net worth | 30 | 49 | 72 | 88 | 164.09 |
| Borrowings | 41 | 42 | 45 | 40 | 59.77 |
| Other liabilities | 20 | 13 | 12 | 18 | 23.23 |
| Total liabilities | 91 | 104 | 129 | 146 | 247.09 |
| Fixed assets | 16 | 17 | 15 | 14 | 11.69 |
| Capital work in progress | 0 | 0 | 0 | 0 | 12 |
| Investments | 3 | 5 | 19 | 14 | 15.21 |
| Other assets | 72 | 82 | 95 | 118 | 208.19 |
| Receivables | · | · | · | · | 32.54 |
| Inventory | · | · | · | · | 61.33 |
| Cash | · | · | · | · | 68.38 |
| Trade payables | · | · | · | · | 14.89 |
Ecoline Exim cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -13 | 14 | 20 | -5 | 1.81 |
| Cash from investing | -3 | -7 | -13 | 1 | -9.66 |
| Cash from financing | 16 | 0 | 1 | -7 | 72.79 |
| Net cash flow | 0 | 7 | 8 | -11 | 64.94 |
| Capital spending | · | · | · | · | 12.48 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 59 | 48 | 41 | 60 | 43 |
| Inventory days | 104 | 59 | 77 | 124 | 155 |
| Days payable | 49 | 16 | 20 | 36 | 38 |
| Cash conversion cycle | 114 | 92 | 97 | 148 | 160 |
| Working capital days | 34 | 30 | 23 | 62 | 51 |
Ecoline Exim peers and competitors
Listed SME companies in the same industryBy sales, Ecoline Exim is number 26 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Ecoline Exim | 369 | 18.3 | 278 | 20.2 | 8.7% | 0.36 |
| Sharp Chucks and Machines | 115 | 12.5 | 274 | 9.2 | 12.1% | 1.13 |
| Sati Poly Plast | 17 | 4.8 | 273 | 3.5 | 2.7% | 0.62 |
| Susan Electricals India | 577 | 32.0 | 269 | 18 | 12.0% | 1.72 |
| P S Raj Steels | 74 | 8.3 | 266 | 9 | 4.9% | 0.01 |
| Kaka Industries | 309 | 16.3 | 263 | 19 | 13.0% | 1.25 |
| M P K Steels (I) | 85 | 14.2 | 259 | 6 | 4.1% | 0.33 |
| GSM Foils | 94 | 4.7 | 258 | 19.8 | 11.5% | 0.60 |
| Super Iron Foundry | 85 | 5.0 | 256 | 17 | 13.0% | 0.64 |
| Auro Impex & Chemicals | 51 | 12.3 | 250 | 4.2 | 3.6% | 0.83 |
| Uma Converter | 33 | 10.5 | 249 | 3.2 | 6.3% | 0.97 |
| Median of the 10 others | 85 | 11.4 | 261 | 9.1 | 8.9% | 0.73 |
Ecoline Exim shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Ecoline Exim shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 73.58% | 74.57% |
| Foreign investors (FIIs) | 1.61% | 1.32% |
| Indian institutions (DIIs) | 10.74% | 8.44% |
| HNIs (over ₹2 lakh each) | 0.00% | 2.10% |
| Small holders (up to ₹2 lakh) | 10.88% | 5.41% |
| Companies and others | 3.19% | 8.16% |
| Number of shareholders | 1,188 | 546 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Ecoline Exim study: the business from its own documents
Read from 11 of the company's own documentsEcoline Exim so far
From the company's own record
- 30 Sept 2025Listed on NSE Emerge at ₹141
- 31 March 2026Promoters at 74.57%
- 23 June 2026Highest close since listing, ₹198.44
Ecoline Exim key facts from the filings
Each figure with the document it comes from
- Order book
- ₹95 cr
- Export orders in hand at 30 April 2026, about four months of FY26 revenue, plus about 60,000 backpacks for an Indian brand.Investor presentation, May 2026, p.3; Press release, May 2026, p.3; our arithmetic
- Revenue
- ₹278.4 cr
- FY26 revenue from operations, against ₹269.3 cr in FY25 and ₹272.2 cr in FY24; sales have stayed in a narrow band for three years.Investor presentation, May 2026, p.12
- Target missed
- ₹300 cr to ₹320 cr
- The company's own revenue target for FY26; it says ₹15.74 cr of finished goods could not be shipped by year end because of shipping disruption.Press release, May 2026, p.3
- Export countries
- 35+
- Countries served in FY26, up from 27 in FY25, after entering Peru, Argentina, Brazil, Chile and Uruguay.Investor presentation, May 2026, p.4
- Top ten customers
- 57.8%
- Share of FY25 revenue from the ten largest customers, down from 67.5% in FY24; the largest gave 10.8%.Offer document, p.136
