Exim Routes Ltd.

EXIMSME

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Overview

Exim Routes Limited operates as a global platform for exchanging recyclable paper materials, providing end-to-end services from sourcing to logistics for Indian Paper Mills. At its core is the AI-powered B2B platform, the Exim Routes Intelligence System (ERIS), which streamlines supply chain operations, offers global inventory matching, price discovery, and integrated market intelligence. The company utilizes a network of foreign subsidiaries in the USA, UK, Singapore, Germany, and South Africa to manage international procurement and logistics.

Opening Date

Dec 12, 2025

Closing Date

Dec 16, 2025

Listing Date

Dec 19, 2025

IPO Type

SME

IPO Status

Open

Issue Size

43.73 Cr

Fresh Issue

43.73 Cr

Offer for Sale

0 Cr

Price Band

₹83 - ₹88

Lot Size

1600

IPO Timeline

Dec 12, 2025

Open Date

Dec 16, 2025

Close Date

Dec 17, 2025

Allotment Date

Dec 18, 2025

Initiation of Refunds

Dec 19, 2025

Listing Date

Financials

Revenue

Profit After Tax (PAT)

IPO Objective

Our Company intends to utilize the Net Proceeds for the following objects:

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To meet out the expenses for Development and Maintenance of the ERIS platform, amounting to ₹14.50 crores.
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To meet out the expenses for Working Capital to fund business growth, amounting to ₹9.00 crores.
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To meet out the expenses for Investment in Office space to accommodate new hires, amounting to ₹7.13 crores.
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To fund General Corporate Purposes, with the amount not to exceed 15% of the total funds raised.

Key Performance Indicator

P/E Ratio

16.04

EPS

5.49

ROE

53.14%

ROCE

35.53%

RONW

42.28%

Debt to Equity Ratio

—

PAT Margin

6.27%

EBITDA Margin

8.24%

P/B

7.77

SWOT Analysis

Strengths

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Global Sourcing Network with foreign subsidiaries in Singapore, South Africa, UK, Germany, and USA, sourcing from over 15 countries.
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Deep domain knowledge led by a founder who is a paper engineer from IIT Roorkee with 16 years of industry experience.
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Experienced leadership team with diverse backgrounds from companies like EY, Amazon, McKinsey, and BCG.
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Proprietary AI-powered B2B digital platform (ERIS) that streamlines supply chain operations and provides market intelligence.

Weaknesses

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Evolving financing and cash flow management with high trade payable and receivable days requiring optimization.
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Concentrated market focus with over 90% of revenues from sales to India and over 95% from the paper recyclables segment.

Opportunities

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Expansion into adjacent material segments such as plastics, metals, and battery recyclables.
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Supplier and inventory expansion by adding more yards and inventory on the ERIS platform from existing regions.
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Geographic expansion of sourcing operations into new regions like Africa, Canada, and South America.
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Forming strategic alliances with partners for invoice financing, logistics, and other services.

Threats

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Potential amendments in national or international paper recycling regulations that could impact operations.
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Exposure to foreign exchange risk due to international trade and transactions in multiple currencies.
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Vulnerability to global supply chain disruptions, including shipping delays and logistical challenges.
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Geopolitical risks and trade restrictions impacting sourcing and export operations in different international markets.

Subscription Rate

Category	Shares Bid For	Shares Offered	Times Subscribed
Non-Institutional Investors	18.74 L	7.10 L	2.64x
Retail Individual Investors	18.66 L	16.58 L	1.13x
Total	37.39 L	33.09 L	1.13x