Exim RoutesShare price, financial results, shareholding and management
- Market cap
- ₹135 cr
- Stock P/E
- 13.2peers 15.6
- Book value
- ₹36.7
- Price to book
- 1.95
- EV / operating profit
- 9.6
- Market cap to sales
- 0.65
- ROCE · FY26
- 25.4%
- ROE · FY26
- 22.7%
- ROE, 3-year average
- 80.1%
- Operating margin · FY26
- 6.7%peers 7.8%
- Sales growth, 3 years
- 79.2%
- Profit growth, 3 years
- +27.2%
- Debt to equity
- 0.23peers 0.47
- Borrowings
- ₹15.8 cr
- Interest cover
- 14.9×
- Cash from business / op. profit
- -141%
- Debtor days
- 103
- Pledged
- 0.00%
- Promoter holding
- 52.64%
- Change in promoter holding
- +0.20 pts
- Shareholders
- 397
- High / low since listing
- ₹282 / ₹72
- Dividend yield
- 0.00%
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Exim Routes share price chart
Close on 6 Nov 2026 · -3.11% on the day · Vol 2.24 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -15.0%
- 3 months
- -34.3%
- 6 months
- -44.6%
- Since IPO
- -18.5%
- Traded a day, 20 days
- ₹0.15 cr
- Taken for delivery
- 92%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +71% | +27% |
| 3 years, a year | +79% | - |
| Latest half, H2 FY26 | +54% | +43% |
About Exim Routes: business, products and customers
Exim Routes imports used paper and cardboard from scrap yards abroad and delivers it to paper mills in India, which turn it into new paper. Its shares trade on NSE Emerge.
Exim Routes buys waste paper from recycling yards in more than 25 countries and sells it to paper mills, mostly in India and lately also in Africa and Europe. It arranges the shipping, containers, quality checks and documents, and earns the difference between what it pays abroad and what the mill pays. The company says it works with more than 30 Indian mills and handles more than 150,000 tonnes a year.
It also runs a software system it calls ERIS, which shows mills the stock available abroad and what is already on ships, and earns small fees for container handling, ERIS subscriptions and consultancy. Product sales were about ₹203 crore of FY26 revenue and these services about ₹4.4 crore. The founders are paper engineers from IIT Roorkee, and the group has companies in Singapore, the USA, the UK, Germany and South Africa.
Read more about the business
Revenue rose from ₹120.7 crore in FY25 to ₹207.2 crore in FY26, which the company says came almost entirely from higher tonnage. It listed on NSE Emerge in December 2025, raising ₹43.7 crore, most of it for building out ERIS.
From the offer document, the FY26 annual report, the June 2026 earnings call, the April 2026 CARE rating note and the CARE monitoring agency report for June 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 79% a year over three years.
- It earns a high return on the money it uses: ROCE 25% in FY26.
- It has little debt for its size: debt to equity 0.23.
To watch
- FY27 revenue against the company's target of 30% to 50% growth (Earnings call transcript, June 2026, p.8).
- Invoice financing starting at ₹2.5 crore and the new ₹20 crore bank line, which the company says will turn receivables into cash faster (Earnings call transcript, June 2026, p.7).
- Use of the ₹13.04 crore of IPO money still unspent on ERIS at 30 June 2026 (CARE monitoring agency report, p.9).
- Receivables and operating cash flow in the first half of FY27, which the company asked investors to judge it on (Earnings call transcript, June 2026, p.10).
- Its borrowings rose a lot last year: ₹15.8 cr, from ₹5 cr.
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.
Exim Routes revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Exim Routes half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 47 | 74 | 93.20 | 114.03 |
| Expenses | 44 | 67 | 89.55 | 103.87 |
| Operating profit | 4 | 6 | 3.65 | 10.16 |
| OPM | 7.0% | 9.0% | 3.9% | 8.9% |
| Interest | 0 | 0 | 0.32 | 0.62 |
| Depreciation | 0 | 0 | 0.04 | 0.05 |
| Profit before tax | 3 | 6 | 3.91 | 9.21 |
| Net profit | 2 | 5 | 2.94 | 7.17 |
Exim Routes profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 4 | 8 | 36 | 72 | 121 | 207.23 |
| Expenses | 3 | 8 | 36 | 67 | 110 | 193.42 |
| Operating profit | 0 | 0 | 1 | 5 | 10 | 13.81 |
| OPM | 2.5% | 3.1% | 1.8% | 7.0% | 9.0% | 6.7% |
| Other income | 0 | 0 | 0 | 1 | 0 | 0.33 |
| Interest | 0 | 0 | 0 | 0 | 1 | 0.94 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.09 |
| Exceptional and other items | · | · | -1 | -1 | 1 | · |
| Profit before tax | 0 | 0 | 0 | 5 | 10 | 13.11 |
| Tax rate | 17.0% | 26.0% | 24.0% | 20.0% | 20.0% | 22.3% |
| Net profit | 0 | 0 | 0 | 4 | 8 | 10.18 |
| EPS ₹ | 5 | 14 | 37 | 305 | 4.89 | 6.75 |
| Dividend payout | 0.0% | 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 FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Exim Routes profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 2.5% | 3.1% | 1.8% | 7.0% | 9.0% | 6.7% |
| Tax rate | 17.0% | 26.0% | 24.0% | 20.0% | 20.0% | 22.3% |
| ROCE | · | 0.0% | 0.0% | 82.0% | 64.5% | 25.4% |
| ROE | · | 0.0% | 0.0% | 153.8% | 63.7% | 22.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Exim Routes debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. 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.