Show 5 more facts
- New capacity
- 22 million bags
- Yearly capacity added in FY26 through two leased units in Kolkata, with more than 150 new stitching machines fully running from 15 April 2026.Press release, May 2026, p.3
- Product mix
- 55.1%
- Share of FY26 product revenue from conventional cotton bags; jute bags gave 20.9% and recycled cotton bags 12.4%.Investor presentation, May 2026, p.14
- Ahmedabad factory
- ₹50 cr
- Issue money set aside for a new factory at Ahmedabad; Acuite put the project cost at ₹65.08 cr, to be finished by March 2027.Offer document, p.93; Credit rating note, Acuite, November 2025, p.3
- Cash from operations
- ₹1.8 cr
- Operating cash flow in FY26 against profit of ₹20.2 cr, as inventories rose to ₹61.3 cr from ₹46.8 cr.Investor presentation, May 2026, p.12, p.13 and p.15
- Credit rating
- ACUITE BBB-/Stable
- Long term rating assigned in November 2025 on ₹50 cr of bank loans, citing a long track record against a slight fall in revenue and a stretched working capital cycle.Credit rating note, Acuite, November 2025, p.1 and p.3
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company states revenue targets of ₹400 cr for FY27 and ₹550 cr for FY28, and a long term aim of 110 million bags a year by 2028. It says it held export orders of ₹95 cr at 30 April 2026. At a June 2026 investor meeting it said construction of the Ahmedabad factory would start soon, with production targeted for the end of the first quarter of the next financial year, and that polyester backpacks should earn higher margins than cotton bags.
| What management said | When | What happened |
|---|---|---|
| Revenue of ₹300 cr to ₹320 cr in FY26 (internal target) | May 2026 press release | ₹278.4 cr of revenue from operations |
| Ahmedabad factory project from November 2025 to March 2027 | Acuite note, November 2025 | Land filling under way, production targeted for the end of Q1 of the next financial year (June 2026 update) |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Ecoline Exim earns a steady margin making cloth bags to order for overseas buyers who need alternatives to plastic bags.
Its weak spots are sales that have not grown for three years, prices that buyers keep low, and cash tied up in stock and shipments.
WatchCan it set its own prices?Not much. Realisations per bag have fallen, and the company has absorbed higher freight and cotton costs.
AverageHow strong is it against rivals?It is one of the larger Indian exporters in a crowded field, helped by scale and a wide set of certifications.
AverageWho are its customers?Overseas retailers, supermarkets and wholesalers, mostly repeat buyers, with the ten largest bringing in more than half the revenue.
AverageDoes it need a lot of money?Factories are modest, but stock and slow shipments tie up a lot of cash, and the new Ahmedabad plant needs the issue money.
AverageCan it keep finding new work?Orders come buyer by buyer, but the order book covers a few months and the company keeps adding countries and products.
AverageDo good and bad years swing a lot?Profits have been fairly steady, but shipping disruptions, tariffs and cotton prices can push sales from one year into the next.
Who runs Ecoline Exim?
Promoters, directors and officers; tap a name for the background
SSSaurabh SaraogiPromoter and Managing Director · holds 24.19%
Bachelor of Commerce from the University of Calcutta (2004) with about 22 years in bag manufacturing and exports; on the board since the company was formed in 2008. Runs procurement, supply chain, production and finance. The offer document states that Saurabh Saraogi is the nephew of Sudarshan Saraogi and the husband of Gunjal Saraogi.
