SSF Plastics India IPO

Long-standing Partnerships with Marquee Customers Across Diverse Industries

SSF Plastics India Limited, since its inception in 2006, has built enduring relationships with a marquee customer base across multiple industries. With deep customer insight, innovation-led solutions, and consistent delivery, SSF serves over 340 clients including Hindustan Unilever, Dabur, Emami, Himalaya, and Alkem, across FMCG, pharma, electronics, and automotive sectors.

Broad and Differentiated Product Portfolio Enabling SSF Plastics India Limited to Serve as a Comprehensive Plastic Packaging Solution Provider

SSF Plastics India Limited offers end-to-end packaging solutions across bottles, containers, caps, closures, tubs, and engineering plastic components. With in-house design, mould-making, automation, and polymer versatility, the company delivers customised, multi-industry packaging—from personal care to electronics—backed by strong client collaboration and innovation.

Innovation-Driven Growth Through Product and Process Advancement at SSF Plastics India Limited

SSF Plastics India Limited drives innovation through advanced product design and process development. With patented tamper-proof technologies, sustainable packaging, automation, and high PCR usage, the company delivers cost-effective, high-quality, eco-friendly solutions—enhancing functionality, efficiency, and customer value while supporting environmental goals and Extended Producer Responsibility (EPR) targets.

Integrated Business Model Focused on Operational Efficiency at SSF Plastics India Limited

SSF Plastics India Limited operates a fully integrated model—from in-house design to mould development and manufacturing—enabling efficiency, cost control, and swift delivery. With advanced tool rooms, 15 strategically located plants, and recyclable, PCR-enabled products, it ensures scale advantages, sustainability, and unmatched customer responsiveness across diverse packaging needs.

Proven Track Record of Strategic Growth Through Inorganic Acquisitions

SSF Plastics India Limited has consistently strengthened its market position through successful acquisitions. Strategic integrations in Tamil Nadu and Gujarat expanded capacity, product lines, and customer base—especially in the PET, beverages, and pharma sectors—demonstrating expertise in commercial, operational, and technology integration within a fragmented industry.

Experienced Leadership Driving Innovation and Strategic Growth

SSF Plastics India Limited is led by a skilled management team with deep industry expertise. Promoters and directors, with decades of experience in plastics and packaging, have built a strong foundation and growth trajectory. Their collective leadership continues to drive innovation, expansion, and competitive advantage.

Consistent Financial Performance in a High-Barrier Industry

SSF Plastics India Limited has demonstrated sustained profitability and robust financial growth, driven by strong revenue and PAT increases from Fiscal 2022 to 2024. Operating in a capital-intensive, expertise-driven industry, the company continues to benefit from high entry barriers and its ability to generate steady operational cash flows.

More About SSF Plastics India Limited

SSF Plastics India Limited stands as the fourth largest manufacturer of rigid plastic packaging products (RPP) among organized players in India by revenue in Fiscal 2024 (Technopak Report). The company offers comprehensive end-to-end packaging solutions, covering design to delivery across multiple product categories including bottles, containers, caps/closures, tubs, and engineering plastic components.

Diverse Industry Presence

SSF Plastics serves a broad spectrum of industries such as:

• Personal Care

• Homecare

• Food & Beverages (F&B)

• Consumer Electronics

• Engine Oil & Lubricants

• Pharmaceuticals

Its versatile packaging solutions cater to growing consumption trends across these sectors.

Customized Packaging & Innovation

Driven by its in-house design and innovation center, SSF Plastics provides tailor-made packaging solutions. Key capabilities include:

• Mould making and decoration processes

• In-house automation machinery

• Expertise in polymers like HDPE, PP, LDPE, PET, and post-consumer recycled polymers (PCR)

• Processing engineered compounds for electronics applications

This enables the company to deliver innovative, sustainable, and efficient packaging products.

Strong Customer Base

SSF Plastics’ clientele expanded to 347 customers by September 2024, up from 246 in Fiscal 2022. It maintains long-standing relationships with major FMCG players, including Hindustan Unilever Limited (over 18 years), Wipro, Dabur, Emami, Himalaya Wellness, Colgate, and others.

Manufacturing Capabilities

The company operates 15 manufacturing facilities strategically located across India in Daman, Baddi, Dehradun, Hosur, Pardi, and Hyderabad. Facilities utilize advanced technologies such as:

• Injection moulding

• Blow moulding

• Compression moulding

• In-mould labelling and multi-layer extrusion

Cleanroom environments support pharmaceutical packaging to maintain high safety and quality standards. Total production capacity exceeds 50,000 tons of polymer annually.

Global Reach and Sustainability

SSF Plastics exports products internationally to countries including the UAE, Bangladesh, Sri Lanka, Thailand, South Africa, Bahrain, and Germany. The company is a leader in sustainable packaging practices, employing renewable power and recycled plastics, supported by partnerships for recycling and PCR granule manufacturing.

