⚡ At a Glance
Aten Papers, born in 2019, is a Gujarat-based middleman that flips waste paper and Kraft rolls to packaging clients and mills. With 99% revenue from just one state, wafer-thin cash flows, and a modest â‚ą98.9 Cr market cap, this IPO smells less like pulp and more like pure speculation.
1. 🧻 What Does Aten Papers & Foam Actually Do?
No, they don’t make notebooks. Or foam mattresses. The “Foam” is just there for vibes.
What Aten does is playmiddlemanfor thepaper packaging value chain— buying from one guy, selling to another, and pocketing the spread.
🧩 Business Model:
- Raw Material Supplier:Buyswaste paper, sells it to paper mills
- Distributor:BuysKraft paper & duplex boardfrom mills, sells to packaging industry clients
In essence, they’re the “Scrap Dealer + Flipkart” of industrial paper.
2. 📦 Product Portfolio – The Krafty Breakdown
The company deals primarily inrecycled paper products, mostly used in packaging, grocery bags, and decorative laminates.
đź“ś Key
Products:
| Product | Application |
|---|---|
| Kraft Paper (12–40 BF) | Corrugated boxes, envelopes, grocery bags |
| Absorbent Kraft Paper | Laminates, interior decor, furniture |
| Tube Kraft Paper | Cylindrical tubes, industrial rolls |
| Paper Bag Kraft Paper | Biodegradable bags for grocery and pharma usage |
They’re also eyeingwaste paper processing, planning ₹4.25 Cr investment into processing machinery. The goal? Better sourcing control, maybe better margins. Or at least better press releases.
3. 📍 Where’s the Business Coming From?
Short answer?Gujarat.Long answer? Still Gujarat.
đź“Ś State-Wise Revenue (FY24):
- Gujarat – 99%
- Others (MP, Maharashtra, Rajasthan) – 1%
So ifAhmedabad floodsorone truck union strikes, Aten is basicallypani-pani.
đź’° Product-Wise Revenue:
| Segment | FY24 Revenue Share |
|---|---|
| Kraft Paper | 76% |
| Waste Paper | 14% |
| Duplex Board | 9% |
| Other Papers | 1% |
It’s clear —Kraft is king, and Aten is riding it like the last camel in a desert economy.
4. 📊 Financials – Growth Paper
