At a Glance
Aaradhya Disposal Industries (ADIL) is rolling out its ₹45.1 Cr IPO, entirely a fresh issue of 38.88 lakh shares. With a price band of ₹110–₹116 and a lot size of 2,400 shares (₹2.78L min), this NSE SME listing is positioned as a bet on the booming eco-friendly paper products market. But is it worth folding your cash into this pack?
Introduction
From disposable cups to greaseproof food-grade papers, Aaradhya has carved its niche in the sustainability wave. Exports to Asia & the Middle East and an installed capacity of 15,000 MTPA back its growth story.
PAT has ballooned 158% YoY, yet debt levels remain chunky (D/E 1.35). With post-IPO P/E near 16x, the market is pricing in a lot of green hopes.
Business Model (WTF Do They Even Do?)
- Products:
- Paper cup blanks (PE/PLA/Barrier coated)
- Greaseproof & wet-strength food-grade papers
- OGR, parchment, TDL poster papers
- Markets: Domestic & exports to Asia/Middle East
- USP: Customized, eco-friendly, and food-safe papers
- Plant: Two units in Dewas, MP
Comment: Strong ESG appeal, but scale is still small.
Financials Overview
FY25 Snapshot:
- Revenue: ₹115.9 Cr (+53%)
- EBITDA: ₹17.8 Cr (+145%)
- PAT: ₹10.3 Cr (+158%)
- Net Worth: ₹29.5 Cr
- Debt: ₹39.7 Cr
Roast: Profits are glowing, but debt is