Innovation and Compliance

Its Mumbai-based innovation center focuses on developing industry-leading packaging solutions and regulatory compliance. The company holds specific drug master file (DMF) registrations for pharmaceutical packaging, underscoring its commitment to quality and trust in the pharma sector

Industry Outlook

Market Size & Growth Projections

• 2024 Value: The Indian rigid plastic packaging market was valued at approximately USD 10.68 billion in 2024.

• 2030 Projection: Expected to reach USD 17.0 billion by 2030, growing at a CAGR of 3.26% from 2025 to 2033.

• 2025 Estimate: Projected to grow from 5.27 million tonnes in 2025 to 7.00 million tonnes by 2030, at a CAGR of 5.83%.

Key Growth Drivers

• Rising Consumer Demand: Increasing consumption in sectors like food & beverages, personal care, and pharmaceuticals.

• Urbanization & Lifestyle Changes: Urban growth and changing lifestyles boost demand for packaged goods.

• E-commerce Expansion: Online retail growth necessitates durable packaging solutions.

• Sustainability Trends: Shift towards eco-friendly packaging materials and practices.

• Regulatory Support: Government initiatives promoting manufacturing and export.

SSF Plastics India Limited’s Position

SSF Plastics India Limited, as the fourth-largest manufacturer of rigid plastic packaging products among organized players in India by revenue in Fiscal 2024, is well-positioned to capitalize on these industry trends.

Product Categories Manufactured by SSF Plastics India Limited:

• Bottles & Containers: Serving the food & beverage, personal care, and pharmaceutical sectors.

• Caps & Closures: Providing sealing solutions for various consumer goods.

• Tubs & Jars: Used in packaging for homecare and personal care products.

• Engineering Plastic Components: Catering to the consumer electronics and automotive industries.

Sustainability & Innovation

• Recycled Materials: Utilization of post-consumer recycled polymers to promote sustainability.

• Design & Innovation Center: In-house facility focusing on developing eco-friendly and innovative packaging solutions.

• Regulatory Compliance: Adherence to industry standards and certifications, ensuring product quality and safety.

Export Markets

SSF Plastics India Limited exports its products to various international markets, including the UAE, Bangladesh, Sri Lanka, Thailand, South Africa, Bahrain, and Germany, demonstrating its global reach and adherence to international quality standards.

How Will SSF Plastics India Limited Benefit

• Positioned as the fourth-largest rigid plastic packaging manufacturer in India, enabling strong market influence and growth potential.

• Broad product portfolio including bottles, caps, tubs, and engineering components, catering to diverse industries like FMCG, pharma, electronics, and food & beverages.

• Robust customer base with long-term contracts from major FMCG players, ensuring steady revenue and brand credibility.

• Advanced manufacturing capabilities across 15 facilities with modern technologies, supporting high-volume and quality production.

• In-house innovation center enabling customized, sustainable packaging solutions with expertise in polymers and recycled materials.

• Commitment to sustainability through use of post-consumer recycled polymers and renewable energy, aligning with global eco-friendly trends.

• Global export footprint to multiple countries, enhancing revenue streams and international presence.

• Regulatory compliance, including pharmaceutical DMF registrations, strengthening trust in sensitive product packaging sectors.

Peer Group Comparison

Name of Company	Face Value per Share (₹)	Revenue (₹ million)	EPS Basic (₹)	EPS Diluted (₹)	NAV per Share (₹)	RoNW (%)
SSF Plastics India Limited	15	6,309.06	11.15	11.15	77.35	15.53
Peer Groups
Mold-Tek Packaging Limited	5	6,986.50	20.07	20.07	178.70	11.56
Time Technoplast Limited	13	49,925.01	13.71	13.67	112.00	12.94
Shaily Engineering Plastic Ltd	21	6,438.71	12.49	12.49	99.90	13.34

Key Strategies for SSF Plastics India Limited

Specialised Product Expansion Across Diverse Sectors

SSF Plastics India Limited focuses on expanding its product portfolio by entering new industries like pharmaceuticals, agrochemicals, and F&B. Leveraging its advanced engineering and manufacturing capabilities, the company aims to deliver innovative, high-quality packaging tailored to evolving industry needs and emerging global opportunities.

Strengthening Footprint Through Organic and Inorganic Growth

SSF Plastics India Limited aims to expand geographically by establishing greenfield facilities and pursuing strategic acquisitions. With past successes in business integration and localisation, the company seeks to grow its reach, enhance production capacity, and cater to region-specific packaging demands across high-growth market segments.

Increasing Market Share and Customer Base

By enhancing product offerings and innovating in sustainable packaging, SSF Plastics India Limited strives to deepen engagement with existing clients and attract new ones. Its strong brand associations, customisation capabilities, and end-to-end solutions position the company to expand wallet share and overall market presence.

Commitment to Sustainable Manufacturing

SSF Plastics India Limited integrates sustainability by using renewable energy, adopting hybrid technology, reducing material waste, and recycling post-consumer plastics. From solar panels to EV adoption, the company aligns its production with eco-friendly practices, reinforcing its leadership in responsible and energy-efficient manufacturing in India.