Exim Routes balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.10 | 0.10 | 0.10 | 0.10 | 7 | 9.38 |
| Reserves | 0 | 0 | 1 | 4 | 14 | 59.36 |
| Net worth | 0.10 | 0.10 | 1.10 | 4.10 | 21 | 68.73 |
| Borrowings | 1 | 1 | 3 | 4 | 5 | 15.80 |
| Other liabilities | 0.90 | 1.90 | 2.90 | 12.90 | 22 | 23.33 |
| Total liabilities | 2 | 3 | 7 | 21 | 48 | 107.86 |
| Fixed assets | 0 | 0 | 0 | 1 | 0 | 9.66 |
| Capital work in progress | 0 | 0 | 0 | 0 | 5 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 2 | 3 | 7 | 20 | 43 | 91.20 |
| Receivables | · | · | · | · | · | 58.63 |
| Inventory | · | · | · | · | · | 0.90 |
| Cash | · | · | · | · | · | 17.32 |
| Trade payables | · | · | · | · | · | 18.49 |
Exim Routes cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 0 | -1 | -5 | -19.45 |
| Cash from investing | 0 | -1 | -1 | -1 | -4 | -13.21 |
| Cash from financing | 0 | 1 | 1 | 2 | 11 | 47.61 |
| Net cash flow | 0 | 0 | 0 | 0 | 2 | 14.95 |
| Capital spending | · | · | · | · | · | 11.25 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 109 | 46 | 39 | 86 | 99 | 103 |
| Inventory days | 0 | 18 | 2 | 1 | 1 | 2 |
| Days payable | · | 90 | 47 | 59 | 58 | 42 |
| Cash conversion cycle | 109 | -25 | -5 | 27 | 41 | 63 |
| Working capital days | 14 | 54 | -3 | 20 | 54 | 64 |
Exim Routes peers and competitors
Listed SME companies in the same industryBy sales, Exim Routes is number 3 of the 9 listed SME companies in paper, forest & jute 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 |
|---|---|---|---|---|---|---|
| NIKITA GREENTECH RECYCLING | 163 | 14.6 | 350 | 11.1 | 8.0% | 1.33 |
| Three M Paper Boards | 42 | 6.0 | 297 | 7 | 6.0% | 0.68 |
| Exim Routes | 135 | 13.2 | 207 | 10.2 | 6.7% | 0.23 |
| Aten Papers & Foam | 22 | 3.2 | 187 | 7 | 6.0% | 0.18 |
| Aaradhya Disposal Industries | 174 | 28.7 | 151 | 6.1 | 7.6% | 0.55 |
| Utkal Speciality Industries India | - | - | 55.3 | 7.3 | 19.5% | 0.56 |
| Spinaroo Commercial | 33 | 61.5 | 39.3 | 0.5 | 3.7% | 0.39 |
| Labelkraft Technologies | 20 | 15.6 | 25.1 | 1.3 | 8.4% | 0.15 |
| S. V. J. ENTERPRISES | 94 | 128.1 | 4.6 | 0.7 | 25.4% | 0.09 |
| Median of the 8 others | 42 | 15.6 | 103 | 6.5 | 7.8% | 0.47 |
Exim Routes shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Exim Routes 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.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 52.44% | 52.64% |
| Foreign investors (FIIs) | 7.55% | 7.74% |
| Indian institutions (DIIs) | 6.32% | 0.27% |
| HNIs (over ₹2 lakh each) | 13.33% | 20.06% |
| Small holders (up to ₹2 lakh) | 14.32% | 8.98% |
| Companies and others | 6.04% | 10.31% |
| Number of shareholders | 790 | 397 |
The named holders are at 31 March 2026, beside 18 Dec 2025, each under the group the pattern files them in.