Offer document, p.168 and p.170; Annual report 2025-26, p.23SSSudarshan SaraogiPromoter, Chairman and Whole-Time Director · holds 16.91%
Bachelor of Commerce from the University of Calcutta (2000) with about 26 years in bag manufacturing and exports; on the board since 2008. Looks after product development, sales and marketing, administration and quality control. The offer document states that Sudarshan Saraogi is the husband of Shradha Saraogi.
Offer document, p.168 and p.170; Annual report 2025-26, p.23SSShradha SaraogiPromoter and Non-Executive Director · holds 7.78%
Bachelor of Commerce from Jadavpur University (2002) with about 12 years in sales, marketing and export operations; works on product design and client contact. On the board since July 2024.
Offer document, p.169 and p.170GSGunjal SaraogiPromoter and Non-Executive Director · holds 6.29%
Bachelor of Commerce from the University of Calcutta (2006) with about 8 years in sales, marketing and export operations; involved in promotional and CSR work. On the board since June 2024.
Offer document, p.169 and p.170SCSL Commercial Private LimitedPromoter (company) · holds 8.50%
A company named as one of the five promoters in the offer document.
Offer document, p.181AKAjit KhandelwalIndependent Director
B.Com (Hons.) from the University of Calcutta and about 36 years in corporate finance, capital markets, investment and wealth management. On the board since July 2024.
Offer document, p.168 and p.169; Annual report 2025-26, p.23UJUdit JalanIndependent Director
A qualified Company Secretary with an LLB (Hons) and about 10 years in direct and indirect taxation and related litigation. On the board since July 2024.
Offer document, p.168 and p.169; Annual report 2025-26, p.23Ecoline Exim latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹139 cr (+1%), net profit ₹7.3 cr (+4%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.58% to 74.57%.
Ecoline Exim announcements
44 on record, latest first; each opens the filing on the exchange
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 18, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 18, 2026PDF ↗
- Monitoring Agency ReportFor Quarter ended 30th June, 2026PDF ↗
- Record Datethat Record date for the purpose of 17th Annual General Meeting is 11-Sep-2026PDF ↗
- Outcome of Board MeetingHeld on August 10, 2026PDF ↗
- AppointmentOf Rajesh Kumar Jindal as Chief Financial Officer of the company w.e.f. August 16, 2026PDF ↗
- Outcome of Board MeetingHeld on August 10, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Updates'Increase in Shareholding of Promoter and Promoter group'PDF ↗
- Updates'Entering into Polyester Market segment'PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesTranscriptPDF ↗
Ecoline Exim annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
- 26 Nov 2025 ↗read
Ecoline Exim share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Ecoline Exim's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,05,15,376 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹195.52) and FY25 (₹11.64) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Ecoline Exim
What does Ecoline Exim do?
Ecoline Exim makes reusable cotton and jute shopping bags in Kolkata and Ahmedabad and ships them to shops, supermarkets and wholesalers abroad. It has started making cotton towels and backpacks too, and its shares trade on NSE Emerge.
What is the share price of Ecoline Exim?
₹180 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Ecoline Exim?
₹369 cr at the close on 5 Nov 2026, on 2,05,15,376 shares.
What is the P/E of Ecoline Exim?
18.3 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Ecoline Exim's revenue and profit?
Revenue ₹278 cr and profit after tax ₹20 cr in FY26.
Who are the promoters of Ecoline Exim?
Saurabh Saraogi, Sudarshan Saraogi, Shradha Saraogi, Gunjal Saraogi, SL Commercial Private Limited; promoters held 74.57% at 31 March 2026.
What was the IPO price of Ecoline Exim?
₹141 a share; it listed on 30 Sept 2025.
What is Ecoline Exim's website?
www.ecoline.net.in
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Built from 2 earnings call transcripts, 2 investor presentations, 2 annual reports, 2 press releases, 1 offer document, 1 result filing, 1 credit rating note, 44 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.