Srivasavi Karnataka accounted for 44.7% of Q2 FY27 sales

Srivasavi Adhesive Tapes Limited reported that Karnataka accounted for 44.7% of Q2 FY27 sales, its largest disclosed state contribution and 28.4 percentage points above Gujarat’s 16.3%. Srivasavi’s largest industry clusters were Specialty Packaging at 23.7% and Automotive & Transportation at 17.3%, while the South supplied 63.3% of sales.

How concentrated were Srivasavi’s Q2 FY27 sales by region?

Srivasavi generated 63.3% of Q2 FY27 sales from the South, followed by 25.0% from the West, meaning the two regions represented 88.3% of the reported geographic mix. Export accounted for 5.2%, North for 4.4%, and Central & East for 2.1%, according to the company’s Q2 FY27 sales presentation.

The South’s share exceeded the West’s by 38.3 percentage points in Q2 FY27. Exports at 5.2% were 0.8 percentage points above North and more than twice Central & East’s 2.1% contribution. Srivasavi also reported reach across 21 Indian states and 27 countries, although the quarterly mix showed the largest contribution from southern India.

Which states accounted for Srivasavi’s Q2 FY27 sales?

Srivasavi reported Karnataka at 44.7% of Q2 FY27 sales, followed by Gujarat at 16.3%, Tamil Nadu at 8.0%, Telangana at 6.9% and Maharashtra at 5.9%. Karnataka’s contribution was 28.4 percentage points above Gujarat and exceeded the combined 14.9% contribution from Tamil Nadu and Telangana.

The six named states accounted for 85.4% of Q2 FY27 sales, while 15 other states represented 9.5%. The state disclosures and the regional split are separate presentations of sales mix, and the source does not identify which industry clusters, products or individual customers produced Karnataka’s 44.7% share.

Which industry clusters led Srivasavi’s Q2 FY27 sales?

Srivasavi’s largest disclosed industry cluster was Specialty Packaging, at 23.7% of Q2 FY27 sales, followed by Automotive & Transportation at 17.3%. Together, those two clusters accounted for 41.0% of sales, while Converters & Distributors contributed 10.3% and Building & Construction added 9.2%.

The difference between Specialty Packaging and Automotive & Transportation was 6.4 percentage points. Specialty Packaging was also larger than the combined 14.0% contribution from Cable & Electrical at 7.2% and Appliances & HVAC at 6.8%, showing that packaging was the largest individual disclosed end-market exposure in the quarter.

Cable & Electrical, Appliances & HVAC, Renewable Energy and Export contributed 7.2%, 6.8%, 6.2% and 5.2%, respectively. Healthcare & Specialty represented 1.9%, while Electronics & Battery accounted for 0.6%. The 10 listed clusters total 88.4%, and the presentation does not specify the categories comprising the remaining share.

Srivasavi manufactures industrial specialty adhesive tapes, foams, films, fabrics and die-cut solutions for business-to-business applications. Its Q2 FY27 cluster data therefore reports sales by customer industry or channel, rather than sales by individual tape, foam, film or adhesive product. The company does not disclose revenue or margins by cluster.

How does Srivasavi’s manufacturing footprint relate to its sales mix?

Srivasavi reported 2,26,500 square feet of manufacturing space across seven facilities, including six facilities in Karnataka locations and one 15,000-square-foot Unit 4 in Vadodara, Gujarat. Unit 2 in Gauribidanur was the largest listed site at 65,000 square feet, followed by Unit 5 in Dobbaspete at 55,000 square feet and Unit 3 in Bengaluru at 44,000 square feet.

The production footprint provides geographical context for Karnataka’s 44.7% sales contribution and Gujarat’s 16.3% contribution, but Srivasavi does not link sales from any plant to a state, region or industry cluster. The company lists Unit 1 and Unit 1A in Doddaballapur at 12,500 and 10,000 square feet, respectively, along with Unit 6 in Gauribidanur at 25,000 square feet.

Srivasavi states that Unit 2 has nine coating lines and that the newer Gujarat Unit 4 has two coating lines. Its Unit 3 Pivot Facility produces pressure-sensitive adhesives, including rubber, water-based and hotmelt systems, alongside butyl and silicone sealants, emulsions and polyurethane foam. The company also reported about 300 stock-keeping units, or SKUs, across its industrial portfolio.

Capacity additions were reflected in the balance sheet at September 30, 2026. Net property, plant and equipment rose 68.2% from Rs 19.56 crore at March 31, 2026, to Rs 32.91 crore, while total assets increased 21.7% to Rs 103.26 crore. These figures show that the facilities supporting the Q2 FY27 sales mix were being expanded during the first half.

Conclusion

Srivasavi’s Q2 FY27 sales mix was concentrated geographically, with Karnataka contributing 44.7% and the South contributing 63.3%. At the same time, end-market exposure extended across 10 listed clusters, led by Specialty Packaging and Automotive & Transportation, which together accounted for 41.0% of sales. Gujarat’s 16.3% state share and the West’s 25.0% regional share were the next-largest disclosed domestic contributions.

The next point to watch is management’s plan to scale new facilities and improve profitability. In H1 FY27, revenue rose 39.2% year on year to Rs 73.20 crore, while property, plant and equipment reached Rs 32.91 crore at September 30, 2026. Management said it expects FY27 sales to be considerably higher than FY26 as the new facilities scale up, leaving subsequent disclosures to show whether the geographic and industry mix changes.