Exim Routes study: the business from its own documents
Read from 8 of the company's own documentsExim Routes so far
From the company's own record
- April 2019Company formed
- 19 Dec 2025Listed on NSE Emerge at ₹88
- 31 March 2026Promoters at 52.64%
- 9 Jan 2026Highest close since listing, ₹232.88
Exim Routes key facts from the filings
Each figure with the document it comes from
- Revenue in FY26
- ₹207.2 cr
- Up about 72% from FY25; the company says the growth came from volume, with monthly tonnage nearly doubling through the year.Earnings call transcript, June 2026, p.5 and p.14
- Tonnes handled
- 150,000+ a year
- Waste paper sourced from more than 25 countries for more than 30 Indian mills, the company says.Earnings call transcript, June 2026, p.4
- Containers
- About 6,000 a year
- Containers moved with more than 25 logistics partners; shipping is about 30% of the company's costs.Earnings call transcript, June 2026, p.4
- Top customer
- 22.47%
- Share of revenue from the largest customer in the June 2025 quarter; the top five gave 53.52% and the top ten 71.70%.Offer document, p.66
- Trade receivables
- ₹33 cr → ₹59 cr
- Money owed by mills at March 2025 and March 2026; closing debtor days went from 99 to 103.Earnings call transcript, June 2026, p.6 and p.7
Show 4 more facts
- Services revenue
- About ₹4.4 cr
- FY26 revenue from ERIS, logistics and consultancy, up from about ₹3.9 crore; the company says this earns a higher margin than paper sales.Earnings call transcript, June 2026, p.6
- IPO money for ERIS
- ₹1.46 cr of ₹14.50 cr
- IPO money spent on the ERIS platform by 30 June 2026; the timeline for this and other objects has been extended.CARE monitoring agency report, June 2026, p.6 and p.9
- Credit rating
- CARE BB+; Stable
- Issuer rating assigned in April 2026; CARE cites small scale, a fragmented trading industry and long collection periods.CARE rating note, April 2026, p.1 and p.2
- New bank line
- ₹20 cr
- Debt facility with a large bank closed in June 2026, with the first tranche drawn, to fund growth and replace costlier loans.Earnings call transcript, June 2026, p.7
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the June 2026 call the company said its target for FY27 is revenue and profit growth of 30% to 50%, reaching about ₹300 crore at the upper end, a range it tied to the geopolitical and freight situation. It said it aims to move 10,000 containers this year, to grow an invoice financing line from ₹2.5 crore to ₹15 crore, and that it does not expect to need outside capital for working capital until revenue nears ₹500 crore. It said growth comes first for the next 12 to 18 months and positive operating cash flow is a medium term aim.
| What management said | When | What happened |
|---|---|---|
| ₹14.50 crore of IPO money for the ERIS platform | Offer document, December 2025 | ₹1.46 crore used by 30 June 2026; timeline extended (CARE monitoring agency report, p.6 and p.9) |
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.
Exim Routes earns a thin margin on each tonne of waste paper it ships from yards abroad to mills in India.
Sales have grown fast as it moved more tonnes, helped by its own software for matching stock to mills.
The weak spots are thin margins that move with freight and paper prices, and cash tied up in money owed by mills.
WatchCan it set its own prices?It trades a commodity in a crowded field, so it takes prices more than it sets them, and freight costs eat into the margin.
AverageHow strong is it against rivals?It has years of sourcing and logistics data across many countries and its own platform, but it competes with many traders.
WatchWho are its customers?Its buyers are large paper mills, and a few of them give most of the sales.
WatchDoes it need a lot of money?It needs no factories, but it pays yards before mills pay it, so every jump in sales ties up more cash.
StrongCan it keep finding new work?Mills need imported waste paper every month, and the company has been adding volume and new markets in Africa and Europe.
WatchDo good and bad years swing a lot?Profit depends on freight, paper prices and currency, none of which the company controls, and most of the year's profit comes in the second half.
Who runs Exim Routes?
Promoters, directors and officers; tap a name for the background
MGManish GoyalPromoter, Executive Director and Chief Executive Officer · holds 46.76%
B.Tech in Pulp and Paper Engineering from IIT Roorkee (2008). Over 16 years in pulp, paper and recyclables; began as a process engineer at Metso Paper India in 2009. A director since the company was set up in 2019, Chief Executive Officer from January 2025, and leads strategy, global expansion and operations.
