Exim Routes Ltd is tapping the primary market with a fresh issue on the NSE SME platform. The company operates an AI-enabled B2B platform that connects global suppliers of recyclable materials with Indian paper mills, offering end-to-end services from sourcing to logistics and delivery.
Here is a detailed look at Exim Routes Ltd, its IPO structure, financial performance, and business outlook.
About Exim Routes Ltd.
Incorporated in April 2019, Exim Routes Ltd is a global platform that facilitates the exchange of recyclable paper materials, primarily catering to Indian paper mills. The company’s model covers the full value chain, from sourcing waste paper globally to quality assurance, logistics, and trade execution.
Exim Routes works through a group structure, with an Indian parent company and foreign subsidiaries. It focuses on cross-border trade in recyclable materials, especially paper and metal scrap.
A key differentiator is its proprietary AI-powered B2B platform, ERIS, which connects buyers and sellers of recyclable paper, streamlines procurement and supply chain processes, and helps coordinate delivery efficiently.
The company has a presence across multiple continents, with operations in India and Singapore and subsidiaries in the USA, UK, Germany, and South Africa. As of November 30, 2025, Exim Routes had 18 employees.
Competitive Strengths
- Globally oriented sourcing network for recyclable paper materials
- AI-enabled B2B platform (ERIS) for efficient buyer-seller matching and transaction management
- End-to-end services, including procurement, quality assurance, logistics, and delivery, that simplify operations for Indian paper mills
- Experienced promoters and management with expertise in trade and supply chain
- Business model tailored to the needs of Indian paper mills that require a consistent recyclables supply
Exim Routes IPO Details
Exim Routes IPO is a book-built issue with a total size of ₹43.73 crore. The entire issue is a fresh offer of equity shares.
Key IPO details
| IPO Date | Fri, Dec 12, 2025 to Tue, Dec 16, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹83 to ₹88 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 49,69,600 shares (aggregating up to ₹43.73 Cr) |
| Reserved for Market Maker | 2,49,600 shares (aggregating up to ₹2.20 Cr)Nikunj Stock Brokers Ltd. |
| Net Offered to Public | 47,20,000 shares (aggregating up to ₹41.54 Cr) |
| Share Holding Pre Issue | 1,37,82,400 shares |
| Share Holding Post Issue | 1,87,52,000 shares |
Narnolia Financial Services Ltd. is the book running lead manager and Maashitla Securities Pvt. Ltd. is the registrar of the issue. The Market Maker of the company is Nikunj Stock Brokers Ltd.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Friday, Dec 12, 2025 |
| IPO Close Date | Tuesday, Dec 16, 2025 |
| Tentative Allotment Date | Wednesday, Dec 17, 2025 |
| Initiation of Refunds | Thursday, Dec 18, 2025 |
| Credit of Shares to Demat | Thursday, Dec 18, 2025 |
| Tentative Listing Date | Friday, Dec 19, 2025 |
| Cut off time for UPI mandate confirmation | 5 PM on Tuesday, Dec 16, 2025 |
Exim Routes IPO Reservation
Exim Routes IPO offers a total of 49,69,600 shares, with allocations across investor categories as follows:
| Investor Category | Shares Offered | % of Issue Size |
| Market Maker | 2,49,600 | 5.02% |
| QIB | 23,52,000 | 47.33% |
| NII (HNI) | 7,10,400 | 14.29% |
| Retail (RII) | 16,57,600 | 33.35% |
| Total | 49,69,600 | 100.00% |
Lot Size of Exim Routes IPO
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereafter.
| Application Category | Lots | Shares | Amount |
| Individual Investors (Retail) Minimum | 2 | 3,200 | ₹2,81,600 |
| Individual Investors (Retail) Maximum | 2 | 3,200 | ₹2,81,600 |
| S HNI Minimum | 3 | 4,800 | ₹4,22,400 |
| S HNI Maximum | 7 | 11,200 | ₹9,85,600 |
| B HNI Minimum | 8 | 12,800 | ₹11,26,400 |
Exim Routes Ltd. Financials
Exim Routes has shown strong growth in both revenue and profitability. Between the financial years ending March 31, 2024 and March 31, 2025, revenue increased by 67% and profit after tax (PAT) rose by 80%.
Key Company Financials (Restated Consolidated)
All figures in ₹ crore
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 50.97 | 47.62 | 20.53 | 6.63 |
| Total Income | 44.17 | 120.99 | 72.39 | 36.46 |
| Profit After Tax | 1.17 | 7.56 | 4.20 | 0.37 |
| EBITDA | 1.39 | 9.95 | 4.58 | 0.64 |
| Net Worth | 16.38 | 15.60 | 1.18 | 0.56 |
| Reserves and Surplus | 15.71 | 14.41 | 3.58 | 0.53 |
| Total Borrowing | 5.10 | 2.75 | 1.46 | 2.86 |
Key Performance Indicators (KPI)
As of March 31, 2025
| KPI | Value |
| ROE | 42.28% |
| ROCE | 26.81% |
| Debt to Equity | 0.18 |
| RoNW | 42.28% |
| PAT Margin | 18.52% |
| EBITDA Margin | 8.24% |
| Price to Book Value | 7.77 |
| Market Capitalisation | ₹165.02 Cr |
Capital structure and promoters
| Detail | Pre IPO | Post IPO |
| EPS (₹) | 5.49 | 2.50 |
| P/E (x) | 16.04 | 35.18 |
| Promoter Holding | 71.35% | 52.44% |
The promoters of Exim Routes Ltd are Mr. Manish Goyal and Mr. Govind Rai Garg.
Objects of the Issue
The company plans to utilise the net proceeds from the IPO for the following purposes:
| S. No. | Objects of the Issue | Amount (₹ in crore) |
| 1 | To meet expenses for the development and maintenance of the ERIS platform | 11.87 |
| 2 | To meet working capital requirements to fund business growth | 9.00 |
| 3 | Investment in office space to accommodate new hires | 7.13 |
| 4 | General Corporate Purposes | Balance |
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Conclusion
Exim Routes IPO gives investors an opportunity to participate in a technology-enabled, global recyclables trading platform that services Indian paper mills through an asset-light, end-to-end model. The company has reported strong growth in revenue and PAT over the last three financial years, along with healthy return ratios such as ROE and RoNW.
At the same time, investors should factor in typical SME risks such as smaller scale, evolving technology platform, and dependence on global trade and commodity cycles. As with any IPO, prospective applicants should evaluate valuation metrics, business scalability, and their own risk profile before taking a final call on subscribing to the Exim Routes IPO.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