Offer document, p.271 and p.291GRGovind Rai GargPromoter (resigned as Executive Director in January 2026)
Chartered Accountant with a B.Com from the University of Delhi. Earlier with Ernst & Young India in international tax and a partner at Mehrotra & Mehrotra; co-founder of the group in 2019. Stepped down as Chief Financial Officer on 1 October 2025 and as Executive Director on 22 January 2026; held no shares at the time of the offer document.
Offer document, p.271 and p.291; Annual report FY26, p.35; CARE monitoring agency report, June 2026, p.4ABAnshul BansalChief Financial Officer
Bachelor's and master's degrees in polymer technology, about 14 years of experience, earlier with Yum Foods (KFC). Chief Financial Officer from 1 October 2025.
Offer document, p.288; Annual report FY26, p.35PSPallav SingalExecutive Director and Chief Business Officer
Ran Global Traverse, a waste paper sourcing business, from 2020 to 2024. Leads global sales, procurement and international expansion, and is a director of Exim Routes UK. On the board since April 2024.
Offer document, p.272VDVivinprasath DevarajExecutive Director
MBA and B.Sc in information technology from Anna University. Over 5 years in recycled paper, running Virthi Papers International from 2020; responsible for quality control and customer relationships in South India. On the board since April 2024.
Offer document, p.272CJCharu JoraNon-Executive Director
MBBS, a diploma in radiation medicine and a DNB in nuclear medicine; over 8 years in medical and healthcare management, including as a director of Scan4Health Diagnosis. On the board since May 2025.
Offer document, p.272 and p.273MGMohit GargIndependent Director
Chartered Accountant since 2020 with a B.Com from Kurukshetra University and an LL.B from Rajasthan University. Over 8 years in corporate finance, audit and tax; practises as Garg M and Associates. On the board since April 2025 and chairs the audit committee.
Offer document, p.273; Annual report FY26, p.37KGKomal GoelIndependent Director
Chartered Accountant since 2016 with a B.Com from the University of Rajasthan; a partner at R H K & Co. handling tax, audits and compliance. On the board since April 2025.
Offer document, p.273Exim Routes 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 ₹114 cr (+54%), net profit ₹7.2 cr (+43%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 52.44% to 52.64%.
Exim Routes announcements
41 on record, latest first; each opens the filing on the exchange
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Change in AuditorsOf the companyPDF ↗
- Change in Director(s)Of the companyPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Memorandum of Understanding/AgreementsMemorandum of Understanding/AgreementsPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 23, 2026PDF ↗
- Updates''.'Intimation of the rescheduled date of Annual General Meeting'PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Outcome of Board MeetingOutcome of Board MeetingPDF ↗
Exim Routes annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 June 2026 ↗read
Exim Routes 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 Exim Routes' 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 (1,87,52,000 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 (₹305.00) and FY25 (₹4.89) 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, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Exim Routes
What does Exim Routes do?
Exim Routes imports used paper and cardboard from scrap yards abroad and delivers it to paper mills in India, which turn it into new paper. Its shares trade on NSE Emerge.
What is the share price of Exim Routes?
₹71.7 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Exim Routes?
₹135 cr at the close on 6 Nov 2026, on 1,87,52,000 shares.
What is the P/E of Exim Routes?
13.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Exim Routes' revenue and profit?
Revenue ₹207 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Exim Routes?
Manish Goyal, Govind Rai Garg; promoters held 52.64% at 31 March 2026.
What was the IPO price of Exim Routes?
₹88 a share; it listed on 19 Dec 2025.
What is Exim Routes' website?
www.eximroutes.ai
More SME companies like Exim Routes
Other listed SME companies in paper, forest & jute products, the closest in size first, each read from its own documents.
- NIKITA GREENTECH RECYCLINGNIKITA · NSE Emerge · Paper, Forest & Jute Products · listed 2025Market cap ₹165 cr
- Aaradhya Disposal IndustriesAARADHYA · NSE Emerge · Paper, Forest & Jute Products · listed 2025Market cap ₹165 cr
- S. V. J. ENTERPRISESSVJ · BSE SME · Paper, Forest & Jute ProductsMarket cap ₹80 cr
- Three M Paper BoardsTHREEMPAPE · BSE SME · Paper, Forest & Jute ProductsMarket cap ₹44 cr
- Spinaroo CommercialSPINAROO · BSE SME · Paper, Forest & Jute ProductsMarket cap ₹35 cr
- Aten Papers & FoamATENPAPERS · BSE SME · Paper, Forest & Jute ProductsMarket cap ₹24 cr
Every listed SME company in Paper, Forest & Jute Products → · SME companies listed in 2025 →
Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 1 earnings call transcript, 1 investor presentation, 41 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.